Feeling Stuck Financially? Maybe A Coach Can Help

In my twenties, I experienced varying degrees of failure and success with money. Every time I would get a little, I would end up blowing it on things that have little value, or I would overextend myself. If you’ve ever experienced financial distress, you know the anxiety it can cause–it almost makes me sick to my stomach to recall. I saved and invested my dollars until it got to a number I was proud of, and then, thinking “I can afford anything; I have $10,000!” I would buy a vehicle on credit, or “We saved $50,000, let’s buy a time share because they save us money in the long run traveling!” Both of these instances set my wife and me back by decades financially. With the power of hindsight and experience, I recognize what behaviors led to our financial mistakes and how we can avoid them in the future to build out our dreams the right way.

Financial drains and mistakes come in all shapes and sizes and come with a wide range of emotions to follow–overwhelmed, anxious, stressed, etc. If you’ve experienced any money anxiety, buyer’s remorse, or felt overwhelmed by your financial situation, just know that there is always hope and know that your feelings are normal and common. People who have accrued piles of money have all made big money mistakes. Oftentimes, they experienced some degree of hardship before they found a way to overcome their obstacles and find success on their financial journey. 

What sets people apart from failure and success financially often comes down to their behaviors. If you have two people making the same amount of money, one spends it all, one saves as much as they can or want to, you’ll find that the behaviors of the saver are what build wealth. For most of my career in education, I made under $50,000 a year, yet I probably have more assets and a higher net worth than people who make over $100,000 and spend all their money on their mortgage, car payments, eating at restaurants too often, and other things that inflate their lifestyle spending. You’ll see that it’s not always how much money you make–it’s how much money you can retain and invest. My wife and I both have a desire to live extravagantly, but we had to instill some discipline in our lives so that one day we could break free from money stress and live the lifestyle we desire. Oftentimes, our problem with money comes from trying to accelerate our lifestyle spending before we are ready. Though we had several money mistakes, we have been able to overcome these, and you can overcome yours too!

In sports, people often seek out the help of someone who has experience and knowledge to help them with their performance. Kids and adults often seek out mentors to model their behaviors in hopes of finding success. Why should life and finances be any different? This is where finding a financial coach might be the catalyst that helps you find success with money. 

Coaches can help you identify those behaviors and habits that hold you back, and assist you in implementing a plan for change! Keep in mind that coaches are not advisors that build a plan for you and invest for you, because this does not correct your money behaviors. Coaches are guides that partner with you on your journey and help hold you accountable; they are dedicated to your financial success. This happens through helping you understand where your money goes, setting realistic and achievable goals, creating an actionable plan for debt reduction and budgeting that fits your life! A good coach will help you identify the underlying emotional and psychological barriers that keep you from financial success and build confidence and a positive money mindset. 

No matter where you are on your financial journey, whether you’ve just realized you’re in a mountain of debt or you’ve accumulated millions,a coach can help you reach your goals. We all have something that is holding us back. Even coaches have coaches! If finding a coach is what you need in your life, I’d love for you to reach out to me at todd@sheffieldfinancialcoaching.com. Let me help you find financial success!