Frequently asked questions
FAQ
What is Clear Direction Financial?
We are a company focused on addressing behaviors that create lasting financial and life change. As a by-product of improving your view and relationship with money, you will most likely also experience improvements in other areas of your life. For example, communication with your spouse will most likely improve, your kids will see you a parent and not an ATM and so much more.
How do I know if I need a coach?
Financial coaching is a very hands-on service. We will help you develop and implement a plan specific to your unique situation. You may be facing a crisis like money ralated marriage issues, family or friend boundry issues, bankruptcy, foreclosure or harassing creditors. Maybe you need help building wealth or starting your small business.
Even if you just have some general questions about money management, financial coaching could be right for you. We handle a wide variety of situations. We can offer detailed advice and a specific plan to make your money work for you!
Do you recommend debt consolidation or bankruptcy?
In general absoluley not! Each case is unique and should be evaluated on a case by case basis.
Debt consolidation is dangerous because you only treat the symptom of the problem. The habits—and the debt—are still there. You just moved the debt, you DID NOT pay it off!
By doing a consolidation you will pay about the same amount, which doesn't really help you eliminate debt faster.
Most people take on more debt after consolidating or end up in bankruptcy because they didn't change their behavior. Bankruptcy is one of the most life-altering, negative events one can go through. Chapter 7 bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 bankruptcy, which is more like a payment plan, stays on your credit report for seven years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy.
NEVER TAKE MONEY OUT OF YOUR HOME TO "PAY OFF" UNSECURED DEBTS (CREDIT CARDS) This is just dumb! You're moving a debt with limited to no recourse on to your home, which they WILL take if you stop paying. PLEASE THINK ABOUT THIS!!
Avoid bankruptcy & condolidation it if at all possible.
Why do you require both spouses to attend all meetings?
Our policy requires both spouses to attend the coaching session because, from experience, we've learned that coaching only one spouse does not work. This must be a team effort. If your spouse is not on board, sit down with them in a non-distracting environment and communicate how much you want them to participate in the finances. Do not let this be a time to nag, yell, scream, etc. Tell them that attending financial coaching is important to you and your marriage and this can be your Christmas, birthday or anniversary gift this year if they prefer.
Why can't I find your prices online, why do I need to wait for a discovery session?
Each situation is different, this means we don't have a set script for all clients. The discovery session allows us the opportunity to evaluate your situation, make some basic recommendations and offer a coaching plan including any fees that may be associated with our service.
Our discovery sessions are conducted through face-to-face video conference, this allows us to share documents and do demonstrations if needed in addition to adding the personal in-person feel.
How do I pay for coaching when I am broke?
Financial coaching gives you a high level of detail and individual attention.
Can we meet in person?
That depends. We coach worldwide so the majority of meetings are conducted through a virtual face -to- face conference. However, if you are located in the Dallas/Fort Worth Texas area, yes, we have an option to meet in downtown Fort Worth.
What is an emergency fund?
An emergency fund is a savings account dedicated to just that an emergency. An emergency is something you could not have planned. (Think tire blow out). After you're debt-free the goal for this account is 3-6 months of expenses depending on how secure your job is.
This is NOT an "I need a vacation, new car or furniture" account. Be an adult, have some discipline and when you need it you'll thank yourself.