What's a Coach?
Let's look at the definition before we start. I decided to just get onto google and search the definition of coach!
a private tutor who gives extra teaching.
train or instruct (a team or player).
give (someone) extra teaching.
give (someone) professional advice on how to attain their goals.
give (someone) instructions as to what to do or say in a particular situation.
So basically a coach works with you to get to YOUR goals!
Now what's the difference between a Financial/Money Coach and a Financial Advisor?
Empower You to have a better financial future
Helps you make better financial decisions
Helps change that negative mindset
Helps you learn about financial literacy
Supports you through your change
Guides you in changing and making healthy habits
Help you create a personalised money plan
Help you handle money in Relationships
Guide you to plan for your retirement
Helps you on your path to getting more money, keeping it and having enough to invest!
Coaches are basically mindset, habits, health, habits, goal setting, budgets. Helping you move ahead to get to the path and goals you deeply desire. Yep I said habits twice, wasn't a mistake!
A Money Coach will help you be accountable for your future actions.
Financial Advisors are about actual future investments, making these investments for you in some cases, advising you on actually where to put your money. They are usually specialised in certain areas such as self managed super funds, stocks, bonds, eft's crypto investments, estate planning etc.
It's all confusing so let me break it down for you!!
I'm visual so I've created a chart to help explain what path suits you. But first let's look at costs!
Level 1 Financial Counsellor Free
Financial counsellors provide a service for people who are in debt, have no idea how to get out of it, can't meet expenses at all heading in the wrong direction fast and need their hand held. Usually deal with past issues associated.
Level 2 Financial Coach $120 per hour upwards
Some do online courses, self paced prices vary
Some do monthly fees starting at $29.95pm
I've a friend who is a financial counsellor and she said it's a great place to send her clients once she's helped her clients get off the cliff edge so to speak. Once the debt is under control, the brain starts to work a little it's time for the coach. A coach will then move you on to the next level, help you get better money habits, create extra funds, save, budget plan, encourage, empower you to have a better future. Help you get our money sorted so you can get that money working for you.
Level 3 Financial Advisor Prices usually range from $2500 - $4000
This includes a detailed Statement of advice.
You head on over here when you have money to invest. They will help you know where to put your money. Typically they deal with shares, stocks, bonds, etc so if you're interested in property investing they may not be the place to go.
They are specialised and you really need to make sure you have the right specialist before you go ahead. A fact finding session will usually sort this out for you!
Level 4 Property Investment Advisor Prices Vary from $10,000 upwards per property. This usually includes a full service!
If you've known me for 5 minutes I'm a property lover. I love money making money.
Buyers Agents help you get your property portfolio up and running, help you work out your path to financial success through property and a good one will have reviews with you regularly to tweak, check and coach you to make sure your on task with all you need to be doing, such as interest rates, up to date rents for your properties, property improvements and available equity.
So you see there is a place for all of us! The thing is you need to work out where you fit, what's your Level and go for it!