We all make financial mistakes--some big, some small. Maybe we forget to sign up for the 401k plan at work, or pass on it because we don't understand what it is. We could be leaving a lot of free money from our employer on the table. Maybe we find ourselves out of cash before our next paycheck or very reliant on credit cards to support a life style we truly can't afford. We get in a situation where we are paying exorbitant financing fees on our credit card, to support this unsustainable lifestyle, which is going to haunt us for a long time and prevent/delay us being able to hit our financial goals. Maybe we just can't figure out how to begin even savings, or create a budget. Maybe we just need some help and guidance getting onto the right track with our money. Maybe we need Financial Coaching.
What is Financial Coaching--it's an approach,a process, to personal financial management. Simply put, it looks at your current financial position in terms of income/revenue coming in and monies going out in relation to your goals, and from there creates an actionable plan to help you achieve your goals and wants. To me, Financial Coaching can enable individuals/clients to have LIFE POSSIBILITIES.
Another key part of Financial Coaching--just like it is with hiring a personal trainer or some other expert to guide you--is the tracking and accountability part. Without follow through--just like fitness training--results may not not happen as expected without tracking and accountability. It's up to the individual to make the commitment to the plans and action, and a financial coach is there to guide, cheer, and help you stay on track.
In a nutshell, Financial Coaching is about educating, empowering, and encouraging you!