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IN THE SHORT TIME I’ve been writing for HumbleDollar, I’ve noticed that most readers and writers are either on the cusp of retirement or not too far along in retirement. Some have expressed a desire to find new careers, perhaps part-time and preferably more challenging than being a Walmart greeter or Home Depot helper. As they say, 60 is the new 40—still time for new ventures.
Life coaching is a profession that’s become more mainstream and, indeed, increases in popularity every year, partly because no authority regulates it. A recent article in Barron’s noted that some financial advisors are partnering with life coaches to help clients navigate life issues, such as transitioning to retirement or starting a new business. Some advisors even have a life coach on staff.
If you’re enthusiastic about life, and enjoy helping people and guiding them through life’s difficulties, this unregulated profession—which doesn’t require any qualifications—might be an ideal choice for a second career. Anyone can become a coach. You can just hang out your shingle and start coaching.
A more ethical approach, however, is to get some training and become certified. This will give you more credibility with clients and improve your self-confidence.
There are many training courses available through career schools and community colleges. The benchmark for professional training, according to my research, are courses from programs accredited by the International Coaching Federation. These courses can be completed in six months to a year, depending on the level of expertise you wish to attain, and can cost $1,000 and up. Training can be even more expensive if you choose specialized coursework. You can find a list of accredited courses here.
Many life coaches focus on a single area, such as business, careers, relationships, diet and fitness, family life, finances, life skills, health and spirituality. Some coaches specialize in divorce, but that seems no fun.
One of the best reasons to consider a life coaching career is the flexible work schedule. I know a young woman who does part-time coaching in addition to her teaching job. I’ve read about a world traveler who does his coaching from a sailboat. You choose your work hours, leaving time open for family, recreation, travel and other activities. It’s your business.
What’s the difference between a therapist and a life coach? A therapist will focus on your past life, dealing with traumatic problems and how you’re handling a particular issue. A life coach is more focused on the present. They don’t give advice, but guide you to think and act with more clarity, and encourage clients to be more deliberate about their lives.
Life coaching is profitable as well. Here are some key financial data, according to the International Coaching Federation:
Business life coaches command the highest salaries. Those with experience can charge $300 or more per hour—because the cost of this coaching is often subsidized by the client’s employer.
The best life coaches are those who like to help people with their problems and who have a propensity to be empathetic. With some training and experience, you just might give Tony Robbins a little competition. You may even want to consider being your own life coach. Intrigued? Check out Life Coaching for Dummies.
Marjorie Kondrack loves music, dancing and the arts, and is a former amateur ice dancer accredited by the United States Figure Skating Association. In retirement, she worked for eight years as a tax preparer for the IRS’s VITA and TCE programs. Check out Marjorie’s earlier articles.Want to receive our weekly newsletter? Sign up now. How about our daily alert about the site's latest posts? Join the list.
This is an almost perfect companion to the next article Searching for Answers (https://humbledollar.com/2023/05/searching-for-answers/) about the use of AI.
I am a college professor in the field of Management Information Systems, which is the intersection of business and technology. I teach college sophomores (19-21 year olds mostly) about the impact of technology and how it affects “who looses a job and who gains a job”. One theme I consistently push hard on is that, despite amazing technological advances such as AI, people still want to talk to people about their specific problems and specific issues.
A life coach can do exactly this.
David
You are so right David. There is so much comfort in hearing a human voice and receiving positive feedback
Fascinating article! I’m afraid I too, might react like Dick Quinn, but maybe not shouting.
Thanks for your comments, Sonja. I’m sure your approach would be more gentle and understanding.
I used to enlist the services of two life coaches. Mom passed away in 2008, and dad in 2011. I miss their sage advice (and very reasonable billable hourly rates) every day. I wish everyone could be as blessed in this regard.
So glad you recognized the need for help in your sorrow and that you were able to find some peace and comfort. Thank you for your encouraging words.
From the article:
Hmm, something doesn’t add up. $244 * 12 * 52 = $152,256 (not $62,509)
Hi Nate..sorry for the confusion. Perplexed me a little also, but these figures were based on averages. Not every coach works a full week and some only have a few clients. Some coaches make less and some more, Many also add on for additional services like consulting and so forth.
Thanks for the clarification. The word “average” might also indicate mean or median as well, which would throw off the calculation I did above. If all were consistently mean, then the calculation above would indicate a flaw in one or more of the data, but if they were all median (or some were median and some were mean) then the calculation would be useless.
The idea that absolutely anyone can claim to be a “life coach” and see clients with no training and no standards is concerning. Seems to be a field ripe for abuse. There are too many predators out there already. (No, I don’t mean HD readers.)
As it has become more popular, people are becoming more discerning and aware that the more qualified coaches have training and certification, as well as at least 100 hours of experience. As with anything, buyer beware
Discerning and aware people are unlikely to need a coach in the first place. I’m worried about the people who do need help and aren’t aware.
No doubt many people could benefit from coaching and being a coach. I have thought about it, but I fear I have neither the temperament nor tolerance and can see myself shouting WHAT WERE YOU THINKING?
I have the perfect title for your business card…
”curmudgeon coach”
I think you should print yourself some business cards and Coach away!
With some training, patience, empathy
and.in your case, tolerance, I think you’d be great, Dick.