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10 Reasons You Need a Money Coach, not a Financial Advisor

Updated: Jul 26



Financial advisors will tell you that money management is complicated and you should leave it to the professionals. What if I told you that you are better off educating yourself financially and taking control of your own money. Here are TEN reasons why.

Reason 1: Finance, Money, and Investing are Simple


If you want to be rich in your 40s, earn more than you spend in your 20s and start investing the surplus in the stock market. How simple is that? You only need to apply two simple rules – you need to invest EVERY month and you need to be patient. Growing wealth is like growing a tree – it takes a long time.

Reason 2: Financial Advisors are Too Expensive


Most advisers charge approximately 1% for their services. It does not sound much, but if your investment return is 10%, you will only get 9%. They are taking 10% of your returns.



Reason 3: Financial Health is Like Physical Health

If you want to get into physical shape, do you go to a doctor or do you find yourself a personal trainer? You don’t want to rely on someone else to manage your money and inject it with antiobiotics. You need a coach who will teach you to do it yourself.


Reason 4: Financial Advisors Don’t Want You to be Financially Free

They want to sell you investment products, and they will sell you the product that earns them the highest fee. Money coaches are not selling you products, they are coaching you to be financially free.


Reason 5: Wealth is More than Money, it is Your Entire Being


Financial advisors are only after your money. Money coaches see you as a complete entity. In order to generate wealth, you need to be physically and mentally tough. You need to look after your body and your brain. Money coaches understand the relationship between mind, body, and wallet.


Reason 6: Investing Should be Boring

Investing should be like watching paint dry – predictable and boring. Financial advisors will pitch you on an exciting investment opportunity. If you want exciting, go to Las Vegas and marry a showgirl.


Reason 7: A Financial advisor will NOT show you how to Start a New Business, or get an Ideal Job


Money coaches focus on three things – helping you maximise your earnings potential, how to minimize your spending, and how to invest like a master. A financial advisor wants you to give them your money so they can invest it for you. Which proposition sounds more appealing?


Reason 8: A Financial Adviser will make you Sign a Bunch of Disclaimers


In order to cover themselves in the event they lose your money, the advisor will make you sign disclaimers that you understood the risk of the investment. This means that you take all the risk. The advisor takes no risk but is guaranteed his commission. This is an abusive relationship.


Reason 9: It is Not Difficult to Become a Financial Advisor

It is not like becoming a brain surgeon. All you need to do is pass a few exams and have a bit of practical experience. The hardest part about being a financial advisor is not passing the exam, it is finding clients. Yet, most clients treat financial advisers with the same confidence as they would a brain surgeon.


Reason 10: The Financial Industry is Rife with Conflicts of Interest

Money corrupts and financial advisors are not immune from this. Not all advisors are the same, but it is not uncommon for financial advisers to steer their clients not to the most suitable investment product, but the one that pays them the highest commission. The best way to remove this conflict of interest is to make your own decisions.


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