By Josh Black, CPA, CMA
With so much financial advice widely and easily available in videos, books and blogs, you may wonder what more a money coach can offer you. Money coaching costs money, and a good money coach would tell you not to spend your money without asking yourself a few questions first.
Have I been chasing the same goal for a while with little or no results? Do I even have goals?
So many people set vague goals that are more like wishes than plans; I want to save more, or, I want to be debt free. A money coach will help you become very specific about what you want. But even clear goals alone are not enough; a money coach helps you create a framework of actionable steps. As you move from thought to action you begin to see measurable results immediately, and results breed confidence and eventually mastery over your money.
Do I keep setting start dates in the future and missing them?
It’s easy to let ourselves off the hook. Life is busy, unexpected circumstances throw our plans off track, but if we are honest, our reasons are often just excuses that mask our fears, or our limiting belief about our ability to meet our goals. That’s why so many people who set goals put off taking action. A money coach can keep you focused, dissipate your fears and encourage the confidence to finally move from planning into action.
Do I struggle with motivation and compliance over time?
It’s one thing to start; it’s another thing to keep going. Challenges are inevitable over the long haul, but having someone who wants you to succeed as much as you do, can keep you focused and energized. It can be fairly easy to make change in the short term when enthusiasm is high, which is why New Year’s resolutions start out so promising, but we all know how difficult it can be to sustain motivation. A money coach’s belief in your ability to succeed never waivers, and that support can reignite your own belief and motivation when you come up against a challenge.
It’s great to have someone who helps you get clear about your goals and is on hand with solutions and support when challenges arise, but more than that, a money coach has expert knowledge in money management. You won’t get personal, tailored advice from a book, blog or video. A money coach has tools and strategies that get results and will create a money management system that reflects your goals and lifestyle. A money coach is an ally with whom you build a trusting relationship that inspires and never judges.
Am I engaged in ongoing behaviour that is unhelpful or counterproductive to my goals?
Sometimes it takes an outside perspective to see where things are going off track or where your money drains are. Money management is about so much more than numbers. For most people, money carries feelings and attitudes, good and bad, from childhood. Combine that with a spouse who has his/her own good and bad money baggage and it’s no wonder money often creates relationship stress. A money coach can serve as an engaged but impartial ally for individuals or couples who are trapped in unproductive patterns.
Using a coach is not a sign of weakness. The most successful people in any field often work with a coach. An athlete at the top of his or her game works with a coach, many CEOs of huge corporations work with executive coaches, academy award winning actors still often work with acting coaches. A good coach takes you beyond your comfort zone, improves your skills and has your back.
If you would like to know more about Money Coaching, set up a free consultation with one of our Money Coaches today.