Episode 990: Is Money Coaching a Scam?

[00:00:00] Scott Maderer: Thanks for joining me on episode 990 of the inspired stewardship podcast.

[00:00:07] Patrick Annuci: I'm Patrick Anson. Nucci from dad hackers, and I challenge you to become the man that you are called and created to be one way to be inspired to do this is to listen to this show. The inspired stewardship podcast with my friend, Scott.

[00:00:23] Scott Maderer: that is what coaching can do. It's less about telling you what to do or giving you the proven system and more about working with you to ask good questions to hold you accountable, to challenge your thinking, to give you an outside objective view of someone that's not deep in the weeds and in the emotion of the moment.

[00:00:45] These are all things that the legitimate coaching can do. Welcome. And thank you for joining us on the inspired stewardship podcasts. If you truly desire to become the person who God wants you to be, then you must learn to use your [00:01:00] time, your talent and your treasures for your true calling in the inspired stewardship podcast.

[00:01:06] We'll learn to invest in yourself, invest in others and develop your. So that you can impact the world.

[00:01:15] In today's episode about developing your influence through stewarding your treasures. I talk with you about why there are so many scams when it comes to coaching and business. I also share how to avoid a scam versus what legitimate coaching can do for you. And I share why you need to be careful to avoid things like this.

[00:01:35] Even beyond coaching as. As we talk about stewarding your treasures. Wouldn't it be great. If you could support this podcast and do it without costing yourself an extra dime, it turns out you can't. All you have to do is use inspired stewardship.com/amazon. When you're ready to make a purchase via Amazon and a small commission, we'll come back to support the show.[00:02:00]

[00:02:00] If you enjoy the show, when you're ready to buy from Amazon, just use inspired stewardship.com/amazon. Last week. I was with a group of coaches that I work with. I mastermind with that. I work on training with and build resources and tools with, and one of the topics that came up is about why are there so many scams in business and in coaching and around this idea of coaching around money, coaching on.

[00:02:32] And one of the things that came up is the fact that the truth is that anyone can just hang up a shingle and say, Hey, I'm a coach, I'm a business coach. Or I work with small businesses or all help you be successful in business. There are no real entry requirements. And because of that, there are people attracted to this business that maybe don't have the best interest of the client in mind.

[00:02:58] And I think that's true. [00:03:00] And a lot of areas if you turn on YouTube, if you look at Facebook, you'll see posts by people who are advertising their own success or how they're an influencer or how popular they are, how powerful they are and how they can help you do that as well. There's courses on how to talk to other people.

[00:03:21] And some of these things are good, but a lot of them also have noise around them. Unfortunately, there's also a lot that aren't good. So how can you recognize the difference between legitimate coaching, legitimate people that work with you on your business versus scams? The FTC actually has a page on business offer scams and coaching scams, and it says, how can you tell if a business offer a coaching program?

[00:03:54] Is this. If it promises guaranteed income, large returns or a [00:04:00] proven system, it's likely a scam, even a free or low cost system to get your business started can quickly turn into a money pit costing you tens of thousands of dollars for mentoring or other services that promise to increase your business's success, but leave you deeply in.

[00:04:19] And it talks about some of the phrases that these experts will use. Are these gurus, rural Lee lose. They'll say that they're affiliated with well-known online sellers when they're not, they'll say things like you can make us guaranteed five to six figures. If you just follow our system, you can learn from our experts and generate instant guaranteed income.

[00:04:42] You could be making money now, guaranteed. You hear. Often they use words like guaranteed and now, and speed. Now the truth is scammers. Try to make things sound like it's easy to make money and that they [00:05:00] can just show you how to do it. There's a magic button out there and they often work in real estate seminars, investment coaching.

[00:05:08] They often work around business startup and how to start an online business area. But there's others as well. And oftentimes these will be out there in a way that sounds really attractive because let's face it. It's hard to start a business. It's hard to work on your money. It's hard to get things in order.

[00:05:31] If it was easy, everyone would do it. And that's actually the value of legitimate coaching. A legitimate coach is not going to talk to you about how it's guaranteed. They will say things like if you're willing to do the hard work and want to be held accountable to that, if you want someone to help you examine how, what you're doing and how, what you're doing might be improved.

[00:05:58] If you want someone to hold you [00:06:00] accountable. That is what coaching can do. It's less about telling you what to do or giving you the proven system and more about working with you to ask good questions to hold you accountable, to challenge your thinking, to give you an outside objective view of someone that's not deep in the weeds and in the emotion of the moment.

[00:06:23] These are all things that the legitimate coaching can do, but notice they're not using words like guaranteed. It's not that they won't guarantee. And maybe give you your money back. If things aren't successful, it's more, they're not telling you this is a guaranteed path to success. Instead, they're saying this is a path that's going to require a work.

[00:06:44] This is a path that's going to not be easy. This is a path that's going to challenge you and your thinking. And if you're willing to do that, then coaching can actually. But all too often, people fall instead for [00:07:00] the IL legitimate coach for the person that just hangs up a shingle and says, I've got a guaranteed way to succeed.

[00:07:07] Because that idea of the magic button is so attractive. Let me tell you there isn't a magic button to fix your money. There. Isn't a magic button to fix your business. There isn't a magic button to fix your career or your life or your relationships. It requires work. It requires effort, and you need to be careful to avoid scams, not just in coaching, but in things beyond that, some of the things you can do that will help you avoid.

[00:07:36] Slow down. Take your time. If someone's on a coaching call with you and they're like, if you buy now, I'll give you $500 off. You've got to buy in the next 30 minutes. This slot may fill up immediately. That high pressure sales tactic is often a dangerous sign. Instead, take your time. Take 24 hours. Sleep on it.

[00:07:56] Ask for advice from others. You trust. Do [00:08:00] research. Look for reviews. Look for complaints. See if there are. Find out and ask if you can talk or see other testimonials and other success stories, do they share testimonials? Do they share success stories? And can you either talk to some of those people or at least find those reviews out there that are testimonials?

[00:08:25] See if there's any credentials that they have now, coaching is not something that I think just having a certificate in it is enough. And not being certified, isn't necessarily a danger sign, but you can ask them what's their experience. How long have they been coaching? How many clients have they had and see also about any sort of credentials or certifications or training, are they part of a group?

[00:08:50] And do they have a coach themselves? Are they trying to get better and then pay attention to. There's an automatic upsell or an [00:09:00] automatic. This is something that if you buy now, you get all of this other stuff too, but you have to pay a little bit more. It's not about giving you free stuff. It's about the fact that you have to pay more.

[00:09:12] It's the idea of pressuring you into paying more? That is also listed as a danger sign by the FDA. So I've been coaching now since 2011, I've worked with hundreds of clients. I have a lot of good testimonials and I've tried very hard to be legitimate in my approach and in my success, but I've done that because I recognize there is no guarantee out there, but good coaching can help you achieve success.

[00:09:43] And the bad coaching that's out there. The scams really bother me because they're giving all coaches a bad name. So if you see those avoid those, but if you need help, find a true coach and work with them. [00:10:00] Thanks for watching.

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