Much is said about the importance of having a financial adviser. But financial advising is not the same as receiving financial coaching, which is far more important. Money Mastery coaching is unique, to say the least, so here are a few frequently asked questions about what is expected as you go through the Money Mastery one-on-one financial coaching program and how it differs from financial planning or financial advising:
Why do I need a financial coach if I already have a financial advisor? Advisors and planners are paid to give people advice about how to invest in the stock market, where to buy and sell their investments, how to increase their portfolio and how to protect their estate from taxes. A personal financial coach, on the other hand, does so much more. A coach teaches you how to be more efficient with the money you already make, showing you how to spend, save, and pay down debt.
- A coach will help you establish your own plan, while a financial advisor usually creates a dependent relationship that forces you to rely on them for information, rather than teaching you correct principles that you can then use to govern your own financial life.
- A financial coach encourages you to be accountable and responsible for your own financial decision making, while a financial advisor expects to be paid to take responsibility for what happens to your money.
- The goal of a financial coach is to develop an educated client, one who can see what his or her values are, while an advisor usually imposes their own set of values and will often recommend spending money on insurance products, investment services, estate planning, and so forth.
While financial advisors are important in terms of helping you manage retirement funds and investment portfolios, they are usually not able to educate you on how to manage all areas of your finances so that you are in control.
What can I expect when I start the Money Mastery one-on-one coaching program? Your coach will spend a minimum of 60-90 minutes assessing your particular financial situation based upon the 10 Money Mastery principles. The way that you learn will be evaluated along with your specific needs, goals, and most pressing financial problems. Your coach will then set up a specific coaching schedule designed to fit your lifestyle. Both you (and your spouse if you are married) and your coach will sign a Coach/Client Agreement.
What length of time must I commit to receive coaching? Money Mastery requires a minimum of three months in the coaching program. It takes at least this much time to set up a working relationship with your coach and to follow the Money Mastery system for getting spending and borrowing under control and an emergency savings plan set up. Most coaching clients receive counsel for at least nine months. Coach/Client Agreements last for one year, when contracts can be renewed if needed.
How much of my time every week will be required to receive coaching? Coaching sessions usually take from between 45 to 90 minutes. Assignments and specific tasks to be completed may take further time throughout the week or month to complete. Money Mastery recommends beginning coaching when you can devote uninterrupted time to getting your financial life in order.
Can I do coaching on my own or should my mate be included? If you are married, Money Mastery recommends that you receive coaching with your partner. The Money Mastery program is designed to address highly charged emotional issues surrounding money and cannot properly help clients apply the program unless both partners are on board and fully committed.
Call me to discuss your personal coaching needs: 801-292-1099, ext. 2.