Frequently Asked Questions
Do I need to be out of debt before I sign up for financial coaching?
No, and actually the opposite is true. Having a Financial Coach helps you to pay debt off faster. Creating a plan that shows you exactly when a debt will be paid off is a fantastic motivator.
Who should hire a financial coach?
Anyone who wants to improve their financial situation! It it for those that want a clear picture of what is happening with their money so that they can create a plan to: get out of debt, stop the overdraft transfers, be prepared for those random expenses, save money for a house, create an emergency fund, and have money for vacations. You name it!
What are the benefits of hiring a financial coach?
Let’s think about this similar to getting our bodies healthy. We all know what we “should do” but most of the time we don’t do it. Why? Because we don’t have: an accountability partner, a clear process, the skills and techniques that will help us achieve results faster, or we really miss having someone to share our successes. A Financial Coach and a Fitness Coach do similar things with different vessels (one with your finances, one with your body).
Does hiring a financial coach mean they can tell me what to do with my money?
Absolutely not, I will never tell you what you have to do with your money. My goal as a coach is to walk you through your options, discover the best solution for you, and help you implement that solution.
Do I have to track each dollar with a budget?
Ugh no!!! I help you create a budget with flexibility to make it sustainable with changes that last a lifetime.
How long do clients usually work with a financial coach?
The time frames that individuals work with me vary depending on their individual needs. Some just need a clear direction and they are off and running, while others need additional support and accountability. There is no “normal” length of time, just whatever you need.
What is the difference between a financial coach and a financial advisor?
A Financial Coach helps you create a plan for your daily money management by discussing things like: income vs expenses, establishing and building an emergency fund, helping you with your mindset around money, overcoming financial challenges such as debt payoff strategies, how to save for vacations and how much money you want to set aside for an emergency fund, investments, retirement.
A Financial Advisor helps you with things like: investment strategies, retirement planning, and life insurance (if they are licensed to sell products). I highly recommend that you do a broker check to make sure you have a financial advisor with no adverse history. You can find this information at BrokerCheck – Find a broker, investment or financial advisor (finra.org).