Money and finance coaching is focused on improving the financial status for both personal or business clients. Personal financial coaching addresses an individual or couple and the focus depends on what season they are at in life. Business clients include sole-proprietors and corporations, LLCs, S-Corps or C-Corps. A financial coach’s main objective is to address both the black and white numbers, as well as the emotional relationship with money, in order to come up with a step-by-step plan to help the client reach specific financial goals and to have the mindset and habits to support long term financial success.
Currently, thousands of people need help with getting their finances on track both personally and professionally. Unfortunately, this subject is taboo for many because of the lack of personal finances being taught in schools or ever being discussed around the dinner table. Since this is such a sensitive topic, financial coaching is a highly valued service, available to help clients grow in financial literacy, confront the financially uncomfortable and create a safe place where a client can confide in a professional. This is a topic that the majority of people aren’t able to talk to friends and family about. Hence the necessary need for financial coaches is apparent in today’s society.
The main benefits of personal financial coaching are:
I coached a client named Chrysta and when we first started coaching, she was close to being maxed out on credit cards, owed her mom money, was living paycheck to paycheck and, although she made a decent amount of money, she had nothing to show for it at the end of every month. On our first call, she felt quite embarrassed because she actually managed the money for a production company and was excellent at her job, but strangely couldn’t translate that skillset to her own personal finances. She felt stuck and shared, "there must be something everyone else knows that I don’t know!"
Through coaching, she learned where all her money was actually going. We worked on creating a budget and a debt payoff plan. Then we uncovered her beliefs around money that were limiting her way of living. We organized her accounts and came up with financial goals that at first seemed impossible, but wonderful if they could “someday” happen. For example, being credit card debt-free, buy her first house, buying a Tesla and starting her own business where these “someday” goals.
After coaching together, within a year, she paid off all of her credit card debt, purchased a home, payed off her BMW, sold the BMW and bought a used Tesla. Chrysta is now exploring the first steps of starting her business. She was definitely surprised about the results she achieved, but as her coach I shared with her that anything is possible with the right coaching mindset and follow through!
The benefits of financial coaching for a business depends on the type of organization and the circumstances that the company is facing or it’s desired growth. Many entrepreneurs, whether they are a sole proprietor or they are an owner operated corporation, who seek financial coaching may be in a place where they need financial coaching to help them with the following:
Describe Your Goals
Hire Your Coach