Most people don’t hesitate to spend money on piano lessons, soccer camps, golf instruction, math tutors and whatnot for their children, but they hesitate to spend money on their own careers.
A series of 10 lessons on a golf teacher will run $600 on up to a few thousand for an average instructor. Someone like Butch Harmon would cost you $20,000 or more. When you consider that most children will not grow up to be maestros or PGA Professionals, it makes a parent wonder was it worth the investment. At the end of the day, a coach is an investment to improve upon a future performance that would not have occurred without the investment in lessons. Unless you achieve the improvement and it is quantifiable monetarily, then the benefits are solely judgmental.
Clearly the money spent on Tiger Woods with his coaches, including Harmon, was worth it.
So if your criterion is money, then let’s look at an example. Assume you will earn an average of $75,000 per year over the course of your 40 year career. Then you will earn approximately $3 million in lifetime earnings. If you were to hire a coach at the current average hourly rate of $161 per hour for 10 hours of time to work on your career, your resume, executive presence, leadership skills and so forth, it would cost you $1610.
If your earnings increased anything greater, then it would be worth it. While you may not be happy with a raise of $5,000 per year as a result of the coaching, it would represent a huge return on your investment. Assuming you made some changes with 30 years left in your career, it would mean an increase of $150,000 in lifetime earnings. Your simple cost for this investment would be 1%.
If you really made some changes to improve your career outcome, it is conceivable that you do far better on your investment than our simple analysis.
What if my criterion is not money?
Some individuals who seek help from a coach, want something different like a better work life balance. If the coach is able to help you achieve this, the return on your investment, time with your family is priceless. Again it was worth it!