What is Financial Coaching?
Suppose I told you that everyone was on a path somewhere financially. Unfortunately, many people are on a path that is not taking them where they want to go. In order to get where you want to go, you must ensure you’re on the right path. Far too many people confuse intentions with directions, but intentions do not get you where you want to go, direction does.
For example, if you intended to go south, but you unknowingly got on the highway going north, you will not end up where you intended, you will end up in the direction you are going. Many people need someone to help ensure they are traveling in the direction they intend to.
As a financial coach I help my clients with the basics of money management. I work with clients who may have a bad relationship with money or who have other obstacles keeping them from managing their finances well. My goal is to help my clients develop healthy money habits that will last.
I educate my clients on the basics of personal finance and work with them to create a financial plan that reflects their goals. I also empower my clients to take responsibility for their decisions and provide accountability as my clients work to implement the lessons they learn.
I work with my clients over the period of several weeks. Often, I meet with clients weekly to provide advice and check on progress. The full process consists of a few steps. The first step is building awareness around spending habits, usually by tracking daily, weekly and monthly spending. The next step is defining the client’s financial goals, whether it’s setting a budget, creating an emergency fund or paying off debt. I help clients develop plans to achieve their goals, then act as an accountability partner as clients enact their plans.
Within a short time, my clients will improve their financial literacy and be well on their way to achieving their financial goals.