A money mentor is crucial to develop and transform your mindset or relationship with money. Many people have a mentor to develop their career or to develop a skillset such as ballet, art or a craft.
Most people, by default, are nurtured by their immediate environments of friends, family, school, music choice or internet or virtual community. But what if the people in your environment are not where you want to be in a financial sense?
What is money mentor?
This is where a money mentor can help. A money mentor is someone who is where you want to be financially and they give you tips about how to get there. This could be a trusted friend, colleague or family member. They are someone who is where you want to be and is willing to share with you how they got where they needed to go. They do NOT charge any money for this.
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The importance of having a mentor
Billionaire Warren Buffett is one of the most successful investors. And after reading the book Intelligent Investor by Benjamin Graham at aged 19 he enrolled at Columbia Business School to study under him. They developed a lifelong friendship and Buffett also eventually worked for his mentor. This highlights the importance of the mentor/student relationship.
This is a clear example of how developing a relationship with a money mentor can help you develop and transform your financial mindset.
I have learnt a lot over the years from my personal friends about how to invest and save my money for the long term. One of them is a teacher. He explained how they generated a very comfortable amount of wealth on a teachers salary. Having a mentor is an opportunity to have an open, frank and honest discussion about finances and view things from someone who has more experience.
Please note: that my personal relationships with my mentors do not involve either of us exchanging actual money. It is usually tips about how to make the most of the money that comes my way.
How do you find a mentor?
Reading is the best way to find a mentor if you do not have anyone who is where you want to be in your social circle.
For example, the Intelligent Investor has transformed many investors lives not just Buffett.
This is why reading personal finance books is an important part of the process if you don’t have a money mentor. I would recommend reading widely to develop a money strategy. Once you have a good foundation by educating yourself you can make really empowering decisions to improve your financial decisions.
Recommendations to get started
A few good books about finance will get you started in developing a unique personal finance plan. They can change your life, improve your finances and result in you making more and becoming wealthier.
Having a money mentor is a great way to develop and transform your relationship with money. There are many personal finance books that can help you set goals, implement strategies and put your finances onto a steady footing.