No one sets out to make financial mistakes. Most people want to do better managing their money but may have never learned how. You may try reading a book, taking a class, or buying a piece of software. But where do you start? How do you get organized? How do you know what to do and what not to do, and how do you set some goals in the first place?
More Americans are in debt today than ever before. Three out of five households are living paycheck to paycheck and the average American has less than $15,000 saved for retirement. You don’t need another gimmick or salesman trying to sell you a quick fix. You need honest help, someone who can evaluate your financial situation and give you solid advice.
Sofus Financial coaches have life experience. We know what it is like to be scared and worried about being one unforeseen emergency away from disaster. Our coaches act as teachers and mentors we won't do the work for you, but we will hasten the learning curve and help you establish realistic goals. We will give guidance and hold you accountable for your financial decisions. Part of changing your future is working the plan for yourself and realizing the sense of accomplishment that comes from seeing success.
What to Expect from Sofus
Expect your coach to be a caring professional who is focused on you.
Expect your coach to take an interest in your life and your financial situation.
Expect a complete review of your financial situation.
Expect a plan designed with you in mind.
Expect to learn and be taught how to do things on your own.
Expect to see a clear, achievable timeline to meet your goals.
What NOT to Expect from Sofus
We will not lie to you.
We will not recommend something that is not in your best interest.
We will not sell you financial products (stocks, bonds, insurance, etc).
We will not promise something we can't deliver.
Phase 1 - A no cost initial 30-minute consultation is scheduled to meet the coach, discuss the client's financial goals and situation. The coach will explain the program, the requirements, payment terms, and the client packet.
In between Phases 1 and 2, the client will fill out and email back the information requested in the client packet.
Phase 2 - Based on the information provided by the client, a 60- to 90-minute meeting is set up where the coach will lay out the client plan, get feedback, further customize as necessary and schedule the first round of three or four appointments, usually once a month.
Level 1 - Firefighter: The coach will help the client in crisis to stabilize life and protect the core elements of food, housing, utilities, and transportation.
Level 2 - The Plan: The coach will help families create a detailed household-specific plan including a budget, cash flow plan, debt reduction list, financial goals and progress sheet.
Level 3 - The Emergency Fund (Part 1): The "fires" are out, but each client will protect itself by saving $1000 as an emergency fund. This allows any new crisis to be stabalized quickly.
Level 4 - Insurance: Most people do not have the right insurance for their needs. The coach will educate the client on different types of insurance and work to make sure the client has what is needed and remove what isn't necessary.
Level 5 - Eliminate Debt: Other than a primary home mortgage, the coach will put together a plan to systematically work through paying off every debt in order of smallest to largest by building a dedicated budget and cashflow plan.
Level 6 - The Emergency Fund (Part II): With the client out of debt and the right insurances in place, the focus will now shift to building an even bigger cushion between the household and life. The emergency fund will be increased from three to six months' worth of household expenses.
Phase 3 - The coach will back off the timelines at this point and schedule appointments every other month or even quarterly rather than every month. The focus will be on good, long-term financial goals and the decision-making process supporting them.
Level 7 - Investing: With the financial house in order, now is when people start to invest for retirement. The coach will help the client look at your options and guide you in selecting the right investment advisor for the client's situation to put away 15% of the annual household income into retirement.
Level 8 - College Savings: For clients who would like to help their children attend college debt free, the coach will help look at options and make recommendations on plans.
Level 9 - Eliminate the Mortgage: With 15% of income going into retirement and college savings underway, the last big hurdle before financial freedom is to pay off the home mortgage. The coach will help lay out a plan to pay off the mortgage as early as possible.
Phase 4 - The coach will schedule meetings twice a year or as needed to advise as situations present themselves and to help guide on investments and market conditions should the client desire.
Level 10 - Wealth Management - Clients who follow the program and continue to make good decisions will build wealth. The coach is called on as needed to advise on investments and preserving wealth generationally.
All meetings between the coach and client can be done in person, via Skype, or by phone
depending on the distance between coach and client, schedules of all parties and
what will best accomplish the goals for that session.