Frequently Asked Questions
Getting Out of Debt
I prefer the Snowball Method, where you list all your debts from smallest to largest. Focus on paying the minimum on all except the smallest debt. Pour any extra money into the smallest debt until it’s gone, then move on to the next one. The momentum you build will help you stay motivated as you watch your debts disappear.
- On average, it takes 24-36 months to pay off consumer debt. The timeline depends on how aggressively you manage your budget… for a season, not forever… and what you can do to increase your income. After that, you can ease up slightly but continue being intentional with your money. Most people pay off their homes within seven years of ditching consumer debt.
The best method is the one you’ll stick with. While focusing on high-interest debts might save some money in the long run, the Snowball Method’s quick wins can build the momentum needed to stay the course. I can help you decide with a nifty little calculator—let’s chat!
Absolutely! Getting out of debt is the key to breaking free from the paycheck-to-paycheck cycle. I can help you find some wiggle room in your budget to get started.
Start with a $1,000 emergency fund. It won’t cover everything, but it can handle little “ankle-biter” emergencies: blowing a tire, a dead alternator, a broken tooth, etc. All the things that would otherwise force you to rely on more debt. It’s all about breaking that cycle.
The biggest mistake is trying to do everything at once—save, invest, pay off debt. It’s overwhelming. Focus on one step at a time, and you’ll avoid feeling like it’s impossible to get out of debt.
Can I Stop Living Paycheck to Paycheck?
Before anything else, commit to living on less than you earn. Here’s the roadmap:
Step 0: Ensure you have a safe home, food, utilities, and transportation.
Step 1: Build a $1,000 starter emergency fund.
Step 2: Pay off all non-mortgage debt aggressively.
Step 3: Build your emergency fund to 3-6 months of living expenses.
Step 4: Start investing 15% of your income into retirement.
Step 5: Save for your kids’ college (if applicable).
Step 6: Pay off your house.
Step 7: Start building wealth and giving generously.
Well, I’ll need to get to know you a little better to answer that question. For so many people, though, it helps to stop thinking of a budget as something controlling your life and restricting your opportunities and start to see it as a tool to use so that you can give every dollar of your income a job. You’ll get to tell your money where to go instead of wondering where it all went! Let’s work together to create a budget that suits your needs.
After trimming your budget, get creative. Sell items, negotiate bills, check your tax withholding, or shop around for better rates. I can help brainstorm more ideas. Click here to get a free copy of “Wiggle Room: 5 Things You Can Do to Shake Some Cash Free FAST!”
Absolutely. That’s exactly what I do—help you break the cycle and navigate life after you’re financially free.
Before you’re debt-free, stick with a $1,000 emergency fund. Once your debts are paid, aim for 3-6 months of living expenses. We can tailor this in your free consultation.
Asking “How much per month?” instead of “How much?”, trying to live an Instagram-perfect life, relying on payday loans, or assuming debt is just a way of life are some common traps.
Building Wealth
- Start by getting out of debt and building an emergency fund. Then pay off your home and begin investing the right way!
It’s best to hold off until you’re out of debt and have an emergency fund. Then, invest 15% of your income into retirement accounts like a 401(k) or Roth IRA. We can talk about building wealth that’s accessible before retirement after you have a paid-for house!
Savings are for short-term goals (5 years or less), or for the money in your emergency fund that you need to be able to get to RIGHT AWAY when you need it. Investing is for long-term growth. Both are essential, but they serve different purposes.
Control as much of your income as possible by eliminating debt. Then, invest steadily in retirement accounts and reliable mutual funds. I urge you to read the popular “stealth investment” book: The Tortoise and the Hare.
Yes! Building wealth is more about discipline and consistency than a high income. Even small investments over time can lead to significant wealth. My youngest kid is 18 and has a happy little part-time starter job. Just putting $50 from every two-week paycheck into a Roth IRA, and keeping that habit until the age of 65, this kid will be able to retire with over $1.2 million.
Paying off debt frees up your income to start building wealth more effectively. Your income is your best wealth-building tool, so it’s crucial to stop giving large portions of it to creditors.
The Value of a Financial Coach
A financial coach helps you see where you’re at, shine a light on the path forward, and provide encouragement and accountability. We’ll talk about money, but also dig into your attitudes and goals to create a personalized plan.
A coach cuts through the noise and helps you develop a clear, manageable plan. We’re there when unexpected issues arise to help you stay on track.
Do you really think I’m going to say no?? To be clear, though, you can find a good program that makes sense to you and be very successful on your own. I highly recommend Total Money Makeover by Dave Ramsey. The last time I priced it on Amazon it was $12.08. That’s what my husband and I did and I love that book to pieces and bits! When we had questions about it, though, we were advised to seek out a financial coach. The book’s great, but not especially interactive and it took us a bit to get some traction on our plan. Coaching accelerates your progress by providing clarity, structure, and accountability. You could do it on your own, but a coach helps you get there faster and with more confidence.
Financial coaches guide you through budgeting, debt reduction, basic financial behavior, and money management. Financial advisors provide licensed advice on investments, taxes, and estate planning. Both are valuable, but they serve different roles.
Look for trust, compatibility, and clear communication. A coach should listen, understand, and explain things in a way that makes sense to you.
Well, the flip answer is “What you put into it.” And… there is some truth to that. I’m not going to have any access to your accounts, your bills, your budget, anything. The only information I get is what you want to share with me, and the only actions that can be taken are your own. But, if you’re all in, a coach will help you stay focused, make faster progress, and achieve your financial goals.
Additional Relevant Questions
Here are some of the reasons you should go looking for a financial coach:
- You’re facing a crisis and can’t focus. Danger! Bad news doesn’t get better with time! Schedule your free consultation today!
- You’ve heard about, or even started, a plan but you just can’t see it working for you. Let’s meet and address the barriers to your progress.
- You’re really excited and have a million questions. Great! Come on and wear me out!
- You’ve done this, successfully, before but are back to old habits. Let’s meet before you lose more time and momentum.
- Major life event. I can help you get ready for/ride out/recover from marriage, divorce, pregnancy, birth/adoption of a child, starting to invest, bereavement, illness/injury, legal entanglements, starting/re-starting school, graduation, career change, promotion, job loss, moving, paying off your home, prep for and life after retirement, etc.
- Level-Up. You’re stuck and want to be unstuck. You’re on the brink of or have made a breakthrough.
- Curiosity. You want to see what coaching is like. Check it out to see the value it holds for you and yours.
You should be prepared to talk about what’s going on in your life right now, what changes you’d like to make, and what’s in the way of making those changes happen. Please have information about all current income (at least take-home pay), assets, and debts (balances, interest rates, minimum payments). If you’re feeling froggy you could put together at least a rough estimate of your monthly expenses. Don’t panic if you can’t get it all together before your consultation, that’s a more informal kind of thing, but the more info we have, the clearer picture we can get. Any information you can’t gather beforehand we can work on getting together during your session.
Click here to see my intake form.
That depends on the urgency of your situation. I offer several different programs designed with that in mind. At the end of each program, we’ll talk and decide if you want to stay at this level, move up, or move down.
The Crisis Startup Program is an intensive two weeks designed to handle an imminent threat where we’ll have one 60-minute goal-setting session and one 15-minute catch-up call each week. This is meant for someone needing immediate action on a fast-moving problem and frequent contact to get their feet under them before moving forward. Click here to get started.
The Standard Startup Program is designed to be 4 months with one 60-minute goal-setting session and one 15-minute catch-up call per month, so we’ll talk every other week giving you more time to take action before having to check back in with me. This is meant for someone getting used to their chosen cash-flow system and needing smaller bites of the elephant. Standard Startup is where you’ll start to stabilize and establish healthier financial habits. Click here to get started.
Maintenance Mode is designed to be a year-long program that is broken into three-month chunks. Each quarter we’ll have one 60-minute goal-setting session and two 15-minute catch-up calls, so we talk monthly. This is meant for someone who knows where they want to go and how to get there, and I’m there to help you stay on track. Click here to get started.
Step-Down Maintenance Mode is designed to be a year-long program, taken six months at a time. Every six months we’ll have one 60-minute goal-setting session and one 15-minute catch-up call, so we talk every three months. This is meant for someone comfortable with their plan and only needs to see me for minor course corrections. Click here to get started.
The Financial Team Member program is a yearly retainer where we have one 60-minute review session, and you can choose to schedule one 15-minute catch-up call each month. This is for someone who has reached their initial goals and is looking to deepen their advisory bench; that usually means they have a financial advisor, a tax professional, a real estate professional, an estate planner… and lil’ ol’ me. You know how every supervillain needs a 5-year-old as one of their advisors to check for obvious plot holes? I can be available to sit in on meetings with your other team members (locally or remotely) and be a second set of ears.
I also offer email support for quick questions and extra 15-minute calls, as needed.
Click here to schedule a free consultation to decide which program is right for you.
We’ll generally start with a free consultation to assess your situation and see if we’d be a good fit. Then you’ll choose which program you’d like to get started with.
I’ll send you an invoice, a contract, and a scheduling link for your first session… along with any intro paperwork appropriate to your program. Once I get a time, date, and “place”, a signed contract, and a paid invoice, we’re ready to rock! In a perfect world, I’d also get the intro paperwork at least 24 hours before our appointment so I can review it and come in better prepared, but if you’re not able to get to it beforehand we can go over it during the session.
My “lucky locals” in the greater Lansing, MI area can choose to have an in-person session at one of my many satellite offices… Panera Bread, a local library conference room: anywhere within a 30-minute drive with good Wifi where we can sit and talk for an hour. Otherwise, you’ll get your own private Zoom link.
At the end of the first session we’ll schedule the rest of your sessions and catch-up calls. I find that it’s best if they stay on or around the same date/time, but I know life doesn’t always allow for that.
At the wrap-up call for your program, you can stay with the same schedule, step your contact up or down, or go in peace.
Click here to see my Personal Coaching Agreement.
This is an investment in yourself and your financial freedom. My job as a coach is to help you get more money INTO your budget, not take it out. You’re looking for help because you’re not happy with your situation and you’re not entirely sure what to do about it… what are the costs of flailing around on your own and making false starts or worse – doing nothing at all? And, think of the children…
Seriously, though. Without the up-front program discounts, my Standard Startup Program is $200 per month. Feeling a little sticker shock? Let the power of Google be your guide. In my area, I was able to find some local (-ish) non-profit agencies that do financial coaching. Some banks say they offer free financial coaching, though I would be wary of anyone who sees debt as a helpful tool. You cannot borrow your way to financial freedom!
I’ll make you a deal. Let’s sit down for a free consultation and go over your budget. If I can’t find my fee in what you have to work with, I’ll give you a free coaching session to help you find your next right steps. Click here to call my bluff!
That is the core of what I do. I can help prepare for, work through, and recover from events and life changes like marriage, divorce, pregnancy, birth/adoption of a child, starting to invest, bereavement, illness/injury, legal entanglements, starting/re-starting school, graduation, career change, promotion, job loss, moving, buying and paying off your home, prep for and life after retirement, and so much more!