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Do I need a Financial Coach?

Let's get this one out of the way! I get asked this question a lot on my consultation calls. The answer is very rarely simple, but for those who may be wondering if they need coach (counselor), lets hope this clears things up!


Firstly I'll define what a financial coach/counselor is and does. Financial coaches are for people who either haven't been good with their money in the past, or think they need help getting to the "next step" financially. Financial Coaches should be looked at like tour guides, yes you may be able to google your way through a large city, but a tour guide would make the trip less stressful! Imagine if you had someone who could guide you through the difficulties of finance. That's the goal of a financial coach. We take all of the information we can get about a persons financial life, and compile it into a plan to get them where they'd like to be. If they don't have a set goal or idea of where they'd like to be, we help them get there.


Here are some good indicators that you need a financial coach.

  1. You always seem to run out of money each month, or are unable to save money.

  2. You do not have an idea of where you should be putting your money, or how to make your money work for you.

  3. The topic of money makes you nervous, embarrassed, and even guilty.

  4. Your debt is continuing to grow and you are unsure of where to start.

  5. Lastly, you simply feel lost or uneducated on the topic of finance.

These are common but sensitive issues, and financial coaching is designed to fix all of them! It's important to note that most Americans are struggling with money issues. You are not alone by any means. With credit card debt hitting the 1 TRILLION mark, and most Americans spending more than they make, we are in a difficult time.


Let's quickly talk about what a financial coach is NOT. We do not give out investment advice, even when talking about the stock market or bonds, that is not financial advice. Financial coaches do not take your money and invest it! If you have a large sum of money and need assistance with that, an accountant or investment manager can assist you. Lastly we are not scammers. Which truly shocked me when people thought this was true! Yes some people pretend to be a Ramsey Financial Coach but aren't. BE CAREFUL! I hate hearing about people losing their hard earned money to thieves.


Let's wrap up this topic with some examples. If you have no idea how to budget but want to learn, a financial coach can help. If you are struggling to get by each month but make good money, a financial coach can help. If you have no idea how much you should be spending/saving/investing, a financial coach can help!


Lastly I want to specify that not everyone needs a financial coach. Would I like to make more money? You bet, but not if I'm not providing a useful service! A true financial coach will always save you far more money than they cost you. This is a massive goal of mine, and one I'm happy to say so far I've been achieving.


If you want more information on financial coaching, schedule a consultation with me! I'll explain and reiterate this information to find what the best option is for you.


As always I am blessed to do a job that I love. This world revolves around money, and although it's not a good thing, we can learn to use it to our advantage!! Thanks for reading this, I hope you have a great rest of your day/night.


Best,

Spencer K. Dunbar

Financial Coach




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