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Personal finance can be an overwhelming and complex area. Head to your library or bookstore and you'll see hundreds of books on how to manage your money, where to invest, how to get out of debt, and so much more, but where do you start and what do you start with?
For many of us, our financial knowledge is limited to the money coming in and going out. Unfortunately, personal finance is not a mandatory class in high school or college, which is ironic because it's the one subject we really need to succeed in life. A Financial Coach can help you navigate the overwhelming world of personal finance. If you've ever played on a sports team, a coach will help correct bad habits and encourage you to think and play differently. A Financial Coach can do the same for you.
A Financial Coach normally works with those just starting out. They offer a more hands-on approach to helping setup budgets, create accounts, and understand spending habits and money mindsets. A Financial Adviser generally works with people who have some wealth already, perhaps those that have money saved up and need help figuring out what to do with it. Financial Coaches generally work on a fee and time structure where you agree to certain amount of hours and payment for their guidance. Financial Advisers generally work on commission so they will offer up financial products that benefit them. For some, they also get a percentage cut of the money that they manage, called Assets Under Management (AUM).
For those very early into the Journey to Financial Independence, we recommend a Financial Coach that will work with you hands-on to help you create a strong foundation for financial freedom. It's best to start early so that you can take advantage of time.
At Sisters for Financial Independence, we are focused on helping women understand how to make money work for them. Retirement is too far away for most of us. Yes, we will save for retirement, but what are we supposed to do in the meantime? There's life to live today and we don't have to go broke enjoying the moment. We do have to think differently. Ultimately our goal is to set you up financially so that when the time comes to have a family or take a break, you have the means to do so without any financial guilt or stress.
Sisters for FI Financial Coaching is a 6-month flat fee engagement where we work with you to understand your money habits, figure out what it's important to you and create a plan for your dreams. We use a iterative process approach so that we can tailor the program to your needs. Six months seems short, but a lot can change and we want to make sure we adapt your specific financial plan to those changes.
Some of the things we will focus on: