Below are several answers to some frequently asked questions that coaching clients may have. If you have additional questions or are interested in finding out how a unique, non-judgmental one-on-one coaching relationship can benefit you, please feel free to reach out using the contacts page.
What is a financial coach?
Financial coaching, sometimes referred to as money coaching, means providing regularly scheduled one-on-one sessions with clients in order to ‘coach’ performance improvements to meet goals mutually agreed upon by the coach and the client. Financial coaching will not only make you more aware of your spending habits, you will learn valuable skills. The coaching also focuses on improving long-term financial behavior, assists clients with practicing new behaviors, and shows you how to effectively continue reassessing those behaviors over time. It also facilitates clients to set and achieve their financial goals.
What is the difference between a financial coach and an investment advisor?
Financial coaches perform very different roles from investment advisors. For example, financial coaches are educators and fiduciaries. On the other hand, an investment advisor will make specific recommendations with regard to investments and portfolio mixes, and generally a financial advisor will execute those trades on your behalf. An investment advisor will often manage the investment account over time too.
What will a financial coach do for me?
The purpose of a financial coach is to educate you on important terms, general principles, common industry practices, and various related topics while coaching you along the way. A financial coach will help you learn how to evaluate different saving and investment options for yourself. The goal isn’t to do the work for you, but rather to teach you and empower you to understand those saving and investing practices so you can make better decisions related to your finances.
How will I benefit from financial coaching?
There are several benefits of working with a financial coach. Ideally, you should…
• know exactly where your money is going so you are in control of your finances;
• have a plan to pay off debt and stay current on your expenses and taxes so you’re not paying for the past during your future;
• increase savings so you can buy a home, pay for college expenses, handle vacation costs, and even be ready for unexpected expenses;
• increase investments so you feel more comfortable about retirement;
• have a strategy to communicate better with your spouse about money; and
• identify your financial goals and learn how to achieve them.
In short, if you implement what you learn, a financial coach can help you live the life you want to live!
Do you provide a complimentary initial consultation?
Yes, all clients of Crimson Money Concepts will receive an initial complementary consultation. It is important for you to understand the services offered and how they can benefit you.
What information is covered during the initial consultation?
During the initial consultation, I will explain the entire program to you. You will see how the 10 step plan can work for you and financial questions will be addressed based on priority.
Why is having a financial plan so important?
Having a financial plan in place can create significantly more cash flow (more money coming in that going out), alleviate personal and/or marital stress brought on by a difficult financial situation, elevate your (and your spouse’s or family’s) lifestyle.
Can I afford financial coaching?
Yes, actually financial coaching is the often the more sensible and more affordable option. If you compare the cost of debt over time, debt consolidation, or worse… a bankruptcy, you are far better off seeking money coaching.
What are the financial coaching packages that are offered?
Not all clients have the same needs. As a result, Crimson Money Concepts is proud to offer five different individual packages to meet your needs. After the initial consultation, you will know which package works best for you. There are short term packages and others that are a little longer term. Depending on the package you choose, up front payment and monthly payment options are offered. Discounts are built in to the longer term packages to make them even more affordable.
What is meant by cost of debt?
Simply defined, the cost of debt is interest paid to creditors to assume the risk of lending money to borrowers, and of course, to make a profit based on that lending. Over years, what may seem like a small amount of money, is often thousands or even tens of thousands of dollars. The cost of debt is more than that though. There’s an opportunity cost associated with the debt and interest paid by a borrower. If the same amount of money borrowed was instead put into savings or an investment, assuming the savings rate or capital gains, respectively, were higher than the rate of inflation (which is typically 3 to 4 percent annually), that money would be worth more tomorrow than it is today, not less!
Why should I be concerned about the cost of debt?
Did you know, according to credit.com, you’re likely to pay over a quarter million dollars in interest during your lifetime? “A typical person will likely pay $279,002 in interest on credit purchases over the course of his or her life.” How would you like to have that money in one of your accounts and be earning more money just having it there? The lower your credit score, the costlier it is to obtain credit too. So, that figure could actually be much higher!
Is debt consolidation a good idea?
The cost of debt consolidation can cost hundreds or thousands of dollars in additional interest each year for several years. This is because unsecured debt carries significantly higher interest rates. Debt consolidation may temporarily relieve the symptoms, but it is not always the right solution to the bigger problem of debt. If you are thinking about consolidating debt to relieve some of the financial stress you’re experiencing, it is highly recommended that you first seek financial coaching.
If I’m ready to file for bankruptcy, can you still help me?
There’s a good chance, the answer to that is “yes.” In most bankruptcy cases, the person considering bankruptcy isn’t actually bankrupt, but likely desperate and unable to see a better way out. Filing for bankruptcy is usually not a good option.
Won’t bankruptcy wipe out my debt so I can start over?
Bankruptcy can be tremendously damaging and, contrary to what some believe, debt doesn’t just go away. Some forms of debt aren’t even covered at all by a bankruptcy.
Why is bankruptcy such a bad option?
Bankruptcy is extremely costly. In addition to the cost of the bankruptcy itself (thousands of dollars in attorney fees, court costs, etc.), there are generally some long lasting negative consequences to doing so (for example, a decade of poor creditworthiness, not to mention higher costs of obtaining credit, and further reduced savings). In fact, did you know that a bankruptcy may even limit some career opportunities? If there’s a better way, let’s find it together.
Where is Crimson Money Concepts physically located?
The coaching practice is physically located in Vacaville, California close to Interstates 80, 505, and 680. For local residents, it is conveniently located just a short drive from Davis, Dixon, Fairfield, American Canyon, Napa, Martinez, Pleasant Hill, and Walnut Creek.
If I don’t live in or near Vacaville, California, can we still meet?
Absolutely! While I’m located between Sacramento and the San Francisco Bay Area in California, you don’t even need to be in-state. There are several venues available for money coaching whether you live locally or not. Coaching sessions can be provided in-person, over the telephone, via Skype, or by email. You only need to be willing to commit to making the necessary changes to succeed financially.
What are your typical office hours?
The private practice hours are by appointment. The schedule is flexible to meet the needs of clients.
What forms do I need to complete before my first coaching session?
Prior to our initial consultation, I will request that you complete the client information form and return it to me via email. It will provide enough information about what your needs are so that the initial consultation will be productive. You’ll be provided with more forms going forward after that.
Please feel free to reach out via the contacts page. You’ll receive a timely response!
Updated on February 3, 2019 by Anthony Piccininno
crimsonmoneyconcepts.com 