Answer these simple Yes/No questions to see if financial coaching may be right for you.
Part 1:
- Are you happy and satisfied with your money situation?
- Do you have a solid retirement plan besides social security?
- Do you have plenty of money each month for all your expenses? Particularly, housing, food, clothing, transportation?
- Do you use cash (or cash equivalent) for everything?
- If you have credit cards, do you pay the full balances off each month?
- Do you have more than three month’s salary saved and could you pay cash (or cash equivalent) for an emergency expense over $1000 if it happened today?
- After you pay all your expenses each month, are you able to save money each month toward major purchases, vacations, home expenses, medical needs, retirement, etc?
- Do you plan a budget each month and stick to it?
- Do you have a credit score of 750 and above?
Part 1 Scoring:
If you answered NO to any of the questions in Part 1 above, go ahead to Part 2 to see if financial coaching may be right for you.
If you answered YES to all of the above questions in Part 1, you seem to be on the right track and are appear to be doing an amazing job with your finances! Feel free to move on to the next group of questions, to see if financial coaching could help you excel even further.
Part 2:
- Are you interested in making your financial situation better?
- Are you hopeful that with some guidance and education you could improve your finances now and for your future?
- Do you dread doing bills each month?
- Would you be willing to make short term sacrifices for long term gains?
- Have you thought that bankruptcy or somehow starting over financially would be the solution to your money woes?
- Do you have to borrow money for major purchases, vacations, home repairs, or medical expenses?
- Do money stresses interfere with your sense of well being or your relationships?
- Have you thought about how you will be able to live comfortably in retirement, but are not sure how that will happen?
- Do you care about leaving a legacy?
Part 2 Scoring:
If you answered NO to all of the questions in Part 2 above, financial coaching is probably not right for you at this time.
If you answered YES to any 4 or more of the questions in Part 2 above, you are likely to be a great candidate for financial coaching–your openness and self-awareness to improve you situation should provide you with strong motivation to make the changes needed to get your finanical future on track.
If you answered YES to Questions 1 and 2 in Part 2 above, you may also be a great candidate for financial coaching. You don’t have to have a serious financial crisis today to make major improvements in your financial situation that will change your life in a positive way.