Financial Coaching 101: What You Need to Know

Finances are more important now than ever before! Lay offs and cut backs are still going on around us and may have even affected some of us. Managing money can be quite tricky, especially in this day and age.  But lucky you!  You have this report in your hands to help through the financial coaching jungle. We are going to define financial coaching.  We are also going to discuss the basic concepts of financial coaching. Lastly, we will talk about some key benefits of having a financial coach. 

 What Is Financial Coaching?

In a nutshell, a financial coach is some one who will help you budget your finances and will help you create good money habits for a fee.

Some things you want to consider before hiring a financial coach are:

  • Experience
  • Compensation
  • Personality
  • Professionalism
  • Expertise


You want someone who has had extensive training for at least 2 years.  You want someone who has taken multiple exams and has proven their competence in the financial area.

There are six week courses one can take to be considered a professional financial coach.  However, would this person have the established expertise to help you with your money?


How much does the financial coach charge?  This is a very important question when hunting for the perfect coach.  Find out on what basis the fees are incurred and if the coach gets paid a commission, for example if they work for a bank.


This is one of the last things you might think about when searching for a financial coach, but it is another important thing to consider.

You need to be able to trust and depend on your financial coach.  This is a person you will be confiding in and placing your confidence in to get the job done.  If you and your coach butt heads, then your money goals are not going to be reached.

You will probably be able to tell if the coach is right for you within the first 5 minutes of the interview.


A “professional” financial coach is not just one who has passed exams or has a great personality.  Professionalism also means someone who sets appointments in advance and who is on time to those appointments.  It means someone who addresses your concerns immediately or, at least, in a timely manner.

You wouldn’t expect anything less from your doctor or your child’s school teacher so why not hold the person helping you with your money to the same standards?


Why do you need the financial coach?  Retirement, insurance, investments?  College tuition for the kids?  You want to choose a coach who has experience in the niche for which you are needing assistance.  Ideally, you want a coach who is proficient in all of these areas.

Key Concepts Of Financial Coaching

This section is included so you will know what you can expect when working with a financial coach. Once you have chosen a coach to work with, you need to have some real expectations about what you are getting into.

Your coach is not an expert on your life.

This is one of the main reasons you need to choose someone you can trust.  You have to divulge a lot of personal information and you must be comfortable doing so.  Not giving your financial coach the whole financial picture is selling yourself short.

Your goals are focused in the future while striving for long term change.

Your money problems didn’t happen overnight and neither will the solution.  You must have patience and work the plan your financial coach has given you so you can see the expected results.

You must be ready to be held accountable for your financial actions.

Don’t get mad at your coach for calling you out on some of your financial no-no’s.  This is part of their job and a good financial coach will call you out in a moment’s notice.  Be receptive and take them seriously.

Benefits Of Having A Financial Coach

So why should you hire a financial coach?

Here are some initial questions to ask yourself.  Be honest.  Assign a number from 1 to 5 for your answers; 1 being Poor and 5 being Great!  If you have a lot of 3’s or lower, then you should really look into getting a financial coach!

  • How well am I managing day-to-day expenses?
  • How well am I doing in home ownership?
  • Am I saving for an emergency?
  • Am I able to help out family members?
  • Am I living within my income?
  • How well am I doing with getting out of debt?
  • How well am I doing improving my credit rating?
  • Would I be able to handle an emergency home or car repair?

If you do have a lot of 1’s, 2’s, or 3’s, having a financial coach will help you in these areas.  That’s one of the biggest benefits!

You and your coach can create a unique plan for your situation that will allow you to move your answers to the 4’s and 5’s!

How comforting would that be?!


This report was designed to give you some basic information before making a decision to hire a financial coach.  Of course, you must do your due diligence.

Don’t rush into this decision.

This is a person that will have confidential information about you and your money situation.

A wealth of information can be found at your fingertips and don’t be afraid to ask the financial coach the tough questions.  Ask them about their background and training.  Ask them for references.

The answer to these questions will make your decision to hire them a lot easier!


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About The Author

Keroy King

Keroy King is a Financial Educator, Podcast Host, Keynote Speaker & Empowerment Expert, residing in Los Angeles, California and the Founder of "Life Then Finance" a community where she coaches individuals to overcome personal and financial obstacles that are holding them back so they can quickly and effectively live a full-filled and purpose driven life. Even when they think the odds are stacked against them. She is also an online course creator & instructor of several personal finance and personal transformation online courses.