FAQ

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Frequently Asked Questions-- Financial Coaching

 

How do I know if I need a coach?
If you don't yet have 6 months of expenses set aside in savings, or if you have debt (including a car payment) or if you're not already saving for retirement and your kids' college, or if you just feel that your money is not working for you like it should be, you would definitely benefit from my services!  Financial coaching is a very detailed, hands-on approach that helps you make a plan for your unique situation. 

Additionally, If you're facing bankruptcy, foreclosure, collectors, or if you need help building wealth or starting a small business or if you just have questions about money management, I can help.  I'm well trained on a wide variety of situations and can offer detailed advice and a specific plan to make your money work for you! 
 

Countless professionals hire coaches to elevate them to the next level. Professional golfers have swing coaches, professional athletes have strength and endurance coaches, and singers have voice coaches. Corporate executives will often have career and/or life coaches. These are all people who we would view as successful, but they still see the value in a coach and getting another set of eyes on their unique situation to help them elevate their game/career to the next level.


A financial coach will do the same for you in the area of your money and help you take your finances to the next level. If you are living paycheck to paycheck and want to learn the best ways to budget and save money, a coach can help you. If you are out of debt and want to know how to start down the path to building wealth and retirement, a coach can help you with that as well. The value that a financial coach can provide is 1) to help you make a plan for all the areas of your finances and 2) teach and coach you in the behaviors and habits that will make you successful in this area of your life and work to improve your relationship with money. Those two things are critical to your success and worth far more than the cost of coaching sessions.


Will I have to share sensitive information with you, such as account numbers or my social security number?
No, absolutely not.  We'll likely discuss your current income, any debt you have and your financial goals, but no account numbers or social security numbers will be needed, and I won't share any of your financial information with anyone either.

How do I pay for coaching when I am broke?

 

If you are inquiring about working with a financial coach, then you have probably realized that going it alone or using “free” advice isn’t working. Financial coaching gives you an extraordinary level of detail and individual attention and the cost reflects the scope of professional resources devoted specifically to your situation.

Many people are concerned that they can’t afford coaching; however, what some don’t realize is that they can’t afford to not have a financial coach. The reason is because improving your financial situation by paying off debt faster, plugging the leaks in your budget, and saving more money for your goals will quickly pay back the cost of coaching fees.
You have to decide if coaching is a necessity to you.  If you've tried other options, and they're not working, it's probably a necessity.  So then you compare it to 1) bankruptcy, which can cost around $500 to 2,000 in legal fees alone, not to mention the damage to your credit, or 2) the cost of credit counseling, which, at $30—$50 per month for four years, would cost around $2,000. I'm a bargain compared to those options, and you'll have a plan to change your financial future, not just a band-aid for the problem.  Additionally, many couples also find that addressing their financial situation reduces the stress on their marriage, which can be priceless.


 I have also found that if a potential client is not willing to pay the relatively small cost for coaching then they may not be ready for the larger sacrifices that will be necessary to make real change in their financial future and get out of their current situation. Therefore it is important to fully commit your time, attention, attitude and yes, a bit of your paycheck, to the task because your investment and “skin in the game” is a sign of your seriousness and likelihood of having success in attaining financial peace. 


 

Isn’t all the information I need on how to manage my finances available free on the internet?

There is a wealth of information on the internet on all matters of finance that may or may not be correct. The internet will not learn your exact situation and will not take the time to learn about you and your family as well as your goals. Nor will the internet tailor an approach and plan for you to meet those goals. The internet will also not walk alongside you and encourage you as you embark on your journey to financial freedom and peace. A financial coach however will do all those things.

Will you set up a payment plan for my coaching fee?
I don't want to become your creditor, so I do not divide the fee into payments. I do request the payment in full up front by a debit card or bank draft.  

If my spouse won't come, can I still work with a coach?
My policy is that both spouses attend the coaching session. Coaching does not work with only one spouse. It needs to be a team effort. If your spouse isn't on board, sit down with him or her and discuss how much you want his or her participation. Explain that attending the financial coaching, can be your birthday, Christmas or anniversary gift this year!

What about singles?  Do you only coach couples?
Absolutely not!  Being single and managing money God's way can be just as hard.  Being a single parent can be much more difficult!  I would love to help you in whatever financial situation you're going through!


 

I'm embarrassed by my financial situation.  Will I feel judged by you during the coaching?
NO!  You're going to love my teaching style, and you will not feel judged for one second.  I promise!  Additionally, I'll keep your financial situation between you and me.  Your financial information will not be shared.

Why do you not recommend debt consolidation or bankruptcy?
Both are dangerous.  Debt consolidation only treats the symptom of the problem. The debt just gets moved!  You won't pay much less, and you won't get out of debt faster.  Some types of bankruptcy stay on your credit report for 10 years.  However, for the rest of your life, some job applications and loan applications will ask if you have ever filed for bankruptcy.  Avoid bankruptcy if at all possible.

Is a Financial Coach a Financial Adviser?
No.  Coaching takes an approach on an emotional level, goal setting, and instills values. Financial Advisers typically represent investment products that they offer. Coaching is different in that, we teach behavioral changes that create results and progress towards your financial goals.  A Financial Adviser may be a part of your financial plan.  Most do earn a commission on the investments they sell, so it's smart to have both, a coach and an adviser.


 

Do I have to live in the same town to work with you?

No. Face-to-face meetings are great and if we are in the same geographic area (Chicago, IL), I will strive to do that. Fortunately in today’s world, we have wonderful video conferencing services (e.g. Skype, Zoom) available that can simulate us sitting in the same room and even a phone call can be effective as well. I’ve work with clients in different states using these forms of communication, and it is not an issue.


 

How long do coaching sessions last? Can I get everything I need in one session?

Coaching sessions will typically last about 1 to 1.5 hours each, but they could also be shorter or longer depending on your situation and desires. They will be a dialogue and a safe place for you to ask questions, receive information and get encouragement. It would be rare that the coaching you need would be complete in one session, but if your need is very specific, it could happen that way. Typical coaching would span a few sessions and that would stretch over a few months. Some prefer to get all their coaching in a short span and others like to check-in each month or once a year to see that they are still on track. Each situation is unique and fit to the client’s needs.

Do you work for Dave Ramsey?

No.  I work for my clients.  I have attended and completed Dave Ramsey’s Financial Coach Master Training.  However, I am independent and only work for my clients.  The training that I received was incredible, and I'm excited to help you with your unique situation!
Completion of Dave Ramsey’s Financial Coach Master Training does not create an employment or agency relationship with Ramsey Solutions or its affiliates; it does not constitute a license or credentials to engage in legal, tax, accounting, investment, or other professional practice; nor does it constitute an endorsement or recommendation of the Coach by Dave Ramsey.

Frequently Asked Questions-- Bookkeeping

 

Welcome to Redline Financial Services, LLC.

As a bookkeeper with years of experience, Redline Financial Services, LLC works to take the stress out of your bookkeeping needs. We work with businesses of all sizes. Think of us as an extension of your office. No need for an in-house bookkeeping staff or worse yet, toiling away for hundreds of hours trying to do it yourself.

Why hire staff?  Let Redline Financial Services, LLC do your monthly bookkeeping at a fraction of the cost of a full-time employee.

We will collect your financial information and turn it into clear and understandable financial reports. No more battles with your accounting software, or stress when paying bills. Bookkeeping is all we do and we do it very well.

Redline Financial Services, LLC focuses on the books, so you can run and grow your business.

We have developed this website to keep you up-to-date with the latest tax law changes and business planning strategies. Let us simplify your life! Need a financial report? Get it fast by accessing your documents anytime with our password secure portal. Want the latest tax deadlines delivered to your e-mail box? Sign up for our e-mail client newsletter full of valuable tax planning strategies.

You can count on us for professional, timely and reliable bookkeeping and back office services, which include the following:

  • Prepare and maintain accurate financial accounts
  • Banking and check writing
  • Review and process transactions
  • Income and balance sheet preparation
  • Perform month and year end reconciliations

Does my business need to be in Chicago?

Absolutley not!  I can work with you completely virtually!


Feel free to contact us at 708-581-8337 or via e-mail: info@redlinefinancial.com. We look forward to assisting you with all of your business and financial needs.

Coaching Session Expectations

 Want to call a financial coach, but not sure what to expect? Maybe you’re nervous about seeking help in the first place. That’s understandable. The good news is financial coaches aren’t counselors. I will give you a specific, achievable plan for your situation.



How to Prepare for Your Session

Don’t worry about gathering years of tax documents and bank statements before your session. I will email you a few simple forms to fill out and submit beforehand.

So what’s on these forms? One is a short money snapshot and the other is a basic budget. The money snapshot will tell me how much you earn, how much debt you owe, and your top concerns or questions for our session. The budget is a list of everything you spent last month—from your water bill to your student loan payment. And don’t be shy or feel ashamed.

What Will Happen During Your Session?

When you arrive for your session, I will have already reviewed your forms. After getting to know you for a few minutes, I will dive right in to your most pressing financial issues.

Since every client has different needs, every coaching session will be different. Some topics, however, overlap, like communication, debt elimination and saving for education or retirement.

Most clients need to focus on creating a realistic budget. That means thinking about purchases that frequently bust bank accounts, like birthdays, vacations and even Halloween costumes.  I want you to plan for these expenses instead of forgetting about them and falling back on credit.

What You'll Walk Away With

Successful clients move the needle as soon as possible after their session. That’s why I will give you action steps to follow almost immediately.  These might include tweaking your budget, creating a debt elimination plan, and setting goals for the next few years. We may brainstorm additional income opportunities to pay back debts faster (a second job) and smart ways to stay out of debt in the future (in-state college for the kids).

Keep in mind that you won’t leave your session with all your issues magically solved. But you will leave equipped to solve them yourself. Think of your financial coach as a personal trainer. He or she will show you what to do and how to do it, but the heavy lifting is up to you.

And the payoff? When you realize, you did it—all by yourself.

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