Money Coaching as a Business|Whitney Hansen - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-05-19T07:00:24
Today's episode features a real Money Nerd, Whitney Hansen.
Whitney paid off $30k of debt in 10 months. She also bought a house at 19 and got her MBA for $472.She started out life with some hardships but that fueled her interest in personal finance.
Now she's taking her lessons and empowering others through financial coaching.
Listen, learn, and let us know what you think about Whitney's awesome insights.
Episode SummaryWhitney's Background
Whitney's parents separated after an abusive relationship
They then moved to Boise in a two-bedroom apartmentHer mom was supporting them with $7.25 of income
This was all to support a family with six childrenWhitney tells a story of how excited she was to get a mattress out of the trash
This was when she was 18Helping Others Save
Some people think they can out-earn bad spendingWhitney's #1 point is to find the values and"why"of the person you're trying to help
Not all tactics are going to resonate with people but leading by example is a great startShe also talks about being relatable
If you only share the wins, it can seem unobtainableStart of Financial Coaching
Whitney was $30k in debt but working two jobsShe focused and paid off all her debt in 10 months
After that people started hitting her up for adviceThat's when she discovered financial coaching
Money Coach vs Financial AdvisorMoney Coach's can't tell someone what type of insurance they should buy
They shouldn't tell a client to buy a specific stock
They also shouldn't try to give specific tax advice
Instead, a Money coach should focus on saving, philosophy, and just holding them accountable.Tips to Becoming a Money Coach
It's important to understand how hard a client is willing to work
It can change how you work with them or if you should work with them at allYou also should start coaching for free or heavily discounted
That way you can see if you really want to do this before getting too invested
Key TakeawaysPressure makes diamonds: We loved how Whitney took her circumstances and used them as motivation
Speak their language: Whitney talks about resonating with people about money. You have to meet them where they are and not just try to force them into doing things that worked for you.Call to Action
Take and share financial tips with someone. Try some of the tips Whitney mentioned and really try to resonate with the person.Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!Sign up for our exclusive newsletter
Join our Facebook GroupLeave us a voicemail
Send an email to contact [at]TheFIshow [dot] comIf you like what you hear, please leave a rating/review!The FI show on iTunes
The FI show on AndroidCheck out our Partners
We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital.This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!
Whitney's Information
Her Website: Whitney HansenHer Podcast: The Money Nerds
Learn More About Your Hosts
Fly to FI (Cody’s Blog)Saving-Sherpa (Justin’s blog)
Further episodes of The Financial Independence Show
Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa