Asanutu Wilson, a single mother of three, was in debt and knew her bad credit score would make it impossible to rent a better apartment. Despite working two jobs as a home health care aide, she was never sure if she’d get hired for 40 hours a week. “Sometimes the money I make is not enough to cover bills,” she said. “It was stressing me out so much.”
Wilson met a financial coach through Food Bank for New York City. She used a tax refund to pay off her debt, and now she’s budgeting, saving to move to a new apartment, and looking for a better job. Food Bank’s coaches get training, especially on how to connect their low-income clients with resources.
Then there are cases like Grigg’s Ponzi scheme, and many far short of it. A coach who wins a client’s trust can easily steer him into unprofitable or inappropriate investments. That’s why the Association for Financial Counseling, Planning and Education has a strict rule for any coaches and counselors it certifies: no product sales.