You might think that being a wealth coach would put you squarely in the ranks of the greedy bloodsuckers, but nothing could be further from the truth.
All you need to do is look at the pain, suffering and poverty all around us to see that there is a pressing need for knowledgeable and effective coaching on the subject of wealth.
The stress caused by the current situation is destroying families and putting many people into early graves. By filling this need you will be doing a lot of good.
So Just What Is a Wealth Coach?
A wealth coach is a combination of financial advisor, and assessment, strategy and accountability coach. It is NOT a new age, law of attraction guru who teaches their clients money-attracting mantras that draw cash to them through the universal ether. And it is NOT a soothsayer who provides magical stock picks. Wealth coaching involves assessing the personality style, values and basic skills of the client using assessments. Then the coach determines the goals of the client. Understanding what drives the client’s behavior, the coach proposes alternative financial and behavioral strategies to achieve those goals. Finally, the coach uses accountability coaching techniques to help assure that the client follows through on their plan.
Where Does the Money Come From?
If most clients are suffering financially, where does the money for the coach come from? It’s not magic. By helping the client modify their behavior to spend less and take actions to make more, the wealth coach will help the client slowly but surely accumulate money. Because this is often a “turn around” situation the coach might propose to gradually increase their rates as the program benefits kick in. Because this takes some time and because it is so critical that new behaviors are firmly established, the coach should insist on a commitment of one year or more from the client. All of this requires setting clear expectations and a well written contract for coaching services. But that should be your standard operating procedure, always.
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Dave Iuppa
JTS Advisors Strategy and Accountability Coach
Wealth coach will surely help us organize our finances. Self discipline and commitment is highly needed.
Very informative post Dave. Discipline, spend less and accumulate money are the things that a wealth coach will teach their client. They are trained to help people that has problem with their finances.