Frequently Asked Questions
Have a question about financial coaching? Check the list of frequently asked questions below.
If you don't find an answer, please contact us.
- What is the difference between FPU and financial coaching?
- Why do you not recommend debt consolidation or bankruptcy?
- How do I know if I need a coach?
- What is the difference between a local coach and one of Dave's in-house coaches?
- How do I pay for coaching when I am broke?
- Will you set up a payment plan for my coaching fee?
- If my spouse will not come, can I still work with a coach?
- How do I make an appointment now?
- How does the follow-up work?
- Is my financial information kept confidential?
- What are clients saying about Dave's coaches?
What is the difference between Financial Peace University (FPU) and financial coaching?
The difference is the level of detail. Financial coaching is the most detailed and comprehensive service we offer. Our coaches will help you develop a plan specific to your financial situation. FPU offers weekly accountability and encouragement, plus you will learn more about budgeting, debt elimination, investing, insurance and giving.
Why do you not recommend debt consolidation or bankruptcy?
Debt consolidation is dangerous because you only treat the symptom of the problem. The habits—and the debt—are still there. You just moved the debt! You will pay about the same amount, which doesn't really help you eliminate debt faster. Most people take on more debt after consolidating or end up in bankruptcy because they didn't change their behavior.
Bankruptcy is listed in the top five life-altering, negative events that one can go through. Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 Bankruptcy, more like a payment plan, stays on your credit report for seven years.
Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. Avoid it if at all possible.
How do I know if I need a coach?
Financial coaching is the most hands-on service we offer. Our coaches will help you develop and implement a plan specific to your unique situation. You may be facing a crisis, such as bankruptcy, foreclosure or harassing creditors. Or maybe you need help building wealth or starting your small business. Even if you just have some general questions about money management, financial coaching could be right for you.
Our coaches are trained to handle a wide variety of situations. They will offer detailed advice and a specific plan to make your money work for you!
What's the difference between a local coach and Dave's in-house coaches?
We have a team of full-time financial coaches at Dave's office in Brentwood, Tennessee. These professionals have a great deal of experience coaching people in all kinds of situations, and they also have an in-depth understanding of Dave's principles. They offer in-person and over-the-phone coaching. Even if you don't live near our office or a local coach, we will still be glad to help however possible.
Dave's team leads the training for the local coaches. So, when you enlist the help of a coach in your area, you will receive the same service Dave's team provides. Local coaches are independent and aren't employed by Dave, but they have been trained by his team and have the heart of a teacher. Choosing between Dave's in-house coaches and the coaches in your area is simply a matter of preference and convenience.
How do I pay for coaching when I am broke?
Financial coaching gives you a high level of detail and individual attention. As you progress from reading one of Dave's books to Financial Peace University to financial coaching, the increasing cost reflects the increasing scope of resources devoted to you. Although financial coaching can be expensive, it is a necessity for some. For others, however, it is a luxury. You will have to decide where to draw the line.
If coaching is a necessity, then you also have to compare it to: 1) the costs of bankruptcy, which can be $500–$2,000 in legal fees alone, or 2) the cost of credit counseling, which at $30–$50 per month for four years would cost around $2,000. Our fees are a bargain compared to these options, plus you'll have a plan to change your financial future! Many couples also find that addressing their financial situation reduces the stress on their marriage.
Will you set up a payment plan for my coaching fee?
We will break up the coaching fee into a maximum of 3 payments. This will be arranged after your free 30 minute consulation.
If my spouse will not come, can I still work with a coach?
Our policy requires both spouses to attend the coaching session. From experience, we've learned that coaching only one spouse does not work. This must be a team effort. If your spouse is not on board, sit down with them in a non-distracting environment and communicate how much you want them to participate in the finances. Do not let this be a time to nag, yell, scream, etc. Tell them that attending financial coaching, or even Financial Peace University, can be your Christmas, birthday or anniversary gift this year.
How do I make an appointment now?
Give us a call at 716-200-9359 or send us and email at firstname.lastname@example.org
How does the follow-up work?
Your initial fee includes three months of follow-up, including three one-on-one in person coaching sessions, periodic phone calls, emails, and/or additional office visits at the coach's discretion.
Is my financial information kept confidential?
Absolutely! Your financial information will NOT leave our coaching session.