I think one of the best things about finding support networks relating to your goals and ambitions is the encouragement they bring. It is like having your own personal cheerleader to get you motived every step of the way. I was researching recently about financial support networks, as I think that it is important to have support from someone. I came across some financial/business coach websites and had a read through. It sounds like the perfect thing!
Firstly, what is a financial coach?
A financial (and/or business) coach is someone who can help you to reach your goals, by providing one to one sessions to coach you. They can help define what your goals are and then talk through the steps to achieve them. It is more personally driven; you set your own goals and your financial coach will then provide support in order for you to achieve them.
A financial coach may specialise in one area of finance, or may be an expert in many fields, such as budgeting, early retirement, debt freedom, savings, investing and many more. They can only advise on certain aspects and not offer specifics as they are not qualified to do so. They cannot, for example, tell you to invest in a certain fund, but could go through how investing in funds works.
What are the benefits of hiring a financial/business coach?
- provides accountability to your actions. When you commit to a goal, whether that’s through a conversation or writing it down, a financial coach can help you be accountable to what you say you’re going to do.
- offers practical experience. Often, financial coaches are very successful in their area(s) of expertise, so can offer practical advice based on their own experiences.
- focusing on improving your financial long term plans. Coaching in this sense can help to improve your finances for the long term.
- personalised to your specific circumstances. A financial coach will get to know you and your circumstances so they can tailor their advice to you personally.
- encouragement and support. A coach is there to support you on your journey and encourage you every step of the way. They want you to achieve!
- interactive – it’s a real person! You are speaking to someone who is real and who can really get you actively working on your goals to achieve them.
- helps you to prioritise. Your coach can help you prioritise your goals so you know what you need to accomplish and when. This is especially useful when starting out on your journey.
From what I have looked at, financial coaching is really about helping you decide on what your own goals are, and then encouraging you to achieve them with the help of practical advice that is tailored specifically to you. They can also look at any potential pitfalls to your plans and then suggest alternatives!
Have you ever hired a financial coach? Do you think they could be helpful in terms of supporting your journey?
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This is a collaborative post.