What does a money coach do? If you are asking this question, there is a good chance you might need one
What Does a Money Coach Do – the Short Answer
A money coach helps each client gain an understanding of their finances and together they create ways to reach the client’s financial goals.
Why a Money Coach?
Do you carry credit card balances month to month to month? If so, you just might need a money coach. Is your credit score lower than the batting averages of most major league baseball teams? If so, you just might need a money coach. Does you retirement account have too few digits and your total debt have too many? If so, you just might need a money coach.
Life coaches can help you improve your life. Wellness coaches can help you improve your health. Career coaches can help you find the career you want. What does a money coach do? Money coaches can help you improve your finances and assist you on the road to having the money you want!
What Does a Money Coach Do – the Long Answer
A money coach will help you reign in your spending and create order out of financial chaos. However, money coaches are not investment advisers or debt counselors. Here is what a money coach can do for you and why you need one:
- Help clients learn to track their spending. When they do this, most clients realize that what they thought they were spending was WAY less than what they are actually spending.
- Motivate clients to realize that they must always know where there money is going.
- Help clients identify and prioritize goals. What is the most important after paying all bills (yes – paying bills is a priority!)? Getting out of debt, family vacations, education, retirement – what is most important?
- Work with clients on changing behavior. Ignoring bills, thinking credit cards are the answer, letting debt accumulate, bouncing checks, shopping as therapy, eating out night after night – all these habits are anathema to getting rid of the financial chaos in life.
- Help lay down a foundation for financial investment – retirement accounts, college accounts, emergency funds, etc. Though a money coach is not an investment specialist, they can guide clients toward the right type of investment and help them create goals for their investments.
- Inspire clients to get rid of the past and look to the future. Get rid of that emotional baggage because you may have screwed up your finances the past decade or two. Pay past debt and then forget it and look to the future. Once you hire a money coach, that old adage applies – today is the first day of the rest of your life.
What does a money coach do? Money coaches empower their clients to live the life they want by helping them find their own inner financial guru.
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