Just about everybody knows what a financial advisor does. Advisors help form the plan to build great wealth and plan for retirement. The idea of a financial coach is a newer concept. Coaches help you understand the root causes of why you struggle with money. Then help you build a plan to achieve financial success. So a financial advisor is more concerned with the behavior of your money and a coach is more concerned with your behavior with money.
So what does a coaching session look like. At first we talk about how you win with money. Also how you struggle with money. There is no shame in raising your hand and saying I need help. Some people are just born great savers but most of us aren’t. I fall into the latter. If I can figure it out so can you.
Next we get into the weeds. We bring all of your financial picture to light. Together we formulate a plan to meet your hopes and dreams. The mechanism of success is a budget. This will be the hardest part at first. It will help you understand where you spend to much money allowing you to pay off debt. The budget process can take months to get comfortable with.
The next phase it paying off the debt entirely. This is what will set you free. After the budget this is the grind. It can take as many as 30 months to complete this phase. Just remember, this pain WILL be worth it! I promise.
Next, your budget sets up ability be truly financially free. You’ll save an emergency fund of 3 to 6 months expenses. After that it’s time to start saving for retirement. How bout save to buy house? Kids college! Set any savings goal and you are now an unstoppable force.
The road map to financial freedom is written. You just have to open the map, commit to breaking free from debt and fulfilling your dreams!
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