How do you become a life coach who makes a difference for their client’s personal finances? What kind of coach training do you need? How you view money is key to improving your finances or those of your clients. It is the relationship we have with money that keeps us poor. Also, we continually try to prove our wealth by buying the latest things. How can we break the cycle? These coach training tips will provide you with the basics to help you become a life coach who coaches their clients to financial freedom.
Coach Training Tip #1: Look at Your Own Finances
The first coach training tip to help you become a life coach who guides others to financial freedom is to spend less than you make. While common sense, many live beyond their means. Recent headlines suggest not only people, but major corporations have difficulty following this principle; does General Motors or AIG ring any bells? Stories abound of mothers on welfare managing to save enough money to purchase nice items such as a car, and multi-millionaires who have gone bankrupt because they were over-leveraged. You can provide value by becoming a coach who can hold their clients accountable to their vision and their bottom line.
Coach Training Tip #2: Invest the Difference
The second coach training tip to help you become a life coach who helps their clients achieve financial freedom is to guide your clients to invest the difference between what they earn and what they spend. However, unless you are a certified financial advisor, you may not be able to provide a detailed investment strategy. However, you can help your clients stay focused on their goals by providing accountability for the action steps along the way to helping your clients achieve their goals.
Coach Training Tip #3: Reinvest to Create Money to Live On
The third coach training tip is more elusive. The final outcome is to have your clients reinvest until their investments provide enough income on which your clients can live. This is where most people get lost. Investing in a home or a classic car is not an investment, unless there is the intention of selling these items for a profit. Investing to create money to live on requires taking a dynamic approach; an approach in which one does not spend the money they make to reward their efforts. When you become a life coach that instills the importance of reinvesting in your clients, and when you hold your clients accountable for their actions, you are on your way to teaching them financial mastery.
When you become a life coach who can help their clients live a way few people are committed to living, you will help them live the lives only a handful of people enjoy. Using this coach training as an outline will provide you and your clients the keys to financial freedom.
Colette Seymann
JTS Advisors Designated Accountability Coach
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