Why both Career and Financial Coaching?

Why do we offer both career and financial coaching? These two are intertwined in many obvious and some non-obvious ways. Let’s explore this relationship.

Yes, naturally, your job affects your personal finances. Your financial situation is a byproduct of both your income as well as how well you manage it over time. Advancing in your career materially benefits your financial situation.

But it works the other way too — reaching a certain level of security in your finances enables living your life in ways that wouldn’t be possible otherwise. It allows you to express your opinions more freely and clearly at work, without the fear that being laid off will severely impact your family. It allows you to take bigger risks or work for jobs that aren’t necessarily the highest paying, but are more meaningful to you or have a more positive impact in the world. It also unlocks mid-career breaks, sabbaticals, or “mini-retirements.”

In some career paths, high earners can out-earn bad spending habits, leading to under-accumulation of wealth. The White Coat Investor observes that “doctors have long had a reputation for being terrible with finances” . I personally have known many people in the tech world who fit into this bucket as well. A sudden increase in income presents a unique situation that requires careful analysis before spending habits erode your ability to FIRE.

All of this means both job and personal finance decisions need to be considered in tandem, especially as careers and net worths advance. Living a great life is not just a matter of a number in a bank account.