Money Made Human Podcast

We all experience failure at some point in business, but not everyone talks about it. And when I’ve heard some of my favorite podcast hosts and entrepreneurs share their own journey of overcoming specific mistakes and failures, it’s months or years later. They have the time to learn from their failures and reflect on them, gaining clarity and insights about both their mistakes and solutions. That’s valuable information.

But what I rarely hear is talk about failure when it first happens - those moments when you don’t have clarity or the wisdom of hindsight yet.

As a financial coach, you may have some perfectionist tendencies like me. If that’s the case, failure likely looks and feels pretty painful. I know because I experienced a massive mistake just recently. I had some hyper-critical, negative thoughts initially that I had to work through before I could even think about solving the predicament I found myself in.

When failure first happens, what goes through our minds and how can we coach ourselves through it? What’s the very real and sometimes ugly experience that so many of us face when it comes to making mistakes as entrepreneurs? In this episode, we’re going to explore the initial realization of failure so we can navigate it better in the future.

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There’s a special joy that comes from those rockstar clients who are incredibly disciplined and stay with the plan. But even the most disciplined can land in situations where their smart decision-making escapes them and they fall prey to spending triggers.

It’s normal to feel some disappointment when we realize that these clients, like all of us, are human. And because you probably don’t have a single client without a trigger or two, it’s important to be prepared with coaching tools and resources that allow you to help them more effectively.

On today’s episode, I’m sharing more about the idea of triggers: what they are and how to identify them so you can be better prepared to navigate them when they show up in your coaching practice.

As a coach (and fellow human!), you have spending triggers too. Recognizing and working through them is a big step toward better supporting your clients to identify and overcome their own spending triggers. As you listen in, think about your own triggers.

Links & Resources:

• Episode 17: Financial Coaching 101: Your Framework for Coaching Clients
• Join our Facebook group

The income that you can make as a financial coach is quite literally up to you. According to Indeed, the Average salary for a financial coach is $59,277 – if you’re working for a company (like a bank or financial institution). In this case (working for a bank or other financial institution), you don’t pick your clients, you don’t pick or own your process, and you definitely do not have your own brand. 

But, if you are self employed, or a small business owner? The sky is the literal limit on what you can earn as a financial coach. Now, as a solo financial coach, you’ll need to create or source your coaching process and create your own brand…but you have the freedom to change your methods, your pricing, and even your offers as you need or want to. 

As an entrepreneur,  you get to choose. Your methods, your certifications…and that choice is valuable. And yes, you have to find your own clients, but by finding your own clients, you can decide who you want to work with (and how you want to work with them). 

Curious what some of our Mastermind coaches are charging and making (November of 2022)? We thought you might be interested! That’s why we asked them a few quesitns: 

1. How many 1:1 clients do you support? 46% zero, 23% 1-3, 22% 4-10
2. How long to get 1st paying client: Right away (23%) or Less than 6 months (20%) 

Here’s the truth: once you gain a client, they stay a client for a lifetime.

Can you guess what the key problem is for most of your financial coaching clients? 

It’s a lack of visibility when it comes to our money — when you can’t see your money clearly, how are you supposed to effectively budget and manage your spending? As you already know, it’s challenging (to say the least).  The fix I teach is simple: stop budgeting by the month and start helping clients budget by paycheck.

One of my favorite things about being a financial coach is being able to show my clients that they’re not actually “bad” with money — they just need a better understanding of their spending. And no, that’s not as simple as just “creating” a budget…at least not what we think of a traditional budget. 

Traditionally, budgeting is seen as “top down” or “zero balance,” meaning that you take a look at what you have coming in, subtract your expenses, and then *magically* you have “extra” that you can use to pay down debt, increase savings, or build your retirement…and that’s all great, until you try to execute it in real life. Then one bad week can throw everything – but that doesn’t have to be the case. You’re gonna love the Plan Ahead Method, trust me. The Plan Ahead Method is the foundation of what is now SpendFirst, and it still starts the same way, with learning to budget by paycheck.

I don’t usually play favorites, but this topic is one of them. Probably because I’m someone who wasn’t celebrating my own wins…I was just moving on to the next goal. And, if your clients are like me, this can be a long-time habit that they’re not even totally aware of. 

This is often the case when you’re coaching someone who holds themselves to a very, very high standard. They’re not not celebrating…but they did it, and they still have farther to go, so they need to get going. No time to waste. 

As a great financial coach, you already know how important acknowledging the wins that your client achieves — not just saying “okay, that’s done,” but actually celebrating. 

Join me as we discuss how to help your clients who may feel like “celebrating” is the same as “yup, checked that off the list” see the difference and start FEELING their success

I’ve done a lot of goal setting with clients, and while this may seem like a pretty straightforward thing, when it comes to money…that’s not always the case. 

Goal setting is important to demonstrate, in real time, the progress that your client is making, and if the goals are too big, or even too specific actually saying “I DID IT!” may not happen as quickly as the client wants, or if they forget to do their “goal” one day, it can be frustrating, stalling their motivation and hindering their progress. 

Get excited, because we’re going to talk about a goal setting strategy that will set you AND your client up for wins and celebrations.

You’ve likely heard someone, somewhere talk about “niching” down…but you may not truly understand exactly what that is, or how to do it. And that’s exactly what we’re going to cover today. Your “niche” is just a fancy way to describe who you serve – and how they fit into the world. For example, here at FCA, our niche is financial coaches and people who want to become a successful financial coach. 

“Niching” allows you to speak more directly to your intended audience – to stand out from the noise and actually get people to pay attention to your content and your message. But niching isn’t just posting something that says “calling all doctors” - it’s also about the words and images you use, as well as your established expertise. 

There are a LOT of potential niches – so don’t worry, you’ll find one that you love (probaly in this episode!).

In today's episode, Jill is sharing the steps needed for financial coaching success. She goes over the questions and analyses that she does with the Financial Coach Academy® Elite Coaches (get ready to take LOTS of notes!!). Learn how to analyze your offers, evaluate your niche, and assess your own brand presence using the questions Jill shares with you in this value packed episode.

Join the Elite Waitlist and be the first to find out when enrollment opens in this annual coaching program! 

Raise your hand if you’ve ever ended a conversation with a potential client knowing that you’d probably never hear from them again. It’s happened to most of us in the world of coaching — and today, I’m going to help you understand the psychology behind sales so that you can help your future clients make an informed decision (even if they need to think about it!) without feeling like you’re pushy, forward, slimy, or sleazy (or a used car salesperson). 

You likely decided to become a financial coach because you genuinely want to help people. And you’re in very good company. This is why it’s important to understand how you can help and sell at the same time. 

Have you ever been asked, “What do you do?” only to launch into a way-too-long explanation of how you help your clients? Many business owners — financial coaches, especially — have had this experience at one time or another. Whether it’s the neighbor kid’s birthday party, or a local farmer’s market, or pilates class…you’re not alone. Sometimes you get stuck on all the cool things that your program offers…and sometimes, you get stuck trying to explain why financial coaching totally rocks… these are things that you need to master. 

That’s why today I’m going to help you clearly communicate what you do so that the next time you’re asked, you can clearly communicate the value you provide in a way that allows those listening to self-identify as needing your help or think of people that could use your help.