Getting out of debt is hard-maybe the hardest thing you will ever do in your life. Some even say losing weight is easier than losing debt! Both are harmful to your future health and financial success, respectively. What can you do to better your chances of success? One option to consider is hiring a financial coach. In this blog we'll share 10 reasons why a financial coach might be a good option for you to consider.
What is a financial coach?
First, we need to get a full understanding of what a financial coach is and is not. As in sports, a coach helps you win the game. In this case the "game" we're speaking of is getting out of debt. Like in sports, a coach is on the "sidelines" observing, planning, guiding, directing, encouraging, etc.
A financial coach does the same thing. They start by understanding your situation-why you want to get out of debt, your dreams and aspirations, frustrations and troubles; all the things that have got you to the place you currently are financially.
A great coach seeks first to understand before being understood!
What a financial coach is NOT is an accountability partner. They will not make you do anything you don't want to do. Great coaches know you have to want to get out of debt. They can guide and coach you in a process to get to where you want to be, but you have to do the work.
A great coach stays on the sidelines and never gets into the game!
10 Reasons to Hire a Coach
There are many reasons to hire a coach. The following are 10 reasons you might consider as you seek to become a debt-free millionaire doctor.
1. Two are stronger than one.
Working with a coach increases your financial muscles. There is a lot of heavy lifting required to get out of debt, and a coach can make the weight of this work less demanding.
2. Speed in becoming debt-free.
No one wants to be in debt any longer than they have to be. A great coach can help speed up the process in getting where you want to go.
3. Unbiased and unemotional guidance.
Personal finance is not really about math. If it were, no one would ever get into debt in the first place. Emotions tend to drive many of the poor financial decisions we make, and a coach can provide an unbiased and unemotional look at your finances.
4. We all need a cheerleader in our lives.
A coach can also provide words of encouragement as you make progress. Positive reinforcement will lead to more good financial behavior.
5. Walking with the wise you too can become wise.
We become like those we spend time with, and by spending time with a coach you will naturally gain the wisdom they possess.
6. Been there, done that.
Most coaches will have been in a similar situation you're in and will be able to better relate to what you're going through. They can provide guidance in mistakes they've made so you don't repeat them.
7. Kick in the butt when you need it.
A good coach can provide an occasional kick in the butt (figuratively, not literally) to get you back on track when you backslide.
8. Increase in self-accountability.
A coach is not an accountability partner, but they can help you hold yourself accountable. When you know your coach is watching over what you're doing you may be more likely to keep yourself accountable.
9. Development of a plan that works for you.
There are some good "cookie-cutter" get-out-of-debt plans out there, but one size does not fit all. A great coach can customize a plan to fit your unique needs to ensure you will succeed.
10. Help with key financial decisions.
Almost certain is that you will need to make some big financial decisions as you work to get out of debt (i.e. investing while paying off debt, student loan forgiveness programs, etc.). A coach can help in providing insight to make those decisions.
Where do you find a great coach?
Finding a great coach can be a challenge. A great coach is one that has a heart of a teacher and knows that success doesn't just mean helping you get out of debt.
Real coaching success is helping you stay out of debt-forever!
Many of you know we are one coaching resource you can reach out to. Email us for a free consultation to determine if we are a good fit. If you really want to meet face-to-face with a coach a good resource is Dave Ramsey's Preferred coaches who have gone through his Financial Coach Master Training.
Both of us have completed Dave's training and will work with clients locally and remotely. There is a convenience factor to working virtually with a coach, but we know some prefer to meet in person. Find a coach that fits what you're looking for and interview them as you would a job candidate.
Not everyone needs a coach, but we all need a little help sometimes, and know that there are people who truly want to help you succeed. Sometimes the first step in succeeding is realizing you need help. If you need help don't wait. The longer you wait the worse the problem will get.