Finding a money mentor is so important for anyone looking to become financially successful. While it may be easier said than done, it’s not impossible to find the right money mentor.
Of course, there are many aspects that go into finding the best person to share their financial wisdom with you. In this article, I broke down every aspect of finding a money mentor and what will help you get the best one for your season of life.
What is a Money Mentor?
A money mentor is a person (or a team of people) that gives you financial advice. Like almost any other aspect of life, having someone to coach you through new challenges is a wise idea.
Think about it this way- when you were in Kindergarten and wanted to be the next soccer star, your parents didn’t just buy you a ball and hope for the best, right? They signed you up for a team with a coach to help you learn the basics to build a firm foundation and understanding of the sport.
Likewise, it is common in business to find a mentor that has the experience that you want to help guide you and teach you lessons to help you get ahead, faster.
If it is common to find someone to guide you through all other areas of life, why not find a money mentor to help guide you to make wise financial choices for your future?
Why Do You Need a Money Mentor?
A money mentor is simply another tool that you can put into your toolbox to help you meet your goals. Typically, a money mentor has been where you and your family are at, so they can provide sound advice to help you get to a place of better financial standing.
There are plenty of people that have gone from tremendous debt to becoming debt free to becoming millionaires! Why not find one of them to provide you with their hard earned wisdom to help guide you to more money?
The most important thing you must be able to do is ask valuable questions. These questions can range from almost any topic, and finding someone that knows the answer is extremely valuable. A few examples of questions are:
- How can I improve my credit?
- What should I invest in the stock market this quarter?
- I got a bonus at my job, how would you recommend spending it to increase my wealth?
- Do you know the fastest way to pay off a credit card?
Traits of a Great Money Mentor
Finding a money mentor is important, finding one that can do the job well is essential. When you begin your search for help on your financial planning, there are plenty of aspects to consider.
You want to make sure that you find someone that not only appears to be wealthy (they don’t have to be rich, but should be wealthy – rich vs. wealthy), but understands how to build that wealth.
There are plenty of things that make an excellent money mentor. When you begin your search, keep these aspects in mind.
Someone who understands your way of life
If you live in a rural farm town, hoping to expand your land and begin a dairy farm, then finding a money mentor that understands and supports that dream is essential. Talking to your cousin in the heart of the city that flips condos might not be able to provide the resources and the support that you’ll need.
Instead, find someone local that has been there. They can help you invest in what is best for your farming dreams.
Someone who has lived the life that you are living
The best type of money mentor, in my opinion, is someone who has been where you are at. You want to find someone who understands your cost of living.
If you have kids, for example, finding an older couple that understands how much children can cost you is very helpful. They can suggest investments that are realistic not just for cost but also for time management.
Someone that lives a financially successful life
Sure, finding someone with designer handbags (but a ton of debt) is one thing. Finding a money mentor with a lot of money in the bank, is another.
There is a value in living a life with what is known as ‘Stealth Wealth’ and, honestly, that’s the type of money mentor that you want to invest your time in.
Our culture tends to glorify those with a lot of expensive things, despite how much it actually costs them. It’s important that you assess any money mentors for the money that they actually have, not just what they appear to have.
Someone who will tell you the truth
When it comes to investing, there is a lot of guessing that can go into your choices. You need to find someone that will be completely honest with you.
You may think that buying this rundown house at the edge of town is a good idea to fix up and rent out, but you need something trustworthy to tell you if it really is a good idea – and someone who is capable of providing such input.
Someone with a teaching spirit
One of the most important characteristics that any mentor can have is the ability to teach. If you are lucky enough to find someone that is willing to mentor you, you want to make sure that they can teach you their tricks successfully.
How to Find a Money Mentor
I know what you are thinking – money mentors don’t grow on trees! How the heck are we supposed to find one to help us turn our money into millions?
Yes, it is true that someone to help guide you on your financial journey can be difficult. Difficult, but not impossible. There are tried and true ways for you to successfully find a money mentor.
Look at your Inner Circle
It’s interesting, you might be able to find a money mentor by simply looking at your acquaintances. Think outside the box- it could be an old landlord, someone that you follow on LinkedIn, or someone your boss works with.
Start there, and if they say no, ask them about their network. Everyone knows someone!
Turn to the Internet
There is no shame in asking questions! Looking at LinkedIn or the Reddit Financial Board are excellent starting places to help you find answers. Asking questions is the number one reason to find a mentor.
If you aren’t sure on what or how to do something, a money mentor can help guide you.
I love the internet for so many reasons, and the ability to connect with people around the world is one of them! Logging into the world wide web and asking questions can connect you with people that are the perfect money mentor for you.
Who knows? You could meet a grandma from Walla Walla, Washington that knows her stuff and is willing to teach you her ways!
Ask Your Friends Who Their Money Mentors Are
When I knew that it was time to find a money mentor to help me invest my money wisely, I started by asking my friends who their money mentors were. You will be surprised how many people are willing to connect you with their mentors!
Get on that text chain, ask to meet up for coffee, or friend them on social media. It’s easy to forget how much people want to connect and help others that simply ask for it.
Start Mentoring Someone Else
You know the old saying ‘what goes around, comes around’? I believe this to be true for just about everything – good and bad.
If you want to find a money mentor, why not start by mentoring someone else? Chances are, you are farther along in your financial journey compared to others, so why not offer your hard earned wisdom to someone in need?
Not sure how to start? Look at the people around you- maybe your younger brother needs help getting out of debt or a coworker wants to buy his house before his wife gives birth.
Take them out to lunch and offer your help! Chances are, they will be more grateful than you could ever imagine.
Join a Club
Remember when you were in school and you were hoping to make new friends? It doesn’t have to be any different as an adult! There are plenty of business clubs available to grownups looking to make connections.
Look up your local rotary club, Kiwanis, or even a Lions club. If you don’t have access to anything like that, consider reaching out to your local community center or church.
Simply tell them that you are hoping to build some connections and potentially find a money mentor (if they are unsure what that is- send them this article!).
Offer Something of Value
Sometimes the best way to get something of value is to offer something valuable in return. Maybe you have found the money mentor of your dreams- that’s awesome! Why not offer to buy them lunch or complete a task for them?
Since I’m a blogger, I might offer to write a few blog posts for them or help them write up an email sequence. If your talents lie in sewing, maybe you hem their pants or fix their kids favorite stuffed animal.
Think about what you can offer in exchange for some wisdom– you would be surprised how much you can help out someone else!
Keep Things Informal
Some of the best money mentors that I have had probably didn’t even realize that they were! Sometimes the best thing that you can do is find someone that meets the criteria and casually ask when the opportunity is around.
My neighbor, for example, is very financially well off and is always investing in one thing or another. My partner and I had been discussing some potential opportunities and we weren’t sure which was the best decision for us.
So, I waited until the monthly neighborhood BBQ and casually sat with him until the conversation could be led to getting his advice.
You can do this for almost anyone- maybe the head of HR is a stock market wizard or the owner of your gym is always looking to dish out more advice. If you know the question, the opportunity will present itself for you to ask someone that knows the answer!
There is a lot that goes into finding a money mentor. After all, you want to find someone that can not just give you an answer, but the right answer that will make you a millionaire!
There are a lot of things to consider, but overall you want to find someone that has lived your current season of life and came out financially on top.
You deserve the best mentorship that you can find to help you become financially successful!
So tell me… what did I miss? What must-know tips do you have for finding a money mentor?