“Financial literacy begins the process of earning more for what you know and less for what you do.”
-Linsey Mills
The Process of Financial Coaching
Assess Current Finances: Review your financial situation, including income, debts, expenses, and savings.
Set Clear Goals: Whether it's building an emergency fund, paying off debt, or saving for a major purchase.
Create Action Plan: Based on the assessment and goals, we will work together to create a realistic and actionable plan to address your financial challenges and achieve your goals.
Educate and Empower: Help you understand financial concepts and empower you to make informed decisions.
Provide Ongoing Support: Follow-up sessions are used to track progress, offer additional guidance, and make adjustments to the plan as needed.
Financial coaching helps individuals track their income and expenses to ensure they live within their means, maximize savings, pay down any debt, and feel prepared for the future financial situations.
Financial counseling isn’t just about budgeting, debt management, and saving—though those are key areas.
Credit Building: improve credit scores by addressing negative marks on credit reports, offering advice on how to make timely payments, and helping to understand credit scores and reports
Investment Accounts: educate about the different type, tax implications, and help in the process of opening them
Insurance: review and educate about current health, car, and life insurance policies
Student Loans: help applying and understanding the process or managing current student loan debt
Emergency Fund Building: create a plan for building an emergency savings fund to protect against unexpected expenses
Employment: review and understand paycheck, benefits, and the key factors to consider when comparing job offers
The topics listed below are ones I will cover in a general sense. While I can explain certain concepts and help you understand them, if your needs are more specific, I may refer you to a professional who specializes in that area. For example, I can walk you through the refinancing process, run some calculations to show how it might impact your spending plan, and highlight key considerations. However, since I’m not a loan officer or realtor, I won’t be able to provide precise numbers or the in depth details they could. My goal is to prepare you with the information and steps you’ll need to take before meeting with someone who specializes in these areas.
Housing: purchasing or refinancing mortages, discussing renting vs buying, things to consider when moving
Taxes: provide an overview about how taxes work and explain tax laws that may be relevant
Estate Planning: ensure estate is organized and offer recommendations for improvement.
Retirement Planning: review pensions, 401ks, etc.
These areas, alongside budgeting and saving, work together to create a comprehensive approach to improving your financial well-being.