Have you been wondering: What is financial coaching?
Financial Coaching is a key component of a Fee-Only Financial Planning relationship. Note that Financial Planning isn’t a one-time event – it’s an ongoing process. Financial Planning combined with Coaching provides education, encouragement, accountability, and empowerment.
Not every financial advisor, investment advisor, or financial planning includes a coaching component in their services. Read on to understand what the coaching part includes (and doesn’t) to help decide if you’d benefit from an advisor who also provides coaching.
Is there a need for financial coaching?
Half of Americans live paycheck-to-paycheck. “Normal” is being just one missed paycheck away from a serious financial disaster for most families.
BUT, among households that have created a financial plan, 88% report that they are making solid progress toward their financial goals.
Navigating the myriad of personal financial topics that exist can be tough! Are your financial habits inline with your life goals? Do you understand stock market fluctuations, and how they can be a good thing? Are you saving enough for college? How about for retirement? Are you invested in a way that aligns with your risk tolerance but can also achieve your goals?