When it comes to money, most people can benefit greatly from a little bit of guidance. You probably know what a financial advisor or financial planner does. But there’s another professional you may want to add to your finance team: a money coach.
Whereas financial advisors help clients manage and invest their money wisely, money coaches look at a client’s overall financial situation and help set financial goals— like creating a family budget, figuring out a debt payment schedule, or building a nest egg.
Unlike financial advisors, financial coaches don’t need any official certification—many are social media influencers. Still, they can be helpful for people who want to have a better understanding of personal finance but don’t necessarily learn best by reading. Money coaches can turn the theoretical into practical advice focused on your specific situation. A money coach may be a good option for you if:
- Thinking about money overwhelms you or gives you anxiety.
- You’re going through a finance-changing life event.
- You’re worried you won’t achieve goals (like buying a house).
