Financial Coach

[CoolBee]

Mounds - I urge you to check your country / state regulations on this matter.

I did a financial coaching training workshop yesterday (how to coach people in finances) and here in the UK - financial coaching (even though here it is 100% NOT giving advice or making suggestions or recommendations) is NOT COVERED by normal coaching liability insurance in case you do inadvertently stray into advice-giving - and THIS could land you in prison here in the UK unless you comply with statutory regulations.

I'm sure the US is at least as stringent if that is where you are.

[SnerpGoodWord]

Brushing up on the associated law is certainly a good idea. I've never heard of a licensing requirement for "financial coaches" - just brokers and advisors who manage money. But that doesn't mean there isn't one.

[CoolBee]

Yes, that's why you must check your own country/state regulations.

There may be people offering financial coaching who aren't aware of this - I know tre were one or two on my course yesterday who are doing it and didn't realise it's not covered!

[fountainAtlas]

Snerp,

Why are you so negative? Also, in finance knowledge does NOT equal success. I have helped several people get on top of their finances for free. My advice was just hand holding them through budgeting. Budgeting to you might be simple, but you will be shocked how many poeple just never try it, never learn it, and don't really understand. It is amazing how people's outlook changes when you force them to categories their expenses and they find out that they are spending 80% of their disposable income on food. At that point they can make a conscious choice to limit that.

I did it for free and enjoyed it, but I realized that there isn't enough money it, not to mention dealing with all sorts of laws in the US, would be cumbersome.


If the OP can find poeple who want this type of advice I think he can provide a lot of value. Also, keep in mind that if he helps someone pay off debt that was at 7-8% he effectively generated a pretax return of around 13%, which few people in the world can do consistently.

-FountainAtlas

[SnerpGoodWord]

Originally Posted by fountainAtlas

Snerp,

Why are you so negative?

I'm not being particularly negative. I'm trying to inject some realism here. While "teaching" things you haven't done yourself is a popular internet career choice, it doesn't work so well in the real world.