Wealth Coaches/Strategists

[andviv]

Tiger woods has coaches. Roger federer as well. CEOs and business owners have coaches, even though they sometimes are called advisers. Do people that are accumulating wealth also need wealth strategists?

I am not talking here about a Whitney seminar, or a Donald Trump seminar type of thing but a personalized coaching to get to the next level.

Comments? Past experiences?

Thanks for sharing.

 

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[MJ DeMarco]

My problem with it is having them be qualified (at least be on my level, or better.)

In Tiger's case, I'm sure his coach once played pro golf and knows the mechanics of the game. Same goes for the tennis guy. Coaches are probably "former" pros.

I've found the best coaches I've had are my personal network of contacts/friends/acquaintances as many of them are business owners doing big things.

I just don't have faith in an organization "Selling" you a coach.

I would love to hear your friend's experience with the coach, how much it cost, and why specifically it was priceless.

 

[snowbank]

Andviv,

I know this is a much different type of area, but with my profession(poker) most of the better players have, or have had coaching to get to the next level. I can say without a doubt I'm glad I've payed for coaching, and will no doubt probably hire another coach/coaches in the future when I'd like to take it a step further. It helps your learning curve so much. Time is money, and if you would have spent way more time on your own learning something yourself, than having to pay someone who can do what you want to do, and teach you quickly, it wouldn't have been time well spent.

If the business you are thinking of getting coaching in is something that you will see results easily, I'd suggest getting creative in the payment plan of your coach. Negotiate an incentive plan where they get a % of earnings, or something along those lines. In my first month playing poker full time I made $0. I was working very hard, but thought I was spinning my wheels with a lot of things that someone who was better could show me easier than me trying to learn the hard way. I talked to pretty much everyone who was coaching, and finally found someone who was willing to sway from an hourly rate for me, and take a % deal. The next month I made 5 figures and haven't looked back. Worked out well for both of us.

 

[Peter2]

In my opinion, a person does not need a wealth manager. All the information they can provide is available free of charge on the Internet and your local library.

Lets look at the main goals and objections of a wealth manager.

Is it making you wealthier? NO

Is it protecting your assets? NO

Is it giving you investment advice? NO

The main goal is to recommend whatever is good for his/her commission $$$$$$, and NOT what's good for you.

The average wealth manager is a guy in his 20's or 30's with less than five years experience, earning less than $100K/year. If he knows so much about wealth, why is he working for peanuts? (No offense to people earning less than $100K/year.)

 

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[yveskleinsky]

Everyone on these forums are my wealth coaches. I became fully engaged on the RD forum last year, and this forum about 1 month ago. My knowledge grows expontially. Why? How? I think it all stems from teaching others what I already know. Cementing the basics in my brain has helped me to move forward. ...Plus, look at the huge array of experience here. No one has a hidden agenda, (at least not on this site) and everyone is dedicated to self-improvement. Being here is nothing short of awe-inspiring and reaffirming as I love to be around other like-minded people.

 

[Onasip3]

I agree with Yveskleinsky I consider this forum to be my coach. What more can a person ask for. I can find info on anything here from stocks to realestate to business. I have learned so much in just the past couple of weeks from this forum, it has opened my eyes to new things and re-focused my direction in life I can't wait to be a member of the millionares club.
To MJ and everyone that posts Thanks.

Rob

 

[Antonio.]

I agree with the guy's above this forum is one big coach

 

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[Andrew]

Forums are a great start, but don't limit yourself. I made a point to spread out and network. Right now I go to industry conferences as often as possible.

Even if you have contacts numbering in the hundreds, focus on working with a core group of friends. You don't need to be business partners but just associates. This allows you to work in different markets while sharing valuable information.

On topic, what really is a wealth coach/strategist? I have never used any coaches so I'm not qualified to speak one way or the other about them. That said, when someone is an expert at a subject, its worth listening. As far as managing money, well qualified financial planners and accountants can help you in that area.

 

[andviv]

The only company I know of that call themselves Wealth Strategists provide a lot of professional services in the areas of tax planning, accounting, assets protection, financial planning (not the typical retire-rich-at-70) and your coach works with you by giving you assignments that are targeted to reach the specific goals that you have created with their guidance.

For what I understand you are paying a fee and they do not make money by selling you products that pay them commissions, so they are working for you and not for that commission.

But like I mentioned before, I am speaking not based on my experience. I hope somebody that has use them can elaborate more about this.

 

[Andrew]

Yeah, those are jobs for lawyers and accountants, not coaches.

 

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[andviv]

Bump.
This thread http://www.thefastlanetomillions.com/general-business-discussion/16899-outside-eyes.html may be a related topic.

 

[djs13]

I treat this forum and the books I read as my wealth coaches. The things that I get out of this forum opposed to the books is that I can take what I learn and then ask questions and 9 out of 10 times someone can help me understand.

I think the internet and the books I read are the bridge to being with successful minded people. The friends I hang out with don't really have to much to look forward to their future financially. Some want to be lawyers and others are shooting for the corporate ladder. That's fine, but I can't ever talk about business or finance with them. In fact, I've been having difficulties talking about my plan and my goals with my own family. If it wasn't for this forum I probably would have a much more difficult time accomplishing my goals.

But back onto the original thread, I've never used a coach. I've heard the Rich Dad Mentor program is a rip off. I've also heard about some business coaches for helping grow your start-up but I'm not sure if it was worth while.

 

[AroundTheWorld]

Yea... I've got a story about this.

A few months ago, we had some guests at the motel. They had a little business meeting in the lobby one morning. I was there working on some website stuff, so I got to "listen in."

There was one "experienced" business coach and two newbies. The "experienced" guy was giving the newbies pointers about how to get started, how to act like they knew what they were doing, etc. The newbies were expressing concern and anxiety because their background was in construction and they were going into a restaurant to do a consultation. As they continued to talk, it became more and more apparent that these guys knew absolutely nothing about business.

To top it off, they were COMPLETE JERKS to our staff. We ended up asking them to find accommodations elsewhere.

Choose wisely. Go with someone that you KNOW is actually successful, and don't buy into the hype.

 

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[TC2]

To top it off, they were COMPLETE JERKS ...

Choose wisely. Go with someone that you KNOW is actually successful, and don't buy into the hype.

I am always wondering how can people teaching other people about something they are not even very good at.

Just meet with few local entrepreneur coaching trainners. I really doubt what I can learn from them, while they are trying to learn becoming one.

 

[Jonleehacker]

I am always wondering how can people teaching other people about something they are not even very good at.

It's an interesting thought that you have to be good at something to teach it, but I don't think it is true.

In sports it happens all the time that there are professional coaches that have not excelled at the sport they are coaching, but are great coaches.

I'm sure a lot of coaching has to do with psychology. Anthony Robbins comes to mind as a guy who coaches professional athletes and has no expertise in these areas. He just understands how people work, which I think is the primary skill in coaching.

Another thought I have on this topic is "coach-ability"

Developing a mindset of looking for "how can I get to the next level" constantly will lead you to the next step whether it is learning from this forum, having a moment of insight while taking a walk, or hiring a coach... being receptive is a key as well.

 

[rockjon]

Personally, I'm not sure I trust wealth coaches because if they're so successful then why are they coaching. However, I've heard of some successful people who are willing to coach for high fees. There are still some benefits of coaches since they can take an objective view to your situation like consultants.

 

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