What is Financial Coaching

Each time I visit Walt’s Auto Care on Pt. Fosdick, I have an interesting discussion with Ken Blalock, the manager. This time was no different. Ken grew up in a family of educators and when Mr. Dan Gregory the Principal of Henderson Bay was picking up his car, Ken grew nostalgic.

Mr. Gregory and Ken were conversing about the kids nowadays and Ken told a story about his childhood. One afternoon, while Ken’s mom was shopping in the grocery store, Ken and his sister were bored and decided to create a little fun.

Their idea of fun, however, was not conducive with societal norms, especially to a certain grandmother who happened to be in the parking lot. The grandma summarily chastised the young kids and when their mother arrived on the scene, she thanked the grandma and kids received a second tongue lashing for their creative activities.

What makes this story so interesting is that some parents today no longer wish to hold their children accountable for actions and worse than that, they are offended, appalled, and outraged that anyone would hold their children accountable for actions not appropriate or becoming of a teenager.

In fact, even when caught on film, many parents will defend their children’s action to the bitter end. There are perhaps some who are nodding their heads in agreement with the protectionist and enabling actions of such parents. But to the vast majority of parents this behavior is harmful.

Parents who want to be friends with their children and try to protect them from consequences enable increasingly worse behavior and everyone else has to pay for it.

How did we get from Ken’s parking lot experience to a society of isolated individuals? When did we lose the community mentoring and the trust and respect of our neighbors?

Prior to WWII, each child experienced hours and hours each day of adult mentoring. Today we use the word ‘coach’. When a child arose in the morning the entire day was spent with a parent working in the field, around the house, or tending to the animals. Dinner was a time of discussion. Each child was held accountable for progress and growth.

Even the one room schoolhouse with an average of 10 – 15 students was a coaching haven. The older children would teach the younger children and the teacher would teach the older children. The Greatest Generation grew up in an environment of accountability.

The entire community shared in the rearing of each child. There was mutual trust and respect for our neighbors and for public officials. Sadly, that is all but diminished to the point of folklore.

Try to correct or discipline a youth today and if the youth doesn’t get angry, the parents will. Funny isn’t it, these same parents then question why their child is out of control and searching for meaning with drugs, sex, and alcohol. One has to look no further than the mirror to find the solution. (There are exceptions.)

Coaching is a concept that brings accountability back into the picture. Consider going to the gym to lose weight and to get in shape. How long do you last going alone? Hire a personal trainer to hold you accountable and the results are drastically different.

Financial coaching is a concept that is long overdue. The current methods of wealth accumulation and happiness building are broken. The traditional methods haven’t changed in over 40 years and they don’t work anymore.

Consider your children’s growth without any direction or accountability. How far will they go if you are not there? Coaching is not designed to help the broken. It’s designed to move you from good to great or from better to best. It’s a self-help approach to those who want to give more than lip service to their wants and desires.