How Much Do Financial Coaches Make? A Real Look

My Journey: From Skepticism to Success

Back in 2008, I started with a modest goal – I thought I’d make around $2,000 a month, charging $50 per session. It wasn’t much, but it was a start. However, I soon realized the potential was much bigger than I first thought. My belief in the value of financial coaching had to grow – and perhaps, yours needs to grow too.

Proof from the Field

In the Financial Coach Mastermind group, I’ve watched around 100 coaches consistently make $2,000 to $5,000 a month. And guess what? There are at least a dozen who’ve hit the six-figure mark. This shows the range of what’s possible in financial coaching, from offering mini-challenges or programs starting at $25 to private coaching that can go into the thousands per month.

Define Your Own Success

One of the best things about being a financial coach is you get to decide what “making a living” means for you. Whether it’s running a team and earning six figures or doing it part-time, the choice is yours. Financial coaching is incredibly flexible and can be tailored to fit your life, preferences, and strengths.

Ways Financial Coaches Make Money

Making a living doesn’t have to mean one-on-one sessions forever. As my practice grew, I added revenue streams. Some I kept. Some I dropped as my business, and the clients my team wanted to serve, changed. Here are the ones I’ve used or watched other coaches use.

One-on-One Coaching

This is where most coaches start. You meet with clients individually and build a plan around their goals and their numbers. Depending on your niche, your clients might be business owners, couples, newly divorced women or teachers. One-on-one work can include a discovery session, long-term coaching, periodic check-ins, or a package that combines them, each at its own price point.

Group Coaching and Memberships

Group coaching lets you serve more people at a lower price than private coaching without giving up quality. Clients also get something one-on-one can’t give them: a community of people working on the same thing. You can run it live, through recordings or both, and position it as an entry point or as the next step after private coaching.

My team has always put group programs on the back end, after private coaching, and it’s worked well. It also lets us offer a hybrid of group coaching plus some one-on-one time. If you’re weighing it, here’s how to decide whether to start a group coaching program.

Mini-Programs and Downloadable Guides

A short online program, e-book or workbook teaches the fundamentals at a lower price, without the time one-on-one coaching takes. It also gives people an easy first purchase before they’re ready for your signature program. Build it for your niche. If you work with people in their twenties, a program on saving for a first home will land better than one on teaching kids about money.

Group Challenges

A challenge brings a group together to work on one piece of their money for a short stretch, with some friendly competition built in. You need a community to invite, whether that’s on social media, LinkedIn or a local networking group. We’ve run a 21-Day Challenge twice a year, and it’s grown both our client community and our coaching community. Clients look forward to it.

Speaking

Paid speaking takes a network and a track record, but it’s doable. Look for conferences in your niche’s industry. I usually don’t charge a fee, because getting in front of a new audience is worth more to me as marketing. That’s my choice, not a rule. A paid talk is a real revenue stream.

Employee Wellness Programs

More companies understand that money stress and employee wellness are linked. You can pitch local employers on a lunch-and-learn, a day-long session or a recurring workshop. This works especially well if your ideal client is a working professional. Here’s how to build a financial workshop strategy.

Events, Retreats and Paid Workshops

If you love bringing people together, host your own. You set the agenda, so you can design the whole experience around your signature way of coaching.

Affiliate and Referral Income

Some coaches earn affiliate commissions or referral fees by recommending products and services. If you go this route, tell your clients about every one. Trust is the whole business, and disclosing conflicts of interest protects it.

Whatever mix you choose, the pricing behind it matters as much as the offer. Here’s how to price your coaching.

Low Overhead, High Impact

Financial coaching doesn’t require a big office or expensive inventory. The overhead costs are relatively low, making it an accessible profession. You can start with a modest investment of $265-$312 per month, a fraction of what it costs to run many other businesses.

The Reality of Your Clients

The biggest question is whether people struggling financially will be willing and able to pay for coaching. The answer is a resounding yes. Struggling financially doesn’t always mean they can’t afford coaching. It’s about not using money effectively or making short-term decisions that hurt in the long run. Your job is to help them see the value in what you offer.

Selling Transformation, Not Time

You’re not just selling an hour of your time; you’re selling a transformation. It’s about solving problems and achieving desired results. The more success stories you have, the easier it becomes to demonstrate your value. Remember, people often pay more to solve a problem than the cost of the problem itself.

Believe in Your Value

The first step to making a living as a financial coach is believing in the value of what you do. Your clients will initially rely on your belief, so it’s essential to have plenty of it. As you help more people, your belief and confidence will naturally grow.

Coaching Beyond the Basics

It’s not just about offering a set of steps that clients could get from a book. To succeed, you need to tailor your coaching to each client’s unique situation. This approach allows you to charge more because you’re adding more value.

Embrace Business Skills

To make a living, you need to be good at marketing and selling. It’s about inviting people to work with you and showing them the value of what you do. Investing time in sales and marketing is crucial to getting clients and making your business successful.

Conclusion: Yes, You Can Make a Living!

So, can you make a living as a financial coach? Absolutely! With minimal costs, a wide range of pricing options, and a market full of people needing help with their finances, the opportunity is vast. Your belief in yourself and your work is key. Remember, you’re not just coaching on money; you’re coaching the whole person, and that’s invaluable.