Skimm Money: There’s a Coach for That

How the news affects your finances.

There’s a Coach for That

From boosting your career to growing your bank account, it’s natural to want to level up. You may have heard about “coaches” promising to help you land your dream job or make you rich, but before you sign up for any costly sessions, you should know exactly what you’re getting. 

A life coach, for example, is a catchall title, with some people specializing in money, career, nutrition, or mental health coaching, for example. But “coach” isn’t a recognized credential that requires specific education or training (as a CFP, dietitian, or a psychologist would). “Anyone can put up a website and call themselves a coach,” says Katherine Kirkinis, PhD, the CEO of Wanderlust Careers. Certifications aren’t the be all, end all, though, and you can find knowledgeable, trustworthy coaches who don’t have extensive credentials, says Meera Shireen Meyer, a certified financial planner.

So, how can you know whether you should work with a career or money coach or if they’re legit? Here are some questions to consider.

Your Move:

• What do you want from a coach? You may be able to find some resources outside of coaching, says Shireen Meyer. For money insights, check out YNAB, Everyone’s Talkin’ Money podcast, or Your Rich BFF. For career help, Indeed’s Career Guide, Career Contessa, and CNBC’s Make It share info on trends and advice.

• How does working with a coach make you feel? Coaching programs should never make you feel pressured to take certain actions, says Shireen Meyer. “If it sounds too good to be true, if you can't afford to invest but you're being convinced otherwise, [or] if something just feels off, take a step back,” she says.

• What’s a coach’s background? Aside from credentials, a coach’s lived experiences can highlight their ability to help with your specific needs. Have they worked with people in the same situation as you? Can they offer a “been there, done that” perspective?

• What’s the complete cost? “If the investment [of working with a coach] stretches you too far, puts you into a place of financial instability, then it's going to do more harm than good,” says Shireen Meyer. However, if a course or session fits within your budget, it may be worth considering how this could help you get closer to your long-term goals.

The money stories everyone’s talking about.

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Diversifying your resume isn’t always beneficial. For Black women, that kind of risk-taking can involve a longer road to seniority.

What’s on the ballot this November? Crypto. With at least 18 million people holding this kind of cash, voting with your wallet takes on a whole new meaning.

Taking time away from your desk to pump shouldn’t cost breastfeeding moms money, and this New York State law agrees. When will other legislators take the hint?  

PS: Just can’t seem to get through this Monday? Try a “productivity sprint” to cross at least one thing off your to-do list.

Get answers straight from the finance pros.

What are common red flags for financial abuse?

FEATURED EXPERT:

Judy Esber

Money coach and founder of Hear Me Finance

Financial abuse, or controlling someone’s ability to acquire, use, and maintain financial resources, can sometimes go unnoticed — after all, money can be a cause of fights even in healthy relationships. But financial coercion is nothing to scoff at and can appear in tandem with other forms of abuse, including domestic violence. It’s also not exclusive to couples. Elder financial abuse can occur when people, including caregivers, control a senior’s assets without their permission or knowledge. To be clear, financial abuse is not everyday money disagreements, such as how much you spend on coffee or clothing, says Judy Esber, a money coach and founder of Hear Me Finance.

Some red flags can include belittling your financial knowledge, ignoring your POV on spending and saving, or making a major financial decision using shared finances without telling you, says Esber. “It could also be micromanaging, like not being allowed to have a separate bank account or being asked to account for every spending decision.”

If you think you’re a victim of financial abuse, or you think someone you know is being financially controlled or manipulated, call the National Domestic Violence Hotline for help.

Pro tip: Life insurance can do more than protect your income. It can also help you build cash value — the portion of your policy that accumulates over time and can come in clutch if you need it.

As your policy grows, you can access money to cover big expenses like a down payment on a home or college tuition — tax-free.† Psst…want tips and advice on how cash value life insurance could work for you? New York Life’s agents have you covered.

How to win at work, according to successful women.

You probably know Nava Mau from her award-winning role as Teri in Netflix’s cringeworthy and binge-worthy Baby Reindeer. But the actress has held many positions both behind and in front of the lens throughout her career. Here, she shares some nuggets of work wisdom she’s collected through the years.

If you’re feeling directionless, consider future you.

“I created a 10-year plan with the help of my therapist. The first five years were about my mental health, transitioning, building a home, and [developing] self-care practices. And the second [five-year period] was really career-oriented. I knew even then that I needed to do a lot of personal work, that I could then build a professional vision on.”

Your identity is part of your work.

“We all have these pieces of ourselves that need to be figured out. I think that’s a constant throughout our lives. Whatever stone feels like it hasn't been uncovered — that's where you have to start. And then whatever answers you're seeking in your career will come after that.”

Don’t feel pressured to lower your standards at work. 

“It can be the hardest thing, and I know we don't always have the luxury of a safety net, but we do have to be willing to walk away. [Know] your worth. For me, it's always helpful to envision what it's actually going to be like to do the job and to be working with whatever group of people. That helps me figure out what I need in order to commit to it.”

Don’t be afraid to take up space.

“One of the things I learned through Teri was the voice of true confidence. There have been times where I felt like I had to make myself smaller. What always helps me is to make sure that I have the other spaces in my life where I get to be as big as I actually am, and I get to be my full and true self. [So, for LGBTQ+ folks,] it can be helpful to map out your networks of allyship and solidarity, so that if you're feeling afraid or vulnerable, you already know where to look for support.”