This week I would like to take you behind the scenes a bit at Smart Money Financial Coaching! I love to get a sneak peek into other businesses, so I thought it might be fun to share a few things you might not know about my business.
Let’s do a Q and A style, and some of the top questions that come in from customers and prospects.
Here are the Top 10 Frequently Asked Questions at Smart Money Coaching!
1. Where is Smart Money located?
My family and I are in Morristown, TN, which is outside of Knoxville! Along with living in a great, small town, I live close to gorgeous mountains in the Great Smoky Mountain National Park.
2. So just what exactly does a Financial Coach do?
The very best job in the world helps people with all aspects of their finances! Many people think that it is simply putting together a budget, but that’s just where we start. We navigate all areas where money intersects with your life–job changes, cash flow planning, financial preparation for emergencies, retirement planning, risk management, etc.
3. What is the advantage of working with a Financial Coach versus doing it myself?
If you are tackling your finances, and are the master of your money, no one will cheer for you louder than ME! I love when families take charge of their finances! It might be worth a discovery call, though, to see what blind spots you might have in your plan. After working with dozens and dozens of clients, I offer a perspective on big-picture planning and financial risk management that you might be missing.
4. What is the secret to not overspending?
There is certainly no secret to curbing your spending, but I will say that once we have a budget in place, and you start tracking your expenses, your behavior will change. Most people don’t see how expenses in one area can impact the budget until they track all expenses and see the bigger picture.
5. How do you teach your own kids about money?
Most people were never really taught about money, and this is something that is very important to me as a mom! We have lots of dinner table conversations that involve money, specifically how to make more and how to use what you have wisely. I must be doing something right because I have two early teens that are eager to work this summer!
6. Why do clients stay on with you after they have achieved their goals for accountability?
When clients begin working with me, we rapidly find areas where they can save a lot of money (think interest rates!). Most times, I can save my clients much more money than my fee. But after we tackle the budget and spending, we often see opportunities to go faster, build wealth and mitigate risk. My clients like having someone they can “whiteboard” out different options to see what would be the best in the long term for their family. (They also don’t want to backslide.)
7. Besides spending less money, what else can I do to go faster?
As I love to tell my clients, YOU are your biggest money multiplier! So let’s look for opportunities for increasing your income. This could involve acquiring new skills, asking for a raise, changing jobs, etc.
8. “I am just getting on my feet and putting together a budget. What comes next?”
Congratulations!! I love that you are taking this step toward your financial independence! After we get your budget set up and begin tracking your expenses, next we need to put together an Emergency Fund. This fund will allow you to weather situations where you may have had to reach for a credit card in the past (car breaking down, roof leak, etc.)
9. What are most people missing from their financial plan?
People underestimate the need of risk management in their overall financial strategy. For example, if you are responsible for a car accident, and the total exceeds your insurance limits, the difference comes directly out of your assets (i.e. bank account, savings). While I don’t sell insurance, I can help to connect with professionals who sell these products. This is an important piece of protecting what you have built.
10. Is it too late to start planning for retirement?
Not planning for retirement can bring its own kind of guilt. I hear it a lot! Let’s scrap the shame and get down to business. I have worked with many older couples, widows, and older single women who have been in this position. Once we start putting the pieces together, you will be shocked at how fast we can start improving your cash flow and setting aside money for retirement.
Bonus Question: “How can we work together?”
Currently, I am only available for one-on-one coaching, and currently, only have a few spots available for this Spring. As a mom of teens, I will be quite busy this summer, so my schedule will not open up again until the fall.
What questions do YOU have? Send me your messages via my contact page and let me know!
