WW 226: The Biggest Money Coaching Misconceptions - Solo Show

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A Quick Recap from this episode

Today we have a fun episode because I wanted to walk you through the 5 biggest misconceptions of money coaching. There are so many misconceptions about building a coaching business but then also in delivering the coaching, so I want to focus on the job of actually being a money coach, not just a coach in general.

Whether you’re a brand new money coach, an aspiring one, or you’re seasoned, these misconceptions can still hold you back, so we’re talking through them!

I want to share these 5 misconceptions with you so that you can avoid falling into the trap of believing them, but also wanted to share some thoughts with you on what to do instead so you can build a thriving money coaching business.

The 5 Biggest Misconceptions for Money Coaches:

1. You have to be an expert in all of the things.

Do you believe that? This creates massive imposter syndrome and the feeling of being a fraud. We somehow make up that in order to be a money coach we have to know all the things, and if we don’t know them, we’re a fraud. It becomes a bad spiral.

You don’t (and probably shouldn’t be) an expert in all the things. Some of the things that you think you even need to know might be too advanced for what your clients are looking for anyway.

Do you need to be an expert at investing, buying a home, or taxes to be able to help a client manage their money and make good decisions with money? No. And that’s just one example.

Instead be an expert in your one area. Stop putting pressure on yourself to know everything and become the expert where your bread and butter is. As long as you’re honest and transparent with your clients and outline what you do cover and they understand that, then you’ve done your job.

2. You have to be at your clients’ beck and call.

So many coaches think that they have to meet with their clients weekly or give them unlimited messaging or access to them and even feel like they always have to respond right away.

A lot of coaches are already doing this, but even aspiring coaches feel like they will have to and then are afraid that it will get out of control. This holds a lot of coaches back and is something I did for a long time. You can even see some of my story about it here.

Coaching programs don’t have to look like ones you’ve taken in the past or seen others offer. They shouldn’t. They should be unique and feel customized to your clients and you as the coach. That means that you don’t have to offer a particular type of access or communication.

You can offer access and intimacy to your clients without having to be available all hours of the day or responding right away. This is where boundary setting and proper program structure and creation comes in.

3. You believe you have to have a solution for every problem that could ever come up.

This is normal because when you start to think about who you want to help and the problem that you want to solve, you then start to realize that finances are intertwined with other issues, some of which are much bigger.

This somewhat relates to being an expert. You have to realize that you can’t possibly have a solution to every single problem that could come up. There are so many different ways a client’s situation could go.

It’s also important to remember that coaching is not a done-for-you service that you’re offering. Coaching is a done-with-you service. You’re working with the client to solve their problems. Most likely you will have some solutions that you’ve learned and created, but even some of those won’t work for all of your clients.

We get ourselves stuck here because we overly strive for perfection on this and spend so much time convincing ourselves that we need more solutions before we’re allowed to start helping people. You can solve your client’s problem. You can only help a client identify and solve their own problem.

4. You’re competing with financial advisors, CPAs, and other financial titles because you feel like you have to prove yourself and show how you’re better, and if a client has one of those you can’t work with them.

The truth is that financial advisors and planners often make great strategic referral partners for money coaches. There are so many advisors that don’t want to help their client with budgeting or their debt situation. The majority of them are much more interested in the more complex investment, insurance, etc. pieces.

You also are allowed to educate on some of those next level complexities, but it’s still a strategic partnership to have because that’s a value-add to your client.

I think a lot of us get intimidated and fall into the imposter syndrome trap here. The truth is that, even though there is some overlap, they’re two very different jobs and are both important and necessary and can make for a great partnership.

5. You have to be certified or be trained on how to coach following another coaching model.

I wanted to bring this up because I’ve received so many questions about the Wealthy Coach Blueprint and how we bring money coaches to the world. So many people are looking for certifications or are looking for programs to basically take and sell with their name on it.

That isn’t something we offer with the Wealthy Coach Blueprint because that isn’t the way that you’re going to build a successful business and a sustainable program that actually helps your clients.

If you want to get certified because it’s going to make you feel more confident or more excited or something you really want because you’ve seen a gap in your knowledge and want that information, then absolutely get certified. Just don’t get certified because you feel like you have to in order to be successful or because you feel like you need to be implementing someone else’s strategies in order to really help your clients.

Training is a little different because you want to learn great strategies that give value to your clients, but you want to learn while building your own very unique program for your clients. This is what we do in the Wealthy Coach Blueprint to help you find those pieces of your own unique tools and steps so you can own your asset and have a valuable program that is uniquely yours.

So that’s it! Those are the 5 biggest misconceptions around money coaching and specifically around the job of money coaches and providing the coaching.

Don’t forget that if you’re ready to keep your pricing simple and get some help making more sales, then it’s time for you to grab the Online Coach’s Pricing Workbook below!