As a foster parent, working with a personal finance coach can result in one less stressor in your life. Don’t let financial stress be a roadblock between you and your true calling.
What is a personal finance coach?
Financial coaching focuses on education, decision making, creating good money habits and, in general, how to manage your money on a day-to-day basis.
Taking action on the principles learned from a personal finance coach results in your household budget being in the black (you’re living on less than you make), you have an emergency fund, you’re paying down debt, you’re saving for future expenses and you’re investing for the future.
This all results in less stress for you and your family life. A survey conducted by the American Psychological Association noted that –
For the majority of Americans (64 percent), money is a somewhat or very significant source of stress, but especially for parents and younger adults (77 percent of parents, 75 percent of millennials [18 to 35 years old] and 76 percent of Gen Xers [36 to 49 years old]).
A personal finance coach can help you not be one of these statistics. Along with educating you on the nuts and bolts of how to manage your money, they will also hold you accountable to take action on what you’re learning.
A financial coach is NOT:
Just to further clarify the role of a financial coach I’ll explain what a financial coach is not.
A financial coach is….
- Not someone who sells you stocks or gives investment advice.
- Not someone who sells you life insurance.
- Not someone who will offer you debt consolidation services.
- Not someone who will encourage you to file bankruptcy.
The goal is to help you turn your finances around so you can establish an emergency fund, create good money habits, get of debt and start investing for your future.
Is a financial coach right for you?
If you’re open to changing your money habits and aspiring to achieve the following goals then a financial coach might be right for you.
- I want to get out of debt and stop depending on consumer credit in my personal life.
- I want to maximize my money in my daily, weekly and monthly spending.
- I want to be responsible with my money and put an end to bad spending habits.
- I want to start on a path to become financially independent.
If you recognize a change is needed in your personal finances and you’re ready to take steps to make that happen then you can benefit from a personal finance coach.
Benefits of a financial coach:
There is free information all over the internet on how to manage your money.
However, it’s a lot easier if you have someone that can take all of that information and consolidate it into easy to consume, actionable steps.
Having a personal finance coach can benefit you in the following ways:
- Accelerate your results by providing structure and direction to your efforts.
- When you’re unsure of what to do next you have someone to ask questions.
- Someone to help you set the right financial goals.
- Discover creative alternatives to your financial struggles.
- Results in improved financial habits.
- Someone that will hold you accountable in your personal finances.
- A go to person to help you get beyond just surviving and put you on a path to thriving financially.
The thought of having a financial coach might seem kind of strange. However, having a coach is pretty common in the professional world.
You Can Receive Coaching in Almost Any Area of Your Life
Just to give you an overview of the different types of coaching available to you here’s a quick rundown:
- Personal finance or money coach
- Executive coach for business leaders
- Business coach
- Performance coach for athletes
- Life coach
- Relationship coach
- Gardening coach
- Parenting coach
- Christian life coach
The list can be almost endless. The point is, if you have an area in your life or business that you want to improve and grow in, there is likely coaching available.
Here’s a few names of people you may recognize that have had or still have coaches:
- Bill Gates – Founder of Microsoft
- Steve Jobs – Former CEO and co-founder of Apple
- Peyton Manning – Denver Broncos NFL Quarterback
- Tom Brady – New England Patriots Quarterback
- Eric Schmidt – Former CEO of Google
We Paid Off $34,000 in 21 MONTHS!
Learn the same tools and processes we used to get out of debt and stay out.
Are You Working With a Personal Finance Coach?
Working with a personal finance coach can be the difference in success and failure of your personal finances.
Are you working with a personal finance coach? If not, you might want to consider joining the Household Budget Coach Online Community for Foster Parents.