I’ve been asked this question many times since I began this business.
I like to address this question with an analogy. Imagine that you are broke and your car isn’t running for some reason. You aren’t a skilled mechanic and the problem is more difficult than a typical maintenance item like replacing the battery. You have to be able to afford to pay a mechanic to fix your car so that you can go to a job, look for a job, or use your car to run your business. One way or another your car is the vehicle that will allow you to make money in order for you to pay the mechanic to fix the car.
Financial coaching works the same way. Both the car and your personal finances are necessities that must be maintained in order for you to get ahead financially. Without either vehicle running properly, you are broke and will probably stay there until you make the decision to make a change.
However, for most people being broke is a temporary situation. Being broke or being wealthy is based upon a culmination of decisions that we make in life. Sir Richard Francis Burton said,
“Broke is a temporary condition, poor is a state of mind.”
Today, make the decision to no longer be broke and to learn how to win with money. Your education is the vehicle that will take you on the road to building sustainable long-term wealth.
{ 7 comments… read them below or add one }
Great points. Less than 5% save in this country……and they don’t need a financial coach!?
Gregg, Yes, while not everyone needs a financial coach there are probably more people that do than don’t. Ending up broke doesn’t have to be the only option.
Amen Brother. Amen. Yes, I am a bit biased on this topic but that doesn’t make it wrong!
Steve, The best way to reply is with this quote, “The fact that an opinion has been widely held is no evidence whatever that it is not utterly absurd; indeed, in view of the silliness of the majority of mankind, a wide-spread belief is more likely to be foolish than sensible.” – Bertrand Russel
Great post here Chris. I also say that you can get information from a book and apply it, but how long will it take? I believe a coach can get you there faster (if you put in the work) and in effect save you the initial coast of coaching.
Tony, I completely agree. A good coach definitely saves you more than he/she costs you IF you apply the recommendations that are made. A book works in the same fashion. The difference though is that you have to be accountable to a coach whereas a book can be put down and has no idea whether its contents were used or not.
Since we are writing about How is financial coaching affordable when you’re broke?, The last few years have witnessed a significant growth in the number of people going for life coaches for help in achieving their objectives in their personal lives or in their professional careers.