10 Reasons to Find a Money Mentor

money mentor

Financial education tends to be done through books, online or through some type of course. While these can be valuable tools to get your finances in order, one of the best resources is often not even considered — finding a money mentor. If you know someone who is good with their money and you feel might be open to teaching you what they have learned, you might want to consider asking if they would be willing to be your mentor. While talking about money is still taboo in many ways in our society, most people who are financially responsible are more than happy to help out those who are looking to get their finances in order. Even Steve Jobs thinks it’s good to do. Below are a numb

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5 Responses to 10 Reasons to Find a Money Mentor

  1. ben says:

    The hard part is finding someone who you would trust to be a money mentor.

  2. jay says:

    My best friend and I tried something similar: the intent was to act as “mentors” for each other, a sounding board at the least. Didn’t work, both of us were too defensive about questionable spending habits! I like the idea of a neutral party, but agree with ben– who can you trust (and won’t bust your budget)?

  3. Gailete says:

    My in-laws for years have been crying the blues about how they can barely make ends meet. As I’m pretty good with numbers and had an understanding of what they had coming in, I never understood what their problem was nor did I believe them. Their house was paid off and technically owned by a son, paid off car, smaller house than us so lower utilities, no property taxes, etc. At one point they had a financial counselor in to see them and supposedly he told them he just didn’t know how they were getting by. Either they hadn’t bared their finances to him or he was too dumb to be any kind of advisor. At one point about a month ago, they showed us their finances as they wanted to find a loophole so they could continue getting subsidized Medicare D which was based on their income. It was sure fun to see their money after hearing those sad tales for so long and to find out I was right almost to the penny of what they had coming in and what their outgo should be. They took in more last year than we did only we get the privilege of still paying a mortgage, property taxes in the $5000 range/year (we live next door to them so their property taxes because of their smaller house was probably half of ours but their son paid them), much higher utilities, much more in medical expenses, yet they still stuck to the ‘poor us’ story and were fit to be tied because they had gotten a huge back payment from SS that was going to make their income too high to get that subsidized pharmacy program. You would have thought from the way they were talking and carrying on that they wouldn’t be able to afford any medications again and that they would be living like church mice because of this big chunk of change that they had gotten — more than we bring in in a year! It was like they couldn’t see this money as usable money and something that would better their lives. Just something that was going to make their finances worse.

    All that to say that some people are so used to thinking of themselves as poor or whatever, they can’t conceive of having enough ever. A mentor isn’t going to help them if you call them on what they are saying compared to what they have. Unless you can get them out of the mindset they are in, a mentor will be wasting their breath.

    I have been working with my younger son in teaching him finances and how to invest. I’m thrilled a the progress he has made considering he doesn’t have a high paying job at all. But the difference is he wants to learn to better manage his money (he could teach most people a thing or two).

  4. Michael says:

    Getting debt consolidation help through a money mentor is so important to finally getting out of debt. Make sure you find a true professional whom you completely trust to handle your finances. This is a really great article for anyone who might be falling behind on their bills and facing debt issues.

  5. Joe says:

    it’s important to find a money mentor no matter what generation your come from. As people get older, they sometimes think they no longer need one. This isn’t true, although that mentor may change. No matter how old you are, look for someone that can teach you about money for your age and circumstances.

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