Have a question about money coaching? Check the list of frequently asked questions below.
What is the difference between a Financial Adviser and money coaching?
Financial Advisers want to manage the wealth You already built. Money Coaches help you build wealth in the first place. They are as different as night and day. Financial advice focuses on your investment portfolio by providing and selling specific securities and investment advice. The financial adviser business model is all about managing the money you already have. You give them control of your assets and they do the work for you.
Money coaching is different. It focuses on your education, growth and decision process so that you master wealth building skills. The coaching business model is all about helping you build wealth in the first place. You remain in control by learning how to manage your money smarter and make better informed investment decisions. In other words, financial advice gives you a fish while financial coaching teaches you to fish so that you can have all the fish you want for the rest of your life.
Why do you not recommend debt consolidation or bankruptcy?
Debt consolidation is dangerous because you only treat the symptom of the problem. The habits—and the debt—are still there. You just moved the debt!
You will pay about the same amount, which doesn't really help you eliminate debt faster. Most people take on more debt after consolidating or end up in
bankruptcy because they didn't change their behavior. Bankruptcy is one of the most life-altering, negative events one can go through. Chapter 7 bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 bankruptcy, which is more like a payment plan, stays on your credit report for seven years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Avoid it if at all possible.
How do I know if I need a coach?
Money coach Michael "TIVOMIKE" Jefferson will help you develop and implement a plan specific to your unique situation. You may be facing a crisis like bankruptcy, foreclosure or harassing creditors. Maybe you need help building wealth or starting your small business. Even if you just have some general questions about money management, money coaching could be right for you. TIVOMIKE handles a wide variety of situations. He will offer detailed advice and a specific plan to make your money work for you!
How do I pay for coaching when I am broke?
Money coaching gives you a high level of detail and individual attention. Although money coaching comes at a cost, it is a necessity for some. For others, however, it is a luxury. You will have to decide where to draw the line. If coaching is a necessity, then you also have to compare it to: 1) the costs of bankruptcy, which can be $500—2,000 in legal fees alone, or 2) the cost of credit counseling, which, at $30—$50 per month for four years, would cost around $2,000. Our fees are a bargain compared to these options, plus you'll have a plan to change your financial future! Many singles and couples also find that addressing their financial situation reduces the stress on their lives and marriages.
Will you set up a "buy now, pay later" option for my coaching fee?
TIVOMIKE will not be your creditor, so he will not bill you later. As a result, he requests the payment in full up front by either a debit card, money order or cash. Remember, money coaching is the most detailed service he offers, and is focused on your unique situation.
Do I have to have know a lot about investing to benefit from this coaching service?
First and foremost TIVOMIKE is a teacher. He loves providing financial education in an easy and fun way. Knowledge of 401(k)s, Roth IRAs, SEP IRAs, etc. is a plus, but if you don't know the difference between a 401(k) plan and the area code for Rhode Island, don't sweat it. By the end of the session, you will.
If my spouse will not come, can I still work with a coach?
TIVOMIKE highly recommends that both spouses attend the coaching session. From experience, he's learned that coaching both spouses is the ideal situation and provides the best track record for success. This is a team effort. If your spouse is not on board, sit down with them in a non-distracting environment and communicate how much you want them to participate in the finances. Do not let this be a time to nag, yell, scream, etc. Tell them that attending money coaching can be your Christmas, birthday or anniversary gift this year.
Is money coaching right for you?
To succeed, you'll need to consider these three questions:
1. Are you committed?
In other words, are you willing to change, and will you be faithful to your commitment to change?
2. Are you available?
To get the best results, you will make a time commitment both during and after the coaching.
3. Are you coachable?
TIVOMIKE can show you options and guide you, but you will have to take action. He can't do it for you.