Is really a financial health coach a luxury the particular rich can afford? Or, can specialist financial advice even help those people who are living paycheck to paycheck?
Just what Financial Health Coach?
A financial health coach is a personal financial professional that understands budgeting, debt, cost savings, credit, providing for college, pension, spending money wisely, and organizing an individual’s financial future. They are not financial planners, tax specialists, stock brokers, Certified public accountants, or financial gurus.
They will explain 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 Financial Health?
Being financially healthy often means different things to different people, but there are several basics that apply to everyone:
Obligation – understanding the basics of personal (or business) finance and being able to look after your financial needs.
Financial Literacy – being able to make sound monetary decisions based on available information.
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Economic independence – being able to make plus implement your own decisions – sometimes with the help of an adviser, but often on your own.
Financial security – having peace of mind that you have the money to support the basics associated with life, enough to provide some high-class, and plenty to provide for the larger events in life – college money, medical needs, and retirement.
6 Reasons You Don’t Need a Financial Health Coach
Now, financial health coaches cost money, and one lesson you will learn from one is to not spend money unnecessarily. So , before you decide to shell out some of your hard-earned money on a financial health coach, why don’t see if you really need one.
Is that you simply household on solid financial ground? Do you have a household budget and are able to stick to it month to month? How about the monetary health of your business – is the financial budget working? If almost all is well with your budget, then you can probably save the money and put this into a family vacation or fixing up the home.
Have you put money away for any college fund? Have you begun funding your retirement account? Do you know the best ways to save for these very expensive needs? If so, you probably don’t need an economic health coach.
Do you notice just how other people live a feast or even famine lifestyle and are constantly on the money roller coaster? Do you realize how fortunate you are to be on a degree path to financial success? If this explains you, then you can skip the monetary coaching.
Do you have a defined investment philosophy and understand your own personal risk tolerance for investing? Do you have a customized 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? Based on Forbes, there are 1, 826 billionaires in the world, so chances are you are not one of them. Perhaps if you have billions of dollars, you might be financially savvy enough not to need help. However , since you are likely not one of those lucky 1, 826 individuals, you should seek out help so you can do the most with your money – whether its millions or thousands.