Are you Ready for a Money Coach?

Hello friends, I know my writing has not been regular lately but let’s face it, not much in the world is regular lately. 😉

Today I want to talk a bit about what a money coach is how you might know if you are ready for one. Just like anything in life when we want to get better at it, we need to focus some energy working at it.

For example, if you play a sport and are looking to improve, you may hire a coach. Or if you are working out again for the first time after a period of complacency, you might want to hire a coach or a trainer.

what if you are working to improve your habits surrounding money and/or dig your way out of debt, why not consider a coach? I’m not trying to sell you anything nor am I a money coach. However, I do know many people who are and feel their services can be very valuable.

Accountability

A lot of value in having a money coach is the accountability factor. Firstly, if you are paying someone to coach you on your money habits, you are more likely to heed their advice. Additionally, if you know you have someone to check in with periodically, you are more likely to do your “homework.”

Although, if that is not a motivator for you, that still doesn’t mean you don’t want to consider hiring a money coach. I think the first question, you need to ask yourself is what makes you tick? In other words, how are you motivated?

Know Thyself

I’m a fan of the Gretchen Rubin 4 Tendencies theory:

There is a free quiz you can take online to discover your tendency and/or what motivates you. I will attempt to paraphrase the theory behind the 4 tendencies.

It starts with the concept that we are all motivated differently but it always includes internal factors, external factors, or some combination (or lack thereof) of both.

The names of the four tendencies are:

1. Upholder – one who is internally and externally motivated
2. Obliger – one who is externally motivated
3. Questioner – one who is internally motivated
4. Rebel – one who is neither internally nor externally motivated

I absolutely adore the taglines that Gretchen coined for each tendency:

1. Upholder – “Discipline is my freedom”
2. Obliger – “You can count on me, and I’m counting on you to count on me”
3. Questioner – “I’ll comply if you convince me why”
4. Rebel – “You can’t make me and neither can I”

Haha, aren’t they great! Can you guess which one I might be??

Anyway, the point of me bringing up the 4 tendencies is that it’s worth your time to figure out how you are motivated so you can set yourself up for better success in life and achieving your goals.

After Knowledge Comes Application

If you are an obliger, accountability is huge! You probably want a workout buddy to push you. If personal finance is an area of improvement a money coach might be a worthwhile investment for you.

Although, if you are a questioner, you too might also benefit from a money coach. In particular, if you found one who could explain their value and/or had some kind of knowledge you didn’t possess, it might be worth it.

Upholders are usually very disciplined because they are motivated both intrinsically and extrinsically. Again, if you interviewed a money coach who could feed into your love of discipline it might be of benefit to you.

Now if you are a rebel, what to do? Well just because there is neither intrinsic nor extrinsic motivation, doesn’t mean you don’t value help. It most likely just has to be on your own terms and of importance to you. The great thing about rebels is that when they want to do something, they will.

The Bottom Line

If your goal is to improve your personal financial situation, it’s worthy of consideration.

Choosing a money coach will depend upon your particular need. Is it about paying off a boatload of debt? Or learning to budget and save for the future?

A money coach can certainly help keep you on track. My advice is to think about how you are motivated. Then ask yourself what areas of your financial world, would you like to address.

Finally, what benefit do you value in a money coach? Accountability? Knowlege? Discipline? Identify that and you can get the most out of any potential money coach you hire.

Where do you Find a Money Coach?

Money coaches are out there and if you do a google search you, no doubt, find some in your area. Typically money coaches hang out online via their blogs, Vlogs, social media channels, or podcasts.

I just so happen to have been interviewed by one recently,. Lisa Duke of the Money Club Vlog had me on her channel for a brief 23-minute chat. Additionally, Liss runs a Facebook group. I first met Lisa at a CampFI in Florida where we were able to get to know each other.

Lisa had me on her YouTube channel or Vlog, as the cool kids call it, and we chatted a bit more about my journey into recovery and out of debt. I have it below if you want to take a listen. Perhaps it’ll give you a flavor for what a money coach can do for you…

Closing Thoughts

One thing I can say for certain that is when there is a transfer of money, most people will be motivated to get their value from the service purchased. If your desire is to change your money habits take the time to a.) learn what motivates you,  b.) consider how a money coach can help you, and c.) interview some.

P.S. I scored as a rebel but also lean towards an obliger as a second runner up. 🙂