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FREQUENTLY ASKED QUESTIONS

What is the difference between a financial financial coach and a financial advisor?

As a financial coach, I assist clients who may be struggling with their budget, debt management, planning for short/long-term purchases, financially affording college and post-secondary experiences, etc.  We will navigate the different situations unique to each client and formulate a plan of action to build a future of hope and achieve financial freedom.

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I will not be involved in managing your investments or deciding where to place your money within your financial portfolio, or telling you where to move your assets within a suite of investments.  This is where a financial advisor can provide specific value and expertise.  They will discuss the investment options available to you and do their best to help you understand what your choices are.

 

Based on your current financial position and your financial goals, a financial coach will help you shape a course of action and the different approaches you can take to reach your goals, and provide proven and manageable action steps to reach the desired results you want to achieve.

What topics do you cover for financial coaching?

We pride ourselves on creating a personalized experience for those we work with, knowing that each situation is unique.   The following topics are the main areas of coaching we typically work through with our clients:

  • Creating a short and long-term emergency fund

  • Developing a monthly budget

  • Managing (and eliminating!) debt

  • Planning for short/long-term purchases (Car purchases, college, purchasing a home, vacations)

  • Creating/building wealth (savings/retirement)

  • Assessing and understanding insurance needs

  • Investment options (As financial coaches, we cannot recommend specific investments, but we can help educate you on different types of investment plans based on your needs and income level

Can I meet with a financial coach if I do not live nearby?

Through the use of technology and for the convenience of our clients, having virtual meetings is very common.   So whether you live 30 minutes away or anywhere across the country, we will work with you (face-to-face and/or virtually) to assess your personal situation, establish your coaching needs, and build a coach-client relationship to support your plan toward financial peace. 

FAQ: FAQ

What is Financial Coaching?

Financial coaches approach the client relationship with the heart of the teacher.  Over several weeks or several month period, a financial coach will work with the client to:

  • Evaluate the current situation and understand both short and long-term goals

  • Identify current spending habits, and create a weekly and monthly budget process

  • Assist in developing healthy life-long spending habits

  • Educate on the basics of personal finance

  • Develop action plans for clients to take ownership of their financial situation, and to achieve their goals

  • Serve as an accountability partner so the client has someone to walk through their journey toward financial freedom

 

KBCR Financial Coaches are committed to supporting clients to uncover and achieve goals in a process that includes:

  • defining clear and achievable action steps

  • prioritizing and implementing baby steps toward progress

  • providing knowledge, direction, resources and accountability

  • supporting clients to work toward a place of long-lasting financial stability and freedom

How do you customize your coaching for my specific situation and needs? 

KBCR Financial Coaches treat each coaching opportunity with the belief that each situation is unique  and different, and that a personalized approach must occur.  Our commitment to our clients is to gain a true understanding of their financial situation, provide education and proven life-changing solutions to ignite optimism and progress, and assist in solidifying behaviors and creating  action plans to eliminate debt and gain wealth.   We will serve as a true partner and build meaningful relationships with those we are fortunate to work with.

 

In the simplest form, the Coaching process walks a client through the following:

  1. Once a coaching session is confirmed, you will be asked to share a financial snapshot.  We will begin understanding your current situation, future needs, and next steps. 

  2. Create goals and action plans, and conduct a budget  review and/or development.

  3. Focus on proven life-changing solutions to eliminate debt, increase savings, and build wealth

  4. Coaches will follow-up in writing to provide recommendations, action plans, and to share resources that will support the progress and success of the client.

If am already struggling with money and paying my bills, how can I possibly afford a financial coach?

It is certainly true that there is a cost to financial coaching, and many people who are already struggling with money are wondering “how can I afford this?”   This is an opportunity to invest in yourself and have a chance to achieve a huge long-term return on the choices you make, and the results that you achieve. 

 

Chances are, if you are seeking the advice of a financial coach, you are seeking serious help to get through a difficult situation, wanting to take control of your money, and/or maybe just are in need of another individual to assist you in navigating through a specific area/problem, and you want the expertise and knowledge of a coach.  Sometimes a coach will help you reach goals faster than if you were to do it on your own

 

We can review your budget together (or create one if you haven’t been using a budget) and look at options you may have, not only for financial coaching but to feel a greater sense of ownership where every dollar is going from your household.  Together we will make a plan for your money, and not only will you be able to afford the things you need, but you’ll also save for your future, give to others, and even enjoy some of your money for yourself!

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