Coaching For Your Financial Success

I am often asked by potential clients about the difference between coaching and counseling. This article will explore the differences and explain how a money coach can help you manage your finances effectively.

At its core, coaching focuses on personal and professional growth. Counseling focuses on diagnosing and treating a mental health issue. While counseling focuses on the past and early childhood traumas as they relate to current day functioning, a coach focuses primarily on the present and the future. The past is only explored as it relates to barriers that are preventing growth and success in life.

Coaching is very effective in the area of personal finance. A money coach can help you learn more effective ways of managing money. Generally, the coach will help you understand what is going on in your financial life and then will work with you to address any concerns you have about the state of your finances.

A money coach will help you:

- Identify realistic financial goals

- Help you develop an action plan to achieve your goals

- Work with you to identify barriers that prevent you from reaching your goals

- Provide ongoing support as you work to achieve your goals

Ok, that seems clear enough, so then what is the difference between a money coach and a financial advisor? A coach is not an advisor as much as an educator. An advisor will tell you what you should be doing with your money, where you should be investing, etc. A coach, on the other hand, will encourage you to look at your financial situation from many angles, help you set goals based on your priorities and then encourage, motivate and support your efforts to achieve your goals. This is what makes the coaching relationship so empowering. The client has the control over what is being worked on in the client-coach relationship.

Research shows you have a 25% chance of achieving your goals if they are written down in a clear and focused manner. When you have someone holding you accountable for attaining your goals that skyrockets to 95%! Wow, can you really afford not to work with a money coach?

Mitch Korolewicz, MBA is a Money Coach and a Professor of Finance at St. Gregory’s University. Known as the OK Money Coach, he has over 20 years experience helping people achieve their financial goals. For more information on the services he provides visit his website at http://www.okmoneycoach.com.

Category: Personal Finance Tips