What is a Money Coach and Should You Hire One?

One of the best questions you can ask is: What is a money coach? The next question would be: Should I hire one?

What is a Money Coach?

A money coach offers individually designed financial plans, for businesses, individuals, or families. They can provide various services, but most offer financial analysis, planning, budgeting, and help with retirement savings.

People believe life coaches can help them improve their lives and wellness coaches can improve their health. It seems logical for people to think that money coaches can improve their finances. For millions of Americans struggling to cope with a depressed economy, a tight job market, and a painful increase in the cost of living, a money coach might be a financial savior.

A money coach often differs from a Certified Financial Planner (CFP). Certified financial planners have to pass a certification process, while this is not necessary for money coaches. Some CFPs also have products to sell, while money coaches always offer unbiased, objective coaching.

If there are financial issues, a money coach can get to the root of the financial chaos and help individuals and business sort out their money problems and develop their own solutions. For the financially unfit, a money coach is almost a necessity. What is a money coach if not a wellness coach for the finances?

Do You Need a Money Coach?

Do you have complete control over your finances? Do you carry balances on your credit cards? If so, are your balances four figures? Do you know your credit score? If you are afraid to learn you credit score or open your credit card statements, you just might need a money coach.

Do you follow a household or business budget? Do you even know what a budget is? If you have problems tracking your expenditures and think a budget is for someone else, then you just might need a money coach.

Do you have plans for retirement? Do your retirement plans consist of social security checks and living with your kids? Do your retirement plans consist of travel brochures for tropical resorts? Do you know how much money will you need to retire? One rule of thumb is to have at least 8 times your ending yearly salary – will you have that much? If you aren’t saving for retirement now, you just might need a money coach.

What is a Money Coach Worth to You?

What is a money coaching expert worth to your financial health? If you are struggling to have more money at the end of the month; if you are struggling to pay the credit card bills; if you are having problems putting any money away for retirement, then a money coach is worth far more than the cost of hiring one.

What is a Money Coach Going to Do For You?

If you want to change your unhealthy financial ways, then a money coach can work with you to come up with personalized solutions to your money problems. If you really don’t want to change your behavior, then a money coach won’t help.

Money coaches don’t plant money trees in your backyard. Money coaches don’t help you win the lottery. Money coaches don’t pull Ben Franklins out of a hat or make bills disappear into thin air.

What is a money coach? A money coach is the voice of reason, the bearer of knowledge, the coach with the Midas touch – but only if you are ready to change your behavior.

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Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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Comments

  1. Kazee says

    I believe most people need money coaches especially with the hardships that we are experiencing nowadays. Learning to balance your budget and at the same time put aside for savings is one thing that a money coach can help us with. Thanks for the share.

  2. Karen says

    Hiring a money coach to help you with your finances is a great idea. Sometimes we need another person to look at what we need to do to get out of the debt we are in. Like the article said though, we need to be ready to change our ways because even if we hire a money coach and are not prepared to listen and change our ways, our financial status will not improve.

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