Becoming a money coach can be as simple as beginning to dispense personal financial and budgeting advice, and charging for it. In order to really be successful, however, most money coaches take part in certain training programs and certification courses. It is usually a good idea to have at least some credentials and experience with counseling and formal advising before trying to become a money coach.
There is a growing demand for money coaches in today’s marketplace. Most money coaches work with individuals, providing one-on-one counseling and advice. Their role overlaps in some ways with that of a financial planner, but is typically more oriented to the client personally. Money coaches walk through budgets with clients, and try to keep clients accountable for purchases and savings on a day-to-day basis. The main aim of money coaching is not as much to maximize financial output as it is to train the client to be more responsible or savvy with money.
Some money coaches are licensed counselors or other professional advisers who simply add money management to the menu of services they provide. Little is usually required to become a money coach by extension like this. Professionals sometimes elect to take money coaching or money management training courses, but not always. All that is usually required is a willingness to help clients struggle through money concerns and an ability to give useful advice.
Most money coaches are self-made. A background in counseling, psychology, or finance, whether educational or professional, is usually helpful. There are rarely any defined requirements for entry into the money coaching field, however. The money coaching industry is almost entirely unregulated in most places. This means that there is no particular training or certification that one must pursue in order to become a money coach.
Nevertheless, many different coaching certification and training entities exist. Since there is no regulation of the field, it is difficult to know which credentials will best suit one to become a money coach. If you are interested in formal courses or certification, the best thing to do is to begin slowly. Look for information on money coaching from a variety of places, then decide which is best for your schedule, your budget, and your skill level.
Some of the more profitable and successful money coaches around the world offer seminars and lecture series where they purport to share their tips and tricks. Coaches often also publish books, geared either towards potential clients or those hoping to become money coaches themselves. A great deal of a money coach’s advice may also come from personal experience.
Starting a money coaching business need not be complicated. Often, all that you need to start out is one client. Then, work on building your reputation by word-of-mouth referrals and selective advertising. Look for sectors of society that may be in need of money coaching — university students, for instance, or young professionals just starting out — and tailor your marketing to these demographics. As your clientele expands, so will your expertise.