Many of us strive towards and have our own ideas of success. But sometimes the road to success can be a difficult one, particularly when it comes to obstacles such as managing your finances.

There are infinite sources of information on the internet regarding financial management, but let’s be honest—applying that information to your life can be tough. What you need is someone who has been there, done that; someone who can give you advice that pertains to your situation. Enter the financial mentor. This is someone who has been successful at making and managing their money.

From an entrepreneur’s perspective, your financial mentor should ideally be a fellow entrepreneur or business owner with many more years of experience and business success under their belt.

Why Financial Mentorship is Important for Entrepreneurs

Bridge the Gap. With a financial mentor, you can bridge the gap between too much information and fruitful action. Chances are you’re already putting in the hard work; all you need is applicable advice to help you achieve positive financial results more quickly.
Personalized Advice. Your mentor will be able to give you financial guidance that applies to you, your skills and resources, and your particular situation. They’ll help you identify your mistakes and guide you towards the best solutions.
Accountability. Having someone to hold you accountable provides you with that extra motivation to stay focused and achieve consistent results.

What Makes a Good Financial Mentor

1. Someone Who Challenges You

You don’t want a financial mentor who will spoon-feed you all the answers. Instead, you want someone who will ask you tough questions and challenge you to work towards and reach your goals. At the same time, your mentor needs to understand that they’re an advisor. They shouldn’t be giving orders; instead, they should be guiding you. At the end of the day, your mentor is just there to point you in the right direction—you have to do the walking.

2. Honesty is the Best Policy

Asking someone for advice takes courage. A good mentor will not simply tell you what you want to hear but will tell you what you need to hear—the unbiased truth. They should give you constructive feedback (both good and bad) designed not to discourage you, but rather to educate you.

3. Someone Who “Walks the Talk”

A good financial mentor actually practices what they preach. Would they do the same thing with their money as they’re advising you to do with yours? In this case, “do as I say and not as I do” does not apply. If they aren’t following their own advice, make it a point to find out why. If they did follow the same advice, did they experience success?

How to Find a Financial Mentor

1. Look Locally

Many budding entrepreneurs often seek out the most well-known and successful businessmen or women out there. Although this sometimes works, you will likely find that it’s more productive to keep your search local and find someone successful with relevant experience. Try sending them an email explaining what your startup is about and why you’re reaching out.

2. Networking

Attend events that the financially successful attend, such as conferences and seminars. Join professional associations. These places are filled with like-minded people you can introduce yourself to in person. Meeting someone face-to-face gives you a better chance of creating a lasting positive first impression, improving your chances of scoring a mentorship. Be sure to take an interest in them and ask questions, rather than just trying to get them to think you are interesting.

3. Mentorship Programs

Some organizations offer mentorship programs for entrepreneurs. Approach organizations (both large and small) and find out their requirements to apply. A company that’s eager to take on financial mentees already demonstrates their willingness to help—a trait that not all successful financial gurus possess.

Financial Mentorship: A Two-Way Street

Mentorship should be beneficial for both mentor and mentee. While you’re searching for the right mentor, keep this question in mind: Why should they invest their time in you? Remember that you have to be willing to put in the effort if you want to see real results. Demonstrating your commitment to success will go a long way in convincing them to invest their time in you.

At Six Figure Profession, we mentor professionals who want to take control of their finances now in order to achieve complete financial freedom. For more details on how to join our team, visit our website at www.sixfigureprofession.com or call us at (858) 837-1505.