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What is a Financial Coach?

Updated: May 9, 2023

Financial coach with clients.
Financial coach with clients.

You have probably heard of a Financial Advisor before but have you ever heard of a Financial Coach?

A financial coach helps you in the fundamentals of personal finance and helps instruct you to learn and grow independently. Like a coach for sports, a financial coach teaches, educates, and trains you to achieve peak performance.

There are coaches in every community helping people with challenges they face every day. For example, you could hire a personal trainer to meet your weight loss or fitness goals. Struggling with that promotion at work? Hire a career coach to assist you. Feeling in a funk about life? A life coach can help. Simply put, having a financial coach is like having a personal trainer for your money.

Personal finance is far more than dollars and cents. What should you do if your emotions, lack of experience, or confusion in money decisions are getting in the way of smart financial choices?

Hiring a financial coach can help improve your relationship with money and stay on track to meet your financial goals. A financial coach provides accountability, a sounding board, someone to guide you - much like a Himalayan sherpa climbing Mount Everest - towards positive outcomes in your financial journey.

Example topics a financial coach can help with include, but are not limited to:

  • Understanding your money habits

  • Accountability

  • Communicating with your spouse/family about money

  • Debt reduction

  • Budgeting

  • Understanding investing vehicles

  • Goal setting

  • Finding your 'Why' when it comes to money

Now that you have a better idea of what a financial coach is, it's important to understand what a financial coach doesn't do. Financial coaches do not provide tax, legal, accounting, investment or financial advice. If you're not sure what expertise you need, a financial coach can refer you to a professional in your area with the expertise you seek.

The Bottom Line:

Personal finance is personal. A financial coach puts YOU and YOUR goals first. Personal finances are not 'one size fits all'. A financial coach meets you where you are today and helps you tailor your money management to fit your future.

Whether you feel like debt is holding you back, are worried about retirement, are struggling to save for the future, or feel that you could be doing better, you are not alone. Having a financial coach in your corner is very worthwhile because it reduces the stress and confusion around money and personal finance. After working with a financial coach, you will be more knowledgeable, confident, and successful in taking action towards your goals.

Don't let another minute go by without making progress. Make today the day you make the decision to change and move forward by contacting a financial coach at the link below.

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