Financial Coaching

Financial coaching is a multi-step process of assessing a person’s current financial position and personal circumstances - with a deeper dive into the psychological aspect of managing money. Sometimes math is the easy part, but to change habits that took a life time to build can be challenging for some. Taking a deeper dive into your current situation can be overwhelming if you don't know where to start. Don't let hard-to-break habits, or anxiety hold you back from achieving financial freedom. The steps below is the general order of going over your personal finances, with the focus on building good financial habits and rebuilding your relationship with money. An initial assessment would give us a better idea of what you need and which steps to focus on. It's different for everyone.
 
The process: 

Step 1:

Set up a working budget - create an expense report and go over current spending habits to set up a budget. Implement new habits and methods to make it work.

 

Step 2:

Eliminate all debt. Work out a plan to get rid of all consumer debt, and consider accelerating mortgage payments if required. Adjust budget if needed.

 

Step 3:

Review and analyze current financial protection strategies and estate plan, i.e. insurance, wills and POA's. Make sure strategies are in place for a smoother transition for dependents.

 

Step 4: 

List financial goals for a retirement, and other short- and medium-term expenditures. Review existing investments and create financial projections to expand on existing savings plans.

 

Step 5:

Review financial plan recommendations and implementation.

 

Step 6:

Monitor and review all steps. Update or revise recommendations if needed.

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