Australian Finance Podcast
Money coaching vs financial advice: The 5-step framework to fix your finances
25 May 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the difference between money coaching and financial advice?
What are the five steps that a money coach or an expert would go through to help you get the most out of your money, to assess where you are, and then to take action for a better financial you? We're going to find out from Gemma Mitchell, who recently spoke with Christian Hull, the comedian.
a celebrity here on the show, Christian shared a lot of his details and went into depth around some of his anxieties with money, some of the ways he thinks about it, how he manages money, so on and so forth. In this episode, I'm asking Gemma to reflect on what she learned from Christian and how a coach actually specifically helps someone kind of make those breakthroughs for themselves.
We end this with Gemma's five takeaways, the process that she follows with every single client to get the most out of them and to help them understand and live a better financial life. All that and more in this episode of the Australian Finance Podcast. Hi, I'm Owen, the host of the Australian Finance Podcast.
This podcast is proudly sponsored by BetaShares, one of the leading providers of ETFs here in Australia. Serving thousands of financial advisors and over 1 million investors, BetaShares manages tens of billions of dollars on behalf of investors right across the country.
I'm proud to partner with BetaShares on the Australian Finance Podcast, Australia's premier financial podcast, because there is great alignment in the long-term philosophy shared by both businesses.
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Chapter 2: How can education, coaching, and financial advice drive financial change?
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Hello Gemma, welcome to this episode. Thanks for having me. It's always good to chat, money coaching, behavior, so many things like this. Today we're talking about specifically money coaching and reflecting on episode one or the first installment that you did with Christian. where he kind of, I think he called it therapy at one stage.
Chapter 3: What does a money coaching session look like in practice?
He's like, this is a therapy session. I'm going to ask you the questions because you're the coach in this arrangement.
I'm going to ask you the questions about the whole process, about what you see in clients, what are some of the takeaways our listeners and viewers can have if they're not in Christian's shoes and they're in their own shoes when they are thinking about how to go through this type of process. Yes.
So the first question I have for you, and this is more so for people to understand, what's the difference between all the things? Like what's the difference between listening to a podcast like this, going to see a money coach or seeing a financial advisor?
Yeah, well, they're very different and it just depends on which stage you're at. So when you're listening and you're consuming information and education, it's very easy to, like we're in a day and age where you can access so much information.
There's great podcasts like this, there's books, there's lots of resources and you're learning, but it can be really hard for people to then put those learnings into action. So we always try to have a really practical way
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Chapter 4: What insights did Christian Hull share about his financial journey?
takeaway for people to do with any of our education, right? But there can still be some hurdles. So you could be very much a self-starter and get all of your knowledge and your education and be able to put that stuff into practice, which is great.
On the flip side of that, you might be at a level where you don't have the expertise or the experience and you want to outsource that and you want to be dealing with a financial advisor who is an expert and they're going to provide you exact strategies on how to meet your goals. So there's kind of those two spectrums. You're DIYing, you're learning, you're doing things yourself.
And then on the opposite side of the spectrum, you've got a financial advisor, an expert who is saying, based on your goals, here is the plan. Let's work to this. Then in the middle ground is now something called money coaching, where it's like education, information, education.
helping you soundboard ideas and maybe work on some aspects of your finances without giving you a recommendation, without giving you a, you need to change your super to this super fund, invest in this, put this much away.
Chapter 5: Why doesn't a high income always lead to confidence with money?
It's more that you've been doing things yourself and you need to bridge the gap between maybe I can't do this on my own anymore and where can I get some support? So I think it's a spectrum and it's not that one replaces the other. I think you need a bit of everything. They're just at different times of your financial life, different seas Okay.
So definitely like we've got this kind of passive consumption of content and things online. And then we've got like the more introspective and more like reflective type thing with coaching. And then there's kind of like outsource and management with the financial advice. When it comes to Christian specifically, what's the best thing about working with him?
Obviously he's hilarious, but what would you say?
Chapter 6: How do mindset and behavior influence financial success?
Absolutely, the laughs. It's just constant laughs.
That's what I got from episode one.
Yeah, it's chaos. You are famous for review videos. If I was to review your spending, what would my reaction be?
It would be, dear chat GPT, how is this human being alive? How, just, what are you doing? Yeah.
Like, shake me.
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Chapter 7: What quick wins can individuals implement to improve their finances?
Working with any money coaching client, I just love, it doesn't have to be a comedian who's a celebrity for me to enjoy it. It's the aha moments and I get them with everybody. And it might not be a, ah, that's brand new information to me. It's just the, I knew that. I could do that. And he has had lots of those and generally most clients do.
So that has been just a massive highlight, just seeing – I know we're going to talk about it later in the episode, but just some quick wins that were massive weight on his shoulders that – weren't actually at all when we stripped them away and we just like quickly got them off the list. So yeah, always, always just seeing those aha moments and the pressure kind of just lift a bit.
Yeah.
Chapter 8: When should financial tools like PocketSmith be introduced?
Now, Christian obviously has quite a unique set of circumstances. He said that he even had like a crystal business or something like this that made a lot of money and they had a huge tax bill and all this sort of stuff.
Over six months, I ended up making like 20,000 of them and half a million dollars came in. Yeah. I didn't realize I had to pay tax on that. I didn't realize if I bought two new bathrooms, I couldn't claim that as a business expense. So instead of paying 25% tax, I'm paying 45 or 37%. Yeah. And so at the end of that year... What I'd done was I'd expanded the business. I'd rented an office.
I'd hired two staff because I had so much money and I could do that now. And then my accountant was like, slips me the, you know, here's your tax bill, here's this, here's that. And I was like, what, sorry?
That's a common thing though. The tax bills? Yes. So when people first go into business and then they get the accountant goes, hey, here's the tax bill. And they're like, what? So that was one thing when he was saying it and he felt a bit silly about it. I was like, I see this over and over again.
So while his situation is pretty extreme, like when you listen to the episode, if you haven't already, people will be like, these are big numbers. This is big money that he kind of talks about. But most of the things actually relate to everyday people regardless of the amount.
So that's what I really liked about him is his problems and what he perceives as problems, they're magnified because they're like on bigger scales in some instances, but they're problems that everyday people face.
Yeah, yeah, true. When he first came to you, what was he like? Because obviously clients come to you from all different walks of life. But what was Christian like? What kind of general makeup or situation was he in?
So I've actually, I wrote down some key things that he said. So I wrote them in the first like meeting that I had with him. So one, I got him to rate his financial health. So he was saying to me his understanding is like a two out of five, five out of five being. Your best. Yeah, best. Yeah. The confidence, it was like a one out of five. It was really low.
His organization, he thought that stuff was just everywhere and felt like it was really out of control. It was a two out of five. And then the stress, this is where we actually flipped the scale because he was like stressed is five out of five the most. So we've done the others as the gold star was one and now we've accidentally flipped it, but we get that.
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