Many people have received basic financial literacy training at some point in their lives, be it in a high school “Senior Life” class designed for college prep, a first-time home buyer’s presentation, professional licensure courses, and so on. Despite a significant population understanding these basic concepts, why are so many Americans still in dire financial circumstances with no end in sight? In short, they lack mentorship and mindset.
This is where financial coaching comes in.
Money mindset has little to do with how much you know about finance and everything to do with how you behave with the resources you have.
How disciplined are you? What is your risk tolerance?
Consider that of the 12 most common money-related issues that cause divorce, the first on this list is opposing attitudes about money (businessinsider.com/divorce-money-issues-financial-relationship-couple-2019-7).
This isn’t a quantifiable issue that an app or spreadsheet can solve. It’s an example of an issue that requires intervention from a professional that can help identify priorities and goals in relation to risks, and stick to them.
Financial fitness is as difficult to achieve as physical fitness is without the guidance of a coach.