Even (especially?) really smart people can benefit from financial coaching!
It’s not about how smart you are or how much you know about finances and money management. It’s about what you DO–it’s about your behavior.
We all know, even if just in the back of our minds, what makes sense and what doesn’t. But we often get caught up in the moment and just don’t think things through. Marketing techniques are so sophisticated, we purchase items and make financial decisions and often don’t even realize what we are really doing. Or, even worse, we get in unexpected situations that get us off-track with our plans.
The more you think you should know about managing your finances, the harder it is to “face your fears”. Maybe you are one of those people who wakes up in the middle of the night wondering how you will make it through to retirement, or through the month, or even through the week. You may be considered successful, but don’t think you are where you should be financially. Statistics show that almost 80% of Americans live paycheck to paycheck (CareerBuilder, 2017) and about 70% of us don’t even have a budget (FPU Member Survey. 2017). So if you are worrying, you’re not alone, but it can still be embarrasing to lay it all on the line and get the help you need.
It’s hard to face those fears but even once you do, it’s hard to know where to turn for help. Financial advisors, your insurance agent, and even your favorite lender are often there to sell you financial products that may or may not be right for you at the moment depending on your personal goals and plans. If you think you’re in financial trouble, a payday lender, consolidation loan, or pawn shop may seem like a way out, but these are probably are not the answer. And if you think you are in deep financial trouble, seeing an attorney about bankruptcy may be on your mind. These professions and services may have their time and place, but you need to engage these as part of YOUR financial plan with you knowing the alternatives and consequences and making mindful decisions.
A good financial coach can help you sort out your priorities, dreams, and goals, and help you set a plan to make it happen in a way that gives you control over your money and your life. Financial coaching is about your overall financial and personal situation and your particular concerns and challenges–there is no one-size-fits all cookbook or product you can purchase off the shelf that will fix your finances now or in the future. Financial coaching is about guiding you to work out a plan to work through your difficulties and changing behavior using proven strategies to achieve financial peace and keep it!
A plan without action is nothing– a certified financial coach can help you set realistic, manageable goals and objectives based on sound financial practices. A good financial coach can provide you with motivation and accountability so you can actually DO specific actions to reach those goals and continue sound financial behavior.
Of course your personalized plan may include consulting with appropriate resources (that may include lenders, creditors, attorneys, insurance professionals, etc.) to enable you to reach your goals, but it will be from YOUR educated perspective and driven by YOU to meet YOUR needs and goals.
If you’d like to find out more about financial coaching, please don’t hesitate to contact us to set up a complimentary initial consultation. This initial consultation is a 15 minute introduction call to help you to determine if working with a financial coach is right for you. We will discuss what challenges with money you are experiencing and hoping to solve. You will determine if coaching is right for you.