*Warning: Rant Below*
I keep seeing this Facebook ad for a financial coach training program from one of the very well-known personal finance “experts”. This is the “expert” who spouts advice on his radio show that a lot of the time doesn’t make mathematical sense. He has all kinds of things to sell you on his website but will tell you that you shouldn’t buy products from this person and that person. He calls some things a “tax on stupid” while he’s the one who has monetized preying on those in dire financial situations.
Don’t get me wrong, some of his advice is good and I’m sure that he’s probably helped thousands turn their finances around – something I haven’t had, and probably never will have, the opportunity to do. But how can you suggest that something is or isn’t right for everyone? Financial decisions should be made on a case-by-case basis.
And now he’s going to teach you how to be a “Master Financial Coach” as well so that you can help all your friends and direct them to buy the products that make him rich. Notice that this term is “coach” and not “adviser” or “planner”.
With only a $1,795 investment and 60 days in an online course you can become a Master Financial Coach. Not only that, but it’s actually named after the person who you just paid to receive the designation. (I’m assuming payment plans aren’t offered)
I guess I took the hard route. It took me 4 years of college education, 6 months of studying for a test that has a historical pass rate of around 60%, and 2 years of work experience to obtain my designation through an organization that requires a fiduciary standard, not through a person who stands to make extremely significant financial gain from offering an online course.
Is That Qualified?
Sorry if I sound a little bitter. Maybe I see this the wrong way. Hopefully, this program was designed as a means to help tons of people better their financial situations. However, I can’t help but wonder how many people rely on financial advice from those who have no formal education or actual technical training outside of 60 days of coaching. It seems to me that the person who is selling this course stands to profit significantly with little regard for the potential negative consequences.
Would you trust a doctor who simply took an online course without having any background education or hands-on technical training?
Would you trust a pilot who simply took an online course without having any background education or hands-on technical training?
A lawyer?
A dentist?
A mechanic?
A contractor?
A surgeon?
If you answered “no” to any of these, then it may not be wise to trust your friend who paid to take a 60-day online course to “coach” you with your personal finances. The truth is that while they may be thinking they’re doing a great thing and will be able to help those around them, they could end up making things worse.
Think about the significance that personal finance decisions can have on your life and ask yourself if you’re willing to trust someone who simply took an online course to advise you on those decisions. If so, good luck.
