Why would a couple need money coaching? Isn’t that the same as financial planning?
It couldn’t be more different. I would describe the two services like this: if you have a pain in your back, taking a pain killer is like financial planning. It just treats the surface issue or symptom, but does not get to the root cause of the problem. Alternatively, going to a reputable chiropractor who identifies the cause of the pain and treats it directly so it doesn’t return is like money coaching. Which one makes more sense?
For couples who find themselves dealing with financial challenges, whether it’s excessive debt, lack of savings, poor communication, using money to exert control, or any number of issues, creating a traditional financial plan will not solve the problem. That’s the pain killer approach. I recently spoke with a mortgage broker who helped a couple pay down their debts with a mortgage refinance, only to see them run it back up in a short period of time. But now, there is no equity left to bail them out. Did refinancing really help? Had this couple worked on the underlying cause of their overspending in addition to the practical solution of re-financing, the odds of debt relapse would have been greatly reduced, if not eliminated. That’s the benefit of utilizing money coaching in conjunction with sound planning strategies.
So what should a couple expect from the money coaching process? Here is a partial list of outcomes most commonly experienced by past clients:
- A basic understanding of money and the brain – the neuroscience behind money behavior
- Self-discovery and understanding of each other’s inherited money patterns
- Learning about each other’s money archetypes and understanding the why behind existing money behaviors
- Developing better communication skills around money
- Creating strategies to transform challenging behaviors into empowering practices
- Improved relationship with money and each other!
Of course there is no guarantee of success, and the couple has to want to improve their situation. But with so many relationships failing and citing money as a primary cause, the need for money coaching before or at least in conjunction with practical strategies is critical.