Now that we all depend on it so heavily to meet our daily needs, being good with money is not an optional life skill. Those who master it can look forward not only to a lifetime of increased financial security, but to a potential job in the blossoming market of finance coaching.
While coaching in this field, you’ll get your clients to develop their money management skills. This will give them the financial flexibility to meet whatever goals they choose to pursue. You’ll do things like go over the finer points of budgeting with them. As well as, review where their money is going and find ways to cut back on unnecessary purchases. You may or may not touch on more complicated things like investing. Or, the benefits of retirement and education savings accounts, depending on the needs of your client. Through your advice, you want to leave them a more competent participant in the national economy.
Financial Problems are the root of many others
It’s important not to oversell your services or take on too much when working as a finance coach. It’s a field in which incredibly challenging problems aren’t necessarily uncommon. If your client is on the verge of bankruptcy or asks you to help them find a way to pay down hundreds of thousands of dollars in debt in a few years, your advice alone probably won’t be able to turn things around for them. Pretending otherwise only causes frustration on your clients’ parts and possibly feelings of inadequacy on yours. You shouldn’t be afraid to refer clients to a higher authority if you know that your help won’t get the job done – it’s important to make sure that people in severe crisis get the help they need.
Becoming a credentialed finance coach is harder than you might think due to the relatively recent emergence of the specialty. Programs with dedicated coaching focuses are largely still in development. However, there are other options to get the training you need. You may be better off opting for counseling credentials, such as those offered by the Center for Financial Certifications. These programs are very similar to ones meant specifically for teaching coaching and will give you the skills you need to practice successfully, despite the nominal mismatch. Many banks and business institutions also offer personal finance courses that you might take to prove you know what you’re doing, too.