With the tremendous amount of information out there, I’m pretty sure that by now you already know a fair bit about what financial coaching is and what a money coach does. Here are 8 reasons to hire a money coach. Just so you are aware, I use the term financial coaching and money coaching interchangeably and the same goes for financial coach and money coach, reason being that some people prefer to use one term over the other.
What is a Money Coach & What Does a Money Coach Do?
According to Investopedia.com a money coach is someone who help clients focus on their money-related goals, to solve their money problems and to achieve a better relationship with money. But a money coach is so much more than that. You can think of a money coach as a kind, empathetic best friend and wise, but firm mentor rolled into one.
At its essence, money coaches help people grow into their highest potential as human beings. Money coaches help clients to tap into their full money potential and live life to the fullest, and who doesn’t want that?
Money coaches encourage, inspire and guide clients to venture outside their comfort zone so that they can be the very best version of themselves and create their best financial life. A good money coach helps clients to uncover the fears, beliefs and doubts that are holding them back from the financial life they want.
Money coaches are trained to uncover the root cause of the financial issue and then help a client work through what’s holding them back so that they can achieve their goals and solve their problems.
They use tools and techniques such as NLP (Neuro-linguistic Programming), Positive Psychology, Behavior Modification, EFT (Emotional Freedom Technique) as well as various other coaching techniques and methodologies to help a client. There is no standard methodology, and it differs greatly from one coach to the next.
A money coach can also coach people from all walks of life and through all sorts of money problems. For example, she may coach one client on how to better manage their debts, another on how to be confident with money, and a third on how to improve their savings or even on developing money management skills after painful divorce or a big payout.
The tools money coaches learn, and master gives them the skillset to allow them to coach people through the different aspect of finances.
There is also the option to coach individual or to coach couples who are having money difficulties and issues in their relationships.
What are some of the thing a money coach does?
A money coach helps a client to:
Clarify what their financial goals are.
Set & achieve financial goals.
Set priorities & identify the values that are more likely to align with their goal.
Understand their spending habits.
Get rid of old stories and limiting beliefs.
Create a specific budget that align with their lifestyle.
- Overcome obstacles and resolve problems that are holding them back.
- Understand the emotional aspect of dealing with money.
- Establish an emergency fund.
- Manage debts and improve savings.
- Act as an accountability partner, a sounding board and a support system.
8 Reasons People Hire a Money Coach
Let’s now take a look as some of the reasons a person would hire a money coach keeping in mind that each and every person’s reason is quite unique and might differ from your own reason for hiring a money coach, but no matter what the reason is, it generally falls into one of the following:
Reason #1:
To Achieve A Financial Goal They Have Been Unable To Achieve On Their Own.
Perhaps they have tried to save money to buy a house or go on vacation in the past but have been unable to succeed. So they hire a money coach to help them create an action plan, to hold them accountable and help them overcome the obstacles and challenges that are holding them back from achieving this goal.
Reason #2:
To Help People To Overcome Obstacles & Roadblocks That Are Holding Them Back From Achieving Their Goals.
Let’s say in an attempt to increase their income and make more money, a client’s goal is to set up their own business but their fear of failure and not feeling worthy is holding them back from achieving their goal to even start their own business, so they hire a money coach to help them work through their fears.
Reason #3:
When They Are At A Crossroad and Don’t Know What Decision To Make.
Examples of this would be someone who is torn between deciding whether to save for retirement or take that well deserved vacation with their children. Or even someone who is at a crossroad in their marriage because money has become such a huge issue that they can’t seem to find a way out, they hire a money coach to help them.
Reason #4:
To Help Them Figure Out What Is It That They Want.
I often hear client say: “I don’t know what I want”. or “I don’t want this or that”. People often know what they don’t want but rarely know what they do want and most of the time it’s because they haven’t given themselves permission to know what they want. So, they would hire a money coach to help them uncover their passion and discover what is it that they truly want.
Reason #5:
To Realize Their Full Potential.
Many high achievers hire a money coach to help them reach even higher levels of success and achievement in their finances.
Reason #6:
To Act As An Accountability Partner.
One of the biggest benefit of coaching is to have an accountability partner to motivates people to take action, and to continue even when thing gets hard. This often lead the client to achieve their goal even though they failed many times in the past.
Reason #7:
To Help Client Create Lasting Change In Their Lives.
People often hire a money coach to help them create long lasting change by helping them to change their money mindset, their spending habits and unresourceful behaviors.
Reason #8:
To Break Bad Habits & Cultivate New Constructive Ones.
Last but not least, people hire a money coach to help them overcome bad money habits which have been passed on to them by their parents, their families, and their culture such as addition gambling or hoarding money.
Takeaway: Avoid A Financial Hangover This Christmas.
These are just a few reasons why someone would hire a money coach, these might resonate with you or not, but the reason people would hire a money coach vary according to their individual situation and to the specific issue present or goal they want to achieve in their life.
Need Help? Book a FREE Financial Check Up and let me guide you into the process of making your money goal a reality.
Want to know who is driving your financial decision, head over to our FREE Money Type Quiz.
