Financial Coaching Tips: How is it different from Financial Advisors/Wealth Advisors?
Saving for retirement, investing in stocks, learning to budget, buying property, and so much more. Learn the difference and know which could help you!
Part of my goal with joining the financial coaching world was to show exactly how strong the need for financial coaches is. Schools don't teach the theory of money or how it works. We live our lives in fear of running out of money, either now or in the future. We spend countless hours to earn, only to spend it away on the latest new thing. Financial advisors are for people who have a lot of money and don't know what to do with it, financial coaches are for people to learn how to use their money better in all aspects of their lives.
Let's talk about 4 tips that I wish I had known when I first started my professional career. If you find this information useful, book a free consolation to see if financial coaching would benefit you.
Tip #1 - You work for money, but money also works for you (or it should)
This may be the most important thing I've learned so far. Yes you are paid hourly or yearly, but that money in return could be doing so much more for you in the long run. Understanding how to live under your means in order to have more of your money working for you is key. Americans waste an insane amount of money each year on things that aren't necessary. I wonder how much people would spend if we could see the potential that money has 20 years down the line...
Tip #2 - Time in the market beats timing the market
It seems these days everyone is an expert. This is partially due to social media, but also the bull market we were in before the beginning of the pandemic. I tried my hand at day trading, swing trading, and long term investing. All of these have been DESTROYED by the market these last few years. The beauty of this is, now that the market is down 20%, there hasn't been a better time to invest in the last 20+ years. Don't listen to the latest hyped up stock. Research stocks you like in industries you know and understand well. Rome wasn't built in a day, and neither will your fortune.
Too many people spend money they earned...to buy things they don't want...to impress people that they don't like. --Will Rogers
Tip #3 - You are your best investment
Build your knowledge and see how the world reacts. Read books, blogs, talk to successful people, and network with the best. If you need only investment help, hire a local financial advisor. If you have no idea where to start, find a financial coach who will guide you. It doesn't matter your age or walk of life, you can always make improvements!
Tip #4 - Don't let money control your life
Many people think happiness lies at the top of a pile of money. We have the idea that "once I make this much I'll be able to get a new car and then I'll be happy!" The problem with this type of lifestyle creep is that we trick our mind into the idea that happiness is linked to money. Your happiness is a compilation of many factors of your life, and money can be a strain or a benefit to your life.
My goal is to make it the latter.
You can start today making changes that will benefit you in the future. Whether you need a financial coach/financial advisors guidance is up to you. I know many people can learn on there own, but for those who can't I offer my services. Regardless of the past you choose for yourself STAY MOTIVATED! If you want help, schedule a free call and we can see what changes need to be made, and get your financial life back on track!
-Spencer K. Dunbar - Financial Coach