Money coaching can be a fantastic financial tool to change your money life. It can be the difference between hitting your goals or staying stuck in an unhealthy financial cycle.
But there’s a lot of confusion around what a money coach is, and even more confusion around who needs to hire a money coach. Before you pay anyone for anything, let’s determine if money coaching is right for you.
What Is Money Coaching?
Money coaching involves working with a finance expert to get your money right! What exactly the process will involve depends on who you work with and what your goals are.
Working with me as your money coach, for example, focuses on reviewing spending, gaining clarification on your mid and long term goals, and creating ways to reach them via money management.
Working with another coach will likely look different! It’s not a one size fits all kind of thing.
For example, pretty much no money coach can specifically advise you WHAT to buy in the stock market. Meaning, no money coach, unless they have specific licensing, can tell you “you should buy $1,900 in Google stock once a month.”
Who Needs a Money Coach?
Before you hire a money coach it’s essential to be crystal clear on why you’re interested in this kind of financial help.
Money coaches are great for:
-personalized help with your most stressful money issues
-getting financial clarity and setting financial goals
-having an expert sounding board when you’re not sure which money move to make
-getting tools and recommendations for different money tools and software
Money coaching can be helpful for almost anyone, but it’s best for people who are consistently struggling to change anything about their money lives and need insight and accountability from an expert.
I, for example, most often work with people who have struggled for years to pay off debt, or who need help putting together a plan to grow or diversify their assets.
Hire a Money Coach: The Pros
The best thing about hiring a money coach is getting a detailed money plan for your life and needs. Hiring a money coach means not having to slug through zillions of blog posts or YouTube videos to piece together your own financial plan.
When you hire a money coach, you’re hiring someone to think things through WITH you, and you’re hiring them to help provide you with the tools you need to reach your goals.
Money coaching should be a one stop shop to get the money help you need.
Hire a Money Coach: The Cons
As a money coach myself, I think it’s important to recognize that coaching isn’t the right fit for everyone! And anyone who tells you it is is probably more interested in simply cashing your check than actually helping you.
I tell people that money coaching isn’t right for them if:
-they don’t have the time or energy to make changes to their money routine and lifestyle
-they don’t have a clear money goal they want to accomplish
-they’re not able to meet regularly for sessions
Should you hire a money coach? I hope I’ve at least given you some things to link about if you want to begin the process! And if you’re interested in working with me, you can read more about how Bravely money coaching works right here.
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