7 Myths about Wealth Coaching
Rebel. Rescuer. Magician.
You probably have an instant picture of the word and what it means. The same could be true of “wealth coach.” Problem is, most people don’t know what a wealth coach is or does … and when they find out, they either want to dive right in, or run.
If you’re a runner or are sitting on the fence about having a conversation about wealth coaching, perhaps dispelling the myths surrounding this work will provide some clarity. At least enough to either get you off the fence or know what you’re running from.
Myth #1 – Wealth coaching is just financial planning or wealth management.
While it’s super flattering to hear someone immediately exclaim, “I need you!”, after they hear that I’m a wealth coach, we soon learn that their first impression of what a wealth coach does is wrong.
A wealth coach (at least this one) does not help you manage or invest your money. That’s the work of your financial advisor or planner.
A wealth coach will help you to manage your relationships with money … your instinctive, emotional, practical, and spiritual relationships with money. When these four relationships are healthy and operating in harmony with all facets of life, true wealth (well-being) is achieved.
Myth #2 – All wealth coaches (and money coaches) are the same.
It’s safe to say that most coaches have some type of certification or degree that qualifies them to do the work they do. But to assume that coaches who share the same title, for example “wealth coach,” “money coach,” or “life coach,” also share the same educational background is…shortsighted.
An example: I am an Ordained Metaphysical Minister, I have a degree in Metaphysical Science, and I am a Certified Money Coach CMC®.
Wealth Coach is a title I gave myself twelve years ago. I was intentional with my word choice just as I had been intentional with my degree and certification of choice. It all had to reflect what I stood for, the service I was providing, and be relatable.
The original definition of wealth is “your current state of well-being; or path to happiness.” The fact that we have four relationships with money makes money a powerful classroom for self-discovery, personal/professional growth, and life transformation.
So, as a wealth coach, I help people experience greater well-being (happiness), by transforming how they relate to money and life, changing how they choose to see themselves, and what they believe is possible.
Myth #3 – You’ll help me get rich.
A wealth coach won’t help you get rich. That’s not our job … that’s not our purpose.
It’s unfortunate that our happiness, right here and right now, is determined by how much we have and how much we make. Our identity, our sense of worthiness, what we believe about ourselves, and our capabilities are measured by and defined by our financial capital.
A wealth coach will ask, what value does being rich bring to your life? Is it about how others will perceive you? Do you have something to prove? Or do you believe that being rich will provide peace of mind?
A wealth coach will also tell you not to fight against what you currently believe. Examine it instead.
You may say to yourself, “I will be the happiest when I’m rich.” And if that’s what you believe, don’t change it. Just say, “Well, that’s what I believe right now and that’s ok. It doesn’t make me a bad person, it doesn’t make me evil, but it also won’t make me happy. And as long as I think being rich will make me happy, then I just have to wait until I realize it won’t make me happy.”
Being rich isn’t right or wrong. It’s the attitude that you bring to being rich that will ultimately determine your quality of life and well-being.
Myth #4 – You’re going to put me on a budget.
A wealth coach won’t ever tell you what to do. How you do money and finances is 100% up to you. But, if you resist looking at how you spend or you don’t have a conscious spending plan, then you may have an unhealthy relationship with money. And this goes for personal finances as well as business.
- Other indications of an unhealthy relationship with money are:
- Blaming others, the market, or the economy for your situation.
- Impulsive spending, giving, or even investing.
- You and your spouse/partner arguing over money, work, or business.
- Tapping into your personal savings to meet employee expenses or payroll.
- Money having authority in your life.
- Being afraid of making the wrong decision.
- … and many more!
Budgets aren’t bad and they’re not a form of punishment. They’re a really good tool for keeping you on track and aware of your spending.
But if you want to be successful at maintaining a conscious spending plan (budget), you need to become aware of and heal the belief patterns that are triggering your resistance, blaming, impulsiveness, etc. – which is the job of a wealth coach.
Myth #5 – You’re going to judge me.
For most folks, money makes us feel vulnerable. Talking about money is downright scary, uncomfortable, and simply too revealing.
I get it.
Two of my divorces left me financially crippled and one of them resulted in my filing for bankruptcy. And while I survived breast cancer, it was more than I could afford financially, even with health insurance and a grant.
And that’s why, as a wealth coach, one of the first questions I will ask someone is, “what is the one thing about you and money that you don’t want anyone to know?”
I don’t ask this to make you feel uncomfortable or ashamed. I ask so that you can find safety in being open and honest about money, about where you’re at, and about what’s going on in your head.
The first task of a wealth coach is to hold a safe space for open dialogue. And over a short period of time, what was once uncomfortable to talk about is now comfortable … because YOU are no longer judging yourself.
Myth #6 – You can’t help me with finding purpose and fulfillment.
If nearly every decision you make is influenced by money, then the quality of your relationships with money will determine how you experience life overall. In simple terms this means that the very nature of you and money will either leave you feeling “short” on purpose and fulfillment or feeling truly satisfied and in love with life.
I have witnessed time and time again that our most important relationship with money is our spiritual relationship. And it’s the one most often ignored.
Allowing money to be a classroom, a wealth coach will help you become aware of and bring forth the great unrealized potential that exists in your life right here and now.
You will be asked what you believe … about money … and time … what you believe about choice … and yes, even what you believe about God/Spirit. You will be gently and firmly challenged to question your understanding of who you think you are and what you believe is possible.
I want to know, and more importantly, I want you to know, all that you believe because it is the beliefs that you hold that will either move you towards or away from a life of purpose and fulfillment.
Myth #7 – I have a significant net worth, or I have enough money; therefore, I don’t need a wealth coach.
You may be right. You don’t need a wealth coach. But is knowing that you have a high (or ultra-high) net worth your final destination? Is having enough money your only measure of complete well-being and sustainable happiness?
If it is, fantastic!
However, I have found that those that consider themselves financially successful often suffer from chronic “not-enough-ness.” There’s usually something missing, and this becomes clear when …
They resist committing to a retirement date …
They resist selling their business or turning it over to the family …
They can’t (or won’t) envision a new life for themselves …
A wealth coach will ask …
What is it about setting that retirement date that scares you?
What is it about letting go of controlling the business that bothers you?
Tell me what matters most to you … what are you doing when you are most like yourself?
It’s that line of questioning that will get to the heart of one’s resistance, allowing them to begin to release their fears so they can begin to see what’s really been missing …
True wealth has nothing to do with money, it’s about what makes your heart sing.
Myths are Neutral
Like any thought, a myth is neutral until you decide to believe it.
If any of the myths I wrote about rang true to you, we should talk. Please reach out to me at christine@noteadvisor.com. Or schedule a call or meeting directly on my calendly.
Want to learn about what’s influencing the effectiveness of your financial decision-making?
Take the Money Types Quiz now!
Watch my videos below to learn more about how wealth coaching can transform your decision-making:
Alicia Kay is a current client of Note and was not compensated for providing this testimonial.
Chelsea Haines is a current client of Note and was not compensated for providing this testimonial.
Greg and Laura Beatty are current clients of Note and were not compensated for providing this testimonial.
Chelsea Haines is a current client of Note and was not compensated for providing this testimonial.
Greg and Laura Beatty are current clients of Note and were not compensated for providing this testimonial.
The CMC® designation combines sound coaching principles with practical financial coaching to assist individuals better understand their relationship with money and finances. Money Coaching complements financial professionals as an additional “field of expertise” to offer their existing client base. Certificate Candidates are required to complete Modules One, Two and Three; complete the “Core Process” and a Client Assessment on a minimum of two “practice clients”; complete all exercises in the Certified Money Coach workbook; submit their work and conduct a final review with and to the satisfaction of the Money Coaching Institute. Upon satisfactory completion of items above, candidates will be awarded the Certified Money Coach (CMC)® designation (along with the rights to use the service marks) and will be issued a Certificate of Completion.