Is really a financial health coach a luxury only the rich can afford? Or, can professional financial advice even help those who are living paycheck to paycheck?
Just what Financial Health Coach?
A financial wellness coach is a personal financial expert that understands budgeting, debt, savings, credit, providing for college, retirement, spending money wisely, and organizing could be financial future. They are not financial organizers, tax specialists, stock brokers, CPAs, or financial gurus.
They will clarify how money and debt works, and provide pertinent information so individuals or businesses can make their own wise financial decisions. They are teachers plus advisers, not salespeople.
What is Economic Health?
Being financially healthy often means different things to different people, but there are several basics that apply to everyone:
Financial responsibility – understanding the basics of personal (or business) finance and being able to care for your financial needs.
Financial Literacy – being able to make sound financial decisions based on available information.
Monetary independence – being able to make and implement your own decisions – occasionally with the help of an adviser, but usually on your own.
Financial security – having comfort that you have the money to support the basics of life, enough to provide some luxurious, and plenty to provide for the larger events in life – college funds, medical needs, and retirement.
6 Reasons You Don’t Need a Financial Health Trainer
Now, financial health coaches cost money, and one lesson you will learn from one would be to not spend money unnecessarily. So , before you decide to shell out some of your hard-earned cash on a financial health coach, a few see if you really need one.
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Is that you simply household on solid financial surface? Do you have a household budget and are capable of stick to it month to month? How about the financial health of your business – can be your financial budget working? If all of is well with your budget, then you can probably save the money and put this into a family vacation or fixing up the house.
Have you put money away for a college fund? Have you begun funding your retirement account? Do you know the greatest ways to save for these very expensive needs? If so, you probably don’t need a financial health coach.
Do you notice how other people live a feast or famine lifestyle and are constantly on the money roller coaster? Do you realize exactly how fortunate you are to be on a degree path to financial success? If this identifies you, then you can skip the monetary coaching.
Do you have a defined investment beliefs and understand your own personal risk tolerance for investing? Do you have a personalized lifelong plan to guide your spending, funding, and investing? If you curently have this, then your financial health is preferable to most, and you can do without an economic coach.
Do you make a billion dollars each year. Are you a billionaire? According to Forbes, there are 1, 826 billionaires in the world, so chances are you are not one of these. Perhaps if you have billions of dollars, you happen to be financially savvy enough not to helping you. However , since you are likely not one of these lucky 1, 826 individuals, you should seek out help so you can do the the majority of with your money – whether its millions or thousands.