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5 Ways Financial Coaches Help You Get Better with Money

Todd Miller January 17, 2022

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5 Ways Financial Coaches Help You Get Better with Money

When it comes to getting help with your money, most financial professionals specialize in growing and protecting their client’s wealth. Their job is to recommend products so that you’ll achieve your financial goals with a high degree of certainty!


But, what if you don’t have money to invest, are stuck in debt, or are living paycheck to paycheck?


Without investment capital, most financial advisors can’t help. You’ll need to work with a financial coach, instead!


What is Financial Coaching?


When you’re sick or have a health problem, you go to a doctor for treatment. Likewise, when your financial situation is subpar, you work with a financial coach to improve it!


A financial coach is an expert that guides you to a better financial situation. They teach you about money, the way it works, and the skills that are required to build wealth. With these concepts and your coach’s help, you’ll quickly begin to see your circumstances improve!


Your financial transformation isn’t just about dollars and cents, either. More often than not, your emotions play a significant role in the way you manage and spend money. Financial coaches understand this and work with you to uncover deeply rooted beliefs. As you gain clarity, you’ll progress forward, past issues that may have been holding you back for years!


As you can see, a financial coach is instrumental to your success with money. Here are a few of the many reasons why you need to consider working with one!


5 Reasons to Hire a Financial Coach


#1 – Customized Plan


When starting, everyone’s financial situation is different. Some people may be drowning in credit card or student loan debt while others might be just trying to make ends meet. No matter your situation, a financial coach helps you understand how you got there as well as the steps that are needed to move ahead!


Once your financial situation is uncovered, you and your coach can begin making a customized written plan to improve them. Oftentimes, this involves creating a debt repayment plan, building an emergency fund, or making a spending plan that allows you to save money!


With a written procedure in place, all that’s left to do is follow it. Unfortunately, this is where most people stumble. Without realizing it, they lose focus or get tripped up by an unexpected expense, causing them to fall off track. When this happens, feelings of frustration and discouragement begin to surface, and may even prompt them to quit!


However, a financial coach helps you remain focused, despite challenges and distractions. Not only that, they guide you through difficult situations. Together, the two of you will conquer whatever comes your way, so you’re working towards your long-term goals!


#2 – Build Better Financial Habits


Whether you realize it or not, you are the sum of your actions and habits. Each habit you build either leads you closer or further away from your goals!


It’s common for people to know the end result they want with their money. They may dream of getting out of debt, saving for a home, or retiring early. Yet, they’re unable to turn these dreams into reality because they haven’t built the habits that make their goals possible!


When you hire a financial coach, you’ll learn the actions that will make you successful with money. Not only that, your coach will hold you accountable for them, so that you keep moving forward!


Once you’ve built these new financial habits and started working towards your goals, you’ll likely notice improvements in other areas of your life as well. Many of my financial coaching students report having better relationships, improved emotional wellbeing, and more confidence as soon as they’ve taken control of their money and their lives!


#3 – Money Simplified


Let’s face it, one of the biggest reasons that people struggle with money is that they were never taught how it works. Personal finance isn’t covered in school and it’s rarely talked about at home. Because of this, money is often viewed as a foreign and complicated subject. But, with a financial coach, it’s not!


At their core, financial coaches are teachers. They break down complex subjects into topics that are straightforward and easy to understand. With this comprehension, you’ll feel empowered and have the confidence to pursue your wildest dreams!


#4 – Personal Confidant


Seeing that it’s unusual to discuss money, many people have a difficult time opening up about their finances. Most often, they don’t want to admit they need help, fear they’ll get judged, or are embarrassed by the situation they’re in.


However, it’s important to understand that conversations with your financial coach are non-judgemental and private. Their role isn’t to criticize or discuss your situation with anyone. Instead, they have a genuine interest in teaching you personal finance and helping you succeed with money!


#5 – Reduce Your Mistakes


Without a formal financial education, most people are bound to make mistakes. The only questions are; how many and how expensive are they going to be?


There’s no question that financial mistakes can cost you a great deal of money. Wasting a few hundred dollars a year on needless expenses can quickly add up to thousands of dollars, especially when you consider the opportunity costs. On top of that, financial mistakes can take you years to recover from!


Luckily, financial coaches have years of experience and have developed strategies to keep you from making errors. They’re able to help you steer clear of financial traps and from paying unnecessary fees, both of which can save years of progress towards your goals!


Also, a financial coach acts as a second set of eyes and is a personal sounding board. You get to bounce ideas off of them and brainstorm new ones, together. Unlike most other financial professionals, coaches can look at these opportunities objectively, especially since they’re independent 3rd parties who don’t earn commissions from the products you buy!


At first, many people hesitate hiring a financial coach due to shame or guilt over their past choices. But once they realize the value that coaches add, they’re eager to sign up!


No matter what situation you find yourself in today, a financial coach can help. Not only will they work to improve your finances, but they’ll save you time and money in the process as well!

Do you have questions about working with a financial coach? Schedule your FREE call now!

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