Over the past couple of years of practicing Financial Coaching, I am often asked “So, what is it that you do?” When I explain how I help people with their personal finances and how to manage/invest to help them achieve their goals, people then generally ask, “how do people know that they need a Financial Coach?”
At that point, I usually give some examples of personal goals that clients have:
Can I afford a house? If so, how much can I spend?
Can I help pay for my children's higher education?
At what age can I retire?
I think it’s important to clarify that Financial Coaching’s purpose is not to simply provide yes/no answers to these questions, rather it is about laying out a clear plan that is customized to each individual’s needs and personality. For instance, I often speak with my clients about their risk tolerance when investing- some people are at a stage where they can manage higher risk in their investments, others are more at a point where the priority is to preserve their net worth and manage cash flow. Through coaching, we are able to design an investment plan that makes sense for them so clients can feel confident in their ability to achieve their investment goals.
What really makes me feel happy about my job is seeing my clients feeling more confident in their own finances and in their ability to do a great job at managing their money to make their personal goals a reality.
If after reading this, you are wondering do I need a Financial Coach? Here are some questions that you could ask yourself:
Do I know at what stage of retirement planning I am in and do I have a path for a financially stable retirement?
Do I understand how to invest and what risk level makes the most sense for me?
Do I know how to best manage my debts like mortgage, student loans or credit cards?
Have I reviewed my financial goals in the past 12 months? Do I have a plan to achieve them?
If you answered “No” to any of the above questions, you could gain a lot of value from working with a Financial Coach to help achieve your goals.
To learn more about what Financial Coaching can specifically do for you, book a Free Consultation.