Financial coaching part of a good life plan
OPINION: Successful teams and successful individuals have similar traits - hard working, talent and have a great coach or mentor.
Sporting teams are easily identifiable as benefiting from coaching.
The Queensland Origin Team under the coaching of Mel Meninga has created history with a seventh straight Origin series victory.
Recently returned gold medallist Sally Pearson's coach Sharon Hannon has been coaching Sally since she was 12.
The Queensland Origin team and Sally have been on record expressing how beneficial coaching has been to them.
Why can't coaching be used to help people achieve financial success?
This was a question I asked myself.
Why not blend life coaching with financial planning?
It makes sense or more to the point dollars
What is financial/wealth coaching?
Coaching clients to disintegrate sabotaging belief systems they may have about money/wealth and building successful strategies around money/ wealth. For example clients can have difficulty holding on to money. They spend, gamble or cannot save. Alternatively clients may have difficulty in spending, they are that emotionally attached to money they can't let go of it.
Identifying client goals and making them accountable in achieving them. The goals need to be specific, measurable and powerful.
Coaching clients on the Why. What is the reason they want a certain amount of money. Is it freedom, family, passion, material possessions or maybe charity? Aligning their financial goals with their mission, vision and purpose and then linking with their "Ideal Life".
Coaching clients on the How. How to achieve their financial goals. Using the best structures, tax planning, budgeting , leverage and accountability.
Russell Geldard is an investment advisor with Elston Partners.