What is Personal Financial Coaching?
I’m always asked … ‘So what is the difference between what you do as a financial coach and what a financial advisor does?’ A very valid question.
- A financial coach is a personal finance expert or educator in areas such as getting out of debt, saving for retirement, budgeting, credit, increasing income, saving for college, avoiding bankruptcy, smart money management. Some may specialize in one or two areas, such as budgeting and credit. Others, such as myself, may cover most personal financial topics.
- Financial coaches do not sell investment products such as mutual funds, stocks, retirement accounts, insurance etc. unless they are also licensed financial advisors.
- Financial coaches are also not supposed to give specific investing advice – such as ‘buy this stock or that one’, as they are not licensed to do so.
- Financial coaches educate clients regarding personal finance topics, providing strategies for success.
- Financial coaches are able to ensure clients understand how investing works, investing terminology and the best time to incorporate it into their financial planning.
Financial advisors are licensed to sell investment products, can give stock advice as well as provide financial coaching services. Financial advisors are an important part of your wealth building strategy as they are investing experts who keep up with market fluctuations and news daily.
How does coaching with Prystins coaching work?
Our personal financial coaching session(s) is all about you. It’s about understanding your current situation and developing a custom plan to help you win with money. Whether you’re burdened by debt, need help with big money goals, or just want to get on the same page with your spouse, we will walk with you as you make real progress with your finances. We will provide support, encouragement, accountability, and tools to help you make informed financial decisions.
If you are already financially stable, we start with answering any major financial questions you have, investing education and wealth building.
Our one on one sessions will help you :
Once you choose your coaching program we develop a plan tailored to your specific goals, dreams and those things that you just simply aren’t willing to give up. After each coaching session you will have assignments to complete prior to the next session to help you stay focused and on track to reach your stated goals.
The process is personalized and non-judgmental. As Prystins Insights we individualize our approach based on the unique needs of each person served, with the goal of helping them make progress in the area of their financial life that they identify as most important.
Our coaching uses a flexible approach that can work for many types of clients with a wide range of financial goals. People who receive financial coaching demonstrate:
- Increased goal attainment
- Better money management skills
- Improved savings, debt levels, and credit scores
- More financial confidence
Research shows that financial coaching can be an effective tool to help consumers improve their financial well-being. Explore findings on the impact of these programs and successful strategies.
Frequently Asked Questions
1. What is a financial coach?
A financial coach helps you create goals and actually stick with them so you’re not just dreaming about financial peace—you’re living it. Financial coaching is different from any other finance-related job. CPAs help you with your taxes. Financial advisors help you with investments. But financial coaches work with you to create a start-to-finish plan for your money and help keep you on track.
Financial coaches often work with their clients over several sessions—focusing on anything from fine-tuning your budget to discovering your long-term goals to working through a real financial crisis. No matter the situation, financial coaches sit with you one on one (we call it “kneecap to kneecap”) to help you overcome the challenges that hold you back in your finances.
2. When should I work with a financial coach?
That’s the great thing about a financial coach—they can help you in any situation! Maybe you’re up to your eyeballs in student loans or credit card debt, or you’re having money fights with your spouse. Or maybe you have big money goals—like saving to buy a house or setting yourself up for retirement—but no plan to achieve them. Regardless, a coach can meet you where you’re at and steer you in the right direction to win with your money.
3. How much does a financial coach cost?
We offer free consultations. If however you choose to work with an Prystins insights then we will charge a flat rate that includes several sessions, or we may charge an hourly rate for each session. Generally, though, we will work with you to make recommendations based on your needs.
4. How do I pay for coaching when I’m broke?
Coaching is meant to put money back in your pocket, not take it out. It’s the best way to help you develop the right money habits and put an end to your money problems. Some people will ask if they can afford it, but maybe you should ask yourself, Can I afford to not get help from a coach? If you’re trying to get out of debt, other options (like credit counseling and bankruptcy) only manage the symptoms. They don’t change the habits that got you there. And the cost of bankruptcy is more than a financial burden—it’s a stain on your personal record.
There’s no better way to establish good money habits than by having a personal money mentor who understands your situation.
And sidenote: You should never be ashamed of your financial struggles when working with us. We are here to encourage you.
We work with people from all walks of life and all ranges of income. Whatever you’re going through, it’s okay.
5. Will you set up a payment plan for my coaching fee?
No—mainly because we don’t want your coach to become your creditor. They’re working to get you out of debt, not deeper in it. Instead, we ask that you always pay your coach in full up front (no credit cards). And remember, nearly all of our coaches offer their first session completely free.
6. How do I get my spouse on board?
Marriage is not “me”—it’s “we.” Working on your finances together is the only way to succeed when it comes to money. Not only that, many couples find that talking about money actually reduces stress in their marriage. It’s so important, we’ve made it one of our core teachings. If you’re having difficulty getting your spouse on board, let your coach know.
7. How do I prepare for my coaching session?
The great part about working with us is that we’ll guide you through every step of the process. But during your first consultation, we will ask questions to get to know you—your goals, your dreams, your past, your pain points, etc. So be sure to have your answers ready. Come register for our sessions and experience Financial Freedom God’s Way. “Learn it, Live it, & Lead Others To It.” From Information to Transformation