I believe there is a tremendous amount of value that coaching can provide to wealth inheritors and for people navigating their relationship to money. As a member of Resource Generation, I am familiar with both the benefits and challenges of inheriting money and have found coaching an incredibly useful support system. Here are some common questions and answers about how coaching can be a useful resource for people who are looking at their relationship to money and the role they want it to play in their lives.
What exactly is coaching?
Coaching is a method of one-on-one support that honors the wholeness and integrity of each person and supports them so that they can move beyond internal limitations and navigate external obstacles. As a coach I don’t give advice, rather, I provide a supportive space that guides you to consistently act from your own wisdom. Coaching is based on the study of neuroscience and organizational and human development principles.
What kind of things would I bring to coaching to work on?
There are lots of things you can bring to work on in a coaching session. Here are some of the focus areas that I support people with who are looking at their relationship to wealth:
Career- Navigating career decisions in the context of wealth, money, and cross-class relationships.
Finances- Working out decisions regarding finances, talking with advisors, and doing what you said you would do with money.
Family and Relationships- Building skills for courageous conversations with your family, friends, and loved ones.
Making an Impact- Clarifying your purpose, setting goals, and using your talents and resources to support the movements and causes most important to you.
You- Discovering how you want to use the money you have access to support your passions, health, and self-care.
How is coaching different from the type of support I am getting through Resource Generation, SURJ, or other peer-based support spaces?
Resource Generation and SURJ provide peer support and political education. As you learn, navigate your relationship with money, and set goals, you may find it useful to work with a coach one-on-one to move beyond your normal stopping points. A trained professional coach can provide a supportive, confidential space to look at your thought patterns and gain skills for consistency taking small sweet steps towards your vision.
What are the benefits of using a coach for getting support around money and wealth?
When you have access to money and resources there are likely many people in your life that have an opinion about what you should do. Coaching provides a unique opportunity to be heard by someone who has no interest in selling you anything, asking for gifts, or directing your investments in any certain way. Working with a coach can be a useful source of support to observe the things that may be getting in the way of making a clear decision, expressing what you want, or in navigating how you approach a particular situation. The model of coaching I use adheres to strict standards of confidentiality, fiduciary responsibility, ethics, and accountability.
This seems like a lot of time, effort and money. Is it really worth it?
Coaching is an investment in your personal and professional growth. One thing you can look at is how this investment going to be beneficial to the people in your life closest to you. How will putting the time and energy into your personal development benefit your co-workers, family members, and community? How will your investment in moving beyond your current thought patterns support you to direct your time, money, and energy more intentionally?
How is coaching different from other modalities of support like therapy?
Here are some useful distinctions that help to begin to answer this question:
Therapy is about healing; Coaching is about taking action.
Consulting provides expert knowledge; Coaching helps you to put your own expertise into action.
Training follows a curriculum toward set objectives; Coaching is customized based on your needs.
Mentoring guides you based on a mentors wisdom; Coaching guides you based on your values.
Not sure what kind of support you need? Check out this flow chart: [CLICK FOR THE FLOWCHART
When I am hiring a coach what should I look for?
One of the most important things to look for is whether they are a fit for you. Here some additional things to look for:
They have received rigorous training through an International Coaching Federation (ICF) Accredited School or other accredited program.
They have a clearly defined contract that they outline with you.
They offer a free discovery session to ensure the services they provide are a fit for you.
They adhere to the ICF Code of Ethics or another code of ethics for the profession of coaching.
Here is a guide that I wrote on How to Find a Life and Leadership Coach with more information on this subject.