Budgeting, saving, and investing don’t come naturally for everyone. If you’ve ever felt like you’re spinning your wheels or are just getting by with your money, then you need a financial mentor.
Here’s your chance to learn what a financial mentor is, what they offer, how to find a good one you can trust, and how to get the most help from them.
What Is a Financial Mentor?
The role is like that of a personal trainer, but instead of helping you reach your goals with your health and fitness, they help you reach your financial goals. They act as a guide who can advise and educate when you need them.
Just like a personal trainer won’t lift your weights or run miles for you, a financial mentor helps with wealth management but does not actively invest, budget, or otherwise interact with your money. Your money will always be your money, and you have the final say about how you’re going to use it.
What Services Can a Financial Mentor Provide?
A financial mentor can coach or mentor you on:
- Getting out of debt
- Saving for the short term, long term, and retirement
- Investing, including stocks, bonds, mutual funds, commodities, and real estate
What Should You Look For When Seeking a Financial Mentor?
The perfect mentor for your best friend or your neighbor won’t always be the best mentor for you. Make sure you research to find the best financial mentor for your personality and your needs so you can get the most help.
Here are a few things you should consider:
- What do you want from your mentor? Before picking your mentor, you should know where you need help. Each mentor has their own strengths to help you. If you need help getting out of debt, you don’t want to work with a mentor specializing in saving and investing for retirement. If a mentor isn’t qualified to help you reach your goals, they’re the wrong one for you.
- Do you get along with their personality? Every financial mentor brings different strengths and weaknesses. Some people need a blunt mentor who focuses only on business, while others need a friend who will listen more than talk. When you’re looking for a mentor, find one who matches your personality and expectations for what you want from the professional relationship.
- What is their availability? Are you looking for long-term or short-term help, and how often do you need to speak to your mentor? Mentors specialize in different time frames of assistance, with some focusing on short-term financial planning while others focus on much longer time frames. You need to be aware of how available your mentor is for questions and how often you’ll be meeting with them.
- What is their background? A mentor’s personal history and what they’ve experienced in their life is just as important as what they know. A mentor who understands firsthand where you are and what you’re experiencing will better help you overcome the challenges you’re facing.
When looking for your financial mentor, take the time and ask the right questions. You must be selective and willing to say no when you recognize they’re not a good fit for you.
How to Get the Most from Your Financial Mentor
Just because you have the smartest, most qualified, or most expensive financial mentor doesn’t mean that your financial situation will automatically change. What you bring to the table is just as important as your financial mentor’s services.
Here are a few ways you can put your best foot forward to achieve the results you are after:
- Show That You Know—Learning everything about financial management is great, but it’s useless unless you actually apply it to your life. Real learning and progress with a mentor come when you go beyond the books and apply what you learn. Your time with your mentor should be the springboard for the rest of your week.
- Trust the Process—It’s normal and expected to feel uncomfortable with new financial tools and principles. It’s a big move to try something new, but you have to trust the process. Just because something is unfamiliar or awkward doesn’t necessarily mean that it’s wrong or setting you up for failure. Be patient and willing to change, and you’ll see results.
- Track Your Progress—General financial principles and concepts are a great starting point, but you’re going to experience hiccups, speed bumps, and barriers that are unique to your journey. By keeping a journal, you’ll be able to track better where you’ve been, what you’re doing, and where you’re going. When you write down your experiences, you’re able to bring them to your financial mentor and get more pointed assistance.
- Don’t Cheat—You can ruin a diet that you’ve been working on for months with a single weekend binge that you call a “cheat day.” You can also ruin the work you’ve done financially by choosing to live outside your means for one weekend. It can feel like an eternity to save $10,000, but it only takes a few minutes to spend it. Once you choose a financial path, stick to it. The best results are only possible with consistent effort.
- Take Ownership of Your Journey—A financial mentor is only there to help guide you. Ultimately, your journey is yours. The more invested you are in your development and growth, the better off you will be.
Choose Derek Moneyberg
Choosing the right financial mentor is a major decision that shouldn’t be taken lightly, but it’s essential if you’re looking for expert guidance. Derek Moneyberg is ready to help you get the skills, resources, and guidance you need to improve your life and earn your freedom.
For decades, Derek has helped individuals increase their value, communicate that value better, and negotiate for their maximum wage. Hear what other people are saying about Derek’s courses and how Derek has helped them win in their lives.