On knowing versus doing, the limits of too much financial knowledge and the benefits of collaboration
54% of clients who started with no savings built a median of US$668 after coaching
Hi there,
Last week, a client shared an interesting conversation she had with her husband. He told her: “You don’t need to pay someone to help with your money. You just need to spend less than you make and invest the difference.”
Sounds simple in theory, but much harder in practice, right?
What stood out to me was that this same husband has paid for a dietitian, a personal trainer, and a counsellor in the past.
I don’t blame him for his perspective.
In fact, money is VERY emotional, and so is his reaction!
He believes it’s perfectly reasonable to invest for his diet, fitness, and mental health, but not for managing finances. To him, paying for things he values makes sense, while paying for what he doesn’t see as important feels like a waste.
And we have a tendency to project our values to others.
The truth is that his wife doesn’t hold the exact same values and priorities. Obviously his wife values financial coaching and she’s doing something about it.
After all when you pay for coaching, you’re not just paying for the expert’s time: you’re investing in real results and meaningful outcomes.
54%
54% of clients who started with no savings built a median of US$668 after coaching (source)
Financial Knowledge
Knowing what to do with your money and actually doing it are two very different things. Most people don’t struggle because they lack financial knowledge. They struggle because applying that knowledge (building new habits, sticking with them, and feeling confident in their financial decisions) is the hardest part. It takes consistent effort and patience to turn good intentions into lasting behaviours. And without the right support or mindset, even the best financial plans can fall apart.
Money Psychology
In today’s world, with endless information at your fingertips, thanks to AI, ChatGPT, you can find answers to almost anything online. So, it’s not about needing more financial literacy. What you really want is an expert who can cut through the noise and tailor advice specifically for you. People don’t struggle with money because they lack information, they struggle because life is busy, emotions get involved, and sometimes it’s just tough to know the right next step.
Financial Confidence
Sometimes it isn’t about downloading another budgeting app, but having a personalised plan that actually works for your unique situation. Sometimes, it isn’t about knowing more about financial knowledge, but being held accountable and being cheered on. Sometimes it isn’t about reading another book on money, but about having someone by your side who helps you put what works into action. And finally, sometimes it isn’t about doing it alone, but doing it as a team.
“If you want to go fast, go alone.
If you want to go far, go together.”
African proverb
Self-Reflection Question
When was the last time you truly invested in yourself, rather than just spending money? (And what was it?)
As always, build your financial confidence,
Sophie Hau