Do You Need to be Wealthy to Become a Wealth Coach?

Do you need to be rich or wealthy to become a wealth coach? Do you need proof that your investments have skyrocketed to enter the field of wealth coaching? Do you need to be a member of the 1% to coach people about money?

Personal Wealth Coach
Wealth Coach – melpomen ©

You Don’t Have to be Wealthy to be a Wealth Coach

No, excessive wealth is not a prerequisite to becoming a wealth coach. You can even open your personal wealth coaching practice with a zero balance in your checking account, though I wouldn’t advise it.

Though you don’t need to be wealthy to become a money or wealth coach, it’s best to have acquired good financial habits over the years. If you have thousands in credit card debt, have defaulted on a loan or two, or owe money to a few bookies all over town, then wealth coaching might not be the best career path for you.

Understanding good money habits – budgeting, low debt, saving for various purposes, safe investing – is a necessity if you are going to be helping others learn and practice good financial habits.

Is it Possible to Become Wealthy as a Wealth Coach?

This is an entirely different question, and one for which there is no definitive answer. Of course, you could become wealthy as a coach, but chances are you won’t skyrocket into the 1%. The coaching industry is growing quickly, and wealth coaching is one of the hot segments within the field.

One reason money coaching will experience consistent growth is because of the increased number of self-employed workers. With over 50 million people working as entrepreneurs, there will be high demand for help with personal finances. These entrepreneurs will need financial advice and coaching for both their businesses and the personal lives.

You may not get wealthy in the financial coaching business, but you can make a very good living at it!

How to Become a Wealthy Wealth Coach

Though you don’t need to be wealthy to be a wealth coach, and you probably won’t become a billionaire by coaching individuals and businesses on finances, there are ways to boost your income in the coaching business.

Here are a few ways to elevate your game as a wealth coach and add additional income:

  • Increase your marketing efforts. Most coaches do the bare minimum when it comes to marketing. Take your marketing game to the next level and stand out from the crowd.
  • Increase your online presence. Most coaches build a decent website and stop there. Why not build a couple different websites (for different target markets)? Or, start writing and posting articles to blogs and other sites.
  • Become an industry leader. This takes time, but if you specialize in one aspect of wealth and finances (perhaps, retirement savings), you can build your reputation and market your expertise in this area.
  • Leverage your coaching expertise. Create alternate streams of income by using your expertise for books, DVDs, seminars, workshops, and much more.
  • License your expertise. You can take your knowledge, skills, reputation, and brand, and license it to other coaches – similar to franchising.

Starting from Zero as a Coach

Most coaches start from zero – zero reputation, zero brand, zero clients, and sometimes zero money. Yes, you can start out as a wealth coach without being wealthy. Your clients won’t ask to see your bank account or brokerage statement before they decide to hire you. Just make sure to not park a Yugo in the office parking space- that might discourage a few clients!

Would you like an endless stream of new coaching clients? Simply fill out the form to the right with your first name and email and I’ll send you free videos with step-by-step blueprints for generating a massive income from high paying coaching clients.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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