Money Coaching Combines Education, Accountability and Transformational Learning into Your Personalized Plan for Achieving Wealth
- Why these four elements are critical to building lasting wealth.
- How money coaching incorporates them into one package so you can succeed with ease.
Money coaching provides four essential keys to building wealth in one convenient package:
- The educational resources you need for learning without falling into information overwhelm.
- A personalized wealth plan based on your unique skills, abilities, and resources to guide the action.
- A practical system of accountability and support so that you implement the wealth plan with enough consistency to succeed.
- Transformational growth to overcome the obstacles that stand between you and achieving the goals in your wealth plan.
Think of it as a four legged table. When all four legs are in place, the table is stable and strong.
Unfortunately, most people live with wobbly or missing legs.
The result is financial mediocrity as proven by the statistics showing how few people actually achieve wealth.
If you want a different result, then financial coaching can help by strengthening each leg under your table so that you have a stable foundation for building wealth. It's just that simple.
Here I'll explain how each of these four legs to the money coaching puzzle are essential to your financial success.
I'll also show you how these four legs form a complete six-step money coaching process so that you can see the practical application.
Let’s get started by examining why each of the four legs to money coaching are essential to your financial success.
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The 4 Essential Elements To Money Coaching
1. Your Wealth Plan:
The necessary starting point to achieving wealth is designing your wealth plan.
Not just any wealth plan, but one uniquely fitted to your individual goals, resources, skills, and life situation.
Generic plans won’t produce reliable results, and the guru-of-the-day's wealth program won't work for you if it doesn't fit your personal situation.
Your wealth plan must be custom fitted to your life and values, and it must be based on proven principles that lead to financial success.
In short, there's a lot more to designing a proper wealth plan than most people understand, and that's why so few people succeed.
It takes time and effort to get it right. The most common ways people fail at this process include:
- Never creating a wealth plan or committing it to writing in the first place. If you fail to plan then you plan to fail.
- Confusing a broker's “investment plan” or “retirement plan” with a wealth plan. They're very different.
- Working with a flawed wealth plan that isn’t based on your unique skills, resources, and interests.
- Working with a wealth plan provided by one of the many do-it-my-way gurus that's either out of date or has nothing to do with your situation.
- Using a wealth plan that lacks essential and proven principles that lead to financial success.
With so many potential potholes in the wealth planning process, it's no wonder so few people succeed financially.
How do you know if you have your wealth plan in order? It will be different from a traditional financial plan because it will likely include at least two, and probably all three, avenues for wealth building: real estate, paper assets, and business.
Additionally, it will balance your life with career, health, family, and financial responsibilities while providing clear action steps to take on a daily basis so that you achieve your financial goals.
Most importantly, it will be unique to you based entirely on your skills, interests, abilities, resources, and needs. No two wealth plans are ever the same.
In short, it's a working plan that provides a context that focuses all daily actions and decisions toward your desired objectives.
It gives you a foundation and compass so that you can live with purpose.
2. Educational Foundation:
You're not going to design this wealth plan or execute it successfully without access to the necessary educational resources.
That's why money coaching is an educational process at its core. We build your financial intelligence so you can build your wealth.
As a money coaching client, you'll receive private access to unique educational resources and insights.
I'll guide you to what's relevant so you don't fall prey to information overload.
You'll be mentored by me and benefit from my decades of experience building wealth and coaching clients to do the same.
3. A Practical Implementation Process:
It doesn't do you any good to learn a bunch of information and build a plan if you don't put it all to good use by taking action.
Accountability is a central part of the regularly scheduled coaching calls that support you in taking effective action and implementing specific strategies, each and every week.
The consistency and accountability provided by the coaching calls is what keeps the busy-ness of life from getting in the way and putting your wealth plans on hold.
It assures you make regular and persistent progress toward your wealth goals and produce the results you want.
4. Transformational Growth:
This is what separates money coaching from all comparable disciplines and is the catalyst for breakthrough results.
The reason it's critically important is because when you build new financial habits, you'll inevitably run into obstacles, personal gremlins, and limiting beliefs that will stop your progress.
Successful people overcome these obstacles, whereas most people get derailed by them.
With money coaching, you'll have the support and insights from your coach to break through these barriers and move to new levels of achievement.
You'll stop repeating old, destructive patterns by replacing them with new, productive patterns that take you toward your goals.
The key point you should notice is how each leg under the money coaching table is essential to succeeding, and how any one leg missing could set you up for failure:
- Failing to plan or working with a flawed plan is tantamount to planning to fail.
- Not having the right educational resources can cause you to climb the ladder to success, only to realize it's leaning against the wrong wall.
- Lack of accountability and support causes inconsistent action, allowing life to regularly get in the way, hindering progress.
- Lack of personal transformation causes the inevitable obstacles along the path to financial freedom to act as dead-end roadblocks instead of hurdles that can be overcome.
In short, any wealth building process that lacks these four elements is likely to fail. (Read that sentence again because it is important!)
Financial coaching is the only process that includes all four benefits in one convenient package. That's why it gets results.
“The definition of insanity is doing the same thing over and over and expecting different results.”– Benjamin Franklin
To make these concepts even clearer, I've organized them into a structured, six step process to give these principles a tangible form.
Below you'll see how these “legs under the table” actually work in practice with money coaching.
Money Coaching Stage 1: Assessment and Planning – What You Want, Why You Want It, and How You'll Get It
- What You Want: The starting point for money coaching is to build your wealth plan based on gap analysis. Start with an assessment of your current situation – skills, assets, income, expenses, and other resources – and compare that to your ultimate goals and objectives – what you want your dream financial situation to look like. The difference between your current situation and your dream life is your “gap”, and the objective of financial coaching is to bridge that gap.
- Why You Want It: Bridging the gap takes significant effort and resource dedication, so the next step is to connect the financial goals in your wealth plan to deeper values inside of you. The reason is because “making more money” isn't deep enough to drive you to prioritize the process long enough to succeed. What makes the money game worth playing? What else excites you about the wealth building process besides making money? Without that knowledge, financial freedom is just another “to-do” drudgery added to your already long list, and that's a prescription for failure.
- How You Will Get It: The final step in preparing for implementation is to design your personalized wealth plan complete with specific strategies and action steps. This plan will be built around your current needs, skills, resources, and abilities, and will provide the foundation upon which all future decisions and actions are made. Your money coach will educate you on proven principles for success such as leverage, risk management, valuation, and much more so that your plan is realistic. We'll put hard numbers to your plan and make sure everything pencils out. It will be fully engineered without any vagary because this plan will also set the context for the rest of the coaching relationship. It won’t be a “cookie-cutter” plan like some “how-to” education programs. It's a collaborative process that will be tailor-fit to your unique situation.
These first three steps form the foundation of your plan for financial freedom and usually involve a coaching frequency of three times per month.
The purpose is to establish the plan, clear the decks for financial freedom, and take preparatory actions.
Depending on where the client begins this process, the foundation and wealth plan can take anywhere from one coaching session to three months to complete.
Money Coaching Stage 2: Taking Action Toward What You Want
- Take Action: Now that the assessment, foundational education, and planning for stage one is complete, it's time to enter the second stage where you get into action – because nothing happens without action. You'll begin implementing your plan without getting stuck in “analysis paralysis.” Instead, you'll start on the first logical step quickly and efficiently. You'll learn by doing, and your money coach will teach you how to manage risk during these first steps so that the process feels safe and productive.
- Shape Your Environment: Once you're in action, the next step is to shape your environment to support and pull you forward toward your goal. “Resistance” acts as a natural force that causes inertia and inhibits forward progress. You must work with external influences in your life such as partners, work-mates, office arrangements, daily schedules, and more to reinforce your new habits and plans.
- Formulate Your Investment Plan: Now that you're producing excess cash flow, it's time to engineer an investment plan so you can compound the surplus savings. The investment strategy must be carefully chosen to match your wealth plan and the resources (time and money) you can dedicate to the process.
- Correct And Adjust: As you work toward your goals, new education will be developed, and plans will need to be adjusted. This is where the inner game begins and transformation occurs. It's one thing to intellectualize financial freedom, but it's something entirely different to walk the talk. Seldom will you reach your goal directly. Instead, you'll go through a series of missteps and learning where we assess performance according to the motto “judge by results: often harsh, always fair”.
Patterns will be recognized, blind spots made visible, and increased awareness will result. Behavior will be reshaped and lead to revised plans and new actions.
Your financial coach will work with you to reach your goal so that you move forward like a guided missile that corrects and adjusts to reach its ultimate target.
Progress will be tracked, victories will be celebrated, and losses will be controlled and learned from.
The objective is to create a consistent upward trajectory so that the outcome is certain.
During this implementation stage, clients usually choose to reduce call frequency to twice per month from the three calls per month during the planning stage.
This controls coaching costs, keeps the process fresh, and provides sufficient accountability for regular action. It also provides the support necessary for transformational breakthroughs.
Money Coaching Process Summary
In summary, you begin money coaching by developing a personalized plan to achieve your financial goals based on your unique life situation. You then take action every week to reach your goals.
Along the way, you overcome all the obstacles that stand between you and your goal, resulting in transformational learning, a few course corrections, lots of personal growth, and steady progress toward your goal.
That's money coaching in a few brief, oversimplified sentences.
There are four keys to this process working effectively so that you get the results you want:
- You need a wealth plan based on proven principles that work. Most people never achieve financial freedom because they have no plan or a flawed plan. You start with the end in mind by planning how you'll get from the beginning to the end.
- You need a consistent source for education that provides only the necessary information at the correct time so you don't go into overwhelm. You need just enough information to make accurate decisions, but not so much that it causes confusion or burn-out.
- You need an accountability process that produces consistent action leading to consistent results. Nothing happens unless you take action, and regular accountability supports regular action so that life doesn’t get in the way of achieving your goals. Most people never reach wealth because their actions aren't sufficiently consistent and persistent. Accountability and support solves that problem.
- You need transformational growth to overcome the obstacles holding you back from producing results. We all have personal blinders that limit our results. In addition, problems will surface along the journey. Without coaching, these blinders and problems will stop you dead in your tracks. With coaching we can overcome them – together.
“Todd's coaching has directly helped me:(1) Purchase two properties and increase the equity over $300,000. (2) Learn to manage the numbers in my business to remain profitable even in the slow season. (3) Negotiate deals that have saved me tens of thousands of dollars including most recently saving $2,700 on a vehicle that was already priced below blue book. (4) Hire a former CEO of an advertising agency as our VP of Sales and Marketing and structure the deal to lower my risk by only paying for future growth as it puts money in my pocket. (5) But the real value from my coaching relationship with Todd came from the changing of my thoughts. I have learned many techniques that I will benefit from and the balance I have gained in my life is something that not every coach can teach. I would recommend Todd for anyone who is serious about changing the way they do things. He will not waste your time or his.”– Dan Cosgrove; CEO, Mercantile Systems; Brentwood CA
In short, money coaching provides four essential tools – a wealth plan, education, accountability and personal transformation – to overcome the four primary hurdles that keep most people from succeeding financially: no plan, lack of knowledge, no follow-through, and self-imposed limits.
Nothing else works like it because only money coaching combines proven coaching techniques with the required financial and technical expertise to really make it happen.
There's no faster, more efficient or effective way to achieve your financial goals.
Want to Learn More about Financial Coaching? Pick Up a Copy of My Book.
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