Is it Time for You to Become a Business Coach?

JD Burbank HeadshotThe following is a guest post from James D. Burbank. James has been navigating his way around the business world for better part of two decades. He is the editor in chief of BizzMarkBlog and a proud father of two. 

For most professionals working in the business arena, there comes a moment where they start feeling a bit worn out. They feel like they have seen it all (and in many cases they really have) and that they have started just going through motions. Even the occasional spikes and major successes become expected and lose their allure. They start feeling like the elder statesmen and they start thinking about new avenues.

One such avenue is business coaching, or more precisely becoming a business coach.

Why it Makes Sense?

Everything that we have mentioned in the introduction shows why it makes sense to become a business coach in such a situation. For one, you have plenty of experience that other people might benefit from. You have all the background you will need to become a superb business coach who will have absolutely no troubles finding clients and growing their business.

Another reason why this makes sense is the financial aspect of it all. Business coaches can make quite a bit of money, especially once they expand their client list and start coaching people in top positions at more established companies. As the readers of Retirement Savvy know very well, everything that helps things going for that comfortable retirement is more than welcome.

Moreover, if you play your cards right and build your reputation, you can continue to do business coaching even after you officially retire – working with only a few high-level clients who will be glad to have someone who experienced in their corner.

Business Coach

It Is More than Experience

While your experience will play an invaluable role if you decide to start a coaching business, you need to remember that it takes more than just that to succeed. Business coaching is a skill like everything else, or more precisely a set of skills that amount to something very close to art. Coaching is a sensitive field and it requires a number of skills that you may not possess in sufficient amounts.

Most business coaches enroll in coaching courses that help show them the ropes of the business. If you decide to take one of these, please make sure that you are going with the reputable organizations and not with self-proclaimed gurus and other shady characters who are only looking to rip you off.

In addition to this, it is always a good idea to expand your search for knowledge and essential coaching skills (as well as those non-essential). There are innumerable books, guides and seminars on coaching that you might find useful, if you know where to look, of course. Once again, keep in mind that there are plenty of snake oil salesmen out there who know very little about coaching but who market themselves as the leaders in the field.

The Business Aspect

A very important thing to keep in mind when considering a career of a business coach is that it will involve actually starting a business, registering it and getting it on its feet, just as you would do with any other business. The good thing is that you will more likely than not already have plenty experience with this and should not experience the same problems some other coaches might.

One idiosyncrasy you have to keep in mind is that it can be quite difficult to differentiate your coaching business from myriad others, often owned and run by people who do not half your expertise and knowledge. The most solid way to do this is to get down to work and let your results and your approach to work do the talking for you. The beginnings may be tough, but quality soon shines through.

Closing Word

Becoming a business coach is definitely a career avenue for professionals who think they have a lot to offer when it comes to expertise and experience. Determining if it is something you might be interested in is a completely different story. It is something you will have to decide on your own.

Posted in Discussions Tagged with: , , ,

Retirement – Here’s How You Can Make It A Happy One

Tina RothThe following is a guest post from Tina Roth. Tina is a personal finance writer and educator. In addition to being the editor at Finance Blog, she is a contributing writer to many other online finance blogs. To reach her you can visit her Google+ profile here. You can also find here at Facebook.

Retirement ought to be a happy time. You can set your own schedule, take long vacations, and start spending all the money you’ve been saving. In a recent survey of MONEY readers, 48% retirees reported being happier in retirement than expected; only 7% were disappointed.

There was a time when companies included pension plans in their compensation packages and employees could look forward to receiving a percentage of their salaries to live on for the rest of their lives. Social Security benefits used to be enough to offset the cost of living, so that a person could retire based on Social Security income alone. In the 21st century, neither of these hold true any longer.

Here are some easy steps you can take to help create a bright future after your working life ends.

1. Make a Plan for Retirement – Saving for retirement can be a bit difficult to figure out at first. The U.S. Department of Labor recommends that you start by determining your net worth — the total value of your assets minus the value of your debts. First, determine what you’ll need to contribute to reach your retirement goal. Next, you need to create a budget of your recurring expenses and include your savings contributions as a monthly expense.

2. Get in the Saving Mindset – Saving a huge amount from your salary annually could be a mind-boggling idea. Fortunately, there’s Compound Interest. You should designate an amount of your pretax income to contribute to your retirement savings on a monthly or bi-weekly basis and have it taken out of your paycheck, just like your taxes.

3. Take Advantage of Retirement Plans – There are types of retirement savings account plans that employers can offer. Among the most popular are the 401(k) plan and the IRA (individual retirement account). Check with your employer, a financial consultant or the federal government about various available retirement savings accounts.

4. Diversify – The saying, “Don’t put all of your eggs in one basket,” couldn’t apply more to saving for retirement. A person heavily involved in just one type of investment is more vulnerable to financial problems if the markets associated with that investment tank. The most common diversification suggestion is to divide a portfolio among stocks and bonds.

5. Cut Investment Fees – Cutting investment fees as much as possible is one sensible way of protecting a nest egg. What appear to be piddling amounts can wreak havoc over the life of a retirement account.

6. Plan a Budget on the Back End – Now that you’ve reached the end of your work life, you’ve got a substantial treasure chest that’s all yours. Don’t blow it. Create a budget you can stick to just before you retire. After years of creating new budgets as your net worth grew more and more positive, you should be a pro at making budgets by now. You can still live your retirement years the way you like; sticking to a budget will help keep you from outliving your nest egg.

7. Purchase Long-Term Care Insurance – Old age is a depressing phase. That’s why it’s a good idea to purchase long-term care insurance. This specialized form of insurance covers the cost of health care that extends long beyond a typical hospital stay. With long-term care insurance, you’re actually buying a policy that protects your retirement savings.

The corpus you build for your retirement should be able to maintain your desired lifestyle. Risks from volatile markets and fluctuating interest rates are the two most important dampeners for retirement corpus and, many a times, the corpus one wishes to have on retirement may not be achieved with the planned savings. The earlier you recognise this shortfall, the better, as it will help you to reach the goal more efficiently.

Posted in Discussions Tagged with: , , , , ,

A Richer Understanding: Compassion

Brian Tramuel helms this series. He lives with his wife Michelle, their children Geneva and Brian, and their Cocker Spaniel Maestro in Charlotte, NC. They, along with his two older children from a previous marriage, Davina and Aaron, provide a constant source of inspiration. Aaron lives, works and plays in Charlotte and Davina lives, works and plays in Roanoke, VA.

Michelle and I speak RS A Richer Understandingthree or four times throughout the day while I am working, mostly to check in or check on each other and at other times to discuss the moral and intellectual crisis of our time. This for her changes hourly. She understands that I am not a fan of the question, “How are you?” yet she asks every time we speak.  I’d rather her show me the baby, I don’t need the labor pains.

When I sense that she is taking the scenic route around her point, I often use the code phrase, show me the baby, to reroute her. A stranger overheard this while I was standing in line at Starbucks and thought it was the cleverest thing she had ever heard. I can’t take credit; I believe I started using it when my sister said it in conversation. I may or may not have had the same reaction as the stranger.

I’m also not a fan of talking to strangers. Often I feel that these conversations start with a stock, “How are you?” where the person has zero interest and are speaking to either make compulsory conversation or pretending to be polite so that they can ask for something (money usually) and want nothing to do with what I may actually be thinking or feeling. I realized while speaking with this woman that there are situations when I do enjoy conversations with strangers.

My expression is reserved and internal whether I am happy or sad. Strangers, at times, are able to pick up on this; maybe our body language gives it away. It makes sense as I can see the same in others. There was something in her voice and something in her eyes that told me everything was not okay, against everything that I feel I asked, “How are you?”

She was internalizing her sadness, I paid for our coffee and we talked about being sad (no family to spend Thanksgiving with) but also; peace, love, joy and thankfulness. Sometimes it (sadness) allows the space to reflect and plan.

Every now and again people can use some compassion without any attachments. Going forward, I will try to offer it when I encounter a caring stranger, it doesn’t cost anything except time or maybe a cup of coffee. I appreciate all of the genuinely, caring strangers that I’ve encountered and our compassionate interactions.

Nothing purchased can come close to the renewed sense of gratitude for having family and genuine friends.

Happy Thanksgiving.

Live Well,



Posted in Discussions Tagged with: , , , ,

Enjoy Your Retirement On Your Terms

Jenna is a freelance blogger who is mainly focused on business innovation and breaking stories in business. She has been blogging since college where she studied marketing and has merged her love of keying stories into copy writing work as well as plenty of reading and writing for fun! Find and follow her on Twitter!

Retirement isn’t all about Medicare and 401(k) plans. It’s about finally having time in your life to do the things you’ve always wanted to do. You have made it to a state in life where you’ve earned the right to simply enjoy life and all that it has to offer. You’ve raised a family, managed a career, and handled all the responsibilities that come with being an adult, but now it’s time to take care of you.

Have you begun to think about what you want to do now that you’re retired? Whether you have a sizable income at your disposal or you’re living on a fixed budget, there are plenty of things that you can explore and discover. Below are just a few that might pique your interests:

1. Catch Up On Your Favorite Shows

When you’re working crazy schedules and tending to the needs of your family, sometimes even the smallest pastimes have to be put on hold. If there are any shows or movies that you wanted to catch up on, now is the time to do it. Investing in an affordable television entertainment package such as the one described here, allows you to watch shows and movies whenever you’d like. With hundreds of channels to choose from, you’ll certainly be entertained on a daily basis.

2. Spend Time with Friends and Family

Retirement removes the time constraints that come with having a job. Now, you have plenty of time to spend with those you care about the most. You can have lunch dates with your kids, or even have the grandkids stay over at your house for the weekend. Take the time to catch up with old friends and just enjoy each other’s company.

Summit Cruise Ship3. Travel

You’ve finished paying for college tuition and all the other overhead costs that come with raising a family, now you can splurge on yourself a bit. Retirement is the perfect time in a person’s life to travel the world. Whether you take a weekend trip to a local attraction or you decide to go for a two-week long journey to some far off destination like Paris or Amsterdam, you have the time to do so.

4. Learn a New Hobby

When your day-to-day life revolves around caring for the needs of your family, it doesn’t leave much time to try new things. Now that you’re retired, you can occupy your time with a new hobby. Your hobby doesn’t have to be expensive to be enjoyable. Learn how to paint, take a pottery class, work on model cars, or even learn a new dance with your spouse.

5. Connect With New People

Your community is filled with nice people just waiting to connect with you. Get out in the neighborhood and start meeting new people. There are plenty of places to meet new people including local festivals, community events, or even flea markets.

6. Complete Unfinished Projects

If you own a home, there are likely plenty of home improvement projects you can complete. Whether it’s building a deck so you can enjoy the evenings in your backyard or repainting the walls in your bedroom now is a great time to put your skills to the test and enjoy the home you’ve worked so hard to keep.

7. Start a Business

Have you ever dreamed of being your own boss? If you’re looking for ways to earn some part-time income but you want to earn it your way, then starting your own business could be a great option. There are plenty of online businesses that don’t require much of an initial investment. Start a blog, become a writer, or even provide customer support from the comfort of your own home. What’s great about having your own business is that you call the shots and determine your own hours so that you can still enjoy retirement.

Hopefully these ideas have given you something to think about so that you can live out your retirement your way. Retirement is all about doing things you enjoy. You’ve worked hard to get where you are and so the very least you could do is enjoy the fruits of your labor. Start planning what you’re going to do with your spare time. Whether you spend time with friends and family, start a business, or pick up a new hobby, you’ll enjoy the fact that you can do what you want, when you want.

Posted in Discussions Tagged with: , , , , ,

The RS Money Minute

Paycheck to Paycheck | Film Trailer

Free Printable Coupons Visit

The Hustle is on in the City

Spread the Word About VA Benefits