Do I Need A Financial Coach?
Financial coaches seem more like a luxury rather than a necessity. Considering that money and finances are apart of everyday life, managing finances is something that we should all know how to do, right? According to this study barely 70% of Americans have a budget. However, when directly asked “if everybody should budget,” only 19% said yes in 2018. It did raise to 25% in 2019, however, that’s a quarter of almost 70%, which means less than half the people on a budget don’t think everybody needs a budget.
Friend, let me be the first to tell you that you need a budget. John Maxwell said, “A budget is telling your money where to go instead of wondering where it went.” Are you finding yourself wondering where your money went? Are you tired of that feeling? You probably need a financial coach. You might need a financial coach if...
If you want to get out of debt.
The average American has over $90,000 in debt. The average American income is just over $68,000. It doesn’t take a mathematician to know that Americans are struggling with debt and it is very hard to get your head above water when it comes to debt. Debt isn’t something we should be saying yes to. It seems like everybody has debt and it has become a part of life, something to be expected, like death and taxes. However, it isn’t supposed to be that way. Not only is it not supposed to be that way, but it also doesn’t have to be that way. You can get out of debt and you can fix your finances. That is where hiring the expert, the financial coach comes in. If you feel like you’re drowning in debt and you don’t know how to get out, a financial coach is exactly what you need.
If you have big financial goals or upcoming expenses.
College has become a necessity in today’s day and age. While you don’t necessarily have to have a degree to get a “good-paying” job, a lot of companies require degrees for a lot of entry-level positions. The more students that started going to college, the more companies started to require degrees. As parents, the one thing we don’t want to do is set our kids up to have to take out massive amounts of loans to then have to pay off just to get an education. There are a lot of talking points that surround college but we’re here to talk about only one of them. Financials. If you want to save up a college fund for the littles, a financial coach is for you.
College isn’t the only big expense you can count on. In 2019, the average wedding was running around $33,000. College, weddings, retirement funds, buying a car, buying a house, all these things cost a lot of money and you can set yourself up for success by not taking out loans and paying for these things in cash. That is where the financial coach comes in. Your coach will help you layout goals, plans, and give you the steps you need to meet those goals.
If you and your spouse/partner are on different pages financially.
36% of participants in this study cite financial problems as the reason for their divorce. According to Forbes, being on different pages financially can be detrimental to a marriage. It’s easy to see how it happens. We grow up in different households, with different financial situations and different ideologies on finances and money. Sometimes it’s hard to mesh the two together.
A financial coach will work with you and your partner as well as educate you on best money practices. There is a way to get on the same page as your partner when it comes to finances. Money doesn’t have to be the tension point or the topic non grata at the dinner table in your household.
Financial coaching helps you learn about your money habits and what habits are healthy and which habits are unhealthy. Just like with most things, men and women are wired differently and the same is true when it comes to finances. Financial coaches are the safe middle ground to help you and your partner get on the same page.
What about you?
Do you fall into any of these categories? Did any of this hit a chord in your heart? Do you have any of these goals that were mentioned earlier? I might be the financial coach for you. You can check out my group coaching and one on one coaching options here. You can schedule your free consultation with me here.