six Reasons You Don’t Need a Financial Health Coach

Is a financial health coach a luxury only the rich can afford? Or, can expert financial advice even help those who are living paycheck to paycheck?

Just what Financial Health Coach?

A financial wellness coach is a personal financial specialist that understands budgeting, debt, cost savings, credit, providing for college, retirement, 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 describe how money and debt functions, and provide pertinent information so people or businesses can make their own advisable financial decisions. They are teachers plus advisers, not salespeople.

What is Monetary Health?

Being financially healthy often means different things to different people, but there are some basics that apply to everyone:

Wants – understanding the basics of personal (or business) finance and being able to take care of your financial needs.

Financial Literacy – being able to make sound financial decisions based on available information.
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Financial independence – being able to make and implement your own decisions – sometimes with the help of an adviser, but often on your own.

Financial security – having satisfaction that you have the money to support the basics of life, enough to provide some luxurious, and plenty to provide for the bigger events in life – college money, medical needs, and retirement.
six Reasons You Don’t Need a Financial Health Trainer

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 cash on a financial health coach, a few see if you really need one.

Is that you simply household on solid financial surface? 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 just about 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 a college fund? Have you begun funding your retirement account? Do you know the greatest ways to save for these very expensive requirements? If so, you probably don’t need a financial health coach.

Do you notice how other people live a feast or famine lifestyle and are constantly on a money roller coaster? Do you realize how fortunate you are to be on a degree path to financial success? If this details you, then you can skip the monetary coaching.

Do you have a defined investment beliefs and understand your own personal risk tolerance for investing? Do you have a personalized lifelong plan to guide your spending, funding, and investing? If you already have this, then your financial health is better than 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 these. Perhaps if you have billions of dollars, you happen to be financially savvy enough not to helping you. However , since you are likely not one of these lucky 1, 826 individuals, you need to seek out help so you can do the the majority of with your money – whether its millions or thousands.

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