Benefits of having a financial mentor
Like any mentoring relationship, being in a financial mentoring relationship has numerous benefits. One of these is the guidance you get when making financial decisions. As a mentee, you will be guided to make choices that will positively impact your finances. As a mentee, you also learn and improve your knowledge of financial matters from the constant interactions with your mentor.
Furthermore, when a mentee follows the steer of his mentor, he can avoid expensive and costly mistakes already made by the mentor. The mentee saves himself considerable monetary losses by taking right financial decisions. Another benefit is that there is an expectation of accountability from a mentee who knows he will be accountable for his financial choices.
This means you make your mentor your Accountability partner. Someone who will keep you accountable as you cement your new money habits. Having someone interested in helping you achieve your financial goals is a powerful tool that will increase your chances at financial success.
Qualities required in a good mentoring relationship
• Relevant Experience – When looking for a good financial mentor, look out for someone who has relevant experience in money matters and who has been tested with financial decisions. He should be able to share lessons from his past mistakes. He should also be able to share gains he made from making right choices. He should be someone with considerable experience in savings culture, investing and debt management amongst others.
• Knowledge – It is important that the person (s) you choose as your financial mentors are sufficiently knowledgeable about the essentials of wealth creation, growth and preservation.
• Availability and Accessibility -– You want to work with someone who is readily available to discuss any financial opportunities that come your way. He must also be accessible to you when needed.
• Patience – Patience is a virtue that both the mentor and mentee should possess. Watch out for this virtue in prospective mentors/mentees.
• Effective communication – Mentoring is relationship based and requires effective communication between the mentor and mentee. You must understand each other’s language and be able to express and receive clear steers.
Tips for being an effective Mentor
It is not unusual that you have your own mentors while mentoring others. To continue succeeding as a mentor, you must continually learn to equip yourself for the role. In carrying out your mentoring role, be conscious of the need to motivate and empower your mentee to choose right. Yours is to guide and offer counsel on opportunities that come up while leaving your mentee to make his final decisions.
A person who desires to be an effective mentor must not be selfish and insincere. He must give counsel selflessly. Most often, you don’t have all the answers but you are more knowledgeable about the possible outcomes of certain choices and will be able to guide your mentees accordingly.
Tips for being an effective Mentee
- Respect and Trust must be mutual between you and your mentor
- You can have a mentor for different aspects of your financial journey. However, you have the responsibility to ensure your prospective mentor has the requisite experience and wealth of knowledge.
- You must be committed to the mentoring relationship and be ready to be held accountable by your mentor(s).
- Set your financial goals and have a good understanding of what you want to achieve, then seek for a person with experience relevant to the objectives you want to achieve. Do not choose a mentor without considering your desired goals.
- Do your homework. It is important that you evaluate the personal values of a prospective mentor. Has this individual made decisions and choices which align to your integrity and ethical values?
- Do not seek mentoring with the intention of using it as a veil to access a person’s funds. A mentoring/coaching relationship is not an avenue for the mentee to seek and obtain monetary aid from the Mentor. It is also not a support system to get you a job or business opportunities. If you go into a mentoring relationship expecting the Mentor or coach to provide you with financial support, you may end up being disappointed. Seeking to borrow funds should not be the motivation for your choice of a financial mentor or coach.
Let me conclude by advising readers to deliberately seek for financial mentors to help them make excellent financial choices. I also recommend that you get a financial coach to guide you as you work towards your financial targets. Financial coaching is not only relevant when you are doing poorly with your money, but also a requirement if you want to do better and get excellent results with your efforts to wealth creation and retention.
You do not have to be perfect to be a mentor, but you have to be willing to share out of the gains and pains you have experienced. What is important is to be sincere in sharing your stories around your success and failures in your money-journey.
There are some financial coaches offering free services while there are others who require payment. If you choose to use a paid financial coach, make sure the terms and deliverables out of the coaching are well articulated and agreed upfront. Take deliberate steps to seek and connect with a financial coach. I offer FREE financial coaching services and will be happy to work with readers who need such support.