Coaching Tip: Money Management
Category: Coaching Secrets (CS345)Originally Submitted on 1/23/2001.
Introduction
Despite the abundance of books on achieving financial success, many clients still struggle with issues of money management.
The Coaching Tip
Some coaches feel hesitant to work with clients on money management issues because they themselves are not yet in a position of abundance. In addition, any coach needs to be aware of the line between giving financial advice, for which one needs to be properly qualified, and giving advice on money management, which is often common sense.However, where money management is lacking, it most frequently comes from lack of record-keeping and awareness, and here a coach can help. Many people keep no track of how much they pay in interest every month, or even what rate of interest they pay. Some people do not balance a checkbook. Few people keep track of where their money goes every day. Not having access to these bits of information can lead to a fearful feeling that finances are out of control--which
they may well be.These disciplines of record-keeping may not need to be observed forever, depending on the client's choice. However, if they can be adopted for at least a few months then clients will feel far more empowered in regard to their financial position. They will know where the money is going. They will be able to make informed choices regarding payment of bills, and they will be able to look at their overall situations so as to make decisions based on what is actually happening, not on whatever feelings about money they have inherited from family and previous experiences.
Coaching about money should not mean telling clients where to put their money or taking on the role of financial advisor. It can mean helping clients to get a clear idea of their financial situation, so that decisions can be based on solid information.
About the Submitter
This piece was originally submitted by Diana Robinson, PhD, Personal Development & Success Coach, who can be reached at Choices4U@ChoiceCoach.com, or visited on the web. Diana Robinson wants you to know: Your goals and dreams will be our focus. We'll work together to remove the obstacles that slow you down. Let's go! Discover what a free half-hour of coaching can do for you. I also offer two free e-zines. Please visit me.
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