What is Financial Coaching? We believe one can not be financially healthy without a plan to eliminate debt from their life. Why are we so against having debt? Because paying interest to anyone is money better sent elsewhere. Financial coaching is getting a budget that works for you and getting your debt paid down.
Budget Analysis: This is where we sit down and try to figure out what your intake is and what your outtake is. Then we sit down and find the items we can fine-tune in order to make your intake and outtake balanced.
Debt Analysis: This is where we sit down and analyze your debt. We believe all debt is bad. Usually, most of the things we pay the debt on are depreciating assets, this doubles the injury of the buying things with debt. Our goal with debt analyzation is to sit down analyze all of the debt and identify the most harmful first. During this time we encourage all people to transfer their spending from credit card to debit card. We don’t want to incur more debt while we are trying to lower it.
Financial Goals: These goals have to be tangible things that you desire to create wealth in your life. Examples of these could be an emergency fund, paying off all debt, an emergency fund that goes out 3 to 6 months for bad times, 15% of your pay towards retirement, college fund for your children or paying off your house early. Which one of these resonates with you? Which one of these would bring great stability to your life and your children’s life?
Not all Financial Goals have to be financial milestones. They can be purchasing a new boat, flying lessons or a vacation. We just believe these should be cashed based purchases not credit-based. Wondering why? Just watch this educational video below for more information.
We are not going to lie that video was mostly entertainment, but we hoped it brought home the danger of credit cards. Our goal throughout our program is to use for you to use them less.
Who should get Financial Coaching? Someone who has a desire to improve their overall financial picture. Someone who desires assets instead of debt.
If I am loaded with debt is financial coaching a good idea for me? Really this is the type of client who could most use it. We recommend a 6-month session of Financial coaching before starting credit repair if you have a lot of debt. This way the credit repair process can go faster. Some of our recommendations might optimize your score before you even start the credit repair process.
What if I can’t afford you? Our goal is to analyze your expenses from our very first session to get you to a place to where you can. We are here to point out or slim things down that might be costing you extra.
What if I am on the brink of bankruptcy? Once again we can help you decide what to pay or not pay on many of these items. It just might be better to not pay them then file for bankruptcy. Bankruptcy is riddled with problems that prevent you from getting financially healthy faster.
What’s the first step I should take before we start? We like everyone to get an account on Mint and start inputting all their bank accounts, credit cards, home loans, car loans and IRA’s into it so we can build a better financial picture together. This should be done before our first session. At our first session, we will go through what we find and start for the Budget Analysis, Debt Analysis, and Financial Goals.
One of the things we have seen is there are credit repair firms, there are financial coaching firms but there are no one-stop shops that we have seen in Utah. We want to be that one-stop-shop for you!