Special thanks to Capital One for sponsoring this post. All opinions are my own and have not been influenced by this sponsorship.
The #1 Best Way To Break Through Your Money Roadblocks
Have you ever wondered if money coaching might be the key to helping you change your financial perspective and put you on the path towards financial security?
If you have, you’re not alone.
People are starting to realize that it’s not enough just to stop spending money on lattes or to balance their money to the penny each month. If these tactics were enough, many people would have freed themselves from the bonds of debt years ago.
But it takes more. And if you’re a regular reader of my blog you know first-hand how much I support the concept of money coaching as a means to help people develop a deeper understanding of what motivates them to spend, and not save adequately or invest wisely.
Financial success is about more than just numbers.
The money coaching program is part of Capital One’s continued growth in Boston and unique initiative to reimagine banking and help their current and future customers be as successful as possible.
With their reimagine banking initiative, Capital One is introducing new digital financial technology, products, and even Cafés like the one I visited, to help customers feel confident in their relationship with money and self-assured about their ability to reach their goals so their money can fit their lifestyle.
What Is the Captial One Café Concept?
Capital One brought the Café concept to Boston over two years ago and has since expanded it to five locations across the city – Back Bay, Coolidge Corner, Downtown Crossing, Harvard Square, and Ink Block. Additionally, they just announced they would be expanding their Boston presence and opening locations in Hingham, Lynnfield, and the Seaport area in the coming months.
At the Café you can:
- Get help with an account
- Open a new account
- Use the ATM
- Attend a workshop to help you start talking and thinking about money in a whole new way
- Talk about financial issues with a money coach and
- Define your goals
- Gain new perspectives about money
- Create a financial action plan
- and more!
You can also access free Wi-Fi and get coffee!
What is Money Coaching?
Capital One is helping real people talk about the sensitive topic of money so they can take control over their finances. It’s a culmination of programs and services aimed at empowering people to live the life they want, regardless of their financial status.
As with all forms of coaching, money coaching is a judgment free program designed to help you build a firm foundation by aligning your values, beliefs, goals and spending toward what actually matters in your life.
The money coach guides you through a set of questions and works with you based on your answers to help you construct a plan towards meeting the goals that are important to you.
Sounds pretty fantastic, doesn’t it?
Well, it is.
And even though I am debt free, I still found my personal 1:1 money coaching session to be extremely valuable.
Overview of my Session
I met my coach Lisa at the Café on JFK Street in Harvard Square, Cambridge for my free 90-minute money coaching session.
When I first walked in my immediate reaction was, “Am I in the right place?” It felt like I was at a cool coffee shop.
There was a Peet’s Coffee bar and many people sitting at high top bars, and comfy chairs and tables. It was bustling with activity. The Café had a designated coaching room and a community space if you needed a place to hold a small meeting. There was an ATM onsite and greeters who were available to answer questions or point you towards someone who could.
Because I was there for a free coaching session, I also got a cup of coffee on the house.
The coaching room was a glass room with frosted panes on the bottom, so you didn’t feel like you were in a fish bowl and to provide a bit more privacy. It was a pleasant and appropriate setting for a personal coaching session.
My coach Lisa was a very skilled money coach. She used the appropriate language and tools and asked the right amount of questions to help get to the heart of the matter and help me find solutions to my issues. She was warm, inviting and made me feel at ease almost immediately. I believe that anyone working with her would have a productive and enlightening session.
Because I have no debt and have one bill I pay each month, I honestly didn’t think I had anything worthwhile to share in this session. Boy, was I wrong!
Within just a short time, I was able to clearly see that I had a money issue that needed to be addressed. We worked through the process, and Lisa used a tool called “Consult Your Inner Guide” to move me through the process. We examined both the internal negative self-talk that was standing in the way of addressing this issue as well as my inner navigator – the wise and compassionate inner voice that always leads me to my best self.
By the end of the session, I had a clear plan of action to address this particular money issue. As a result, I felt empowered to make meaningful changes to my particular circumstances.
I’m a fan of money coaching. I believe in its power to transform lives. If I didn’t, I wouldn’t have become a certified coach myself. But I also understand that some people are skeptical, and so I want to break down if coaching, particularly money coaching, is right for you.
Why Use A Money Coach?
Money coaches aren’t just for people struggling to get out of debt. If that had been the case, I wouldn’t have obtained such tremendous insight from my session with Lisa.
Money coaches can help with a variety of money issues, concerns, and goals.
Financial planners help with the number crunching and helping you choose the right investments, but choose a money coach when you recognize ongoing patterns – if you have a problem with spending, you’re failing to save regularly, it’s hard for you to earn your worth, you and your spouse aren’t on the same page regarding money, or if you feel overwhelmed even speaking with a financial advisor.
Money coaches will also look at the bigger picture – your life as a whole and help you to align your values with your money strategy. They’ll look at what’s stressing you out, what gives you happiness and joy, what is it that will truly make you happy, what’s realistic and how does it all fit with their current lifestyle.
Is It Right for You?
The coaching service provided through Capital One is completely free of charge. They don’t try to upsell you during the process and even offer additional money coaching sessions if you feel they would benefit you. But even the most skilled coach can’t help you if you don’t go into the coaching arrangement willing to learn and change.
That’s the key to coaching – you must be ready to change your behavior and move forward. If you’re not, no amount of coaching will help you.
Secondly, expect to be challenged to find solutions, not to be given them. Lisa used a tool with me that helped me do just that by consulting my “Inner Guide.” Because she used this specific type of tool in my session, I was offered a fresh perspective on the problem and was able to assess the best options for me. It opened the door to have me look at the issue at hand in a different way and evaluate the alternatives and tradeoffs of each option.
If you’re not willing to look at your money problem in a different light, coaching might not be worthwhile for you in the long run.
Third, expect your coach to “reframe” your situation and have you examine the problem from every possible angle. When doing so, you’ll find that sometimes the original goal you had in mind will be replaced with a different goal.
If you’re not willing to be flexible and open to the process, you won’t reap the biggest benefit from a session.
Fourth, coaches aren’t minded readers, so you need to be open about how best you learn. If your coach uses a tool or strategy that doesn’t work or you don’t like, make sure you communicate that concern to your coach, so they try something that is more suited for you. Feedback is vital to ensuring your high-quality receiving coaching.
If you’re not willing to be honest in your communications, the session won’t fully help you.
Finally, expect some growing pains. Learning from coaching requires taking risks, trying out new behaviors and admitting mistakes, all of which can be uncomfortable. But it’s in that place that the most growth will occur. I know first hand that Coach Lisa was there to help me and not judge me. I knew I didn’t need to perform; I could just be myself and allow the process to unfold.
If you go into money coaching with a mask and want to have the coach think you’re someone you’re not, the session won’t be as valuable as it could be.
You’ve Got Nothing to Lose and Everything to Gain
My session was transformative. As I stated earlier, I have a clear plan of action on how to move forward and I’m planning on scheduling another session after the first of the year.
I think Capital One has taken a bold move by introducing the Café concept and free 1:1 money coaching sessions. If you live in and around the Boston area, I highly recommend you take advantage of this free service.
It’s not often something of such high value is given away without expecting something in return. This service does just that. Sure, maybe you’ll become a customer and maybe you won’t. But you’ll walk away with a better understanding of your particular money situation and be armed with a plan of action that if you implement will move you forward and closer to your financial end game.
I hope if you live in the Boston area you’ll call and schedule your free session.
For those of you living outside Boston, please visit Capital One to see if there is a Café in your area.