A financial mentor is a fairly significant person in your life, rating almost as important to you as your own mother. He or she will be responsible for turning your dreams into money and your money into dreams. Your financial mentor will be the person who helps you to secure your financial future for you, your kids, and future generations of your family.
Your financial mentor is going to have to shoulder a lot of responsibility for your future well-being. It's essential that you find someone who you trust implicitly, but who is also a good fit with you. Here are ten tips for making the right decision when selecting a financial mentor to work with.
1) Financial mentors are everywhere. Because of the proliferation of companies who employ "independent contractors" and "consultants", financial mentors can be found on pretty much every street. But...
2) Just because someone says they're a consultant doesn't mean they actually are. Or rather, it doesn't mean that they're qualified to be. Many companies bring in independent consultants, give them about 40 hours of training, then turn them loose to wreak havoc on the streets. Look for someone with authentic credentials and plenty of experience.
3) Just because someone has a famous reputation, it doesn't make them better at the job. It surprises me when people get all excited about someone who's supposedly a "big name" and accept substandard service just because of the perceived prestige that goes with the name.
4) Choose someone who has time to work with you. Speaking of lack of quality time, are you having trouble getting your mentor to return your phone calls? Review your investments? Answer your questions? If the answer is yes, it's time to go out and start looking for somebody else.
5) You're not a Fortune 500 CEO. Your mentor shouldn't be either. Unless that's what you're going for. A man who advises men who run massive businesses might not be the right person to advise you on how to manage your 9-5 salary. They're used to playing in a whole different arena.
6) Avoid financial mentors who are paid by commission. It's better to select a fee-only consultant. This is fairly self-explanatory. A financial mentor who is commission based is likely to point you in a direction that's not necessarily right for you. A fee-only consultant, who's actually earning his or her fee, is more likely to be working to your advantage.
7) Don't let them bulldoze over your questions. If someone's asking you not to ask questions, it's time to ask them what's in it for them. Then move on to someone who has your best interests in mind.
8) Be clear about what you want before you meet with a financial mentor. This way, you'll know when to walk away if your consultant tries to persuade you from your desired goals. A financial mentor should be working to realize your goals, and not ignoring them or pushing his or her own particular agenda on you.
9) Don't fear the coffee shop consultant. Nowadays, many people are stepping back from the corporate lifestyle. Your mentor may not have an expensive office, but it doesn't mean they're not capable of effectively managing your finances.
10) A person who smiles isn't necessarily trustworthy. Yes, a mentor with a friendly disposition may be perfectly capable. But, equally, they may not. So take care, and make sure you know what you're doing before signing up on the dotted line.
Your financial mentor is going to have to shoulder a lot of responsibility for your future well-being. It's essential that you find someone who you trust implicitly, but who is also a good fit with you. Here are ten tips for making the right decision when selecting a financial mentor to work with.
1) Financial mentors are everywhere. Because of the proliferation of companies who employ "independent contractors" and "consultants", financial mentors can be found on pretty much every street. But...
2) Just because someone says they're a consultant doesn't mean they actually are. Or rather, it doesn't mean that they're qualified to be. Many companies bring in independent consultants, give them about 40 hours of training, then turn them loose to wreak havoc on the streets. Look for someone with authentic credentials and plenty of experience.
3) Just because someone has a famous reputation, it doesn't make them better at the job. It surprises me when people get all excited about someone who's supposedly a "big name" and accept substandard service just because of the perceived prestige that goes with the name.
4) Choose someone who has time to work with you. Speaking of lack of quality time, are you having trouble getting your mentor to return your phone calls? Review your investments? Answer your questions? If the answer is yes, it's time to go out and start looking for somebody else.
5) You're not a Fortune 500 CEO. Your mentor shouldn't be either. Unless that's what you're going for. A man who advises men who run massive businesses might not be the right person to advise you on how to manage your 9-5 salary. They're used to playing in a whole different arena.
6) Avoid financial mentors who are paid by commission. It's better to select a fee-only consultant. This is fairly self-explanatory. A financial mentor who is commission based is likely to point you in a direction that's not necessarily right for you. A fee-only consultant, who's actually earning his or her fee, is more likely to be working to your advantage.
7) Don't let them bulldoze over your questions. If someone's asking you not to ask questions, it's time to ask them what's in it for them. Then move on to someone who has your best interests in mind.
8) Be clear about what you want before you meet with a financial mentor. This way, you'll know when to walk away if your consultant tries to persuade you from your desired goals. A financial mentor should be working to realize your goals, and not ignoring them or pushing his or her own particular agenda on you.
9) Don't fear the coffee shop consultant. Nowadays, many people are stepping back from the corporate lifestyle. Your mentor may not have an expensive office, but it doesn't mean they're not capable of effectively managing your finances.
10) A person who smiles isn't necessarily trustworthy. Yes, a mentor with a friendly disposition may be perfectly capable. But, equally, they may not. So take care, and make sure you know what you're doing before signing up on the dotted line.
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