March 25, 2009
- 5 Reasons Why Having a Financial Coach Can Help You Pay Off Your Debt Faster
Everyone knows that Tiger Woods is unquestionably the BEST golfer in the world. He’s on track to become the winningest golfer in PGA history. For every tournament he enters, who’s going to win is usually a question of “Tiger or someone from the field?”
Undoubtedly, the world of golf has never seen anyone quite like Tiger Woods. Yet in spite of his success and the fact that he is the unquestioned BEST golfer in the world, he still has a coach. Someone he works with on an almost daily basis to refine his swing, improve his game, and help him reach his goals of becoming the ‘best ever’.
So if Tiger Woods, someone who’s already at the very top of the game, has a coach to help him do his job better, don’t you think it makes sense for you to find yourself some kind of coach to help you reach your goals and objectives?
As it relates to managing our money, learning how to pay off debt, and creating financial security, most of us years away from achieving our financial goals, especially if we have a home mortgage!
Now, even though we may not be drowning in debt like far too many people are, we simply don’t have a good plan in place to help us achieve our dreams of being debt-free or financially secure. Sure, we do the best we can and make extra payments to our debt or investment accounts whenever we can, but because there’s no rhyme or reason to our actions, our dreams of being debt free and having financial freedom take much longer than they should.
As a result, maybe it’s time we take a page out of the best golfer in the world’s book and find a coach to help us achieve our financial goals faster. Even though you may not think you need a coach, here are 5 reasons why a financial coach can help you reach your goals of being debt free and creating financial freedom faster than you could on your own:
1. Holds You Accountable
Sometimes it just helps to know that you have someone or something looking over your shoulder helping you stay on track. As it relates to being debt free, knowing you have to make a report of your finances can often times be enough to help you stay focused on your financial goals.
2. Helps You Refine the Details
I’m pretty sure Tiger Woods doesn’t pay a coach to tell him how to swing a golf club. He already knows that. But, what he does pay his coach for is to give him the little insights and guidance needed to add a few extra yards to his drive.
As it relates to your finances, you don’t need a coach to tell you how to create a budget or how to spend your money. You’re already pretty good at that. But where a financial coach can help you is in telling you the little changes you could make to your debt payment patterns that could help accelerate payoff.
3. Provides Direction and Guidance
Another benefit of having a financial coach at your side is they can see things you may not normally see. For example, a quality financial coach may be able to show you how to take better advantage of your available credit. Or perhaps showing you that paying a lower interest rate amortized loan before a higher interest rate simple loan can save you more money in the long term.
4. Helps You Adjust to Life’s Changes
As the old saying goes, the only constant in life is change. Nothing ever remains the same and as life changes, you and your finances need to adjust along with it. As life happens and decisions are made, your financial situation will invariably be impacted and having a good financial coach at your side that can help you make the RIGHT decisions at the RIGHT time can save you years of added financial heartache and thousands of dollars in potential interest charges.
5. Motivates You to Succeed
This is quite possibly one of the biggest benefits of having a coach. They can see the end from the beginning and can help you overcome the obstacles and challenges that may be blocking your view of the finish line. Having this help and assistance can be the difference between simply throwing in the towel and giving up on your dream of being debt free, and having the discipline to power through the setbacks and obstacles.
So as you look for ways to accelerate your dreams of paying off your debt so you can be financially free, consider these 5 benefits of having a financial coach at your side. And while it may be tempting to think you don’t need one, just remember that even the very best in the world at his craft, Tiger Woods, has a coach at his side helping him become even better than he already is.
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