What is a Financial Coach?

What exactly is a financial coach and what exactly do they do? Think of them as a personal trainer for your finances. I also like to paint this picture for my clients. Think of us as architects for your financial house. We may have to start from scratch if you have no knowledge of finances. Build a foundation, which means setting up a savings and budgeting plan. Sometimes, we even have to renovate. By this, we aim to tear down old harmful thoughts, habits, and relationships with money. Shore up the foundation and rebuild it into a better and bigger financial home.
We motivate others to make smart financial changes.
Help you set financial goals, such as setting up an emergency fund or getting out of debt.
We hold you accountable while walking along side of you during your financial journey.
You may be in need of a financial coach if you fit into any of these scenarios:
You are not happy in your current financial situation and don’t know where to start.
You feel like you are financially stuck in the mud and are having a hard time pulling yourself out.
You are planning on making a large purchase, such as a home or vehicle, soon.
Would like for someone to hold your accountable along the way.
In need of someone to teach you techniques and best practices when it comes to personal finance.
I do have to mention that a financial coach is not the same as a financial advisor.
A financial advisor typically assists you with managing your assets, retirement planning, and directing and growing your investment portfolio.
A financial coach cannot legally give investment advice, stock tips or picks, but they can teach you about the stock market.