Life coaches make an average of $50-75K per year, with some making as much as 100k or more. You can get started on your life coaching journey today!
Life coaching is one job that you may not have thought about before but it’s actually very lucrative – especially if you’re willing to work hard at whatever goal motivates you and others around the country to enjoy success through living their best lives possible while being unpaid volunteers in this profession because there are few jobs out there where people who truly care believe they don’t deserve compensation either monetarily or emotionally
Table of Contents
What is a Life Coach?
The definition of Life Coaches are more than just counselors. They’re mentors, guide-lines and collaborative partners who will observe others in need to help them stay on track toward reaching their desired goal; using approaches like motivational speaking (ELI5), meditation techniques or even simple everyday things such as taking time for yourself every day–all while being there with support when needed most!
How Demanding Is This Career?
Reasonable question. Fortunately, as a Life Coach myself, I have both the demographic to show you as well as share my own opinions about it. I often debate with my friends about this very question. So don’t fret! I will provide you with all the information you may need and be interested in. But first, let’s see what the facts say, shall we?
According to the International Coaching Federation Global Coaching Study: Executive Summary 2020, Life Coaching is the 2nd fastest-growing business industry in the world with an average yearly growth of 6.7%. Globally, it is estimated that there were approximately 71,000 coach practitioners in 2019, an increase of 33% on the 2015 estimate!
Both demographics show one common point-Life Coaching is trending.
My opinion? COVID-19 had an enormous impact on the economy and business industries all over the world, which are still recovering. This alone is instigating those industries to rethink their approach and their future. Not to mention, people around the world lost their families, jobs, or houses during the pandemic. People now have to adapt to unforeseen circumstances and challenges with themselves. And Life Coaches are just the support they all need. With our unique expertise and experience, Life Coaches can assist them in specific aspects of their lives.
So, yes, this is a demanding career, more demanding than you can imagine.
The average income of a life coach
In short, A Life Coach salary $32.28/hour and
$50,321/year, according to the latest research. Are you interested in making $100k per year as a life coach, but do not know where or how to start?
Just for a better point of view and a clear picture of this industry, let me categorize this part based on 4 things-
Region: In research, coach practitioners with active clients were asked to provide their annual income average revenues. The results show that the highest average annual revenues are in the high-income regions of North America, Western Europe, and Oceania.
In North America, the annual salary is about $62,500, recording the highest annual revenues in any region. Oceania comes in 2nd highest, recording $61,100 per year. Eastern European life coaches make only $19,100, whereas Westerns make $51,100 annually. In Asia, the average base life coach salary is around $33,600 per year.
Living in the USA has its perks, not gonna lie ;)
This shouldn’t come as a surprise because of obvious reasons- more experienced life coaches make more money.
According to this study-
- Entry-level Average salary of a life coach (< 1-year experience) is $24.66 based on 20 salaries on average.
- Early career Average salary of a life coach (1-4 years of experience) is $29.39 based on 236 salaries average.
- Mid-career Average salary of a life coach (5-9 years of experience) is $33.55 based on 86 salaries on average.
- Experienced Average salary of a life coach(10-19 years of experience) is $61.04 based on 79 salaries average.
- Late-career Average salary of a life coach (20 years and higher) is an average total compensation of $60.
Different life coaches have different sets of unique skills they master over the year, which can affect their experiences and salary.
- Average income of a life coach with Public Speaking skills can earn $100,000/year.
- Average income of a life coach with Professional Coaching skills earns $57,449/year.
- Average income of a life coach with Problem-Solving skills can earn $44,250/year.
- Average income of a life coach with Oral / Verbal Communication skills earns $48,527/year.
- Average income of a life coach with Counselling skills earns $44,907/year.
- Average income of a life coach with Mentoring skills earns $45,735/year.
Area of Expertise:
Although every life coach should have a vast area of knowledge and skills, they tend to focus on one of many career paths to specialize in.
There are many areas to pursue a life coach-
- A career coach can earn $46,294/year.
- A Business and corporate coach can earn $121,229/year.
- An executive coach can earn $140,568/year.
- A Retirement coach can earn $50,235/year.
- A spiritual coach can earn $50,054/year.
- A fitness coach can earn $41,773/year.
- A Relationship coach can earn $57,191/year.
It is also worth mentioning that Executive coaches are the most demanding career right now, especially after the pandemic. But that doesn’t mean other career choices are wrong for any reason. Follow your passion and your gut, because only then you will find yourself successful as well as happy.
How To Advance Your Career as a Life Coach?
This is the part where I give some tips and tricks and share my knowledge about this industry.
As a Corporate Coach myself for well over 9 years, I have seen both small and large corporations fail and succeed countless times. To be fair, I wouldn’t call my career transition a smooth one. I had my highs and lows. So I know how you must feel right now, searching for answers, asking questions, doing research, rediscovering your inner talents, scared but excited at the same time. And that’s ok.
So here are some tips for you to help guide you to your passion. It’s not much, but something I always remind myself of. I hope it will not only help to advance your career but also for you as a fellow human being.
- Stay Honest
- Be Non-Opinionated
- Be Passionate
- Be Curious
- Be Positive
- Hold Judgment
- Challenge Yourself
1. What’s the difference between a life coach and a therapist?
⇒ The key differences of a life coach from a therapist are methods, processes, and end results. A life coach will analyze your work, set you up for your goals, and encourage you to learn new skills. A therapist will help with your mental health, determine mental illness and pathologies, which can be clinically treated.
2. How does life coaching work?
⇒ Life coaching usually comprises a series of one-on-one sessions between the client and the life coach, where the life coach will go over the client’s goals and passions, strategize a plan in motion to help achieve those goals with the help of their own expertise and experience in those fields.
3. What are the benefits of having a life coach?
⇒ A life coach will
-help you achieve your passion
-help strategize your goal setting and set a plan in motion for you to follow
-help you increase your productivity
-help you re-evaluate your thinking process.
4. Why is life coaching becoming so popular?
⇒ Mostly because of the self-help industry and social media advertisements. Although people call for a life coach on the verge of career transitions or relationship advice or spiritual connections, which ain’t going anywhere anytime soon.
5. what is the average salary of a life coach?
⇒ On average, $50,321 per year globally
6. what is the average income of a life coach in a month?
⇒ On average, $4,969 per month globally
7. How much does life coach make in an hour?
⇒ On average, $32.28 per hour globally
8. How much does life coach make in Canada/UK/Texas?
⇒ In Texas, life coaches make about $49,125 a year. In Canada, life coaches make $65,049 a year. In the UK, life coaches make about £26,797 ($35,713) a year.
9. Is life coaching a real job?
⇒ Yes. A life coach is a legitimate and legal profession. There are various training centers for becoming life coaches all around the world.