WW 262: 5 Types of Skills Every Money Coach Needs - Solo Show

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A Quick Recap from this episode

Today I’m answering a question that a lot of us end up asking ourselves at some point in the business building process: Am I cut out for this? When you start coaching and growing a business, you’ll have your fair share of times where you question if you actually have the skills to do it. So for this episode, I wanted to share the 5 skills (or qualities) that you need to have to be a successful money coach, and I think some of them might surprise you!

At the end of the day, no one really prepares you for everything that comes with building a business and coaching clients. Sometimes we get too caught up in worrying about things that ultimately don’t make or break our success as a coach or we start to spiral with thoughts that we’re not cut out for it when we just need to do a little mindset work. My hope is that you’ll check out these 5 skills and realize that if you dig deep enough, you probably already have most or all of them!

5 Skills You Need to be Successful as a Money Coach

1. Resourcefulness / Problem Solving

In order to solve problems, you have to be resourceful. You won't always know the answer, and that's okay. One of the biggest fears of coaches is that their client will ask them about something they don’t know the answer to. You’re not expected to know everything or have all the answers. The underlying issue here is that a lot of money coaches feel like they’re not fully qualified to help people with their money.

There are going to be so many scenarios where something is either outside your scope of expertise or you simply don’t know the answer in the moment. You need to acknowledge that you won’t always have the answers (and maybe be upfront with your clients about that) but you also need to learn to be resourceful in finding them the answers or pointing them in the right direction for that particular problem.

2. Empathy

I know, this one seems to go without saying when you’re a money coach. The reality is that we’re human and it’s hard not to judge, but where empathy comes in is helping slow down that initial reaction time where you make a judgement.

As coaches we’re often worried about projecting our own beliefs about money onto our clients, but if you practice having empathy, you’ll be able to slow down that time between gathering information and making that initial snap judgement. Then it becomes easy to hold space for clients who have a different lifestyle than you. A good coaches asks questions without judgement and seeks to truly understand their client.

3. Humility

This isn’t just like “you have to be humble so that people will like you and want to be around you,” although that’s probably important too. This really goes back to the first piece about resourcefulness and just being humble about the fact that you won’t always have the answers. It’s actually powerful for you to not have all the answers because it keeps you open-minded to all the solutions out there.

If you’re arrogant and think you have all the answers or are better than your client, then you’re obviously not going to be a good coach. Lay the groundwork and set boundaries with your client so that they don’t always expect you to have the answers but know that you’re a humble and resourceful person who will help them find the solutions and help that they need.

4. Organization

It is definitely a skill to be organized. I personally am not the most organized person out there, and my office is more like what you would call organized chaos. But here’s the deal: you don’t need to just intrinsically have the organization skill. You have to create organization that works for you. The truth is that you just have to have the right tools.

Find or create the systems and processes that work for you. When you get to that point, hire or outsource to people who help with that organization process. I personally use Asana, a task management tool, to help with organizing my clients and my content. The hardest part if you aren’t naturally an organized person is just turning those systems into habits and actually using them, so find the things that are easy for you to use and that work for you and then commit to actually utilizing them.

5. Communication

This one’s pretty obvious, but what’s interesting is that I used to think of communication as needing to be really outgoing and willing to talk to strangers and basically always be on. The truth is that it’s the exact opposite. If you consider yourself an introvert, that’s kind of a superpower in the online space, because you spend a lot of time alone in a way.

What’s important is that you can communicate in your own way and don’t need to change who you are. Your focus is on finding a way to communicate that allows you to build relationships with your clients/potential clients. It’s your job as the coach to keep them invested through the process, not just initially, and that requires creating that relationship where you have a system for keeping up with them, checking in, and helping them stay on track.

So those are the 5 skills/qualities that you have to have to be a successful money coach, and what’s cool about these is you don’t have to be born with any of them. They can all be learned qualities or things that you create systems and processes for. Cultivating these skills is going to allow you to be the best coach you can be!

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