But for others with different situations, financial coaching wouldn’t be a good fit at all. These folks could benefit from a different type of guidance altogether.
Curious whether you could benefit from financial coaching? I’ve outlined three groups, only one of which would most benefit from coaching.
So which group do you fall in? Let’s find out!
Tracking and celebrating our Saveversaries has helped us stay motivated on our path to financial freedom. And it’s super fun! So I’d love to let you in on how it works.
You’re super excited about the raise, until you get home and realize that next year you’ll be in a higher tax bracket.
A few weeks ago, I shared a truly delightful and extravagant meal with Stephanie, my wife.
We started off with a delicious goat cheese spread over sourdough baguette. Next, we cleansed our palate with a refreshing dijon vinaigrette salad. For our main course, we enjoyed a mouth-watering panko-crusted chicken with a side of mixed vegetables. We both paired our meal with a glass of Chardonnay. And for dessert, we indulged in a rare treat: two slices of the most perfect apple pie you can imagine!
Then…our bill came. And we were shocked.
Imagine you just arrived at a beautiful estate for a holiday party hosted by your friend Yvette, a neurosurgeon at a nearby hospital.
As you park and walk up towards the house, you spot two gorgeous cars, a Mercedes and a Ferrari, parked on the driveway. You remember these are two of Yvette’s several luxury cars. Yvette warmly greets you at the front door. As you walk in, your eye first catches a crystal chandelier hanging above a large and ornate entry hall. The rest of the house is equally lavish, as is the party you attend. You have a great time and as you leave the party that night you think to yourself - wow, Yvette is really living the good life!
In 2016 and 2017, something truly alarming happened. And almost nobody noticed. According to the Bureau of Economic Analysis, we Americans halved our average savings rate, from an already low 6% to an extremely low 3% of take-home pay (source).
Why does this matter? And what should your savings rate be? Let’s discuss!