What do I do as a Financial Coach?
I get a lot of questions about what I do and what it would look like to work with me. The interesting thing about what I do is it is very personal and different for every client.
When someone is a new financial coaching client, we start out with a Discovery Session which involves taking a close look at their finances. We look at what asset accounts they have such as checking, savings, investments, 401k, IRAs. We look at each of their debt accounts such as mortgage, credit cards, student loans and car loans. We review their monthly income and expenses and look at areas that they may be able to consolidate, save, or simplify to help create more abundance. We discuss their short-term and long-term goals for their money. We put together a plan that they are comfortable with on how to reach these goals.
For some people, they want more of a hands-on approach and want to have a better understanding of financial literacy topics so we may start by going over some of the basic financial concepts such as how compound interest works, where to go to get started with investing, how to put together a basic spending plan, or how student loans work. For other clients who are further along in their financial journey, we may look at how to structure their money to feel comfortable investing in a rental property or business or to leave their full-time job. Some clients have had difficulties with medical debt or over-spending on credit cards and want to work on their money mindset to create more healthy habits and want regular feedback on making sure they are on the best path for them. Some clients are trying to get ready to buy a home and want to understand how much they can afford. We talk about how credit scores play into this and help them decide how much they may need for a down payment, but also all of the other things that go into owning a home. Some clients are small business owners that want to organize their systems to be audit-proof and make things streamlined for tax time. I also have many referral partners that I can recommend to clients who are looking to invest, buy a home, get home, auto or life insurance or need tax return help.
The bottom line is that financial advice is not “one size fits all” so I take a very personalized approach with each client. Being a CPA for 25 years, I have learned that every client is slightly different than the next. The one thing they all have in common is that they want feedback on their situation and I try to give that in a kind, non-judgmental way.
