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Is a Financial Coach Worth It For Me Now?

Is Financial Coaching Worth it For Me?

A Financial Coach is invaluable for many people, but is a financial coach worth it for you?.  The aspect behind Financial Coaching is definitely not for everyone.  As beneficial as it is to work with a money coach for most people, here are a few disadvantages to working with a financial coach. Before you hire a financial coach, consider the following:

  • A financial coach will help you set up a system that works for you, so you can focus on following through and making progress. This system will be unique to your financial goals and circumstances.
  • The financial coach will help you understand your options, make a plan, and hold you accountable.
  • Confident Money Management: help you change your money mindset, deal with money with confidence, and improve your beliefs about money.
  • If you are organized, motivated and have a proper money mindset – you may not need a financial coach and can try investing on your own first. It’s challenging to find the best one for your needs because the level of competence varies.
  • Finding a good financial coach is worth it many times over – but finding and choosing the right money coach can sometimes be difficult.
  • However, if you feel like you need help getting started on your financial journey and staying on track, then working with a financial coach can be worth the time and money.

A financial coach is someone who provides guidance and advice on financial planning and investing. They can help you make more confident decisions about your money and help you stay on track with your financial goals. There are many benefits of working with a financial coach.

They can help you get out of debt, save money, and make better financial decisions. They can also help you plan for your future and make sure you are on track to reach your financial goals. If you are struggling with your personal day to day finances, or if you want to make sure you are on the right track, a financial coach may be worth it for you.


Before you decide if a financial coach is worth it for you, I want you to first know what a financial coach will not do:

  • A Financial Coach will NOT sell you investments, annuities or insurance.
  • A Financial Coach will NOT manage your investment portfolio for you.
  • A Financial Coach will NOT recommend specific investments or recommendations. 
  • If your financial situation involves complex estate and tax issues, a financial coach may not be the best professional for you at this time.  The specific expertise of an Estate Planning attorney and a CPA would be more appropriate.

Is a Financial Coach Worth It?

I’ve been involved with advising people for a long time now.  I started as a stockbroker, then owned my own financial planning practice, and now do Financial Coaching.  Based on my varied experiences – I am able to know whether or not I can help someone within our first meeting with clients. We determine together if they would be a good client fit, that the client experience over time would be beneficial.

What I have found over time is that the people with the most assets aren’t always the best for the financial coaching route.  It’s those that are truly committed to improving their financial situation.  

On the other hand, if a potential client seems to be expecting that I have some magic formula that will fix their personal finances overnight – I know we’re not a good fit immediately.

In fact, it’s one of the main focuses of our initial meeting.  We will decide a few simple things before the end of that meeting

1. Can I help you

2. Do I think we can work well together

3. Do you want my help?

By the time I agree to take on a new client, I’ve usually spent about 30-45 minutes with them reviewing their personal finances and financial goals. I ask a lot of questions to help us both establish an understanding so that I could be as informed as possible in determining if I will be able to help them in achieving their goals.

Money coaching is a joint effort. To achieve long-term progress, both the coach and the client need to work together. I can provide the information and support you need to achieve your goals, but you must be ready to change.

You would have to be willing to let go of your old ways of managing your money (they’re not working for you anyway, right?) if you want financial coaching training to be beneficial. Always keep an open mind when it comes to your coach’s advice.

Pros of Hiring a Financial Coach

Is a financial coach worth it? Financial coaches are a great resource for anybody who needs help with their finances. They can teach you about money and even how to manage it properly.  As well as provide guidance about how to best leverage your resources in order to achieve financial independence.

Since financial coaching sessions can last months or even years, the client and coach are more likely to develop a personal relationship. This is especially helpful in developing trust with someone who may be embarrassed by their financial position.  But wants to get help with reducing debt. A Financial Coach will  make sure you’re taking all of the necessary steps to realize your financial goals.

  • You will have a clear financial plan and budget to follow
  • You will have someone to hold you accountable to your financial goals
  • You will gain knowledge and skills to help you make better, more confident financial decisions
  • You will have peace of mind knowing that your finances are in order
  • You will be able to save money and reduce debt
  • You will be on your way to financial freedom!

Is a Financial Coach Worth It?
Is a Financial Coach Worth It?

Con of Hiring a Financial Coach

  • You can hire a financial coach for a set number of sessions in advance. If the coach is unable to help you throughout this time, there may be no repayment, and your financial coach will have failed to satisfy your financial issues.

I believe that a Financial Coach can help most everybody.  Financial coaching is a process to make the appropriate decisions toward reaching your financial goals.  

No matter how much or little you know about your financial situation, financial coaching is a process to help you make the best of the difficult decisions to help you reach your financial goals

  • May be expensive
  • May not be necessary if individual is already good with money
  • May not be effective if individual does not want to change their financial habits
  • If you are looking for specific advice on investment and portfolio advice, a financial coach is generally not properly licensed for investment advice like commission based advisers are (or fee based advisors)

At a minimum – read blogs such as mine. Invest in a few helpful books. I have an entire section of my site dedicated to book recommendations of the top 50 personal financial books, on every topic.

Related Reading:

Should I Hire a Financial Coach

When to Hire a Financial Advisor

Conclusion

A financial coach is worth it because coaching, planning, and advice can help most people make better decisions about my money. A financial coach can help get you out of debt, save money, and learn to invest money.

A financial coach can also help me learn about different financial products and how to use them. Not be sold financial products like from a financial advisor, or any insurance products, investment products, or any other costly products that may not be in your best interest.

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Michael Ryan
Michael Ryanhttps://michaelryanmoney.com/
A former stockbroker, financial planner, and owner of my own financial planning practice and then a property & casualty agency. I have since retired and decided I want to help individuals and business owners by offering personal financial coaching. And now, I have started my blog - www.michaelryanmoney.com - to bring financial literacy to everyone. In a short time I have already been quoted and featured in US News & World Report, Business Insider, Yahoo Finance, and more (https://michaelryanmoney.com/home/press/) As a financial planner, I helped people from all walks of life. If you have questions about money, I will help you find the answers at www.MichaelRyanMoney.com
The post contains disclosure regarding affiliate links.
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