Why do you need financial coaching and a financial coach?

A good coach can offer you support in finding solutions for managing different areas of your life. And although coaches from various fields make a difference in your decisions, financial coaching sessions can radically change your life, for the better.

After all, managing your financial well-being can be difficult. It is a combination of emotions, experiences, and education, mostly “old fashioned”, with transgenerational fears and superstitions.

Part expert, part cheerleader, part accountability partner, a financial coach can help you build/rebuild your financial path, self-confidence, and peace of mind, doubled by a clear achievement of your financial and life goals.

Unfortunately, when it comes to money, there are also a lot of roadblocks until we get to things like portfolio size, increasing income, and ways to save or invest. Many of us do not know if and how to make the right choices. We are talking about emotions and topics that are still taboo. Money often remains, unfortunately, a source of pressure instead of providing us with security and well-being or fulfilled goals.

A financial coach is a person who is financially trained and can look at your finances objectively and identify opportunities to better manage your money in all aspects to achieve your goals.

A financial coach can help you set your personal goals, can intervene in crises to readjust choices, and is your money coach from simple budgeting to complex investments.
Instead of making decisions for you, he will focus more on your financial education, and on learning money management skills. It will help you become more confident but above all more efficient in reaching your financial goals.

A financial coach will also help you create healthy financial habits and goals. These can range from daily money management, regardless of income, to planning long-term goals, whether we’re talking about saving or investing in a diversified portfolio. He or she can help you identify financial problem areas or challenges regarding your finances and develop financial strategies that are right for you.

We already know it! The coach helps clients set financial goals and plans. But where else do you put it that he recognizes the client’s strengths and weaknesses in handling finances and knows the psychology of money?

The partnership! A financial coach aims to become a real partner for his client to ensure that clients stay on track to achieve their goals in their custom-made financial road. They want their clients to make progress in improving their money management habits on their own.

Financial coaching is the type of coaching that helps people constantly improve their financial knowledge and skills to manage money and emotions behind financial decisions. It practically helps in all aspects that lead to making real healthy financial decisions.

Separate from financial advisors, a financial coach can help you learn to create a budget, have healthy and effective conversations with your partner about money, or uncover unconscious beliefs that affect your spending habits or investment patterns.

Your sessions with the financial coach will not only be all about the money. Your coach may take a closer look at your past and present attitudes toward money.

• What was your financial situation like growing up?
• What are your long-term financial goals?
• How do you communicate about money with your partner, your business and investment partners, or your organization?
• What are your financial fears?
• Why do you think you’ve reached a dead end when it comes to investing?
• What percentage of your income goes into the savings zone? But in investments?

The purpose of financial advisers is generally to manage the wealth you already have. Financial coaching helps you learn to build that wealth. Your coach teaches you how to educate yourself financially, analyze the markets and develop your investment process to suit your needs. It all happens without any of the conflicts of interest or sales incentives caused by financial advice.

‘’The coach comes with a bigger perspective in an impartial way.’’

Although Coaching is not therapy because therapy deals with past issues; while coaching focuses on present actions toward future goals, often the coach has to become a good manager of emotions, because behind financial decisions there are some strong ones.

Therapy is said to ask “why?” asking about your past and present problems.

Coaching involves asking “Why not?”. It pays attention to where you want to get and what you need to do/not do to get there. Coaching is forward-directed: and therapy is past-directed. Coaching is action-oriented and therapy is introspective. Coaching does not treat mental disorders or addictions, but it can help change behavior for the better. Each profession has its particularity.

Disclaimer:

What a financial coach does not do? Managing your money, making decisions for you, or recommending investments specific to a financial institution or any biased way of investing.

Think of your financial coach as a partner/companion on the road to financial success. He has a set of solutions for any situation. Your risk tolerance, the time horizon for your goals, etc. are all familiar to him. Do you need help from a financial coach? I’m just a click away!