Updated: Jan 23
It's important to trust your gut.
People say that a surfer can read the ocean and determine which wave is right, even when it looks just like a small swell in the distance. What makes that surfer successful is the ability to know the right moment to act. The surfer wants to catch a wave, but if they go too soon, they will wipeout. They have to go with their gut.
This metaphor works for many things in life, and figuring out whether financial coaching is your next step is one of them. If you sign up for financial coaching, and you're not ready yet, you may end up worse off.
So, how do you know if coaching IS the right thing for you to do?
1. You're sick of the way things are.
Your credit card is over the limit. Your bill was due yesterday. Your emergency fund just doesn't add up. Your student loan payment is so high you feel like you'll never get ahead. You can't remember the last time you made a donation. You watch your bank balance disappear each month, but you're not even sure where it went.
If you knew there was a pill or a button that would make it all go away, your stress would reduce by 100%.
If that sounds even remotely like your life, you're not alone. Or rather, you don't have to be. Realizing that you've made a financial mess is a bad feeling, but that realization means you are likely in a good place to internalize what coaching offers.
2. You are ready to sacrifice.
No, there isn't a pill or a button that magically maxes out your 401K. Or destroys your loans. Or saves up for a home. There isn't a simple fix to solving money fights in your marriage.
But if there were, what would you pay for that pill? $100? $5,000? Maybe more? And how fast would you be willing to pick up an extra shift and go crazy to save up that money?
The truth is, there won't be a quick fix. The good news is: if you're willing to sacrifice and put that same energy into your coaching goals, there is a solution. The solution is you.
3. You have the cash ready to go.
Financial coaching isn't usually free, and it's not a good idea to go deeper into debt to clean up a mess. You need to have the money available to you. If you're broke or disorganized, this might feel impossible.
But if fixing your financial life is that serious to you, why don't you prove it to yourself?
Cancel a subscription or two for the month, pack your lunch, and make coffee at home. Just by making small changes, you can quickly save up. By doing this, you accomplish two things. One, you can now afford financial coaching. Two, you showed yourself that you can change. That boost of confidence will set you up for success.
4. You're okay with vulnerability.
When's the last time you told someone your salary? Or exactly how much you spend on take-out every week? Financial coaching requires a level of honesty that would be considered impolite in normal social conversations. Are you willing to be that transparent, even if it makes you feel awkward or ashamed?
The great thing about coaching is that we've heard it all. Plus, your mistakes are probably much more average than you think! You can have confidence that your coaching session is private and confidential. Your vulnerability is what will make it a success.
Feel like you're ready to get started? Click here to sign up for an initial consultation with a coach at The Financial School. It won't cost you and it will confirm that you're a good candidate for financial coaching.
Written by: Norah Kearney