Comments on: Why You Should Find A Financial Mentor

By: David Rothermel

David Rothermel — Sat, 17 Oct 2009 14:27:03 +0000

The things you point out are very good. I encourage everyone, however, to find someone who is not family or friend. These people are too close to you to really be honest about the really hard stuff. It is also a fact that they probably do not have the expertise to be giving you advice about your finances. Find a professional who does not sell anything, that you trust. You may have to pay a small fee, but it will make you thousands, if not millions, in the long run. And a comment on the one who thinks the realtor is a “mentor” in the home buying process. There are some wonderful realtors with their hearts in the right place and it sound like you found one. But remember, he/she is still a salesperson who makes a commission if you buy. This would not be the definition of a mentor.

By: Osadg

Osadg — Wed, 03 Sep 2008 17:59:10 +0000

I completely agree!
I recently found out that a friend I’ve had for years, refers to me as her money mentor. She’s always asking me for financial advice, and running things by me before she leaps head first into the unknown. She does feel comfortable asking me for advice because I do know that we have some very different opinions on what money means to us, and I’m willing to accept that she will make different choices than I would/have. But she stills feels confident in coming to me, because she’s seen the 180 I took with my finances over the past few years. Funny enough, the only reason I was able to do that is because I found someone who was a mentor for me. And that person had VERY different financial patterns than I wanted or have, but they were still there for all the advice I needed when I wanted a little more information.
I think having a finanical mentor is extremely important-especially if you’re just starting to re-shape your finances.

By: 31 Ways to Improve Your Career Today - SavingAdvice.com Blog

31 Ways to Improve Your Career Today - SavingAdvice.com Blog — Wed, 27 Aug 2008 13:01:22 +0000

[...] If you do nothing else on this list the first time you find yourself with some free time, find yourself a mentor. Pick someone (or preferably several people) that you respect and ask them to mentor you. Most people will be more than happy to pass along advice that they have learned over the years which can be invaluable in helping your career. They will also be great people to use as a sounding board with ideas you have and help you figure out the best way to obtain the goals you are seeking to accomplish. A mentor can help you in many other ways during your career including making your advancement much easier. Finding a mentor is actually sound advice for all aspects of your life including finding a financial mentor. [...]

By: ajc

ajc — Thu, 21 Aug 2008 18:21:47 +0000

I’ve been working on a ‘social experiment’ at 7m7y.com (my other blog) where I will be personally mentoring 7 Millionaires … In Training!

I have just about selected the final 7 (after a 3 month online ‘reality show’ for want of a better term), but the real idea is to self-help 70, 700, or even 7,000 millionaire -wannabe’s … for exactly the reasons that you say.

Thanks! AJC.

By: SaveForHouse

SaveForHouse — Tue, 19 Aug 2008 05:46:50 +0000

In addition to financial mentors, I feel that finding a good realtor is a very important “mentor” in the home buying process. I’m in the process of looking for my first house and could not imagine going through this process without the mentorship of my real estate agent. Even though I could save some money going the Redfin route, the money invested in my realtor is well worth it. Similarly, I agree with the author of this article that a financial mentor can add a ton of value, even if your mentor costs money.

By: Dana

Dana — Tue, 19 Aug 2008 01:17:37 +0000

I agree! My husband and I have had a few financial mentors over the years. Some we used for guidance and wisdom. A couple we used for accountability in helping us to get out of debt. Trust and Space are the most important to me in these relationships. The mentors greatly benefited our finances!