We live in an information flooded world and the discipline of finance is no different to any other discipline. The biggest problem we have when trying to sort out anything to do with finance is in weeding out the imaginary from the actual. The Internet is full of financial advice for free, much of it good, much of it obvious and some of it fairy land stuff. Book stores have shelves full of books written by financial experts willing to share their knowledge with you if you buy their $59.00 book. After you read it you come to the conclusion that their success was due to them being able to sell a multitude of books. You can be invited to seminars, for a price, and spend a full weekend listening intently to how the speaker became a millionaire. You then glance around the room and do a rough headcount, multiply that by the cost to attend and you suddenly realise how it is done. If you're like most of us you will want something more than that.
Managing your finances is a serious business, in fact, get it wrong and you could end up in debt or at least not putting your money to good use where it could earn you more. This is where a good personal finance mentor becomes important. One of the biggest problems regarding personal finance is that many young people learn from their parents as schools don't delve into the subject very deeply, therefore, when the time comes for you to handle your own money responsibly you are left to your own devices, and to repeat the mistakes your parents made. Working with a good financial mentor can be the difference between you living a life of financial pain, unhappiness and frustration as against one full of purpose and financial security.
How to Find a Financial Mentor
If you accept the fact that you need a good financial mentor to help you with your financial planning you will have to do a little research. Thanks to the internet this is much easier that it used to be, but it can also be confusing, because many people who profess to being financial mentors may have little or no qualifications in the financial field to guarantee they know what they are talking about. Therefore the following eight tips can help you on your way to choosing a financial mentor whose aim really is to make you money, not just make money for themselves :
1) Word of mouth : Where word of mouth was once the best and most reliable advertising medium for a professional to hang his or her hat on, it has now become more high-tech, but it still works the same. Word of mouth today is social media. You can get an idea if a certain financial mentor is successful or not by the comments he or she receives from followers or friends on Twitter, Facebook, or any other social media site.
2) Networking : If you have ambitions of being a successful investor there is nothing better than rubbing shoulders with people who have 'walked the walk' themselves. To get involved with these people you could join the type of organisations where you would be likely to find them. You will be able to find professional clubs in every city that you could apply to join as an associate.
3) Online groups : There are many opportunities available online for you to contact. When choosing any of these groups it can be a bit of a hit and miss procedure but some can be very well worth your while. If you connect with a particular online educator make contact with him or her and ask whether he or she would agree to become your financial mentor.
4) Blog writers : There are many financial blog writers. Some have great followings and you could even email one that you respect greatly to ask whether he or she would be your financial mentor. You should remember here that some financial blog writers are first and foremost professional writers. Others however are genuine financial experts and if you can get one to help you along you would be on a winner. If they are unable to help you themselves you should ask if they could put you onto somebody who could.
5) Work colleagues : Strike up financial conversations during tea and lunch breaks at work. You could be surprised who knows who, and who you could be referred to as a possible mentor for you on your financial plans for the future.
6) Bank managers : You could be pleasantly surprised at the number of bank managers who would be more than willing to recommend you to a financial mentor. They are, after all, working in the financial sector on a daily basis and would be aware of who best to make contact with.
The world of finance is complex and intriguing. Great rewards are there if you make sure you fully understand how it works. A person who is willing to put in the hard yards by learning from an experienced mentor will have more chance of success than an investor who doesn't.