Life is all about decisions, and the financial decisions we make can have a powerful impact upon our quality of life and the freedoms we enjoy. But making sound financial decisions can be daunting, as the process requires careful consideration and thoughtful planning. This is where a life coach comes in. Although life coaches are not typically financial planners, they have the skills to help people improve their financial situations in many ways. Here’s a look at how working with a life coach in the three main areas of your life---personal, professional, and family---can empower you to make enlightened decisions that ultimately lead to greater financial freedom.
1. Personal progress: As individuals it is a real challenge to recognize who we are and what we hope to accomplish in life. It’s also difficult to discover our talents and abilities and then figure out how to leverage them to achieve our goals. Life coaches help individuals come to an understanding of who they are and what their true potential is, not through indoctrination but by encouraging a level of introspection that leads to self-discovery---to those “Aha!” moments that motivate, inspire and empower. Life coaching encourages individuals to discover true priorities, set lofty goals and then dig deep to achieve more than they could have ever imagined on their own---emotionally, spiritually and financially.
2. Professional empowerment: One of the big benefits of life coaching is that it encourages entrepreneurship. And since business start-ups are not without financial risks, life coaches can help empower entrepreneurs to become better adept at making decisions that can have positive financial outcomes. For starters, life coaches can help entrepreneurs become more assertive and self-confident, helping them to recognize and maximize their strengths and find ways to minimize their weaknesses. They can also help entrepreneurs to acquire new business building skills and to be more effective time managers. In addition, life coaches can help entrepreneurs discover better ways to motivate and inspire employees to be more productive, to improve employee loyalty, and increase the retention rate of high performers. They can also help business owners to be more budget-minded when it comes to both the big and little expenses. In short, life coaches can be very effective in helping entrepreneurs create and maintain healthy bottom lines.
3. Family fulfillment: Among the challenges many of us face today is finding and maintaining a healthy balance between family life and professional life. And it’s critical to understand that, when it comes to the family, life decisions and financial decisions are inseparably intertwined. Much like the service they provide to business owners, life coaches offer unbiased observations and insights as to how families can function more effectively and efficiently. And when it comes to issues that can disrupt the family dynamic, financial concerns are often at the forefront. That’s why one of the main goals of life coaches working with financially challenged families is to help all family members adopt healthy spending policies so that the family as a whole can reach its financial goals. And one of the best spending policies a life coach will encourage a family to adhere to in order to ensure financial stability is that of spending according to needs instead of wants. For example, parents may think they deserve a new car, and children may feel that they deserve the latest in techno gadgetry, but delaying the short-lived gratification that comes from these types of purchases in order to make the family more financially stable for the long run, is a reward that a life coach can help all family members to appreciate.