One of the best lessons I learned along my path towards wealth was to look for mentors and coaches who were already where I wanted to be.
Great money mentors can come from all walks of life. But, where can you find them? And, how do you capture their attention?
Let’s be clear from the beginning. There are many good meaning individuals with tons of advice out there (maybe even family), but who should you take your advice from? You need to seek a money mentor that has already achieved the results you want to experience… period.
A great money mentor will be able to guide you through his experience, show you shortcuts to wealth, and give you access to important connections. But, let’s face it. Finding these relationships don’t just occur out of the blue!
Here’s what you need to do:
1. Become a Mentor to Someone Else
I’m a big believer in the law of reciprocity. Whatever you put out, will come back to you many times over. So, why don’t you start your journey by helping someone else first? It doesn’t need to be confined to the financial realm, but in an area that you’ve had a certain degree of success with.
What you will gain from this interaction is a huge sense of satisfaction from helping someone else. It will also allow you to understand the perspective of a mentor, allowing you to become a much better mentee when the time comes.
Consider helping to tutor a student, becoming a big brother/big sister, or giving support and encouragement to someone that is in need. There are never shortages of opportunities to volunteer your time for a good cause. And, guess who you may find elbow to elbow while giving back? A money mentor who wants to give back too!
2. Network Outside of Your Comfort Zone
Although it may sound basic, you need to go out and network with other people. All too often (trust me I’ve been guilty of this too) we stay confined in our comfort zones of family, friends, and co-workers. But, unless your social circle is teaming with multi-millionaires, you’ll need to stretch your boundaries. Yes, this can be a little harder for introverts, but it can be done.
Where should you go? Consider attending a local investment club (real estate, stocks, etc.) You might take a course from a local expert (investor, entrepreneur, etc.) Join a professional organization or service club like Kiwanis, Rotary, Lions, etc. Does the mentor you are seeking own a business? Consider working, or even interning for that person.
Talk with friends of friends, network through LinkedIn, and always be observant. Most millionaires are hiding in plain sight and you’d never know by just passing them on the street.
Albert is an entrepreneurial young friend of mine. He’s in his early 20’s and lives these principles on a daily basis. Albert is constantly out meeting new people and learning about their success. He’s genuinely out there trying to help others and takes the time to build meaningful relationships. Given his current momentum, I’d be willing to bet he will become a multi-millionaire well before he hits 40.
3. Become the Ultimate Student
Once you identify someone you’d like as a money mentor, become his ultimate student. Most money mentors are willing to spend time if they can see you have the potential to succeed. So, learn everything you can about your mentor’s successes. Find out about his area of expertise and study it intensely.
Ask him for an interview over breakfast or lunch. Show your genuine admiration for his success! Ask him what advice he’d offer for someone looking to follow in his footsteps. Ask him for recommendations on books, seminars, or classes he’s attended. Absorb all of this and then take action! Yes, this may take some time, but a relationship with a great money mentor always does.
Remember, your potential mentor may have similar conversations with 10+ other hopeful mentees, but guess who’s going to stand out? That’s right, the one that has the willingness to learn and take action. Make that somebody YOU and he will eventually offer you his respect and trust.
4. Clarify Your Expectations
One important distinction to make early on is a comparison of values. Your money mentor may be the richest guy in the neighborhood, but if he built his fortune by exploiting others, and your goal is to serve others, then you’ve got a major conflict! NEVER compromise your own values. It’s time to reset your search for a new money mentor.
Let your money mentor know that you respect his time and be patient. As you build a relationship you will each get a better understanding of each other’s personality and communication style.
5. Offer Something of Value
As a potential mentee, always approach a potential mentor with something of value first. This may seem a bit counter-intuitive at first considering your mentor may have 20X’s your net worth, but remember – it’s not about money.
What you have to offer could be as simple as information he would be interested in, a deal he could benefit from, or a donation of time to a cause he’s passionate about. Also, don’t take the skills you have for granted. Maybe you have technical abilities that he could benefit from.
Again it’s about relationship building and most people are naturally inclined to reciprocate, so always lead with giving first. Once you’ve established a relationship, don’t stop there. Make sure that you go out of your way to express your appreciation.
Finally, schedule time to periodically keep your mentor up to date on your progress. Tell him how his guidance has helped. A mentor’s ultimate reward is watching a mentee grow and achieve his own success. Keep nurturing the relationship and you will be rewarded with a long-lasting mentorship for many years to come.
6. Hire a Coach, or Join a Mastermind
If you’ve tried all the above and are still coming up empty-handed, then consider hiring a coach or high-level mastermind. While I used to mentor people for free, I realized that sometimes when people don’t have “skin” or “money” in the game, they may not be as motivated.
That’s why I offer private coaching for those seeking financial freedom. It’s certainly not cheap, but my time is super valuable. For those who can’t afford to work with me one-on-one, I also offer a group coaching/mastermind – Financial Freedom Pass. It’s a way to get access to me every week, find an accountability partner, update your money mindset, etc.
Building wealth is a long game. So, prepare yourself accordingly. You will likely have different or multiple mentors along your journey if you’re focused and persistent.
And, as you begin to get the results you desire, always remember to pay it forward. Perhaps one day you can also become a coach as a way to create supplemental income and to create a positive impact on someone else’s financial future.
We can’t take our money when we pass on, but we can leave a legacy of knowledge and good financial intentions.
Readers, do you have any money mentors or coaches currently? Why, or why not?
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