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I didn't have time to read every post, so I apologize if this has already been mentioned.
You might term what you plan to do (or market it) as "financial literacy" training or education. That's the buzz-word or catch phrase in my field.
I work in the mental health field, and there is a big push to teach people receiving mental health services about "financial literacy." As we started promoting this, we learned quickly that many people in our workforce did not have sufficient financial literacy to be able to teach clients these things. So we invited people in to educate employees AND clients about these things.
None of this involved choosing investments or selling investment products. Much of this involved very basic "common sense" money skills (of course common sense is NOT very common). Much of it was very similar to what Dave Ramsey's (or similar) classes might teach. It was hard to find these educators, as most people who offer financial education are actually trying to sell investment products.
The topics might be:
--basics of budgeting
--balancing a checkbook/ bank account
--how to write out a check (you'd be surprised at how many ordinary people can't do this)
--the taxes you pay, what each of them is
--comparison shopping, getting the best price
--how using a bank or credit union is better than a "check-cashing" store
--using discounts and coupons
--your credit history
--using credit wisely, when financing deals are not really a "deal"
--the pitfalls of credit and debt
--necessities vs. luxuries, financial priorities
--protecting yourself from ID theft
--protecting yourself from fraud & scams
--borrowing from others, lending to others, pros & cons
--saving, the value of saving, ways to save
--retirement plans (overview of different kinds, and the benefits, with no single one being endorsed)
--repairing your credit
--what is bankruptcy, when to file and when not to, pros and cons
--charitable giving
You might build up clientele by marketing yourself to companies that hold trainings or "staff development fairs" for their employees. Charge a small fee to give a 1/2 hour or 1 hour presentation (or do it for free at the beginning). Then give out your business contact info to attendees so they might choose to use your education services privately. Pay special attention to human services or behavioral health companies, who have staff that are supposed to be teaching clients about money management, but who don't already have those skills.
Most people without a lot of disposable income might not be able to afford (or understand the value of) private instruction/coaching in financial literacy, but they might attend group sessions or classes. Maybe offer classes or groups, in your own office or in settings like libraries, YMCAs, community centers, senior centers, non-profit entities, etc. and charge a certain amount per person. Somewhere in there, sell your personal/individual financial coaching services. I think some high schools (or parent groups for homeschoolers) would be interested in teaching money mgmt. skills & financial literacy to teens.
Again, we in the human services/ behavioral health field are always looking for trainers/vendors who offer this kind of educational service. We have employees who tend to be young and not financially knowledgeable. Please message me if you'd like more info on breaking into this field to market your services.
Hello, I am interested in more info about breaking into this field of Financial Literacy or Financial Education about how to market my services. Thank you and I look forward to hearing from you.
To be honest folks need full blown cfp's most of the time . They need a full comprehensive plan that includes tax planning, investing and financial planning all in one.
If folks don't have the money to do the above odds are they will not part with any money either to hire you.
Not going the whole gamut leaves you kind of like the free public defender in the financial world.
I would love to do that myself as i receive so many e-mails from city data folks looking for guidance.
But in order to do it right i really need my licensing and certifications to do the whole ball of wax.
Mathjak107,
You have helped me soo much over the years.
Most people don't have enough money to really be coach. I normally just tell people come to this website for advice.
To be honest folks need full blown cfp's most of the time . They need a full comprehensive plan that includes tax planning, investing and financial planning all in one.
If folks don't have the money to do the above odds are they will not part with any money either to hire you.
Not going the whole gamut leaves you kind of like the free public defender in the financial world.
I would love to do that myself as i receive so many e-mails from city data folks looking for guidance.
But in order to do it right i really need my licensing and certifications to do the whole ball of wax.
Hello, I am interested in more info about breaking into this field of Financial Literacy or Financial Education about how to market my services. Thank you and I look forward to hearing from you.
It's not an easy field to break into. You have to have a lot of paying clients with a lot of money to make a decent living at it. See this blog post:
I will be targeting people who make a decent income but have no idea where their money goes or who have never thought about having a game plan.
I know it's an older thread but I hope you went for it.
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I don't see it working. What are your credentials to do this?
And Dave Ramsey's credentials are what exactly...and he's laughing all the way to the bank.
So what if other people are doing it or people could get the advice for free. Do you know how many MILLIONS of people in the U.S. PAY for info they could get for free. AND how many millions who have no clue about some of even the most BASIC life skills.
Technically that's what even the small thing of buying a Dave Ramsey book amounts to -- PAYING for advice you could get for free.
I'm mean really -- buying a book from some guy who tells you how to pay off credit cards? And if you want to get out of debt faster -- when one card is paid off take the money you were putting on that payment and add it to a payment on another card? Yep. Millions have paid for that very information.
I have a friend of mine who is a life coach and business consultant. With personal clients -- she basically listens to people and is a sounding board. Gets them to think about things they hadn't considered before, gives them assignments to accomplish -- I mean DUMB stuff like -- making phones calls and organizing. And people PAY her for that. With businesses -- she's PAID to tell highly paid - one would hope intelligent managers-- BASICS like it's not what you say, it's HOW you say it.....or if you let one person monopolize a meeting the others there will tune out or tend not to participate in the discussion, or that ONLY being critical -- without also handing out praise - is bad for morale. Someone needs to be PAID for that information?
So OP GO FOR IT. There's no shortage of people who will part with their money and pay you for something they could get for free.
ALL you have to do is persuade them. Look at how many people buy crap they don't even need, didn't even know existed -- because a TV commercial convinces them they do have a need for it.
you better check your state laws to see what you can do and what you can not do without licensing.
You can do more without licensing than with. Once you're licensed you have to follow FINRA and SEC rules.
Quote:
my opinion is unless you were a certified financial planner skilled in every aspect so you can pull all the pieces together into one cohesive plan people would be wasting their time and money.
FWIW. there are literally thousands of competent, qualified financial advisors who don't have CFP® certification.
You can do more without licensing than with. Once you're licensed you have to follow FINRA and SEC rules.
FWIW. there are literally thousands of competent, qualified financial advisors who don't have CFP® certification.
Correct on both points. Not that I think a cfp is overvalued but it is essential one extra semester of college
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