Financial coaching is all about helping people with money trouble get in a better state with money.  For some people that may be about education.  For others, that may be about organization and prioritization.  For most of my clients that also includes a good deal of emotional work, as stress and anxiety do not help us make better decisions.  But when you are trying to help people with their money, one of the main objections we coaches hear is that our potential clients don't have money for coaching.  Let's dig into this.

First, if you are a professional person who lives in a decent house or apartment, has clothes to wear and food to eat, you probably DO have enough money to build financial coaching into your budget.  You may not, however, be able to objectively see the tradeoffs you are making, as you've never questioned the expenses you currently have.  The irony here is that this is exactly where a coach could help you.  In working with a coach, you'll gain a different perspective on what is truly important – having HBO or working with someone to get your finances in line.

If you don't have enough money to hire a financial coach, that's exactly why you need a financial coach.

But what about the unemployed, homeless person who is currently reading this blog on the library computer?  Surely this person doesn't have enough money for coaching.  Sometimes affording what we want is not just a matter of looking at our expenses differently.

To that person I say, ok, this is a legitimate objection. Luckily, you've already found the library, so here are some books I'd recommend to get you started:

1.  Dave Ramsey's Total Money Makeover.  If you are deep in debt, follow Dave's advice.  Ruthlessly cut your spending. Save up $1,000 so that if an emergency hits you don't have to go back into credit card debt to deal with it.  Then pay off all your credit cards.  Once you are done with that, take that money in your monthly budget that you'd been using to pay off credit cards and build up your full emergency fund (I recommend 3 months of expenses for a dual income household, 6 months of expenses for a single income household). Then hit the tax-advantaged employer-matched plan you have at work HARD.

2.  The Millionaire Next Door.  This classic is a bit dated, but it makes the point that the way most people build wealth is a little at a time and by living below their means.   If you spend everything you make plus some on credit cards, you will never be rich.  If you think money is for spending, even a windfall like an inheritance or lottery winnings will disappear.  Live below your means and invest the rest.

3.  The Richest Man in Babylon. 10% of what you make is yours to keep.  We can debate over the percentages, but the idea that some of your earnings should stay yours is gold.

4.  Personal Finance by Garmin & Forgue.  The best all around personal finance textbook I've found, and I've read a lot of personal finance books.

If you do fall in this truly broke category, in addition to reading you should check out local churches, food banks, and non-profits.  Many organizations like these offer or can refer you to financial counseling services or a bankruptcy attorney.

 If you aren't willing to learn the slow way through just reading (and sacrificing all that time your investments could be growing via compound interest) and if things are not so dire that you'd be willing to reach out to local charities, then I would submit the problem is not that you truly can't afford coaching, but that you are unconsciously choosing the things you currently spend money on over coaching.  If you want to do that it's your choice, but until you are willing to INVEST money in yourself and your financial future instead of SPENDING it automatically without awareness, nothing is going to change. 

Are you ready-for-charity broke, or are you making-a-different-choice broke? WHY are you broke, and how will you change that?