Do You Need a Financial Independence Coach?

Discovering financial independence is magical. After tripping over a blog or listening to a podcast, change comes quickly. Most can plot major life reorganization in those first six months after deciding on financial freedom. Debts are paid. Assets are reallocated. Revenue streams are optimized. Some even start a side hustle. With what seems like a little work, you can set your life and goals on autopilot. And then you hit a roadblock. Those beginning steps are so easy, but you stumble on breaking through to what comes next. Better. Better is the state you continuously strive towards. But how do you get better after you accomplish the basic tasks set out before you. Is it time to consider a financial independence coach?

Coaching is not a new concept. Back in 2011 surgeon Atul Gawande, in The New Yorker, described his use of a coach in the operating room to improve technique and outcomes. Like in athletics, the idea was to have an outside expert observe and critique performance from afar. Unchained by internal conflicts of interest and emotions, the coach was able to point out unnoticed flaws in Gawande’s performance. His patients improved.

Could a financial independence coach do the same for our bank accounts as well as our sense of contentment?

Career Coach

I often get questions through social media or on my blog about how to boost income as a physician. I’m amazed at how many doctors feel boxed by a salary that seems to neither go up nor down. It is stagnant. Usually, with just a little investigation, I am able to offer all sorts of helpful tips and tricks to turn the revenue streams around. The examples are numerous:

Lazy side hustles
Medical expert work
Chopping overhead
Seeing patients in a different venue like a nursing home
Developing a unique procedure or skill

What I have generally found is that it is not the sophistication of ideas, but rather the fresh pair of scrutinizing eyes that makes all the difference. It helps if the person using those eyes has a few years of experience at solving such problems.

A little good advice can knock years off the trajectory. Why not have a financial independence coach?

Financial Coach

Although you might be well and good to put your money into a lazy fund portfolio, set it, and forget it, the majority of us have vastly more complex financial lives. Between debt, various vehicles of tax advantaged savings, real estate, and expenses, one size certainly doesn’t fit all.

The majority of us feel that with a little work we could eventually have a handle on our financial lives. But are we leaving money on the table? The good thing about a financial independence coach is they can use their experience and knowledge to not only suggest alternatives but also keep you accountable.

Did you make that Roth Conversion?
Are you paying down the student loan debt efficiently? Being tax efficient?
Are you rebalancing your portfolio?
Has lifestyle creep gobbled up your extra savings?

Often it takes an outsider to both recognize and tactfully correct the bad habits that go unnoticed. A financial independence coach would fulfill this need expertly.

Personal coach

The journey to financial independence is not only paved in cash, but also psychological growth and struggle. There are many pitfalls that can occasionally lead to depression. One must not only avoid the hedonic treadmill but also the stoic treadmill.

The money mind meld is prone to shadow all concerns in one’s life, except money. Once you reach financial independence, other ignored life issues tend to bubble up to the surface.

A financial independence coach can be the voice of reason. They can be a ladder helping you climb out of the pit of despair. This is true not only in the midst of the struggle, but also later when sapped by the depression of meeting your goals and wondering what comes next.

Final Thoughts

The idea of coaching outside of the athletic arena has been slowly gaining speed. Financial independence, like any other hard-fought accomplishment, is rife with pitfalls both economically and socially.

We could all use an experienced hand to guide us from time to time. Whether this ends up being a mentor or group of mentors, our community is full of smart people.

What do you think?