Question 1: I like the idea. I would wait until you have a case study complete. A before and after.
Question 2: I have been looking into various side hustle options. The number one thing recommended to sell is knowledge. It takes a lot of upfront work, but once it is rolling it works on its own. I could see starting with some short eBooks on the various topics, workbook, spreadsheets. Over time you could build a huge array of educational material to sell. Video tutorials etc.
I have been wanting to do the same thing. I think one of my stumbling blocks is these people cannot afford things already, but now I am asking them to spend money they do not have.
One thing I have considered is going to my homeowners association and offer to give a presentation on personal finance and gain customers that way. Other places to consider is churches, PTA, and local high schools. Maybe expand from a 30 min to hour presentation to a one day course. While also advertising your coaching at additional cost.
@civil4life I do love your approach about how to best set this up as I've been contemplating the same questions. I'm leaning toward a series of e-books and starting with 30-minute presentations here and there, then building up to a one-hour presentation.
It seems us mustachians just want to carry the message and the torch for financial freedom:)
My plan is to write one e-book and then take about three chapters each and turn them into a presentation.
I'm not sure about my target audience - yet, as ultimately the same principles apply, no matter who you are or where you find yourself.
I've been on fire since I came across an opportunity to talk about budgets/household finances to a group of abused women who are in the process of restructuring their lives.
I can't stop thinking about it because it speaks to my heart. I know exactly how frightening it is to start over.
It would not be a paid venture, but I also don't really need a book of my own to start. In fact, it would be an incentive to do a book outline and write say the first three chapters, create a long list of resources, information, calculators, blogs etc. to have them at hand as I give my first few 30 minute presentations, turning them into 3 part classes which eventually become a book after say 12 chapters max.
These presentations would be part of a life skill series with separate classes on food shopping on a budget, another chapter in my upcoming e-book. Then perhaps continue to write a total of three books.
So not exactly a full-fledged business idea - yet. For now, I'd just like to make a difference for someone in financial trouble and show them the way out. My "reward" will be that I would be one step closer to writing that book I've been thinking about for a while.
I know the financial pitfalls and how easy it is to lose everything with just a few dumb moves. I've been to the abyss and returned a changed person.
Fear will keep you poor and lost, it leads to ever increasing poor decisions until one day you are simply stuck.
Facing financial realities and developing a plan with laser focus will get you to the other side, financial freedom - choices, security.
I've had it all and lost it all (twice) so yeah, been there - done that.
@civil4life I have been wanting to do the same thing. I think one of my stumbling blocks is these people cannot afford things already, but now I am asking them to spend money they do not have.
I hear ya, but I don't tend to see it as a stumbling block. For one thing, people often do not attach the same value to "free" as they do to something they had to make an effort to get a hold of.
Second, if you have something worthwhile to offer then there is no shame in asking for payment.
One thought of mine was to perhaps end with a short financial quiz and award a free book to the best and one to the worst. That way I've covered my bases, I gave an interested person a gift they will enjoy and I'm giving the least advanced person a second opportunity:).
I'll need a website and ugh, this part sounds like work:). I'm not a CFP nor do I intend to become one, but I have plenty of good life skills to share.
I just need to find a good way to spread the joy of getting your life back on track and promote my book at the same time.