If you’re struggling with your financial situation, don’t worry, you’re not alone, this article will cover nine reasons why you need an economic life coach. We all struggle; the most recent statistics show the majority of Americans living from paycheck to paycheck; we are all missing an education.
There are many ways you can earn money but the default is a job. None of us are default humans, and we’re trying to create our freedom.
One of the biggest reasons why you need a financial life coach is if you are stuck, it’s easy to get stuck, but getting unstuck is usually the burden. We hesitate to reach out and ask for help, but a financial life coach is what you need.
Coaches save you time
When you hire a coach you’re hiring experience, coaches save you time.
A financial life coach will help get you on track to your goals and stop you from self-sabotage, moving you out of your way. We know the little tricks and secrets to get you to focus on generating wealth that matters. Time is one of your greatest assets for wealth building. You have complete control over it. You choose where to focus.
Coaches also know what you need to ignore, if you own a business you won’t want to ignore taxes, this is what you need to know about the essentials of tax planning.
If it were so easy, we would all be wealthy, but sometimes it’s because things are so comfortable that we avoid it altogether. Obesity in the United States is at an all-time high, even though proper diet and exercise is almost common knowledge. Anyone can start today and change their physical makeup.
Confucius mentioned three methods we can learn wisdom; first, by reflection, which is noblest. Second, by imitation, which is most comfortable, and third by experience, which is the bitterest. Learning is uncomfortable because we’re destroying old networks in the brain and building new ones; we must face what we thought we knew.
Not only does this require mental endurance, but it also opens a door, what else don’t I know?
Once you open doors, there are no closing them, but a financial coach can help you navigate through the uncertainty. They can guide you through their experience and the experiences of others they’ve coached, a teacher can still give you the information, but a coach has been there. The best coaches can show give you more than you need and direct you in ways you never imagined.
That is the essence of a financial coach, giving you what you didn’t know you need, experience.
Increase profitability and reduce anxiety
A financial life coach can assist you in increasing your profitability and reducing anxiety. Financial freedom is an all in-game, you want to be on defense and offense. On offense, you’re eliminating any unnecessary expenses that are slowing you from reaching your financial goals, everything is about the purpose, by making small incremental growth you score.
On defense, we’re rewriting our story about money and staying proactive by reducing anxiety about our financial future. Stress is reduced with simplicity and defining complexities. Self-defense isn’t about protecting ourselves from the world but instead protecting us from ourselves. The self-sabotage habits that got you stuck in your predicament will keep you there until you change them in some form.
It all comes down to your decisions. In a professional football game, the coaches make a little over one hundred decisions that impact the outcome. If the winning coach makes one hundred and two decisions, but the losing coach only makes one hundred, it means one coach saw a different game unfold and took advantage of creating that future.
Your life is similar, and your financial life coach can help you spot the opportunities you might be passing up. Only experience can teach you how to make better decisions, but in today’s age, you can always borrow someone else’s experience.
Imagine if every football player needed to create new plays every year, they wouldn’t have time to practice, luckily they have coaches who study and revise plays regularly. You can play, and you can coach, but when you do both, you sacrifice performance.
Strategies and systems
When it comes to performance, your strategies and systems are what we want to adjust. These are the same as plans and habits. With a financial life coach, you will examine where you want to go and the best habits to get you there.
Strategies and systems are all about working with what we have, you have the tools now you need the abstractions, here are 5 business strategies to create operational cash flow.
The plan is the first step, how much money you will need today and in the future. If you don’t have an exact amount in mind, you’ll keep jumping back and forth. It’s like losing weight; we often want to lose weight but don’t indicate a specific amount. We can lose weight, but once we stop being consistent, we fall right back to where we were. The strategies and systems work as long as we work, but instead of looking at the long term benefit, the short term rewards prevail.
In the 1970s, psychologist Walter Mischel pioneered the marshmallow test. The test, devised to show delaying gratification at a young age could predict future achievement in life. In the experiment, a child was placed in a room with a single marshmallow. The child was told they could have a second marshmallow if they didn’t eat the first one for fifteen minutes.
The key determinant in success then wasn’t talent. It was patience. Strategies and systems work, but often we self-sabotage by modifying the order or changing the plan because we know best. The modification makes changes we didn’t take into consideration, and we never reach our goal. Have patience, stick to the system your financial coach gave you, and don’t eat the marshmallow.
Superhumans are humans that focus exceptionally well, the most successful and wealthiest among us, have mastered the ability to focus. Today we have attention deficit hyperactivity disorder or an inability to pay attention. I think the bigger problem we face is no one teaches us how to pay attention.
How can I eliminate the thoughts of what the other person must think of me?
What do I do if there are too many distractions?
Why don’t I listen to myself?
You haven’t learned how to use the word that can change your business forever.
These are all common questions to ask when facing self-control. The military trained me, so my perception of self-control is different. I believe self-control can only be mastered by someone who wants to learn it and is prepared to sacrifice old identities to do so. Self-control can take years to master if we’re always looking in the wrong place, is found in the direction of your thoughts.
Each of us is in charge of directing our thoughts in a way that assists us in our environment, but high-performance individuals have extreme ownership of this power. If you want to build a high-performance business the foundational rules apply, you must possess the skills necessary to create your vision.
High performers unquestionably possess this tool.
The mental strain occurs when we experience psychological pressure, and the most significant type of stress you will face is social pressure. Once you understand how little people spend thinking about you, you’ll gain your freedom. If I am worried about what you’re thinking of me, I’m not thinking of who I can be if you’re concerned about what I think of you, we are two people thinking only of ourselves. Following this line of thought, it makes little sense that people think of us, and even if they do, the outcome of those thoughts has nothing to do with your mental faculties.
You can become a superhuman once you master your ability to focus, your financial life coach can keep you on track.
Financial life metrics
Let’s take a look at your financial life metrics. You won’t need a coach for this, only a piece of paper. The number we want to calculate is the amount of income you’ll need for this year, including everything, figure your dream life instead of reality. I’ll warn you. It’s going to be more expensive.
Then add up all the numbers and multiply it by the number of years you have left to live, give yourself the benefit of the doubt and to make the math easy keep it zero. If you’re pushing fifty, then you have fifty more years. If you’re pushing twenty, you have one hundred more years.
This number is your financial life number. It is the amount of money that if you earned today, you would never need to worry about money, and you’ll be amazed at how much time you have when you never have to worry about money.
Your financial life coach can help guide you through strategies, but you must do the math, it will take you years to build a small amount of wealth for yourself without any plans or direction.
Or it could take years for you to build generational wealth with a plan you created, it starts with your financial life number and understanding what that means.
Family financial coach
A family financial coach can help you with a family financial plan and, most of all, education. The education you and your children receive from your family financial coach will affect everyone who enters your lives. Children are the most excited to share the knowledge that is new or specific to them, imagine if your kid talked about saving a quarter out of every dollar they earned?
Money problems cause most of the stress at home, other issues can result from money problems, and it’s because of this that it’s essential to get your family finances on track. A financial advisor can assist the leader in the family in creating a financial education plan for children and a wealth-building plan for the family.
As your kids grow, they’re introduced to the different aspects of money, such as credit and loans, they may even be looking into college. They will be much more prepared than their peers in handling financial complexities because they have the most critical thing, education.
Business financial coach
If your business is struggling to manage revenue, you’ll need a business financial coach. A financial advisor can assist your focus in preparing and executing the proper systems. Most people aren’t taught common sense, so it’s unlikely they’ll randomly develop a business sense. These are things you learn through your experience or the experience of others.
Rather than experiencing your business fail, a financial business coach can show you what you’re doing wrong before the ship sinks. They can show you how to avoid the pitfalls associated with a lack of experience.
An excellent financial business coach is like a personal trainer. They can help your business get into shape and show you what you need to shift in your form. The form is the most critical thing in the gym, lousy form means little to no gain, and proper form means we’re building muscle. Since the gym is a place we go to suffer our mind will automatically start to drift, it will move away from the pain towards our regular distractions, when you’re under pressure you must manage your attention.
Our attention gets pulled every which way, and before we know it, we’ve wasted half the day, but your focus is your greatest asset. The point is, even with the right systems, we must be vigilant, we’re the ones that can sabotage what we’ve built. We’re the ones that need a financial business coach.
If you don’t believe me, here are ten tax secrets to prepare you for tax season, it’s eye-opening to see how little we know about something that surrounds our lives.
Shiny object syndrome
A financial advisor will help you avoid shiny object syndrome. Once you start generating wealth, you’ll have more opportunities coming to you. The problem is that everything is an opportunity, but without focus, you won’t build your generational wealth, you must focus on the opportunities that align with your wealth-building plan.
There are probably a million different ways you can generate income, but you can’t do all of them at once, a financial coach can help you avoid or notice shiny object syndrome, to stay track. There will always be a new thing, science a hundred years ago has changed today, impossible is just a word used to draw where our beliefs end.
Shiny object syndrome will drain your business like the financial vampire it is, but if you want to keep operating, here are healthy financial tips to keep your business ahead.
You might think that you can avoid shiny object syndrome, but as the fear of missing out (FOMO), it’s something we have in our society.
Fear of missing out
The fear of missing out is pressure or anxiety caused by the fear of missing a social event or another positive experience. Because we’re so connected today, we’re regularly being updated about where we are, what we’re doing, and our associates.
When it comes to your financial legacy, this is one of your biggest enemies. If you can’t contend with FOMO, you’ll spend outside your budget. Emotionally, you’re going to experience the fear, but you decide the outcome.
I refocus my attention when I experience FOMO because I know that where I am right now is where I need to be, dreaming about another moment won’t change my circumstances. There is so much power at this moment that I realize I don’t want to give that away for any experience because it isn’t mine.
If you’re missing out, you might be gaining something, it’s up to you to piece it together.
The best financial life coach will help you build wealth beyond your lifetime. They look out for your best interests, needs, and opportunities for wealth building. If money is a challenge in your life, it would be in your best interest to ask for help.
Making money, earning money, and creating a wealth plan is outside of the normal realm of our conversations. If we never give attention to the things that can help us experience more of this life, we will never see the other side.