5 Common Misconceptions about Financial Coaches
Here's the secret to why talking about money is so taboo. Many people don't have a lot of it, so it's hard for them to talk to their families about the importance of it. For some children, they may understand it as their parents saying,"We can't buy this," and that's the end of the discussion.
Or, "No I don't want to go on that trip," when they really want to go, but they don't have the funds to do so. Many people struggle because they don't put their money in the right places to help it grow at a faster rate. A lot of us make money decisions based off of what someone told us to do, (who weren't qualified by the way). Well, that's where financial coaches come in to help people understand what to do with their money to become financially comfortable and/or independent. But we have to bust through five myths first! Then I'll show you how to tap into a 22 billion dollar industry with little to no experience!
Misconception #1: To Be a Coach, You Have to Have All the Answers
Even business coaches have mentors. We love to continuously learn so that we have the best information to give you. We're also taught effective communication strategies to listen to our clients when they need our help and give them a step-by-step process to reach their money-saving goals.
Many of us have a network of people who specialize in different areas of finances such as life insurance, investments, legal assistance, homeowner's insurance, and credit repair! So you now see why we don't have to know everything about finances in order to coach. We can focus on our area of expertise and connect our clients with others who may be able to help them on a deeper level.
Misconception #2: All Financial Coaches Work in a Stuffy Office and Are Mean
Nope, that sounds depressing. Before the pandemic, I did financial wellness webinars in homes or at a location someone asked me to meet them. Most of our work is done on the phone and computer. So we can work from home if we want. The pandemic didn't slow us down. We didn't meet in person, but we were able to use ZOOM. A few financial coaches crossed the million dollar mark even in the midst of a widespread virus.
Secondly, if a financial coach or advisor seems to have a mean spirit, it's not wise to let them handle your money. Find someone who clearly loves helping people, is knowledgeable, cares to listen to your money problems without judgement, and has good resources to teach you how to take control of your finances.
Misconception #3: We Have to Crunch Numbers All Day and Have to be Brilliant at Math
Since when do you need calculus to create a budget? Never. Thank God for access to software that does most of the calculations for us. It's mostly basic math and then the computer does the rest.
A lot of our training involves connecting with current and potential clients. Listening before responding. Then educating people on how the money system works so they have everything they need to make a solid financial decision.
Misconception #4: Financial Coaches are all Debt-Free
Answer me this; when you go shopping at the mall, you need help reaching the shirt that's hanging too high on the wall, and you need the retail associate's help, are you checking to see if they have style?
Do you ask them if they've had any prior fashion experience? Where they went to school? Internship experience? If their wardrobe at home is updated according to the season and in style?
No, you just need help getting the shirt. Getting what you want/need. That associate was trained to assist you in the store and help you pay for your purchases. Financial coaches do the same. We're trained, we're licensed, and many of us are on track to our own financial independence. We just want to help you do the same.
Misconception #5: People in the Financial Industry Can't Be Trusted
Again, if someone dealing with your money is rude, is trying to sell you a product that you don't want or can't realistically afford, or is evasive when you ask them to explain something, then those are red flags and it's not wise to let them handle your money.
Not all people in the industry are competitive, uncaring, or out to get your money. Many of us actually care and want to help you grow your money. We want you to believe that financial independence is a goal you can attain for your family, rather than solely believing the only way you can make income is trading time for money.
That's why it's important to understand basic financial concepts and know what's going on with your money before you sign off on something or have to make a big decision concerning it. But to get there, you must be educated on it first. You have to be shown the process. Below are two ways I can show you the process and help you tap into a 22 billion dollar industry.
Sign up for our Money + Business Webinar, where we teach you 8 common mistakes people make when it comes to money, how to get the most out of your paycheck, investing basics, and how to plan out your road to financial independence.