Why you need a money mentor – and how to find one

Why you need a money mentor – and how to find one

Published on 6th June, 2019 at 04:33 pm

Managing money is one of life’s toughest endeavours. Especially because it’s so closely linked to our wellbeing and happiness. What you ultimately want is to understand how your money works and how you can manage it with confidence – which makes finding an expert, trustworthy financial planner crucial to your financial wellbeing.

What is a money mentor?

A financial planner can act as more than an adviser – they can act as a money mentor, too. Through their personal experience, they can help equip and empower you with knowledge and skills that otherwise remain unobtainable. It’s a relationship built on trust, accountability and the desire to share knowledge. Over time, they can help build your financial literacy, kick-start healthy spending habits, help you identify common pitfalls and ultimately unlock financial freedom and peace of mind.

Your financial mentor should possess a sound knowledge of finance, as well as a track record of implementing effective strategies in real-world scenarios, whether it’s investing money, buying a property or building a retirement fund. You will also have to look at the person themselves and ask yourself a few important questions:

  1. Are they generous with their knowledge and will they share it with me?
  2. Are they able to listen and empathise with my unique circumstances?
  3. Are we compatible and will they remain objective at all times?

Finding a mentor who ticks all the boxes might seem like an astronomical task, but start small. Ask trusted friends and family for suggestions of financial planners they’ve had a good experience with – or ask us. We have a host of trusted and qualified financial planners we can direct you to.

Make the mentorship work for you

Once you have decided on your mentor, and they have agreed to help you, it’s important to know that this relationship needs work. Discuss your short- and long-term goals as well as your expectations and agree on regular meetings to discuss your progress. With this regular input, you’ll find that having a financial mentor is one of the most rewarding relationships in life.

Can I self-mentor?

Yes – to a point. It’s always best to get expert advice, but you can and should also ‘self-mentor’ by educating yourself around financial wellness. Start by exploring Wealth Sense, which is packed with info, tips and tools to help you. Read our Dummy’s Guide to Tax or our Savings digital magazine as great places to start!

Start by contacting an expert financial planner, here.

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