Starting a new career can be a challenge. In many instances, we have the opportunity to learn from a mentor or manager who can guide us in the right direction. And while I serve as a mentor for financial coaches, few have actually experienced or witnessed a financial coaching session.
So I was thrilled when a member of our online community agreed to allow me to record a coaching session as I coached her around a financial decision she was trying to make. See, she had asked for input from our online community but received so many different responses she was actually further from a decision than before.
I hope you’ll tune in to this bonus episode and hear how we walk through Lydia’s decision. I share a bit of what pre-work I did before the session and why I approached the session like I did.
Please pardon the audio quality; this is the first of what I hope to be a number of examples of what a coaching session looks like in real time.
Have you ever wondered what it looks like to coach someone on a financial decision? That’s exactly what we’re doing here!
I recently had the opportunity to coach Lydia, an aspiring financial coach in my private Facebook group. She asked a question about using debt to pay for The Financial Coach Academy® and rather than answer right in the group, I decided to offer her a free coaching session…and record that session. This is the result of that call.
Before the call, I gathered some financial information from Lydia, including:
- Her monthly income
- Her monthly expenses, including minimum payments on her debts
- Her debt details, what debts she has, the balances interest rates and minimum payments for each
- Upcoming expenses
- How she was planning ahead
- How she has set goals in the past
Now Lydia was aware of and on top of these figures; not every person is which would have altered the flow of the conversation. Another person could have been facing the same decision as Lydia, but their starting point was different, which means this coaching session would have gone differently and we might have needed to take time to uncover the answers to some of these things.
It’s important to remember that we coach real people through real life decisions. So please keep that in mind. My guess is that no other person would answer every question the exact same way Lydia did because no other person would have the same financial situation that Lydia has. We all have different opportunities, strengths, struggles, privileges, and challenges.
Lastly, and this is important, some of you will disagree with the ultimate decision Lydia made during this coaching session. Some of you might think, I would not have made that same decision. And you are right. And also Lydia is right. As you’re listening to this conversation, the decision or the outcome isn’t the point. The process is the point. The choice is ultimately always yours to make just like it was Lydia’s to make.