What is Money Coaching
Money coaching fills a growing need for a comprehensive approach to personal finance. It encompasses the practical, as well as the emotional, aspects of your relationship to money.
Another way of saying this is that money coaching bridges the financial and the psychological.
You may have a pretty good idea of what you should do with your money, but maybe you don’t know how – that’s the practical part. On the other hand, you may know what you should do and even how to do it, but for some reason it never gets done! That’s the psychological part.
Most people struggle with both practical and psychological issues around money. If you don’t address both, you will continue to fall short of your goals.
In our money coaching sessions we will talk alot about the practical things you need to do to successfully manage your money. We discuss how you earn money, how you save money, and how you handle debt. We talk about what works and what doesn’t. I help you choose the right money management system so that you can easily and effectively manage your money. We look at the details and also the big picture, so that you can reach your short-term and long-term money goals. I can help with your personal, household, and/or small business money management.
In addition to the practical, we look carefully at the emotional issues that may be impacting your ability to develop a good relationship with money. We may need to uncover old money beliefs that you are not aware you hold. These beliefs may be driving money choices and behaviors that do not serve you in the present. You may even be fighting a money disorder that needs to be addressed. Our goal in money coaching is to identify and change negative money beliefs and behavior patterns that cause you pain, frustration, and stress, and that keep you from being the best you can be with money.
Once you are able to understand the underlying beliefs and attitudes at the root of your financial behaviors, you have the ability to transform the old money patterns that are not working for you.
Money coaching is sometimes referred to as financial counseling – they are basically the same thing. The reason I choose to use the term money coach here is that sometimes the name financial counseling is confused with other professions, as shown below (“What Money Coaching is NOT”).
One important thing to know is that money coaches have widely varying backgrounds, and the profession is not universally regulated in terms of certification or licensure. Be sure to check the training and background of anyone you decide to hire for money coaching, and make sure they have a good background in money AND counseling. (For my background see the ‘About’ page.)
What Money Coaching is NOT:
Money coaching is not the same as financial planning by a Certified Financial Planner, which is investment, retirement, insurance, and tax planning.
Money coaching is not credit counseling (also known as debt counseling), which is solely focused on helping you get out of debt and avoid bankruptcy.
A money coach is not the same as a financial or investment adviser, who gives investment advice and may manage your investment portfolio.
And last, money coaching is not designed to take the place of psychotherapy. Many of my money coaching clients see a therapist for in-depth work on other problems.
Money coaching, however, helps you work more effectively with other professionals, such as your financial planner, tax accountant, and/or investment advisor, because it helps you get organized and on top of your money situation.
I hope this gives you an introduction to what I can provide you as a money coach.
If you have further questions, feel free to call me and I will gladly answer them. Don’t worry, calling me or e-mailing does not obligate you in any way!
To contact me, click here.
I look forward to hearing from you!
