These days there are certainly lots of professionals in the money management arena. So much so, the titles get a little bit confusing. Financial Planner, Financial Counselor, Financial Advisor, Accountant, Investment Advisor, Lifetime Planning Advisor… (yawn)… who even knows what all those guys do?
Now we want to throw money coach in there, too?!? Why on earth does anyone need one more financial guru?
Simple - For years, all of these areas of finance have been lacking in one critical area. They haven’t taken into account the HUMAN EMOTION side of money.
They are all about savings, and investing, budgets, and spreadsheets. They are the, “put your money exactly where/when/how I tell you to,” crew. They are the paper side of money, the FLAT side. And, they certainly don’t care what you know (or don’t know) about money. After all, their business relies on THEM being the experts over your money.
Money coaches want to put back what has been long missing in money management. YOU – ALL of you. Your whole physiological, emotional, physical you.
Money coaches are about transformation. They are the messy, chaotic, crazy, beautiful life side of money. A money coach’s trade is about helping you become a better version of yourself. Helping you understand your money in your own way and allowing YOU to be the expert over your money.
Ok. So I think I understand how a money coach is different, but is this emotional side of money management even a real thing? How can it possibly make a difference?
You betcha, it’s real!
Interior finance, a phrase coined by Dr.’s Ted and Brad Klontz, is the internal (or emotional) aspect of money management. Weird, right?
Well… maybe not so weird after all…
Think about it. How many times do you react emotionally, rather than logically, when it comes to your money?
Ever fight with your partner over spending?
Ever make a purchase you immediately feel guilty about?
Ever feel gloomy thinking about the bills that are piling up?
Ever “just have to have it right now!” buy something (shoes, or a camera, or a smart phone, or *insert your own version of bliss here*) even though you know you don’t exactly have money for it?
These are all examples or our emotions dictating how we view our money, and it actually happens much more than you’d think. That’s the dirty little secret that those other money guru’s don’t want you to know. They like to act like spending money is logical. Bring home A, Save B, Spend C, etc. They have everything in charts and columns and refuse to accept that there is more to the equation than “just follow the spending plan”.
But come on, we both know that it isn’t always that easy. More often than not, when the “logic” of money just isn’t working it is because the “emotions” of money are getting in the way. And, unless the internal (emotional) aspect of money is understood, and controlled, budgets won’t work, savings won’t materialize, and you will continue to struggle with money.
Enter money coach! (Duh da da DA!)
A money coach that focuses on the internal aspect of money is there to help you understand where those emotions are coming from and how exactly they are getting in the way of your financial success. Once all that’s out in the open, a good money coach will help you move past those nasty little spending habits that are holding you back, getting them out of the way once and for all so you don’t have to struggle anymore. As the interior world of money gets less messy, so does the exterior (outside) world of money. It’s a neat phenomenon that they work directly hand in hand with each other. Heal the inside and the outside begins to fall into place.
Yes, financial success actually begins on the inside!
Imagine… buying that little piece of bliss because the bills are all paid, you have the money to spend, and you know that you won’t feel guilty about it, even for one second.
Now that’s what a healthy relationship with money looks like!