Wake Up with Wealthtender

Wake Up with Wealthtender: October 16, 2020

By  Wealthtender HQ

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Good morning, coachees.

Coachees? It may sound like a funny word, but if you’ve ever been coached, you’ve been a coachee (at least according to dictionary.com).

When you think about being coached, your thoughts might gravitate to awkward memories in the high school gym. But today we’re sparing your muscles to talk about money coaching, so you don’t even have to break a sweat. Or do you? 😅

Let’s face it. A few laps around the track might make you perspire. But that’s a cake walk compared to ensuring you can always make ends meet, let alone saving enough to someday retire.

Fortunately, there are a growing number of financial coaches dedicated to helping people improve their money habits to enjoy life more with less stress. 👏

And Wealthtender is excited to expand this fall to help you find the right financial coach who understands your individual needs.

Today, we’re sharing several articles to help you consider if hiring a financial coach is right for you. No whistles and no laps, so grab your coffee, coachee, and enjoy.

How many financial coaches are there in the US? 👇

Recommended Reads

We think you’ll enjoy this curated selection of articles from Wealthtender Financial Network partners.

🤔 Financial Coach vs. Financial Planner

What’s the difference between a financial coach and a financial planner? 

Here it is in a nutshell: A financial coach helps you get and stay financially healthy. A financial planner helps you get and stay financially wealthy.[Christine Luken]

🏋️‍♀️ 24 Reasons Why You Need a Financial Coach

Imagine feeling delighted when discussing your finances, instead of feeling sad and depressed. Just as a doctor improves your physical health, a financial coach can boost your financial health. [Average Joe Finances / Christine Teh]

⚖ Financial Coaching vs. Financial Advice

The financial adviser business model is all about managing the money you already have. You give them control of your assets and they do the work for you.

Financial coaching is different. It focuses on your education, growth, and decision making process so that you master wealth building skills. The coaching business model is all about helping you build wealth in the first place. [Financial Mentor]

🏅 3 Reasons to Hire a Financial Coach

Money and fitness are very similar. Unless you have someone holding you accountable and showing you the way, expect an unnecessary roller coaster of progress, failures, and emotions. [Even Steven Money]

⌚ When to Hire a Money Coach

Here’s a guideline to help you decide if you may need to work with a money coach prior to hiring a financial advisor: You’re five or more years into your career and still feel like you’re living paycheck-to-paycheck. You make good money but don’t feel as if you have an understanding of where it goes. You’ve found yourself on a roller coaster of building, then paying off debt. Or you’re buried by debt. [Redefining Family Wealth]

🛣 Destination Unknown?

Everyone needs a financial plan to make their dreams come true. Without one, it’s like having a destination in mind without knowing how to get there.

Financial concepts might seem simple at first, but they can be hard to implement on your own. A financial coach is here to help you implement these concepts into your daily life. [Carreira Finance]

Listen to This

Recent podcast episodes from Wealthtender Financial Network partners you should listen to next.

🎧 When to Hire a Money Coach

If your eyes liked the related recommended read above, your ears are in for a treat with this interview featuring Christine Teh from Teh Financial Coaching. She shares her unique perspective on building a relationship with money and how it should be treated the same way any other healthy relationship should be treated. [Average Joe Finances Podcast]

Featured Financial Coaches

Wealthtender will formally announce the launch of our new directory of financial coaches soon. Today, we’re sharing a sneak peek by introducing you to 3 financial coaches we’re proud to know.

1️⃣ Kelley Long, CPA/PFS, CFP® [Find Your Financial Bliss]

2️⃣ Carreira Finance [Helping people get out of debt and reach financial freedom.]

3️⃣ Even Steven Money Financial Coaching [Create an Action Plan to spend more time energy & money on what YOU truly value.] 

The Brightest Stars

Each week we showcase a member of our network who has earned a 5-star review on Wealthtender. 

Wallet Squirrel is a creative personal finance blog that focuses on how to build multiple streams of income to build wealth. Data shows most people struggle to save money with a stagnant income, so we write about creative ways people make extra money outside of a normal 9-5 job. We share how these work, saving tips and demonstrate ourselves how you could live off the interest and dividends if that extra money was invested.

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Missed last week’s newsletter? [Step into the time machine]

👉 How many financial coaches are there in the US? That’s a good question! And unfortunately a difficult one to answer. Unlike financial advisors which are highly regulated, registered with the Securities and Exchange Commission, FINRA and/or State regulators (and therefore quantifiable in number), financial coaches are subject to significantly less regulation and often operate independently, making it difficult to quantify their number. And a growing number of financial advisors are extending their services to include financial coaching, so while it’s tough to determine a number, it’s encouraging to see more financial professionals embracing coaching in their practices to help their clients enjoy life more with less money stress.

Disclaimer: The information in this article is not intended to encourage any lifestyle changes without careful consideration and consultation with a qualified professional. This article is for reference purposes only, is generic in nature, is not intended as individual advice and is not financial or legal advice.

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