Garrett - While debt is something that many clients who go to a financial coach will want help with, it's not what your outward marketing should necessarily highlight, for a couple of reasons:
Garrett - I'm a huge fan of the Momentum Planners by Productive Flourishing. It does a great job of helping you create goals and a vision for the year, and then breaking them down into quarterly, monthly, weekly, and daily chunks. This allows me to see whether what I'm doing on a daily basis is working toward my weekly goals, whether what I'm doing weekly is helping me accomplish my monthly goals, etc. It's simple and straightforward. I personally use their digital version, but the physical notebook is a great option as well.
Erin - I just got a Clever Fox and so far I’m loving it! It has lots of places to do goal planning, mind mapping, monthly review, and of course the monthly and weekly planning.
Sherry - I am heading into year three of Passion Planner and I love it. I’ve tried a few others. I love being able...
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Garrett - All major payment processing services - Stripe, PayPal, Square - all prohibit Financial Services professionals/companies from using their product in their terms of service. So while you may not get kicked off of one immediately, there is that possibility.
There is a company called AdvicePay that offers invoicing and payment processing that’s compliant for financial service professionals. They’re the ones we’re sooo clooose to completing an agreement with to offer their platform for FCN members for free/a discount!
I've used Stripe as well and have without issue, I just don’t like the idea that I could be booted at any time. I think it comes down to what’s the lesser of two evils for a person - a platform you could get booted from, or a compliant one that doesn’t (currently) have every bell and whistle.
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Garrett - prioritize connecting with advisors (or other referral partners like life coaches, therapists, divorce attorneys, etc.) who share your ideal client. This will make your life much easier because if your ideal client truly needs what you offer, and the referral partner is working with your ideal client, that means the client of that referral partner needs your help!
Because they already know intimately those ideal clients, they'll resonate with your excitement and want to serve them. It can be hard to find advisors who share your ideal client, but it will make the time you spend connect so much more valuable and efficient. And, if you have a hard time finding advisors who share your niche (since many advisors are very broad in who they serve), branch out to other referral partners.
Pam- I tell financial planners...
Garrett - I started Be Awesome Not Broke with approximately $25k in the bank, enough to last me just over a year if I were to make $0 over that time. I got this number by adding what my bare-bones living expenses could be, with what I thought business expenses would average out to a month for the first year. I had side-hustles up my sleeve if I needed to make additional money (which I did over the first few months to stop the hemorrhaging), and doing so ended up giving me additional peace of mind.
On a specific-to-me side note, one spending category I highly underestimated that first year was my professional development expenses. I was transitioning into an entirely different industry and while many of the skills I needed I already had, I realized that I wanted/needed to take some coaching courses to help me grow as a coach and entrepreneur. The downside: I spent about $5k dollars on personal coaching that first year...
Garrett - Most financial advisors tend to focus on implementing financial products and strategies, while financial coaches focus more on the basics of personal money management, behavioral change, and accountability to a client-driven spending plan. And while financial advisors most commonly help to manage wealth that already exists, a financial coach’s job is to provide a client the knowledge, skills, and behaviors that will help them build wealth in the first place.
Another major difference between financial coaching and advising is that coaches typically have no tie-in with products at all; they do not manage investments, nor sell insurance. We might educate our clients on these basic concepts but we never provide specific recommendations - we refer clients out to licensed professionals for this. In many cases I don’t even discuss the above topics with my clients because they aren’t at...
Garrett - My coach who worked with me around client issues (and is a LMFT) said that it depends on the type of work that you are doing with them. Therapists aren't allowed (or shouldn't) have personal relationships with their clients, due to the type of work their doing. As a financial coach, it's possible to focus only on the numbers (although I don't think it's that effective) or be on the other side of the spectrum and dive deep into a persons patterns/emotions/behaviors around money (what Deborah Price does in her Certified Money Coach training).
The deeper the work you do with someone, I believe the more discerning you need to be about drawing that line. Because people will be revealing very personal information to you, not just around money but their goals, fears, etc. This can complicate relationships with friends/family because they'll know you know parts about them that even their partners might not know, and can change the...