Is it possible to become wealthy as a personal wealth coach? Can you rise above the average salary and start earning the big bucks?
What is the Average Salary for a Wealth Coach?
Salaries vary depending on experience, clientele, and location. According to Indeed.com, the average life coach salary is $60,000; according to Payscale.com, the average life coach wage is $35.48 per hour. Finding an average wage is a bit more challenging – on Indeed.com, it appears averages salaries run from about $55,000 up to $120,000
Why Become a Personal Wealth Coach?
The personal coaching industry is growing fast, and continued growth is expanding. Life coaches, wellness coaches, career coaches, and of course, will experience continued high demand in the future.
One reason wealth coaching will continue to experience rapid and consistent growth is the increased number of self-employed workers. It is an estimate that more than 53 million people now work as freelancers – business owners, consultants, contract workers, and of course, coaches. They can offer these workers help with budgeting, retirement planning, business financing, college account funding, and much more.
Add this growing number of freelancers to everyone else who can benefit from the services, and the ideal market is enormous and getting bigger every year!
How to Become a Wealthy Wealth Coach
There are a lot of ways to do to elevate your wealth coach business – better marketing, additional certifications, group coaching, seminars, workshops, and more. However, there are two main ways to boost your business and elevate your income to astonishing levels.
2 Ways to Boost Your Wealth Coaching Income
Become an Industry Leader
Becoming an industry leader is a process that begins when you take some specific topic, insight, or subject and move your knowledge above the competitors. For example, you can use retirement savings and specialize in becoming an expert in this subject. Being recognized as an expert in one topic will allow you to attract more clients to your wealth coaching business. On the item you select, you get your name and brand out there – article writing, public speaking, books, DVDs, meeting with community and local groups.
Leverage Your Expertise
Once you have achieved a specific level of experience and expertise, you can begin to leverage your knowledge and skills by creating additional income streams – this is how a coach can genuinely add jet fuel to their income!
Here are some ways to improve your awareness and expertise as a personal wealth coach:
Create additional products, such as DVDs, books, a series of workshops, group coaching classes, public speaking tours, and more.
License your expertise. You can license your knowledge, processes, and expertise to other coaches for a percentage of the profits or a per-session fee.
You can also offer them to companies and business ventures for a piece of the business. Instead of money, you get company stock or a percentage in exchange for your coaching services.
Broaden your brand. There may be other products that you can sell with your brand. Perhaps you want to sell investment products or even something not directly related to money and finances. If your brand is secure, you can make money with it by marketing other types of products.