Breaking the Myth: Financial Coaching IS a Viable Career
Ever wondered if you can actually make a living by coaching people on their finances? I know I did when I started. You might have heard doubts like, “How can people struggling with money pay for coaching?” or “You want to focus just on budgeting?” I’m here to bust those myths and show you that not only is it possible to make a living in a financial coaching career, but I’ve done it and seen others succeed too.
My Journey: From Skepticism to Success
Back in 2008, I started with a modest goal – I thought I’d make around $2,000 a month, charging $50 per session. It wasn’t much, but it was a start. However, I soon realized the potential was much bigger than I first thought. My belief in the value of financial coaching had to grow – and perhaps, yours needs to grow too.
Proof from the Field
In the Financial Coach Mastermind group, I’ve watched around 100 coaches consistently make $2,000 to $5,000 a month. And guess what? There are at least a dozen who’ve hit the six-figure mark. This shows the range of what’s possible in financial coaching, from offering mini-challenges or courses starting at $25 to private coaching that can go into the thousands per month.
Define Your Own Success
One of the best things about being a financial coach is you get to decide what “making a living” means for you. Whether it’s running a team and earning six figures or doing it part-time, the choice is yours. Financial coaching is incredibly flexible and can be tailored to fit your life, preferences, and strengths.
Low Overhead, High Impact
Financial coaching doesn’t require a big office or expensive inventory. The overhead costs are relatively low, making it an accessible profession. You can start with a modest investment of $265-$312 per month, a fraction of what it costs to run many other businesses.
The Reality of Your Clients
The biggest question is whether people struggling financially will be willing and able to pay for coaching. The answer is a resounding yes. Struggling financially doesn’t always mean they can’t afford coaching. It’s about not using money effectively or making short-term decisions that hurt in the long run. Your job is to help them see the value in what you offer.
Selling Transformation, Not Time
You’re not just selling an hour of your time; you’re selling a transformation. It’s about solving problems and achieving desired results. The more success stories you have, the easier it becomes to demonstrate your value. Remember, people often pay more to solve a problem than the cost of the problem itself.
Believe in Your Value
The first step to making a living as a financial coach is believing in the value of what you do. Your clients will initially rely on your belief, so it’s essential to have plenty of it. As you help more people, your belief and confidence will naturally grow.
Coaching Beyond the Basics
It’s not just about offering a set of steps that clients could get from a book. To succeed, you need to tailor your coaching to each client’s unique situation. This approach allows you to charge more because you’re adding more value.
Embrace Business Skills
To make a living, you need to be good at marketing and selling. It’s about inviting people to work with you and showing them the value of what you do. Investing time in sales and marketing is crucial to getting clients and making your business successful.
Conclusion: Yes, You Can Make a Living!
So, can you make a living as a financial coach? Absolutely! With minimal costs, a wide range of pricing options, and a market full of people needing help with their finances, the opportunity is vast. Your belief in yourself and your work is key. Remember, you’re not just coaching on money; you’re coaching the whole person, and that’s invaluable.
