So why be a money coach when you are already a financial adviser? The answer is simple...
For years I have been advising clients on investing for their retirement, salary sacrificing to reduce tax and increase wealth, on personal insurance matters and personal cash flow management.
I found the short term and medium goals that my clients set were the most challenging for them to achieve…. Why? Because insurance is usually something they need to have, superannuation another – and they cannot access this money until retirement – but a regular savings plan or a debt reduction plan was another story. Often these goals were pushed back because of one reason or another.
Now, don’t get me wrong, I have had incredible success with my clients over the years making small but highly powerful changes to how they manage their cash flow – but it does not stop personal sabotage… Issues that creep in and can create havoc. For example, it could be that a family member needed help so they have loaned them money, or that they were disorganised and missed paying their tax bill, or they keep getting speeding fines or parking fines or that their laundry flooded and it was due to a machine that was out of warranty and they were not up to date on their insurance. Or they have loaned their business money or they quit their job and didn’t expect it to take so long to get work or they have gone from a full-time salary to be a contractor and the work is not as regular as they expected.
You may see all this as circumstantial, however, I assure you that we all have subconscious behaviour that keeps us in our “safe” zone.
In other words where we are used to being, so if this is in a place of scarcity and just getting by then most likely we are sabotaging our goals to a wealthier, less stressed self. It may seem absurd to think that one would continually maintain a state of stress, but neuroscience now proves that our bodies get addicted to the stress hormones our brains create – hence we find ourselves in similar situations over and over again.
A money coach will uncover these behaviours through a process which delves into your past experiences around money, your past relationships and how you dealt with these experiences. A coach will uncover the underlying emotional behaviour and help you recognise it…
I went through this process in my initial training as a Certified Money Coach. It is a cathartic yet empowering experience. Learning to understand my behaviours and patterns, calling them out by using Archetypes is a powerful experience. I now see where I sabotage my own journey to prosperity. I can see how working with others in this field and then working with them through the financial planning process will be far more beneficial than just financial advice alone.
I also understand that this is not for everyone (and this is ok too). However, learning this has opened my mind (and heart) to be able to help more and in doing so it gave me a greater sense of joy in my work.