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Financial Coaching vs Financial Planning

Updated: Aug 31, 2023

Today we're going to discuss what financial coaching is, what it isn't, and how it may help you to better prepare your finances for your journey to financial freedom. We'll also cover our 9-week framework for financial coaching.


What is financial coaching?

Financial coaching works with you, not for you, to help you to develop a clear idea of your money and start you on your path to achieve your financial goals. A financial coach will work with you to understand your financial situation, set goals, and help you form financial habits to reach those goals. They will also provide you with support and accountability as you work towards your financial freedom, but ultimately allow you to feel more financially secure in getting on the right path.

What is financial coaching not?

Financial coaching is not financial planning. Financial planning is a long-term approach and usually a more comprehensive service that includes creating a financial plan saving for retirement, managing your investments like stocks, bonds, mutual funds, ETFs or other investments. They may provide tax advice, insurance products and review or develop your estate plan. Financial planning is geared towards people who are accumulating or have accumulated wealth and whose will help you through life’s constant changes to keep you on the path to retirement while keeping a pulse on your investments and financial markets.

Financial coaching is a more focused service that specifically helps you to develop a complete financial blueprint to build your wealth and achieve your financial goals.

To summarize – both financial coaching and financial planning can be a valuable and effective to meet a need on your path to financial freedom. A financial coach will help you develop habits to get and stay financially healthy. While a financial planner helps keep you on track to get and stay financially wealthy.

At the Physicians Financial Checkup, our goal is to help your become more knowledgeable of your finances and create those lifelong healthy habits through financial coaching and education.

Financial coaching with the Physicians Financial Checkup can help you in a number of ways, including:

Helping you to understand your financial situation. A financial coach will help you to understand your income, expenses, assets, and liabilities. This will give you a clear picture of your financial situation and help you to identify areas where you can improve.

Setting financial goals. A financial coach will help you to set financial goals that are realistic and achievable. They will also help you to create a plan to reach those goals. SMART goals stands for Specific, Measurable, Achievable, Relevant, and Time-Bound.

Providing support and accountability. A financial coach can provide you with support and accountability as you work towards your financial goals. They can help you to stay on track and motivated.

Our 9-week Quick Start Financial Coaching framework

If you're ready to start financial coaching, to get your finances organized and feeling much more financial healthy, here is what we cover in our 9-week framework that you can follow:

Week 1: Get to know your financial coach. (1v1) This is a time to build rapport and trust with your coach. You'll also discuss your financial goals and how your coach can help you achieve them.

Week 2: Gather your financial information & understand your financial values. (Homework) This includes your income statements, expenses, assets, and liabilities. But you’ll also complete your financial values quiz to understand what your financial priorities are. Your coach will help you to organize this information and make sense of it.

Week 3: Discuss your financial values, goals & organize your finances. (1v1) This is where you'll set specific goals and create a blueprint to reach them. Your coach will help you to make sure that your goals are realistic, achievable, and how to create a budget that works for you.

Week 4: Implement your budget. (Homework) This is where you'll start taking action on your budget and towards your goals. Your coach will help you to stay on track and make sure that you're making progress.

Week 5: Weighing Debt Payoff and Personal Savings. (1v1) This will cover the basics of debt payoff, such as creating a debt snowball or debt avalanche plan, and how to negotiate with creditors. Your coach will discuss your current debt situation, debt payoff plan and any challenges with debt you may have. We will also cover the basics of emergency savings such as how much you should have and how to save for emergencies.

Week 6: Review your progress and celebrate successes. (1v1) This is a time to assess how you're doing and adjust your plan as needed. Your coach will help you to recognize your accomplishments, stay motivated and on track.

Also in Week 6: Basic Investing for your goals. (Group) This will cover the basics of investing, such as asset allocation, risk tolerance, and choosing the right investment vehicle to meet your goals. We will discuss what your investment goals are and how to systematically approach them.

Week 7: Overcome challenges and revise. (1v1) There will be challenges along the way, but your coach will help you to overcome them. They'll also provide you with support and encouragement. As your circumstances change, you'll need to revise your financial blueprint. Your coach will help you to make sure that your plan is still realistic and achievable.

Week 8: Protect You, Your Family and Your Wellbeing. (Group) This session will cover the basics of insurance protection from disability and life insurance along with the estate planning basics to protect you and your loved ones for life’s curveballs.

Week 9: Celebrate Successes & Continue on your journey. (1v1) Once you've completed the 9-week framework, you'll be well on your way to financial freedom. Your coach will continue to support you as you continue on your journey to form financially healthy habits.


Financial coaching can be a valuable tool for helping you to achieve your financial goals. If you're looking for help getting started on your financial journey, I encourage you to consider working with a financial coach.

You can find more information about financial coaching with the Physicians Financial Checkup at

If you feel you’re ready for the next step in your financial journey and would like to talk to a Financial Planner about growing your wealth, retirement accumulation or distribution strategies, tax and estate planning questions or to help you develop, manage, implement and monitor your long term financial goals you can check out to find a Certified Financial Planner or to find a fee-only fiduciary financial planner.

Thanks for listening to the Physicians Financial Checkup podcast. If you have any questions or comments, please feel free to leave them below.


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