A Money Coach is…
An expert in finance makes a really great money coach. Have you ever Googled “how to start a budget”, gotten overwhelmed by the 3.4 million results, closed your laptop and given up on your goals in the span of 20 seconds before? It is overwhelming.
There are so many products out there, each claiming to be the “best way to _____ money” – The best way to save money, make money, invest money, use your money to pay off debt, et cetera. I’ve gotten lost in the overwhelming Pinterest scroll, each picture written in a way that makes me want to click on it, searching for the “secret sauce”.
Here’s the deal.
There is no “secret sauce”. Nothing out there is going to magically put your money into a bank account for you. If you make more money, that’s great! But you’ll probably just start spending more money. Unless…
Unless you start to deal with the underlying problem you have, which is likely keeping you from reaching financial security.
It’s not your fault
Really, our subconscious has been training us since childhood how to view and handle money. How your parents handled money likely comes up as a belief you have around money. For example, I had a client who felt she couldn’t have a balance in her bank account because she had loans. She couldn’t have money in the bank if she had loans. This belief caused her subconsciously to spend all her money each month, instead of saving it or applying it to the loan balance.
Your thoughts around money shape your habits. And your habit loop keeps you stuck.
Take for example, on payday you head to the grocery store, or TJ Maxx and blow $200 on food you may or may not eat, clothes you may or may not wear. You know that since it’s payday you get to go to the store for something that may feel necessary, but I can guarantee you won’t eat all the vegetables you buy, nor do you need all the clothes in your cart at TJ Maxx.
This habit keeps you stuck.
What can you do?
I had this problem long ago. Before I was a mom, I felt that if I had money, I had to spend it. Not only because I earned it and deserved to spend it, but because I never knew when money would come in again. Listen, it took me years to work through this problem myself. Reading book after book, taking course after course to hone in on what my problem really was, and how I could solve it.
There is a slew of information out there. Probably more information than you could ever consume in a lifetime, and this is where a money coach really comes in.
What is a Money Coach?
A money coach is someone who walks you through the process (you know, the one that took me years to figure out on my own), giving you precisely the next step you need to take and when to take it to achieve mastery over your money.
A money coach is an expert on financial principles, habits, and a teacher who shows you exactly how to get the results you want. They delve deep into your subconscious and help to rewire your limiting beliefs and mindset blocks, they work on the conscious habits and help you break the habit look that keeps you stuck.
They help you to examine your life, where you want to be next year, and in ten years. This coach will tease out any goals and underlying things you want to accomplish, then help you outline exactly what you can do to get there, by showing you an uncomplicated way of achieving them.
What Doesn’t a Money Coach Do?
If you’re wondering what the difference is between a Money Coach and a financial planner, a coach works with you on the strategy to have more money at the end of your month. A financial planner is someone who invests money into a portfolio, sells life insurance, annuities, and other financial things there. A planner must be certified and adhere strictly to laws regarding what he or she can and can’t talk about.
A coach is someone who teaches money management skills, helps you develop your own debt payoff strategy and gives you the skills to do these things on your own. You can have both a financial planner and a money coach at the same time, because they do very different things.
A money coach doesn’t tell you where to invest your money. They can give you options, and you decide for yourself.
A money coach doesn’t sell you life insurance or annuities. They can discuss the benefits of either, but you don’t go to a money coach to purchase either of these.
How much does a Money Coach cost?
Each coach decides his or her own price, depending on their experiences, qualifications, deliverables, etc. Working with a personal coach one on one can cost anywhere from $1k-$10k+, depending on what you’re looking for. If you want individual sessions and not a whole transformational package, you can expect to pay $300-500 per session. This is why purchasing the package that the coach offers is generally the best value.
What is the Value of hiring a Coach?
Each coach focuses on different things, has differing perspectives and resources, but the value of working one on one with a personal money coach is huge. They can teach you skills, rewire your subconscious to eliminate any limiting beliefs you may have, and reboot your habits so the changes you make and learn working with them will last for a lifetime. This is priceless. Imagine paying off all your debt and saving money simultaneously so you never have to take out debt again. That could be hundreds of thousands of dollars saved over the course of your lifetime.
Where can I find a Coach?
There are several amazing financial coaching programs out there globally. I highly recommend checking out this one. I am a money coach that specializes in creating a customized money transformation for each individual client to achieve the kind of lifelong results one would expect working with a coach. Prices are competitive, and the results my clients have created so far have been incredible.
Depending on your beliefs and priorities, you can find a Dave Ramsey preferred financial coach also at ramseysolutions.com. There is a community of coaches out there, and I highly recommend you find one that fits your beliefs, ideals, and ensures you can reach your goals. Because what’s important to remember, is it’s your life and your goals that are important. Coaches coming in with lofty ideals and big promises, but never give you time to talk in a conversation do not have your best interests in mind.
What do I do Next?
Decide if pursuing a money coach is important to you. Check out my services page and if we’re a good fit, you can book a call with me to further discover how I can help you.
Don’t forget to get your free copy of the monthly expense planner!