Most people need to learn about money, but being a successful money coach goes way beyond that. The problem is that money is only part of so many agendas. Frankly, a person with a very low income who can’t even add or subtract, but with no money hang-ups, is way ahead of a person with a good income and a degree in accounting who also uses money to act out their frustrations or to inflate their personal identity. And that – forgive me – is the equivalent of a full employment act for effective money coaches!
Step One: Learn about Money
No surprise. If you want to be a money coach you have to understand the world of money. You have to understand budgeting. You have to understand investments. And you have to understand the first law of money: you cannot spend the same dollar twice. You laugh, but let me tell you really coming to terms with the first law of money is an absolute revelation for everyone. The only question is whether it occurs when you are 7 (5% of the population) or when you are 40 (45% of the population), or 65 (50% of the population).
Step Two: Master both Accountability and Strategy Coaching
Accountability coaching is about getting people to do what they know they should be doing, but they don’t want to be doing. Strategy coaching – beyond specific consultative knowledge and skills – involves identifying how people are getting in their own way, and eliminating those negative connections. These are big topics, and they are the bulk of all real, genuine, effective, legitimate and professional coaching.
Step Three: Combine Money and Coaching to Become a Successful Money Coach
Whether it is money coaching, or life coaching, or executive coaching, or… it is all about combining coaching with a particularly area of focus. So to be a legitimate money coach, you must master money skills and coaching skills. And if you do, you can be sure you will be helping people with one of the greatest problems that they face, and for that, you will be building a very successful coaching practice, indeed.
By the way… you’re invited to claim your FREE step-by-step “Master Coach Blueprint” video toolkit. Just go HERE now to get your master coach blueprint videos.
Dave Iuppa
JTS Advisors Strategy and Accountability Coach
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I believe becoming a quality and successful coach is all in the motivation. Your “why” must be larger than the task at hand. Many times those that lack education become great coaches because they are motivate and empathetic. I find myself in the role of life coach from time to time as founder of National Seizure Disorders Foundation. It’s part of why I wake in the morning and part of what keeps me going all day long. Do you delve into learning the “why” of your up and coming coaches?
Feel blessed in every moment-
Terrific Tonya Heathco
National Seizure Disorders Foundation
Very interesting article Dave and what you say makes a lot of sense … that said, don’t think I’d ever be interested in being a money coach. I think it requires someone with much more patience than I have … that said, for the right person it could be a very worthwhile and fulfilling career! Thanks again.
Hello David,
This is an interesting article about becoming a money coach. The first person I thought about is Dave Ramsey who is a syndicated talk show host. He helps people get out of debt and works on creating a mindset so people can understand the nature of money. You listed three things you need to know about being a money coach:
Step One: Learn about Money
Step Two: Master both Accountability and Strategy Coaching
Step Three: Combine Money and Coaching to Become a Successful Money Coach
The most important issue which needs to be addressed is mindset. Most people do not look at money as energy. Instead it becomes their woes and worries and stresses. The truth is when money is spent it adds to the flow of life. Here is a quote from my friend Matthew Neer which sums it up: “Most people are broke because they have been “socially conditioned” to perceive money as a bad thing. To become wealthy, you have to reprogram your subconscious mind to think about money in a positive manner.
You can do this by being grateful when you spend money. When you buy food, think about how your money is helping to pay your waiters check this week, or when your car breaks down and you gotta blow $500 bucks on a repair, think about how your money is keeping that shop in business.”
It’s a whole new education!
Raena Lynn