Often when we hear someone talk about financial coaching, there’s confusion about exactly what it is and who it’s for. Many people assume financial advice is reserved for the wealthy or revolves around jargon-filled spreadsheets and restrictive budgets.
At enable.me, we’re here to set the record straight, and help more Kiwis understand and take control of their finances. Let’s unpack the most common myths about financial coaching – and the surprising truths that might change how you think about managing your money.
Myth 1: Financial Coaching is Only for the Wealthy
The truth: Financial coaching is about creating wealth, not just managing it.
A common misconception is that financial coaching is a luxury reserved for those with significant assets.
In reality, it’s designed to help you build wealth, no matter where you’re starting. Whether you’re working to get out of debt, save for your first home, or grow your retirement fund, financial coaching focuses on giving you a clear strategy to achieve your goals.
Think of it like hiring a personal trainer – they’re there to help you improve, not because you’re already fit. The same applies to your finances.
Myth 2: It’s Too Expensive
The truth: Financial coaching is an investment that pays for itself over time.
Yes, there’s a cost, but the value far outweighs the expense. The savings you achieve – through smarter budgeting, reducing debt, and making more effective financial decisions – often offset the cost of coaching.
Delaying your financial plan can have a significant opportunity cost, particularly as retirement gets closer. Starting now could mean paying off your mortgage years earlier or uncovering opportunities to save thousands annually.
Myth 3: I Should Be Able to Do This Myself
The truth: Even the smartest people benefit from a coach.
Managing your finances isn’t something most people learn at school. It’s complex, and it’s easy to feel overwhelmed.
A financial coach brings expert knowledge, proven strategies, and an outside perspective to help you make smarter decisions. They provide accountability and ongoing support, which are hard to maintain on your own.
Even elite athletes have coaches because external guidance brings out their best. Why should training to achieve your personal financial goals be any different?
Myth 4: It’s All About Restriction and Cutting Back
The truth: Financial coaching is about building the future you want.
While creating a budget is part of the process, financial coaching isn’t about sacrificing everything you enjoy. It’s about aligning your spending with what truly matters to you – it’s the difference between using a budget, and restricting yourself through budgeting.
Financial coaching teaches you how to eliminate wasteful spending while still enjoying life and making progress towards your bigger goals.
Myth 5: It’s Too Late for Me to Start
The truth: The best time to start was yesterday; the second-best time is today.
It’s never too late to take control of your finances. Every step you take now – no matter how small – creates a better future.
Whether you’re starting in your 20s, 40s, or even your early 60s, it’s possible to take control of your financial trajectory and achieve meaningful results. The key is taking the first step, and that’s what our coaches are here to help you do.
Why Financial Coaching Works
At enable.me, our approach is personalised towards each of our clients. We know everyone’s financial situation is unique, so we don’t expect there to be a one-size-fits-all solution.
Instead, our financial coaches work with you to develop a bespoke, tailored plan based on your goals, challenges, and opportunities. We’re here to support you for the long haul, adjusting your strategy as your life evolves.
That’s what makes financial coaching so powerful: it’s not just a plan – it’s a partnership.
Ready to Get Ahead?
Don’t let myths hold you back from taking control of your financial future. Whether you want to pay off your mortgage faster, grow your investments, or feel more confident with money, enable.me can help you achieve your goals.
The first step is starting the conversation. Book a consultation today and take the first step towards thriving in 2025 and beyond.
