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Military Finances 101: What is Financial Coaching?

Managing Your Finances

Today's Blog Post Was Written by Financial Coach, Tonia Peasley


Your Relationship With Money is OK

Do you find yourself wanting to do better managing your funds? Are you looking to invest but are not sure where to start?  You may have read our previous blog post on deciding if Financial Therapy is right for you and, after reading, you have decided your relationship with money seems to be in line.  You have discerned that you are not an impulse shopper, nor do you feel you have extreme behaviors when it comes to money management.  

If any of the above statements describes you, Financial Coaching might be what you are looking for.  Coaching is not designed to be a "therapeutic relationship.” Instead, it is designed to provide you with one-on-one sessions to "coach" you on financial tools and education.  The tools provided, help you make improvements to your spending habits and develop a path to meeting your financial goals.  Coaching is a program that can help you start the process of building assets while also identifying any challenges you might face concerning how you view money in your life.

Where Did You Learn About Money?

Let's face it, most of us learn our money habits from our parents or peers; a practice which may lead you to having an unhealthy relationship with money. Or, maybe you just don't know that your current habits are not well suited to your lifestyle (nor your pocketbook for that matter).  Working with a Financial Coach helps you focus on changing your behavior and provides a solid plan to organize and establish the building blocks required to set goals and stick with them.   Financial Coaching is not a "spectator sport"; You are an active participant in the relationship, and success will be determined by the amount of effort you devote.

Financial Goals and Accountability for Military Officers and NCOs

A Financial Coach provides life lessons based on knowledge and accountability, and helps you form realistic goals.  These goals are your own, not some pre-defined objectives, and help create a program specifically for you.  A Coach will follow up with you and check in on your progress as you work towards these goals.  Throughout the program, your Coach will address issues in your spending and change your financial behaviors to achieve the end result.  The only way to address such issues is to have tools at your disposal that will help you re-define how you spend and save.  Maybe you have multiple forms of debt you just don't know how to tackle; A Financial Coach will help you prioritize the debt, based on certain criteria, to help you find success in becoming debt-free.  

Working with a Financial Coach can provide lessons and tools that will help you throughout your entire life as situations present themselves and changes need to be made.  If you have questions, or maybe want to explore Financial Coaching more in-depth, we here at C.L.Sheldon & Company would love to help you walk down the right path.


If you liked this article, you might enjoy the following blog posts:

Military Finances 101: 8 Tax Pros and Cons After "I Do"


Military Finances 101: 15 Must-Know Financial Terms


Military Finances 101: What is the Time Value of Money (TVM)?


Disclaimer
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by C.L. Sheldon & Company, LLC ), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from C.L. Sheldon & Company, LLC . To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. C.L. Sheldon & Company, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the C.L. Sheldon & Company, LLC ’s current written disclosure statement discussing our advisory services and fees is available for review upon request. DISCLAIMER OF TAX ADVICE: Any discussion contained herein cannot be considered to be tax advice. Actual tax advice would require a detailed and careful analysis of the facts and applicable law, which we expect would be time consuming and costly. We have not made and have not been asked to make that type of analysis in connection with any advice given in this blog post. As a result, we are required to advise you that any Federal tax advice rendered in this blog is not intended or written to be used and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. In the event you would like us to perform the type of analysis that is necessary for us to provide an opinion, that does not require the above disclaimer, as always, please feel free to contact us.