What is a Money Coach and Why Would I Want One?
Money coaching is a relatively new area of expertise within the financial planning community. A money coach is a financial professional that can provide advice about money and lifestyle. Unlike an accountant, financial advisor or a stock broker, money coaches provide help in redefining your relationship with money. This is helpful in not only providing advice on specific financial questions, but also in developing strategies for managing your finances to achieve life goals.
How is a Money Coach Different From Other Financial Advisers
Money coaches not only give advice about money, but are also gifted in giving insight around the psychology of money. They can help restructure your lifestyle to enable you to accomplish financial goals, instead of simply advising you in what to do with your money. A money coach fulfills a role that complements other financial professionals and can help shape your overall financial strategy.
What Will a Money Coach Do for Me?
A good money coach will be able to translate your personal life goals into a workable long-term financial plan. Whether this involves saving and investing for retirement, planning for children, or providing for a spouse, a money coach will help develop strategies for managing your lifestyle and money choices to best achieve your goals.
What to Look for in Choosing a Money Coach
A money coach must be somebody that you are comfortable in maintaining a personal relationship with for the long term. Like a therapist, your money coach will be privy to not only your personal financial information, but also your goals and fears. You should be confident in the abilities of any money coach to advise you honestly, and so it is important to engage with someone who is reputable and has a proven track record.
What Should I Bring to the Table?
When working with a money coach, you should be actively involved in your financial well-being. This means that you can’t simply sit down once and hash out a strategy then let your money coach take over. Be honest and realistic in your goals and a money coach will do his or her best to help you achieve them, but it is still your responsibility to consider the options available on an ongoing basis. This also means that you should maintain a relationship with your money coach and make sure that they know your evolving needs.