Put me in the game coach! — Here’s how a financial coach can help you transform and elevate

Life coach, business coach, fitness coach, and finance coach; nowadays, you can get a coach for just about anything. Growing up, I was a three-sport athlete (volleyball, basketball, and softball) in high school. I had many coaches throughout the years, some of which were better than others. The good coaches focused on the fundamentals; they were exceptional at motivating, and most of all, they cared. They cared about me being the best version of myself on and off the court. It's why even athletes performing at the highest levels need coaches. Coaches outside the sports realm are no different. 

Financial coaching is a relatively new concept. Traditionally, to get an expert's help with their finances, people would consult a financial advisor or a financial planner. The game is changing. You may be thinking, what's the difference between a financial coach, a financial advisor, and a financial planner? I got you. For starters, financial advisors and financial planners have stricter regulatory and certification requirements.

• A financial coach is someone who is invested in you reaching your financial goals. They act as an accountability partner and someone who can keep you motivated along the way. Financial coaches educate their clients on money management tips, help them develop a solid plan, and provide support with regular check-ins along the way. 
• Financial advisors are different from financial coaches because their primary focus is providing specific recommendations about products and services. Financial advisors can also manage investment portfolios. 
• Financial planners take a more comprehensive approach to your financial picture. After setting goals, they analyze different areas like insurance coverage, tax planning, estate planning, retirement planning, etc. From there, they would make recommendations, then work through implementing and monitoring the progress.

Think of it like this; a coach can help you understand that eating healthy, working out, and drinking water is a crucial element to living a healthy lifestyle. They'll encourage you and hold you accountable to changing your habits around working out and meal prepping. They can even help you explore all the options and resources available for people trying to live healthier.

The advisor can develop the exercises and workout regime for your specific goals. They can customize the meal plan with your macros and micros. It's up to you to stick to it.

The planner will analyze your eating habits and physical fitness, but they will also take a look at your mental health and spiritual health because they all contribute to your overall health. Each of them can be beneficial partnerships; it just depends on where you are in your journey.

Maybe you don't need a financial advisor or financial planner in this phase of your life, but perhaps you need a financial coach. If you're waiting until you get rich to get your finances in order, you'll probably never make it there. More money doesn't always solve the problem. If you can't manage 40K, how will you ever manage 100K? 

Things a financial coach can help you with

• Developing a budget and sticking to it
• Tackling debt with a personalized plan
• Handling money in relationships and joining finances
• Reaching a savings goal
• Increasing your financial literacy
• Preparing to purchase a home
• Strategies for paying off student loans
• Shifting out of the poverty mindset
• Your roadmap to retirement or financial freedom

Some of us never grew up seeing positive money management skills, but that's not a reason to continue the cycle. You can experience wealth and financial freedom—one step at a time. There are plenty of books, podcasts, and other sources for you to learn. Take control of your financial journey, a coach can help you get started.