What is a Money Coach?

What is a Money Coach Even Steven Money

Less than a year ago I was in the world of exploring what was next for me.  I had just left my full-time banking job, a job that I had been doing for the last decade.  My next steps were unclear.  I didn’t know what a money coach was and I certainly wasn’t asking what is a money coach. 

I’m an entrepreneur at heart and knew my next step would be to start my own business as scary as that might sound.  In my research I found myself looking to owning a Culver’s franchise and even an Amazon logistics business.

After researching the ins and outs of the Culver’s I realized I didn’t want to put all of my eggs in one basket.  The requirements for owning and building a Culver’s franchise from the ground up could be as much as 2 million dollars with liquid assets of $350,000 part of the requirements.  

I wanted to be my own boss.  I also came to understand what I didn’t want to do.  This would include running a restaurant and the hiring and firing, training, and management of the business.

Culvers to AmazonFrom Culver’s to Amazon

Shortly after this led me to Amazon where startup costs were advertised as low as $10,000.  This fit the low start-up cost requirement and not putting all of my eggs in one basket.  

The issue that came quickly to my attention was the actual job itself.  Would I find myself waking up in the morning excited to go to work? While this seemed like a great opportunity to start my own business it didn’t fit me.  

Amazon describes the type of person they are looking for and even adds the expectations of the business.

If you’re a customer-obsessed people person who loves coaching teams in a high speed, ever-changing environment, becoming an Amazon Delivery Service Partner is an ideal opportunity for you.”

“You’ll be expected to provide consistent coaching and support for your team to ensure the successful delivery of packages in a 7 days/week, 365 days/year operation.”

While I really enjoy interacting with people, I didn’t see myself coaching teams in a high-speed environment.  I wanted to build a business that revolved around the lifestyle I wanted to live and operating 7 days/week, 365 days/year would not allow that.

Why I Started My Business as a Money Coach

In a short period of time, I had created a template for what I wanted to do.  I was invigorated and had clarity for the first time since I began my research.  I knew that I wanted the following:

  • Start a business with low start-up costs
  • Be my own boss.  Someone not involved in hiring, firing, or the training of a team
  • Be passionate about my business, enough so that I would wake up in the morning  excited to start the day
  • Build a lifestyle business, one that wouldn’t be 7 days a week or 365 days a year

With my template in place, the next step was really a moment of euphoria.  For the past 5+ years, I had enjoyed reading, writing, and speaking about personal finance and all things money.  I was writing on Even Steven Money sharing my story, holding myself accountable,  sharing money tips, motivational stories, and helping others grow their knowledge with money as I continued on my financial journey.

I realized that starting my own personal finance website was a perfect fit for me.  The startup costs would be low, I had experience in building and growing an audience, I would be in charge as the owner and boss, and most importantly I was excited about personal finance and money.  

Finding your dream job man jumping in excitementFinding Your Dream Job

My new business was in place, I just needed a specific direction.  There is so much that comes with the next step, so the moment I came across Michael Kitce’s blog post “What Is Financial Coaching, And Best Practices For Becoming One” written by Garrett Philbin, a Financial Life Coach and the founder of Be Awesome Not Broke, I knew I had found my business.  

The moment I read through the article, it became clear I was on the path to creating my dream job.  

Over the past year, I have been working on creating my business and the beginnings have been so rewarding.  I find myself eager to create my brand.  Jump on a virtual call with clients.  Create a plan to pay off debt and save money.  Write articles that can help others grow their knowledge with money.  It’s been incredibly rewarding.

After going through the process of starting my own business as a Money Coach, it became clear it was the right time to share what it is exactly I do as a Money Coach.  I’ll answer the question “What is a Money Coach?” and not only from my perspective but from other money coach’s as well.

The insights are from individuals who have done it.   Someone who has gone through the process explained to others what a Money Coach is, and have been able to craft an answer that is easy and simple to understand.  

What a Money Coach is Not?

Sometimes it’s easier to eliminate some of the most common thoughts and job titles that may come into your mind when you hear the term money coach.

Many people confuse a money coach with a financial planner or advisor and that’s really right where I start.

I share that I don’t do bookkeeping, sell insurance, or manage your money and advise on investments like a financial advisor.  

Kelsa Dickey, Certified Professional Financial Coach at Fiscal Fitness echoes my statement sharing that “ A money coach is not someone who will manage your money for you.”  

I think Nick, Financial Coach at Family Finance Freedom paints a great picture of what a money coach is not, but does a great job giving a sneak preview into what a Money Coach does.

Someone who gives investment advice, tells you have to cut all your expenses, yells at you for overspending. A money coach doesn’t judge – we guide.”

What is a Money Coach?

When I meet people at events, my local gym, or a friend’s BBQ I am often asked the question “What do you do for a living?”.  This can be a difficult question to answer because the title Money Coach is so new to many.

Here’s a couple of strategies I use to explain what I do as a Money Coach.

I ask the question “Have you heard someone say they are bad with money?”  A nod of the head or sometimes an answer of Yes, that’s me is an easy transition as I answer “I help people solve that problem.”


Dave Ramsey

Dave Ramsey

Other times I will launch into referencing the popular personal finance book author and radio host Dave Ramsey.  Do you know who Dave Ramsey is? Once they answer Yes it’s fun to respond “Well, I’m the better-looking version with more hair.”

After I have hopefully created an image of what I do as a money coach, I hit them with really what the core of what I do as a Money Coach.

I help clients to create a financial plan to pay off debt faster, save money more money than ever before, and take the stress out of money all so they can live a better life today and retire comfortable tomorrow.

After some comparisons, it’s a little easier to understand what I do as a money coach.  Starting a business as a Money Coach is a growing profession. I wanted others like myself to answer the question, “What is a Money Coach?”.

Liz Ambitious Adulting

Liz, Money Mentor

One Simple Sentence

Liz, Money mentor at Ambitious Adulting answers what a Money Coach is with one simple sentence. 

“Someone who simplifies personal finances for their clients without overwhelming them.”

Accountability, Save Money, Budget

Ashley Budgets Made Easy

Ashley Patrick, Ramsey Solutions Master Financial Coach

Ashley Patrick, Ramsey Solutions Master Financial Coach at Budgets Made Easy and someone who clearly understands my Dave Ramsey reference describes a money coach as “someone that can help you manage your finances and help you with whatever you are struggling with at the moment. They can help you be accountable and find ways to save money in your budget.”

What Matters, Accountability Partner and Guide

Nick, Financial Coach at Family Finance Freedom described what he does as a money coach.  

Nick, Financial Coach

Nick, Financial Coach

“As a money coach, I help you get clear on what really matters to you in life and teach you how to put your money toward those things. I help you come up with a plan to get from where you are today to where you want to be, then walk that path with you as an accountability partner and guide.  My goal is to get you to a place where you’re informed and empowered enough to manage your money and continue this work on your own.”

Clarity, Confident, Skilled with Your Money

Kelsa Fiscal Fitness

Kelsa Dickey, Certified Professional Financial Coach

As a Certified Professional Financial Coach and really the veteran of the group. Kelsa Dickey has been coaching, teaching and training others how to become a financial coach through her training program, Financial Coach Academy for the last 10 years.

“Most people know to call a financial advisor for advice on investments or long-term finances. But it’s also okay to need help with more of the day-to-day part of money such as gaining clarity, setting short term goals, putting a plan in place that serves you well and supports those goals! If you are looking to expand your knowledge, achieve more financially, become more confident and skilled with your money, a financial coach is perfect for you!”

Financial Coach Academy

If you’re looking to start your financial coaching business or take it to the next level, look no further than the Financial Coaching Academy. They have helped thousands of people take control of their finances and achieve their financial dreams. The Academy will show you how to do that too while creating a lucrative, sustainable business. Sign up using this link & I may be compensated by Financial Coach Academy, that’s my transparency guarantee.

Why I became a Money Coach

After reading through what a money coach is and what working as one entails, you may have realized this is exactly what you want to do.  Before you start your business it’s important to know why you want to become a money coach.

The “Why” of any business is what gets you up in the morning and puts that smile on your face during the good times and reminds you that the tough times are all done for a reason.

Earlier I talked about why I started my business as a money coach which included the low start-up costs, flexibility, location independence, and my passion for personal finance.

Finding Your Why

What became abundantly clear throughout this year is really Why I became a Money Coach.  Not only do I find myself excited to create my brand, build and tinker with my website, and help others grow their knowledge with money, it’s been much more than that.

Steven Donovan Money Coach

I work with my clients as Money Coach to create a plan to pay off debt faster, save more money, and take the stress out of money all so that you can live a better life today and retire comfortable tomorrow.  Find out more about working with me today, by clicking on the picture.

Working with and helping clients has become the reason I am a Money Coach.  Taking someone from not knowing where their money is going each month. Then creating a plan, tracking expenses, budgeting and putting money towards what they truly value puts a smile on my face.

When clients take the words right out of my mouth as they answer how they have changed their money mindset, pay off thousands in debt, and have accomplished so much in such a short period of time.  That’s why I became a money coach and that’s why I look forward to the moments ahead as one.

Personal Experience

I personally was able to pay off over $100,000 in personal debt and I can help others become debt free.  Liz went through something similar as she is helping people on their personal finance journey by sharing real-life examples of how she got out of debt, paid off student loans, traveled around the world, and grew my net worth to 6-figures by age 26.

Live a Better Life

We all want to live a better life and that’s something that I emphasize in my coaching.  Ashley became a money coach to do the same and help people manage their money so they can pay off debt and live the life they want.

Over the last 5 years as I have written about money and personal finance on Even Steven Money, I know that others need help with their money.  

Need to Help People

Nick became a money coach because of that strong need. In this experience as a coach, he has met so many people who make a ton of money but have nothing to show for it. Good, hard-working people who make too little or spend too much, who were never taught how to manage their money or were taken advantage of.

I became a money coach because I NEED to help people, and I’ve made so many money mistakes and learned lessons through every single one of them, I HAD to put those lessons to good use!

Less Stress, More Confidence

Financial stress is created when a money mistake happens.  Kelsa first became a money coach because she wanted to make money easier for people.  She wanted people to feel more confident and less stressed when it comes to their money.

After watching my mom sit at the dining room table for hours, trying to get a handle on where her money was going and trying to feel better at it, she ended up filing bankruptcy when I was in middle school. I saw all her efforts and I learned early on that money impacts our lives. Sometimes it’s for the better, sometimes it’s for the worse, but it’s the game we’re all forced to play, so I want to make sure people all the good!

Get the #1 Resource on the tools, programs, and software I used to become a money coach.  Let’s call it a gift, something to encourage you.  If you ever have any questions please reach out and I’ll help walk you through it.  Cheers!

Want to Learn More About “What is a Money Coach”?!?!


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