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How to Become a Financial Coach

Savings Jar presents a quick guide for people interested in becoming a personal finance coach or a money coach.

Why become a financial coach

Being a financial coach is an opportunity to help others while earning money. Financial coaches and money coaches guide their clients toward creating healthy financial habits, including setting financial goals and tracking the progress towards the goals. On top of the opportunity to help others to reach financial wellness, financial coaching is a career opportunity, part-time or full-time.

What Does a Financial Coach Do?

Financial coaches meet with their clients regularly. The financial coach helps the clients set goals and track progress like any other coach. The financial coaching process can last from a week to a year, depending on the client’s goals and progress. Yet, the coaching process is always about improvement. Therefore once a financial goal is met, the financial coach works with the client on the following financial goal. A personal finance coach can start with how to qualify for a mortgage and move to another goal, such as building a nest egg for retirement. A business financial coach can start with managing cash flow to set a plan on how to pay off the business loans.

Type of coaching

  1. Personal finance coach

  2. A personal finch coach helps clients to understand the basics of personal finance. In most cases, a personal finance coach works with employed people.

  3. Business finance coach

  4. A business finance coach works with business owners to take control of business finance. A lot of times, business finance coaches are certified professionals.

  5. Business and personal finance coach

  6. A business and personal finance coach works with clients where business cash flow is connected to their personal finance. Small business owners can benefit from this type of financial coaching to learn how to translate the business cash flow into a family budget and deal with the business seasonality and the family cash flow requirements.

How to earn a financial coach certification

  1. Most financial coaching certifications can be attended online. Among the programs offered is the flowing:

  2. Dave Ramsey program

  3. Udemy

  4. Financial coaching academy

Starting a financial coaching business

  1. Financial coaching is about people. A great first step in any marketing plan is to start with the purpose of your financial coaching business. This document will serve you in the future as the foundation of your communication and marketing plan.

  2. With a clear why statement, the 2nd step towards a career in financial coaching is to get a financial coaching certification. See section 4 for financial coaching training opportunities.

  3. The financial coaches network offers a class on launching a financial coaching business:

  1. The IRS business checklist.

Apps and software used by financial coaches

Financial coaching software should provide financial coaches with features to create goals, share the goals, and track progress. When writing this blog post, there is no financial coaching software used by financial coaches that provides these features (Savings Jar will launch these features in Q4 2022).

  1. Zoom – a great video conferencing tool. In times of Covid - 19, Zoom provides the opportunity for financial coaches to connect with clients to set and track goals.

  2. Trello – Kanban-style, list-making app. With Trello, the financial coach and client can set goals and prioritize and celebrate accomplishments.

  3. Budgeting tools

  4. YNAB – the choice for hardcore budgeters.

  5. Mint – free personal financial management website with budgeting tools and bank integrations.

  6. Communities to join

  7. There are a couple of large Facebook groups for financial coaches to connect and learn from each other:

  8. Financial Coaches Unite

  9. Check the video channel.

  10. Financial Coaches Community

  11. Podcast

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