What is Finance Coach?
A financial coach helps their clients with the basics of money management. They work with clients who may have a bad relationship with money or who have other obstacles keeping them from managing their finances well. Their goal is to help their clients develop healthy money habits that will last. Financial coaches educate their clients on the basics of personal finance and work with them to create a financial plan that reflects their goals. They also empower their clients to take responsibility for their decisions and provide accountability as their clients work to implement the lessons they learn.
When financial coach becomes handy?
You don’t need to have thousands of dollars in assets to work with a financial coach. In fact, most clients are in debt, have little in savings and have poor spending habits.
Perhaps you’ve tried to make a budget, but just can’t stick to it. Maybe you make enough money, but can’t figure out how to build an emergency savings fund. Or maybe you have so much debt between credit cards and loans that you don’t know the best way to pay it off.
A financial coach can help you structure your budget, build a financial plan and hold you accountable throughout the process. Often, clients have deep-seated emotions around money. Financial coaches help their clients to identify, understand and work through those emotions.
What does Financial Coach does?
1) Build awareness around spending habits.
2) Dream your “Awesome” lifestyle
3) Explore emotions and behaviors
4) Address their tough financial problems
5) Accumulate savings for tough time
6) Develop a spending plan and budgeting system
7) Support and Follow-up
Topics covered under Personal Finance Coaching
1) Personal – Children’s Tertiary Education Planning, CPF Investment Scheme, Estate Planning, Financial solutions for expatriates, General Insurance Services, Investment Planning, Retirement Planning, Risk Management
2) Expatriates and High Networth – Financial planning, Investment planning, Life event planning, Life insurance, Pension Planning.