A financial coach doesn’t solely advise on your finances. They serve as mentors, confidants, and strategists, aligning your aspirations with a personalised roadmap for financial triumph.
Much like how a running or fitness coach assists a marathon runner in reaching the finish line, financial coaches (or advisers as they’re often called) guide individuals towards their financial objectives, but many people are often hesitant to begin this journey due to preconceived notions of what a financial coach does, and whether it’s right for them.
Let’s start by unravelling some of the most common myths and misconceptions around financial coaching and delve deeper into the tangible benefits of embracing financial coaching.
The most common myths about financial coaching
Myth #1: “Financial coaching is only for the wealthy.”
Financial coaching isn’t exclusively tailored for individuals with high incomes. In fact, we often find that when people earn more, they become more complacent with their spending and saving, whereas clients with smaller incomes tend to see the greatest progress.
Many of our enable.me coaches will attest to the fact that a high income isn’t necessary for either setting or reaching major financial milestones. Rather, it tends to come down to mindset, how we view money, the goals we set for ourselves and whether we have a cash surplus (most of us don’t realise we have a surplus, or just how big that surplus could be without speaking to a coach!).
In short, financial coaching helps you understand how to optimise your existing resources, regardless of your income or current financial circumstances.
Myth #2: “I don’t need a financial coach to reach my financial goals”
It’s a common belief that we possess the capacity to manage our finances independently. Nobody would like to think of themselves as being irresponsible with their money, but this belief can often lead to short-sightedness when it comes to our financial potential.
Consider this analogy: even the most accomplished Olympic athletes rely on coaches to steer them towards excellence. These coaches bring their experience, expertise, and insight to help push these athletes beyond the limits that they’ve already set for themselves mentally – they understand the true potential that an individual has and create a plan to help them achieve it.
Similarly, a financial coach does exactly that, providing tailored strategies, support and accountability. Using their expertise in navigating different money personalities, spending habits and financial circumstances from an objective point of view, they will help you identify the areas you can improve and support you to overcome those inevitable speed bumps or curve balls that trip us up along the way.
Myth #3: “Using a financial coach would just make my life miserable.”
For many, financial freedom is about achieving happiness, whether through reaching personal goals or acquiring a sense of financial security that allows them to sleep well at night, knowing they can take care of themselves and their family into the future.
Achieving this doesn’t come at the sacrifice of your happiness in the short-term, in fact it’s quite the opposite. Financial coaches help you identify the aspects of your life where you are creating happiness, while helping you sift through the clutter of spending that doesn’t contribute to this as well.
A great financial coach doesn’t restrict you from experiencing happiness in your life, but rather streamlines your ability to do so. Creating a personalised strategy ensures that your money only goes toward the aspects that increase and motivate your personal sense of happiness, so you not only achieve your long-term goals, but improve your situation on the road to reaching them.
Ready to realise your potential? Book a consultation with one of our financial coaches today for $249 (valued at $400) to discover how you can achieve your financial goals sooner than you thought possible.