Top 5 Signs You Need a Financial Coach to Get Back on Track
You have debt and no plan for getting rid of it.
According to a 2020 Survey of Consumer Finances conducted by the Federal Reserve Bank of New York, the average household with credit card debt has about $7,520 in outstanding bills. Credit card companies count on you to miss payments because then they are able to spike your interest rate and charge you compounding fees on top of it. Without a plan to eliminate these types of debts, it will continue to grow, robbing you of financial confidence and obliterating your credit score in the process. Additional studies show the growing amounts of lapsed car payments, mortgages, and student loans. If this fits a description of your current financial situation, it may be time to get a financial coach.
You are living paycheck to paycheck and can’t get ahead.
According to a study done by Career Builder in 2017, a whopping 78% of Americans reported living paycheck to paycheck. When you are always waiting for your next paycheck to come in before you can pay bills, buy groceries, or fill up your gas tank, you leave yourself no room to take care of sudden expenses or plan for retirement. If you are living paycheck to paycheck now, that means you don’t have a plan for retirement, which means you’ll be working for the rest of your life waiting for your next paycheck. Financial coaching will help you to prepare a budget, brainstorm alternate income sources, and make you less and less reliant on your next paycheck to cover basic necessities.
You have no plan for retirement.
When finances are tight or debt begins piling up, the last thing people can think about is retirement. The problem with this is that setting up a solid retirement is a long-term process. This is not something you can wait to figure out down the road. Although it gets more difficult the longer you wait, it’s never too late to get a plan in place for your retirement, and that’s where a financial coach is helpful. A financial coach can help you formulate a plan and give you options to consider when planning for retirement. Even if it seems daunting right now, working with a financial coach can help get you back on track toward a healthy retirement.
You don’t have a budget and find controlling your spending to be difficult.
John Maxwell once said, “If you don’t tell your money where to go, then you’ll wonder where it went.” For many people, finding financial success is as simple as learning how to budget. In any scenario, whether climbing out of crippling debt or looking to save up for a family vacation, a budget is always a wise move. A financial coach can help walk you through all of your monthly expenses and teach you how to create and work on a budget.
You have financial goals but can’t seem to ever achieve them.
I often hear people speak about their financial goals. Almost everyone that I speak with has a financial goal, whether they realize it’s one or not. Wanting to buy a house, or a new car is a financial goal. Wanting to pay for your kid’s college education is a financial goal. Wanting to retire in Florida someday is, you guessed it, a financial goal. People are often not short of goals but are short on the ability to follow through with them or make them happen in a responsible way. Instead of creating a plan to achieve their goals, most people resort to just buying a car or buying a house and ignoring the financial mess it creates without a proper plan in place. Working with a financial coach will help you to approach your financial goals in a responsible way that leaves you debt-free and at rest with your decisions.
If any of these signs match your lifestyle, set up a free consultation with me today, and let’s see how we can get your finances back on track.
