Money coaching will help you take control of your finances, understand how to manage your money better and show you how to maximize the money you do have to get what you want out of life. Poor money management can result in undue anxiety, unnecessary debt and no plan for the future. With good money management, you can feel empowered to achieve your goals and feel secure about your future.
This service is not only for those who have ‘spending problems’ so to speak. Let’s take savings, for example. You may be saving, and you may even be a good saver, but do you know what you are saving for? Do you have a plan? Are you sure that saving itself is making the optimum use of your money? Money coaching is about helping you to make conscious and clear financial choices so you can reach your goals and sleep easily at night.
I am locally based in Vancouver and offer a friendly, independent, professional but informal service. I will work with you to understand your long and short term financial needs, goals and concerns. Together, we will come up with a plan that will include knowing your net worth, managing your bank accounts, understanding your investment mix and how to reduce your debt, and much more. We can even talk about how much of an allowance to give your kids or how much you really need to save for their post-secondary education. Money coaching is for you if you are concerned about your finances, including the following:
- Mortgage and housing costs
- Retirement planning
- Reducing debt
- Inheritance planning
- Financing career transitions
- Paying for educational costs; your own or those of your children
My process will always start with an informal meeting with you, where we talk about your needs, goals and concerns. We also get to know each other in order to find out whether we are a good fit and can work together to create the best money management plan for you. We discuss the various options for money coaching and you can decide which would be the best option for you.
My money coaching service always includes:
- Financial coaching and education
- A net worth statement
- An investment review
- A debt repayment schedule
- A spending and savings plan (with a money management system)
I offer personal, business and divorce money coaching that can be further tailored to your own unique circumstances and needs.
Personal money coaching
This type of money coaching is for the individual or family who needs a tailored approach to money management. You’d fit into this category if you are having trouble with things like:
- Deciding if you should buy a home or keep renting
- Being able to afford a vacation you’ve been postponing for years
- A newly acquired inheritance you don’t know what to do with
- Knowing what to do with your high value possessions so they maximize value to you in the long run
- Making a decision about financing college education for your kids, or taking out student loans – or how much to save in your RESP’s
- Keeping kids in private school or on a sports team (equipment is expensive!)
And so on. Of course the above are just examples.
But in short, these financial issues are personal in nature, or family-orientated.
Every individual or family is unique. There are some who need help with cash flow, the reduction of debt and the ability to save for their goals. There are others who want to understand their net worth and investments, to see if they are spending in line with the money they have, and their future goals.
I will sit down with you and tailor the coaching sessions for your situation and where you are in your life. You will come out of our sessions with financial clarity, including an understanding of:
- Your financial goals
- How much you need to save to meet your financial goals
- Your net worth
- A monthly and yearly spending and savings plan to reach your goals
- A strategy for reducing your debt
- Your investment statements
- An analysis of your investments
Business money coaching
This type of money coaching is for small business owners or sole proprietors who need an analysis of their cash coming in and their cash going out. You’ll know if you need this type of service if you’re having a hard time with things like:
- How much revenue you need to earn in your business to meet all your personal goals
- What your business monthly fixed costs and break-even point are
- You make decisions based solely on whether there is ‘money in the bank’
- You base your success on ‘money in the bank’
- You find it hard to pay your government remittances when they are due
This type of service also includes the personal money coaching described above.
Business money coaching is for those people who need help with cash flow management and the reduction of debt in their personal and business lives. This service will include:
- Understanding the separation of business and personal finances
- Paying yourself from your business in the best way possible from a tax and cash flow perspective
- Setting gross revenue ranges
- Creating business cash flow projections
- Strategies for reducing debt
- Understanding government filings
Plus the personal money coaching package above.
Divorce money coaching
This type of money coaching is for the new, or soon-to-be divorcee who needs help understanding how much money they really have and how much they can spend yearly and still have long term financial stability. The end of a marriage is a hard time to go through. Thoughts can be fuzzy and financial decisions can get complicated. This type of money coaching is for you if:
- You want help to understand your division of family assets
- You need to make financial decisions such as keeping the family home or selling and downsizing or renting
- You are not yet comfortable managing your money and would like guidance or a second opinion to ensure long term financial stability
- You’re not sure how much money you need to live comfortably
- You’re not sure if you can live comfortably with the support payment you have
This is specialized personal money coaching and includes all of the personal money coaching services.
In addition to understanding the financials as a qualified CPA, CA, I’ve also ‘been there’, so I know what all this is like. I want to help.