Tell me why this is not a good idea...

[Thrif-t]

The city next to mine has a volunteer prgram where the volunteers go thru training and meet with people to help them develop a budget. I've always said when I have the time to volunteer thats what I'll be doing. But I'd also like to do something at a school because I'd like to teach kids about money as they're starting out not after they've already carved out a hole for themselves.

[hawkster]

A lot of the churches here in the Bible belt offer the financial peace univercity or some form of it for people.

[jIM_Ohio]

Giving niche money advice (budgeting) without giving full service advice (investing, estate planning) seems like a losing money proposition.

I think a program like what you suggested could be good for making extra money and taking a vacation, but it would not be a way to make a living.

Of course there was a Havard professor who thought a business plan project was a D or F. Turned out it was Federal Express- so don't let me stop you.

[disneysteve]

course the people who really need it can't pay

I'm not so sure I'd agree. I think if someone is having trouble making ends meet and you go in and revise their spending and get them back on track so that they are living within their means instead of beyond them, you'd free up money in their budget.

[Knows Money]

People will pay for you to help show them where they can save money. I'm doing it here and there while I take my Financial Advisor classes. Nope, I'm not interested in selling securities or insurance. I call myself a Personal Money Coach. It kind of notes that this is a team effort and we're in this together. If you want to do it, go for it. Learn all you can because people have all kinds of different situations and will have questions - divorce, children, state laws on credit card payments, identity theft - and you don't want to get in the position of having to turn people away because you don't have enough information to help. I do a quick assessment of where they can save money and base a fee - like a lawyer's retainer fee - on that amount. This way, I make sure that my service doesn't eat up the money they are trying to save. And just like the Amerprises, Edward Jones' advisors of the world, ask for referrals.

[jodi]

Great! I wanted to see that this can be done. Knows Money, do you have difficulty finding clients?
Now I'm totally clueless about whether I really want to get started in this or not. Basically, I have a good paying job that I dislike, but plan to stick out for the next 8 months (currently 1 mo. prego), then stay home with the kids for a while. BUT - I would like to use my time off to prepare for a new career when I'm ready to go back into the workforce. Now...how to prepare? (other than spending my free time here, of course!) I've checked out some courses at the local community college, but nothing seems particularly relevant. I've tried to contact our local Consumer Credit COunseling for info on how to get started in the field, but I get no helpful advice. Maybe I need to find a financial peace type course to get some ideas...

[cschin4]

People will pay for services they want and value. People pay for all kinds of services nowadays that were unheard of 20 yrs ago. But, you have to think this through carefully and realize that you need to get paid for your time either hourly, a flat rate, a % or whatever.
And, what if any credentials do you have to tell people how to manage their money? Would you have any liability, etc?
Perhaps you could meet with your clients and offer monthly "bill assistance or Bill Manager" where you sit down with and actually help them do their bills. Or even every 2 weeks just to get them on the right track. I think that would be far more helpful than just another round of advice. And, that would give you a tangible, personal service as well. Over time, some people will even prefer this type of service so that they don't have to bother themselves over the bills.

[jodi]

You bring up a valid concern - liability is a big worry. What if you work with someone and they still go bankrupt? Did you not do enough for them (in their eyes)? Can you be sued for giving bad advice? Investing is not my forte, which is why I want to stay away from it - but can you provide financial services without being knowledgable in such an important area? Too much to think about...but I appreciate all the points being brought up here.

[Scanner]

Another possibility. . .team up with a certified financial planner or financial advisor.

Most of these professions could care less how they are spending their money - they are only interested in getting people to invest so working with them would make sense.

Cross-referrals may work here. You would just have to live with the fact that when you referred a person to the financial advisor. . .you'd be referring them to a loaded mutual fund.

In fact, maybe CPA's would be a better source and back to the seminar idea.

You get CPA's to refer you people who are deep in debt to your monthly seminar (busy around April). Make the seminar a stand-alone profit center - don't charge free - maybe charge around $95.00

Gather names/addresses/emails and link to a monthly e-newsletter.

Teach them how to budget using JODI's AMAZING BUDGETING SYSTEM at the seminar.

Then follow-up and intervene higher for the people (consulting) who it doesn't work for.

Report results back to CPA.

This elevates the CPA as a person in charge of a person's financial health (something they psychologically want to do) vs. them just be a tax preparer.

That's a makeshift business plan for success, IMO.

[My English Castle]

classes

Yuck--Suze Orman as a maternal presence? If she were my mom, I claim I was adopted.

But seriously--how about offering your services for a small fee in some sort of community class setting? The high schools and school districts around here sometimes offer those, and I think some people shy away from them because too often they're run by stockbrokers looking for clients.

I bet they'd want some sort of sample lessons and you to write a little blurb about your "system" or your approach.

I agree with you; this is something I've though about before.
Or a church setting like Ramsay does with Financial Peace.

[Scanner]

Sure. . .Suze Orman has a maternal-like quality to her when she counsels her call-ins. She speaks to them as mom would.

She is also glamorous. Glamor sells.

That's why people buy her books and pay to hear her speak.

I have never heard Dave Ramsey. . .but I can assure you, the forumites here buy his stuff for some emotional reason, not because he has something new and improved.

If Jodi can niche herself with some qualities like that, it will translate into success for her business.

I wouldn't recommend copying Suze. . .perhaps if she's young, she could niche herself as the "kindly, concerned daughter" and help seniors with their money/budgeting.

She would then be the surrogate daughter that every senior wants to look after them.

That's what people will buy - a surrogate daughter or a surrogate mom or a surrogate friend or a paternal person or a kick-ass coach, something intangible.

They won't buy "budget counseling." That's about as interesting as buying vitamin counseling, even if people do need counseling for all the vitamins they pop.