User talk:Chance Nyi/sandbox

Financial Coach
A financial coach is a professional who generally focuses on fundamental financial issues or habits. A financial coach provides the client the knowledge and skills that will help identify their financial goals and collaborates with them in developing an action plan and taking appropriate steps to achieve those goals. A financial coach uses the basics of personal money management to focus on behavioral change and accountability to a client-driven spending plan to identify areas such as where they can reduce spending to create more savings, or help them get out of debt or understand their emotions around money which may have created obstacles to good financial management. A financial coach does not fix problems for the client, but rather they support clients in making their own decisions about their goals and actions. A financial coach can be confused with a financial planner or a financial adviser, while they all work with clients to help them make decisions about money unless a financial coach is licensed as a certified financial planner (CFP), they would only focus on areas of financial management rather than investments and wealth-building.

Training
Currently, financial coaching is a field that is unregulated. Therefore there is less liability with compliance constraints because there are no required registration or licensing yet; however, it is advised that before proclaiming the financial coach title, a person should get training to be aware of various blind spots. Institutions like the Association for Financial Counseling and Planning Education (AFCPE) provide training programs such as the Accredited Financial Counselor (AFC) designation which emphasizes the foundations of financial coaching, from education to mentoring and accountability. The AFC designation enables a financial coach to : •Educate clients in sound financial principles. •Assist clients in the process of overcoming their financial indebtedness. •Help clients identify and modify ineffective money management behaviors. •Guide clients in developing successful strategies for achieving their financial goals. •Support clients as they work through their financial challenges and opportunities. •Help clients develop new perspectives on the dynamics of money in relation to family, friends and individual self-esteem.