Who Should Hire A Financial Coach?
With the advent and sophistication of the postal system, one thing that’s been prevalent is junk mail. It’s estimated every US household receives approximately six pieces of junk mail on a daily basis. That likely makes sense when you consider “in 2016, issuers delivered more than $5 billion acquisition marketing communications via direct mail or email” (Mintel: Credit Card Trends Report 2016). Imagine that, Banks and credit card companies are spending BILLIONS to get your business. Even though a survey by Mintel noted the response rates ranged from 0.3% to 2%, depending on the issuer and the network (CFPB Consumer Credit Card Market Report, December 2017), there must be something in it for them, right? Yep, there is!
Money, Money, Money, Money, Money.
Their focus is to continue your indebtedness for the purpose of profit. You’ve seen the schemes, right? Sure you have – they’re disguised as personal or consolidation loans or they’re described as refinancing loans…all for the purpose of chasing a lower interests rate. However, no matter the type of loan or “help” you receive, it’s still debt. How can you get rid of it without mortgaging your family’s future?
Cue music from any Clint Eastwood western…
If the above seems to describe you or you need help learning and planning how to manage your money wisely, you’re a good candidate for hiring a financial coach. Oh, you don’t need help with creating your plan? Hmmm. Let’s think of it this way, how many teams have won championships or even played, for that matter, without a “head” coach? From a layman’s observation, this fact seems to be income-agnostic.
Just sporting or athletic coaches are hired to assist with our physical fitness needs, hiring a financial coach can assist with navigating the perils of debt, as well as provide guidance as you focus on strategies for debt elimination. This means paying off your credit cards, auto, student loan and home. In so doing, we’re less concerned of high-interest rates because if a financial coach is guiding you towards financial independence, you’re doing so with the expectation of decreasing and eventually eliminating your debt.
To create the legacy you wish for your life, you’ll need to change behaviors. Identifying the mechanics behind of improving a foul-line shot, might be different than the mechanics of eliminating debt, neither, however, is likely to have some semblance of change without the benefit of a coach. A financial coach will work with you to determine your goals and where you are and what needs to be worked on or improved to meet your goals or get you where you wish to be.
Notice the theme here? A financial coach will (and should) never force you to do anything. You’re paying them to help you determine and plan of action and which strategies may best accomplish your goal(s). In the end, it’s up to you to actually execute the plan and follow-through with the strategies for success.
