Frequently Asked Questions
What’s the difference between a Financial Coach, Financial Planner or Financial Advisor?
Certified Financial Planners, Financial Advisors, or Investment Advisors sometimes charge a fee for managing their clients wealth and/or sell services related to the protection of the client’s wealth, such as Insurance. However, a Fee-Only Advisor usually offers their clients a comprehensive Retirement and Insurance plan for a set cost.
A Financial Coach works with their clients to confidently manage their money and educates them on topics related to it that they have questions about — from understanding habits to deep diving into their financials (paycheck/expenses). By working closely with their clients on spending and savings plan, a Finanical Coach can help decide how much of the client’s budget can handle contributing toward building wealth and conquering other financial goals.
Financial coaching never recommends specific securities or investment market recommendations. Instead, a Financial Coach helps you build the wealth in the first place.
What exactly does a Financial Coach do?
A Financial Coach helps their clients with the basics of money management. They work with clients who may have a bad relationship with money or who have other obstacles keeping them from managing the well-being of their finances. A Financial Coach’s goal is to help their clients develop healthy money habits that will last a lifetime and hopefully leave a legacy for the next generation. They educate their clients on the basics of personal finance and work with them to create a specialized financial plan that reflects their goals. They also empower their clients to take responsibility for their decisions and provide accountability as their clients work to implement the lessons they learn.
Is Financial Coaching really right for me?
There are no requirements to having hundreds and thousads of dollars readily available before hiring a Financial Coach. In fact, most clients are in debt, have little in savings and have poor spending habits.
Ask yourself these questions to determine if Financial Coaching is right for you.
Are you living paycheck to paycheck?
Do you wonder where all of your money went at the end of the month?
Are you tired of paying overdraft fees?
Is your bank account negative?
Do you feel like you have no control over your money?
Are you tired of being frustrated over your finances?
Do you want a better understanding of your finances and how to manage them better?
Maybe you’ve tried to make a budget, but just can’t stick to it. Perhaps you make a good amount of money but can’t figure out how to build an Emergency Savings Fund. Or maybe you have so much debt between Credit Cards and Loans that you don’t know the best way to pay it off.
Maybe you have financial goals and life goals that you want to achieve, whether that be traveling, giving more to those causes that are close to your heart, or leaving a legacy of generational wealth for your family. Tackling your financial goals will allow you to focus on your life goals with more freedom and ease.
A Financial Coach can help you structure your budget, build a financial plan, and hold you accountable throughout the process. Often, clients have deep-seated emotions around money. Financial Coaches help their clients to identify, understand and work through those emotions.
I don’t think I can afford Financial Coaching based on my Income/Debt. What should I do?
With your dedication and my cheerleader support, I will help you save much more money in the long run than financial coaching will cost you. Most coaches respond to this question by asking you, 'can you afford NOT to get financial counseling?' If paying your bills, not being able to enjoy your pleasures in life because your money is so tight is causing you to stress, have anxiety or even get depressed, then I would love to help you make a plan and have more peace of mind.
At minimum I recommend you start tracking every penny you make and spend now, whether that’s with pen and paper, an excel sheet, or a free app through your bank. So much progress is made simply by gaining clarity about what’s happening.
I’ve budgeted my Finances on my own and it just didn’t work for me. How can you really help me?
This is an even bigger reason why you should hire a Financial Coach. While budgeting is a critical part of your financial plan, it is not the whole plan. I will do a deep dive into finding out why what you were doing before was not working for you and make the neccessary adjustments to get you better results. As a Financial Coach in your corner you will have someone to guide you, someone to support you, and someone to hold you accountable during this process. Your very own personal cheer leader, but for finances. I will create your personalized plan to deliver some quick wins that will keep you motivated so you can keep you going!
I like being in control of my money. Is Financial Coaching right for me?
My job as a Financial Coach is to empower you and guide you to take control of your finances, that includes your future because you want have a better direction so you can achieve your financial goals. Your personalized Financial Plan will be catered towards achieving that purpose so you can confidently accomplish your goals with total control of the outcome.
What if my Spouse doesn’t want Financial Coaching?
I whole-heartedly believe from experience, that couples who work together will not only meet their goals faster, but they will unite even closer througout the process as they learn to how to communicate. It is not a easy process and will require hard work but it will create intimacy and a connection you both will look back on and be satisfied that you made the decision to do it together!
Schedule your free consultation and make sure your spouse joins in with you so that we can discuss his or her thoughts as well. The free consultation will be a judge-free space to discuss your finances and what they mean to the both of you. This can be an immensely powerful and revealing conversation that can lead to better communication as you go forward.