I’ve learned the importance of having a mentor over the years. We all make mistakes and hopefully we are able to learn from them. However, when you have a mentor to help guide you, you can take out some of the mistakes before you make them because you are aware of what the mistakes might be.
Many of us have mentors that we don’t get to actually talk to – these are usually famous people who have the same ideals as we do. For example, Robert Kiyosaki has changed my life completely with some of his books, my favorites being:
- Rich Dad Poor Dad
- Rich Dad’s Prophecy
- Rich Dad’s CASHFLOW Quadrant
- Why “A” Students Work for “C” Students
I actually got to meet him years ago during a book signing he had after a seminar he hosted. That was great to be able to meet the guy that I look up to, but it wasn’t like I had time to pick his brain and learn from him. To have that sit-down time, you need to find someone in your life around you that you can actually lean on and gain insight from.
I consider myself very lucky. I have two people in my life that are financial mentors to me. The first is a guy who I work with. He started in real estate in his early twenties and has been very prolific with it. At one point, he owned over 25 rental houses plus commercial property, land, etc. He has since gotten out of the residential arena and sold his houses (he’s kept everything else), but this is obviously someone who knows a lot about real estate. He has plenty of money, is financially free, and only works because he enjoys it (usually!). He’s helped teach me quite a bit over the years to understand some of the nuances of real estate. Experience is definitely important and I appreciate the time he gives me.
My other mentor is another guy who retired from my company when he was 59½ (an important number if you’re familiar with retirement plans). He is also a real estate investor and now has 5 rental houses. He’s in a great position in his life that after all his expenses are paid, he still brings in an extra $1,000+ in surplus that he can save or reinvest. That’s the beauty of passive income! He’s retired and still has more income coming in than he needs!
I just met with my retiree mentor recently at a bar/restaurant. He was able to help me avoid a possibly costly mistake regarding buying a new rental property. He also was able to give me some great contacts for an accountant and a new real estate agent. I picked up the tab for everything, which I consider to be an extremely small price to pay for the amount of knowledge I gained.
Many successful people are excited about what they do and would be more than willing to pass on some of that knowledge to you. If they are, take them up on it. A financial mentor could help you save a lot of money and the time it takes rectifying mistakes that could have been avoided.
Do you have a financial mentor in your life?
Thanks for reading!