Why is coaching so valuable? How can it help me? Is it worth the cost? As a Master Financial Coach I know that coaching works. Besides coaching hundreds of people over the last 10 years I myself have been coached by several people who help push me, help me achieve more, help me improve my relationships, and help me win with money. My recent stint of being coached by Dave Ramsey's team helped me pay off $20,000 in debt and save an extra $15,000 in a year and a half! In my coaching practiceI have helped others to grow their businesses, improve relationships, and yes, win with money! I personally love giving and receiving coaching, but for many folks this process is new. Why hire a coach?
1. Coaching helps you define your goals. Many people are under such day-to-day money stress that they don't dream anymore. It's hard to look up towards the future when you're looking down at a pile of bills! Coaches help you to begin to dream again, to envision what your life could be like when your money is handled. What do you see for yourself and your family? Would you like tropical vacations? To purchase a nicer home? Have the freedom to do work you love? Have a retirement full of choices and opportunities? Talking with a coach inspires hope.
2. Coaching gets you in action toward your goals. Filling out the net worth sheet, and monthly budget, with your coach, is like a basic action step that gets you out of the "money fog", and into clarity on what needs to be done. A coach helps you get the numbers in front of you, and then helps you brainstorm opportunities to increase your wealth. Oftentimes the solutions are obvious: cut housing costs that are 50% of your income, or apply for a raise when you have been at a job 3 years with no increase. However, a coach can oftentimes help you see things you have overlooked: places in your budget where you can cut costs, or unexpected income sources and places to move money around so that it meets your goals faster. Coaches also help teach the give/save/spend money method, which creates overall life balance through meaningful giving, saving some money for the future, and spending wisely.
3. Coaching can save your marriage! Money fights and money problems are the #1 cause of divorce in North America! Don't be a statistic. Talking with a coach often helps both partners to feel understood, and to diffuse emotional tension that has been building up over money. Coaches can also help couples get on the same page with their goals and dreams, so there is unity. Once couples unite, figuring out the strategy and action items to get there is often easy. And a coach can help facilitate actions to take, and help the couple stay accountable to their goals with regular budgeting and follow-up. The cost of financial coaching is comparable to a standard therapy session. In my opinion coaching is uniquely valuable for couples tackling financial issues, because you get emotional support as well as tactical money strategy in one session.
Some people say, "oh, I can't afford coaching". If you are struggling with money, I say you can't afford not to hire a coach! Most people can cut their cable bill and afford coaching. Before I found Dave Ramsey's method and turned my life around, I wasted so much money on emotional spending. A few hundred dollars spent on financial coaching earlier in the game would have saved me thousands! How much is it costing you to put off getting your money handled?
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Coach. Teacher. Author. Speaker.