Financial Coaching – What’s That?

By Vanessa Pearson

November 2015

In this month’s issue, we’ll start at the beginning. Why is Money Coaching important?

What is it about?
We are the wealthiest country in the world and yet our society is fraught with fear and anxiety about money. These feelings affect all social and economic classes though the symptoms may vary from person to person. Still, nearly all of us suffers from some form of money related stress.

In my years as a financial advisor I’ve witnessed this stress first hand and I’ve counseled clients on how to deal with it as it concerns the well being of their spouses, siblings, children, etc. I’ve come to realize it’s not just about the necessity of financial planning that’s important. It’s the relationship we have with money that is fundamental to the planning and ultimately to financial security. Without knowing our money behaviors and patterns, we continue to operate with a money mindset that can, and often does, prevent us from fulfilling our dreams and desires.

My hope in money coaching is to educate you in understanding the different Money Types that exist and help you find which types drive you. Then we can assess the impact it is having on your life, your relationships with others and your finances. That said, let’s explore the first Money Archetype – The Innocent.

Innocent – Who, me?
Recognize any of these traits? Trusting? Happy-go-lucky (outwardly) but fearful & anxious (inwardly)? Indecisive? Seeks security? Financially dependent? Non-confrontational? Feel powerless? These are common characteristics that define an Innocent archetype. Keep in mind these traits are not necessarily one’s personality but rather behavioral patterns around money.

The Innocent takes the ostrich approach to money matters. Innocents often live in denial, burying their heads in the sand so they won’t have to see what is going on around them. They are easily overwhelmed by financial information and relies heavily on the advice and opinions of others. Innocents are perhaps the most trusting of all the money types because they do not see people or situations for what they are. They are like children in the sense that they have not yet learned to judge or discern other people’s motives or behavior. While this trait can be very endearing, it is also precarious for an adult trying to cope in the real world. We all start out our journey in life as Innocents; however, as we grow and develop, most of us shed the veil of innocence and replace it with our experience in the real world. The Innocent’s goal is safety at all costs. The primary fear is of abandonment. – Excerpt taken from ‘Money Magic by Deborah Price’.

What to do?
The answer lies within the Innocent who must learn to claim his or her own power. They need to recognize that they are more capable than they give themselves credit for. Only when this is achieved will the fear of abandonment and the need for security lessen. As corny as it sounds, it was Yoda who said it so well. ‘Feel the Force’ within you.

Hold that thought and stay tuned for the next Archetype.

Until next time.

-Vanessa

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” – Ayn Rand

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