Please review the questions below, and if you have a question that is not mentioned, send us an email. Your question will be answered quickly and will be added to the list.
How do I know if I need a coach?
Financial coaching is a very hands-on service. Coaching will help you develop and implement a plan specific to your unique situation. You may be facing a crisis, such as bankruptcy, foreclosure or harassing creditors. However, you might just need help building wealth or starting your small business. Financial coaching might also be for you so that you have someone that you can ask general questions to about money management.
Why do you not recommend debt consolidation or bankruptcy?
Debt consolidation is dangerous because you only treat the symptom of the problem. The habits—and the debt—are still there. You just moved the debt from one source to another! You will pay about the same amount, which doesn’t really help you eliminate debt faster. Most people take on more debt after consolidating or end up in bankruptcy because they didn’t change their behavior.
Bankruptcy is listed in the top five life-altering, negative events that one can go through. Chapter 7 bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 bankruptcy, more like a payment plan, stays on your credit report for seven years.
Bankruptcy is with you for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Avoid it if at all possible. Instead, why not spend a small fraction of the cost of bankruptcy and let us help you develop a financial game plan and financial habits that will change your life. You can learn how to overcome your debt and develop good habits that will allow you to win!
How do I pay for coaching when I am broke and can’t pay my bills?
Financial coaching gives you a high level of detail and individual attention. As you progress in your financial literacy, the increasing cost reflects the increasing scope of resources devoted to you. Financial coaching is an investment in yourself and your financial goals.
Coaching should be viewed as a serious investment. Financial coaching should pay for itself (i.e. credit settlements, improved lifestyle, more discretionary money in your budget, lowered stress levels, better marriage, etc.) and make you money over the time frame of your coaching program. I’ve found that it is very possible to recoup the cost of coaching within the first 2 – 3 months of following the recommendations. That’s a serious return on investment!
If coaching is a necessity, then you also have to compare it to: 1) the costs of bankruptcy, which can be $500–$2,000 in legal fees alone, or 2) the cost of credit coaching, which at $30–$50 per month for four years would cost around $2,000. Our fees are a bargain compared to these options, plus you’ll have a plan to change your financial future! Many couples also find that addressing their financial situation reduces the stress on their marriage.
If my spouse will not come, can I still work with you?
My policy requires both spouses to attend the coaching session. From experience, I’ve learned that coaching only one spouse does not work. This must be a team effort. If your spouse is not on board, sit down with them in a non-distracting environment and communicate how much you want them to participate in the finances. Do not let this be a time to nag, yell, scream, etc. Tell them that attending financial coaching, can be your Christmas, birthday, Valentine’s Day, or anniversary gift this year.
Is my financial information kept confidential?
Absolutely! Your financial information will NOT leave our coaching session.