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!
If you resonate with most of these, I’d recommend a DIY approach. The internet is filled with awesome personal finance resources! If you already have the motivation, confidence, and track record to manage your finances without 1:1 guidance you should keep at it!
If you resonate with most of these, you may benefit from financial coaching!
If you’re in group 2: I have a message for you.
First of all, it’s perfectly OK to feel how you do.
That’s why I want you to know it’s also perfectly OK to ask for help with your money!
While that might sound obvious, it’s sometimes hard to wrap our heads around. I mean, aren’t you supposed to be good at managing your money? Isn’t it a failure to admit you’re struggling?
Well, think about it this way.
Would you feel embarrassed going to a personal trainer to get on track with exercise?
Or a career counselor to help you find a great job?
My answer is no and I hope yours is too!
The sad fact is that personal finance isn’t taught in schools or colleges. On top of that, we face media, ads, and social norms every day that “Jedi mind trick” us into making awful financial decisions.
If we’re lucky enough to have great financial role models growing up, we may still succeed despite this. But for many of us, asking for help can be hugely helpful on the path to financial success and peace.
OK, so let's say you’re past the “taboo” of asking for help with finances. You may now be wondering: what could you actually gain from the guidance and partnership of a financial coach?
While the list is long, I think the most important benefits are:
Most financial coaching clients I’ve worked with come in feeling they’ll never experience any of these four benefits. They feel like they’ll always suck at money. They don’t truly believe they can make lasting change.
And by the end, they have the confidence to go forward and manage their money masterfully.
If you resonate with most of these, you’re likely looking for a financial adviser rather than a financial coach.
An adviser can recommend investments, insurance, and estate planning strategies to help high net-worth individuals reach their long-term financial goals.
While I’m not a financial adviser, I’d be happy to discuss your situation and what to look for in an adviser - or if I know one who could be a good fit for you! Feel free to reach out!
So those are our three groups! Did one especially resonate with you? Do you feel like you fit into more than one? Either way, I’d love to know! Feel free to leave a comment below!
Did you find this useful but want something more personalized? Sign up for a free Q&A call today to start your journey to financial freedom!