Frequently Asked Questions
Why hire a financial coach??
See below. I have explained this in detail.
What IS The Difference Between a Financial Coach and A Financial PLANNER?
See below. I have explained this in detail.
Do you have virtual sessions?
Yes. Sessions are by phone or video teleconference.
When is payment due?
Payment is due when you purchase the Get Started! Session or a follow-up package
HOW DO I SCHEDULE AN APPOINTMENT?
Appointment is scheduled upon purchase.
CAN I CREATE A CUStom PACKAGE?
Yes, customized packages are available. This can be discussed after your Get Started! Session.
Why hire a financial coach?
WHY PAY FOR FINANCIAL COACHING?
People hire personal trainers to help them lose weight and gain muscle. Everyone knows the secret to losing weight: eat less and exercise. So why do we bother hiring a personal trainer? We hire them to use their specialized knowledge to create an individualized program for us and to hold us accountable and motivate us to achieve our weight and fitness goals.
We all know the secret to a good spending plan (aka budget): spend less and save more. Yet most of us still do not bother to create a spending plan that works for OUR needs. A financial coach will help you identify expenses that can be eliminated because they are not a priority for you or in alignment with your values or goals. Financial coaching can help you increase your income using creative strategies that capitalize on your unique skills and life experiences as you create a spending plan that puts you in the driver's seat.
HOW DO I KNOW IF I AM A GOOD CANDIDATE FOR FINANCIAL COACHING?
Like anything worth achieving, financial coaching requires a strong willingness for you to make significant changes in your life. If you (and your spouse or significant other, if applicable) have a desire for financial clarity, are open to receiving feedback, and are willing to consider new ways of managing your money, you are a good candidate! Couples should be willing to work together to ensure positive results.
MY FINANCIAL COACHING IS NOT FOR YOU IF:
- You are looking to get rich quick
- You are not willing to make any financial changes
- You are married and your spouse refuses to participate
- You are looking for tax, insurance or investment advice. Consult the appropriate professional to meet your needs.
HOW DO I JUSTIFY PAYING FOR FINANCIAL COACHING?
Have you gone to a concert or a sporting event lately? Two tickets with dinner and drinks can easily cost $400 for one evening. My philosophy is if the benefits of a purchase exceed the cost, it is money well spent. My wife and I have personally hired a financial coach and a financial planner in the past. The money was well spent as we were able to reduce our debt, increase our saving and have the peace of mind which comes from telling your money where to go. Not to mention less stress and tension in our marriage. That is priceless!
TRY A FREE 15-Minute Discovery Call WITH No Pressure!
Take the first step to a brighter financial future. Schedule a free 15-minute discovery call to see if we are a good fit. All communications are confidential.
Financial Coach or Financial Planner
What IS The Difference Between a Financial Coach and A Financial PLANNER?
One difference between a financial coach (aka money coach) and a financial planner is your level of involvement. Financial coaches empower you to create your budget (spending plan) and guide you in your day-to-day money management as you positively change your financial behaviors. It is a much more interactive relationship and typically involves the financial basics: setting financial goals, budgeting, savings and creating better financial habits. Financial planners usually meet with you once or twice a year and deal with more complex personal finance matters, including the sale of insurance products (which requires special licenses). You provide them with your information and they create your financial plan for you. Another key difference is investments - financial coaches are not permitted by law to sell investments, manage investments or provide investment advice, while financial planners are often able to do all three.
A financial coach is not required to have any certifications; anyone can call themselves a financial coach or money coach. Many financial coaches use their real-life experiences to form the basis of their business, such as how they got out of debt, established an emergency fund, etc. Some financial coaches have certifications from AFCPE such as FFC® (Financial Fitness Coach). There are many paths to Financial Coaching. A CFP® (Certified Financial Planner™) offers either fee-based services or charges based on a percentage of the investments under management. They are trained to provide financial planning for every stage of life. You may start your journey with a financial coach and, after getting your financial ducks in a row, move onto a CFP® or financial planner. Or you may use both simultaneously - a financial coach for day-to-day money matters and a CFP® or other financial adviser for tax, insurance and investment advice. The choice is yours!