When I started my financial coaching journey in 2008, I had a somewhat misguided perception of what financial coaching entailed. Initially, I thought that by imparting my financial wisdom, clients would experience sudden revelations and take immediate action to improve their financial situations. However, reality taught me that change, especially concerning money, is rarely that straightforward.

Before we dive into the specifics of financial coaching, let’s first establish what coaching means. At its core, coaching is about assisting individuals in achieving more in a specific area of their life than they could on their own. In financial coaching, our mission is to help individuals maximize their financial potential.

The Role of Financial Coaches

Financial coaching is a unique blend of technical financial expertise and the psychology of behavioral change. It requires a balance between analytical thinking and creative problem-solving.

Contrary to popular belief, financial coaching does not fall under the umbrella of investments or financial advising. Instead, it’s similar to life coaching. While life coaches may touch on money-related topics occasionally, the whole goal of a financial coach’s work with clients is to create financial solutions for them as they relate to the client’s broader life plans.

The Whole-Person Approach

Financial coaching isn’t solely about managing money; it’s about coaching the whole person. We prioritize understanding our clients’ life goals, dreams, and values before looking at the financial aspect. We have to know where they are and where they want to go before we can help them to get there. Once we’ve established their aspirations, we align their financial resources to support those objectives.

Our role is to create comprehensive plans that integrate financial habits and behaviors, helping clients to reach their desired financial outcomes. It’s not just about sharing knowledge; it’s about facilitating action and transformation.

Opportunities in Financial Coaching

There’s so much versatility for financial coaches and aspiring financial coaches. There are countless niches and client types to cater to. Each financial coach brings their unique coaching style and interests to the table, making the profession incredibly dynamic.

Financial coaching can help people at every stage of life – from starting a family to buying a house or launching a business. It isn’t limited to accumulating wealth or acquiring assets; it’s about using money as a tool to simplify life, solve problems, and realize dreams.

The Impact of Financial Coaching

Financial coaching offers a unique opportunity to work with motivated individuals who are determined to make positive changes in their lives. As financial coaches, we guide clients on their journeys, witnessing their growth and celebrating their successes.

Financial literacy and financial coaching are different yet complementary disciplines. While financial literacy teaches clients about managing finances, financial coaching goes a step further by inspiring and guiding clients to apply that knowledge. Both are vital in helping individuals attain financial success. (We talk about this more in episode 3 of the podcast!)

I believe financial coaching is the best and most rewarding way to make a living. I truly love what I do. If you’re ready to learn and see how to become a profitable, successful financial coach, find out more about our online courses, free trainings, and events.