No matter what the economic climate is like, you should be thinking about achieving financial freedom. Why? Being financially free opens up a world of possibilities to pursue your passions and interests without financial worries. It gives you the freedom of choice based on what you love rather than what you need to do for money. It also allows you to have time and location freedom. This means you can live and work whenever and wherever you want.
To be financially free, however, requires a positive mindset, determination, grit, and the willingness to go all in. Fundamentally, this involves understanding how to manage your money well and tracking your finances.
This is where financial coaching comes in.
Financial coaching is a collaborative, educational approach to helping business owners and individuals better understand their financial position, set goals, and create a plan to achieve them.
Why should business owners and individuals seek financial coaching?
It is a known fact that the vast majority of people everywhere in the world live paycheck to paycheck, and that includes business owners. It is also common knowledge that the education system does not teach financial literacy.
Having financial intelligence is, therefore, crucial not just for managing your money well but also for understanding how to generate income to achieve your financial goals.
Financial coaches are distinctly different from financial advisors and financial planners. Undergoing financial coaching will help you improve your financial management skills and achieve specific financial goals.
To achieve your financial goals, you only need to do two things.
1. You Have To Really Want It
Unless you really want it, you will never be financially successful.
2. You Have To Track Your Finances
If you don't track your income and expenses, you'll never have control over your financial future.
In the mid-80s & 90s, Malaysia’s economy was booming. The telecommunications sector was thriving with new technology.
1990–1993: Amidst all that, one small company worked to get the first audiotex telecommunications licence from the Ministry to run the 600 Dial-In-Number business.
The business grew exponentially, raking in over RM3.0 million annually.
1995: Management and leadership issues cropped up.
2nd Half 1995: Nationwide, the audiotex industry faced technical problems, which resulted in revenue dropping drastically.
1996–1997: Technical issues persisted = all companies (involved in audiotex) nationwide continued to make losses, the birth of the World Wide Web, and the Asian Financial Crisis.
After 1998: Worldwide - the audiotex industry died a natural death.
𝗠𝗢𝗥𝗔𝗟 𝗢𝗙 𝗧𝗛𝗘 𝗦𝗧𝗢𝗥𝗬: No business coach or mentor to help steer the storm. No one to talk to. No one to bounce ideas off. No roadmap. No vision. No strategy. No one foresaw the impact of the WWW, the technical issues, the financial crisis, and the smartphone. In the end, I lost everything!
WHO AM I
BUSINESS COACH