Financial Coaching Summary

1346 Words6 Pages
Dr. David Murphy asserts in Introduction to Financial Coaching, “A CFC is a Christ Follower who has been called to the special ministry of helping others develop the skills needed to make wise financial decisions, and to lead those facing financial burdens to a place of financial wholeness” (p. 3). Bill Russell came to this coach for an initial intake and to establish a fit for financial coaching. Bill is a twenty-eight-year-old, professional graphic/web designer a job he held for the last five years. He is currently single with no children. However, there are wedding plans for next year, and he wants children. Bill earns a base salary of one hundred thousand and with bonuses he earns an average of one hundred and forty thousand per year. Bill…show more content…
Dr. David Murphy (n. d) in Personal Financial Statements instructs drafting a personal financial statements tells where your client is right now, personal balance sheets are the financial position at a point in time, and a cash flow statement summarizes the cash inflows and outflows over a period (p. 2-4). Bill needed a visual overview of his finances and to see his patterns of spending. Although Bill’s liabilities were considerably low considering his spending. By Bill living in the downtown area, his father convinced him not buy a car. Additionally, Bill did not own real estate, nor any long-term investment. Moreover, Bill only asset was his liquid cash and furniture. Bill in his employee package received a 401a plan that the employer contributions allows one to save money toward retirement. Bill’s employer had contributions added to one hundred thousand over his five-year tenure. Additionally, Bill was unaware that the plan had amassed one hundred thousand as he could not touch it unless he left the company or turn fifty-nine and a half. Bill looked at the snapshot and agreed more responsibility and accountability for his irrational choices were…show more content…
Additionally, Bill viewed things and lavish trips as happiness. The second component of the plan was to give Bill insight to money and happiness. This coach shared that money had nothing to do with happiness. Happiness comes from within and expresses outwardly, financial control for Bill starts with determining his real source of happiness. This coach shared Dr. Murphy affirmations from The Psychology of Money (n.d) regarding marriage, money and happiness. Dr. Murphy (n.d) asserts, “Money is the number one source of disagreements in the early years of marriage. Money stress is the number one cause of divorce. Lack of evidence showing a relationship between material wealth and happiness” (p. 5). Bill shared that once in his parent’s marriage there was a discussion of divorce as his mother was not happy with their family’s lifestyle. His mother said that money was his father only way of showing love. Bill did not want to repeat the same mistakes, and his fiancé was more interested in Bill’s relationship with God and not his money. Ironically, it was Bill’s fiancé and mother who recommended he come to this coach after meeting me at a conference. Bill revealed that his blessings, peace, and true happiness came from God and not money. However his social circled indulge in overspending by citing they deserved it after college and as a rite of singlehood. Author Hugh Massie (2006)

More about Financial Coaching Summary

Open Document