What The Heck Is A Money Coach?

It can be confusing to understand what Money Coaches do compared to Financial Advisors and what is best for your unique needs. I hope this quick article helps clear up the differences and inspire you to start putting together your team of money professionals.

What is a Money Coach?

What all Money Coaches have in common is that we focus on the daily habits and systems that build the foundation for your financial life. That means spending plans, debt repayment and savings plans. But it isn’t just about the numbers… as a Coach I also want to look behind the numbers to see what habits, patterns, and emotions are showing up in your financial life and help you re-write those patterns if they aren’t serving you.

Repeating bad financial behaviors passed down from your parents?
A Money Coach can help with that.

Need help putting a customized debt repayment plan together?
A Money Coach can help with that.

Need help getting your arms around your 2 checking accounts, 3 credit cards and savings account?
A Money Coach can help with that.

How is a Money Coach different than a Financial Advisor?

A lot of people I work with also have Financial Advisors because we focus on different parts of the financial picture. A Financial Advisor will help you manage your investments, retirement goals and other long term planning needs. A Money Coach doesn’t get into specific investment advice. (Also, while we are talking financial advisors, you should only be going to ‘fee only’ advisors. Fee only advisors are fiduciaries who are obligated to do the right thing for their customers. Surprisingly, this is not the case across the industry!)

If there are a lot of different kinds of Money Coaches, what makes you different?

What makes me different from other Money Coaches is that I don’t believe in living a frugal lifestyle.

There, I said it.

I don’t want to feel limited, or constrain myself over time just so I can have a few extra dollars in the bank. I want to buy organic food, well made clothes, and I want to eat out at restaurants.

And I want that for you, too.

But I want you to do it responsibly.

It would be easier for me to tell you to stop eating out or buying lattes and send you on your way. But that isn’t fun. And it isn’t sustainable.

The harder, but more sustainable path is to figure out what matters the most to you (your values), prioritize that in a balanced spending plan and cut the expenses that aren’t a priority.

It’s really easy… and its also really hard!

But if you can balance your spending plan this way, you will live within the parameters you set for yourself without feeling constricted. How? You kept all the best things in your plan, and removed all the junk!

That all sounds good, but what if I’m in credit card debt?

You might have a perfectly good reason for getting into credit card trouble, but you cannot experience financial freedom while you are in it. Therefore, I want you out of it ASAP!

To achieve this, you might have a period of time going ‘bare bones’ with your spending so you can eliminate the debt or bring it to a manageable level. It might not be all organic food and clothes from the local boutique. I acknowledge that.

But still, it will be a short term way of living. And if you can learn how to prioritize your values while your spending plan is bare bones, and work some of those little luxuries in, imagine how spacious your plan will feel once that debt is gone!

The bottom line is…

A Money Coach is an emerging industry that is helping a lot of people. Most people weren’t taught good money skills growing up and a Money Coach can help catch you up and hit the reset button on your financial life. If you’re interested in a Money Coach, make sure they’re qualified, that you resonate with their message and they are a person you can build a genuine relationship with.

Interested in learning more about Money Coaching? Set up a free clarity call with me to learn more about Money Coaching and if it is a good fit for you.