Frequently Asked Questions

Q: How does your financial coaching service work?

 

A: Step 1 is to schedule the free 20- or 30- minute Introductory Session. Step 2 is to schedule the 2-hour Discovery Session. Step 3 is to sign up for the Financial Wellness Plan

Q: How does financial coaching benefit me?

A: Team FIRE Psy Chat will dive deep into your finances to analyze your financial needs. You may have student loans, car loans, maxed-out credit cards, personal loans, or other debts that you haven't been able to pay off in the past. We'll assess your income sources and spending habits. If you are ready to save and invest for your retirement or to buy a house, we can create a plan for you. However, for legal reasons, we cannot recommend specific securities since we are not financial advisors. 

Q: What is the difference between a financial advisor and a financial coach?

A: A financial coach is someone who helps you understand the basics of personal finance. They can help you develop and maintain healthy financial habits by creating a budget, saving money, or paying off debt. They are financial educators to improve their client's financial literacy. A financial advisor is someone who helps you build wealth and prepare for your future through long-term financial planning. They can advise specific assets or securities for you to purchase or sell. They also work with clients to manage assets, build an investment portfolio, and plan for their retirement.

Q: Can a financial coach tell me what to invest in?

A: Financial coaches are not licensed to give you investment advice nor make recommendations on what assets to purchase or sell. Financial coaches focus on the fundamentals of personal finances and financial education. For example, financial coaches can teach you what a Roth IRA is and the fundamental differences between actively-managed funds and index funds. Financial advisors are the ones who can build an investment portfolio inside your Roth IRA and recommend either actively-managed funds or index funds. 

Q: How much does FIRE Psy Chat charge their clients?

A: Please visit the Coaching page in the menu above for the latest pricing plans. 

Q: Should I work with a Financial Coach or Financial Advisor?

A: We provide a free 20- or 30-minute introductory session to determine your eligibility. If you're not sure where to begin with your finances, a financial coach like us would be the right choice for you. If you need specific investment advice to create your investment portfolio, you should contact a financial advisor. 

Q: Why should I get in more debt with a financial coach to get out of debt?

A: This is a common question we receive from our clients. We want you to view us as an investment opportunity. If you spent $300 on a financial coach to pay off your debt 18 months quicker and save thousands of dollars in interest, then you just made a tremendous return on your investment with a financial coach. Getting out of bad debt can allow you to invest more money into retirement to make the money work for you. 

Q: Do veterans receive a discount?

A: Team FIRE Psy Chat appreciates your service to our great nation. We provide a 10% discount for the discovery session and the financial wellness plan. You are eligible for this discount if you are active duty, guard, reserve, retiree, dependents, or veterans who separated from service.