Austin is joined by Jessica Pratt, a financial coach and founder of WyoU Financial Strategies. Jessica discusses her passion for helping people make confident spending decisions to save money for various goals like investing, managing risk, or simply having more fun.
Austin and Jessica discuss the distinctions between financial coaching and investment advising, agreeing that while financial advisors often concentrate on investable assets, financial coaches help clients build a strong foundation to prepare for investments.
Jessica discusses her experience helping clients develop financial systems tailored to their needs, emphasizing the importance of consistency in managing finances, and highlighting how a structured approach can lead to long-term success. The episode underscores the importance of a holistic financial approach, combining effective spending, saving habits, and investment strategies, tailored to individual needs and goals.
Key Points and Quotes Highlighted:
- Distinguishing Roles Between Advisors and Coaches: Austin and Jessica discuss the distinctions between financial coaches and financial advisors, concluding that advisors focus on investable assets while coaches help clients build strong financial habits and systems that prepare them for investing.
- Creating a Holistic Financial Approach: Jessica shares her journey of creating a system of checks and balances with her spending and savings and discusses why it’s important to look at the entire financial picture when creating short and long-term goals for your money. She stresses the importance of understanding your expenses and creating a baseline for spending to ensure sound decision making.
- Consistent Action is Better than Occasional Success: Jessica talks about the importance of facing financial decisions head on and consistently making an effort to manage spending and saving according to your goals. She highlights her personalized financial system that helps her clients stay on track and avoid feeling overwhelmed when changes happen.
“Financial advisors focus on products, financial coaches focus on progress.”
“As a society, we’ve pushed so much on financial security being incorporated by having those investment in those buckets of money, that the other piece of actually managing it on the day-to-day side of things, and how you’re spending and how you’re saving…that’s left a hole in the security picture.”
“We let life happen to us a lot of times. And our money will only do what we make it do, or what we let it do. Those are the two choices that we have to pick between.”
“You can either choose to not really ever go back in history, you can choose to not use the algebraic equations that you learn, but you do not get a choice in finances.”
“Financial security is not solely about having investable assets, but also about managing day-to-day finances effectively.”
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