The term 'Financial Mentor' is included in the Economics edition of the Financial Dictionary. Get your copy on Amazon in Kindle, Paperback or Audio edition. Check for lowest price here...
A financial mentor is a trusted guide or counselor that helps a person in the arena of business, personal finance and investments. Mentors can be many different people, but they typically have several characteristics in common. They are all loyal advisers who have the person’s best interests at heart.
Mentoring is most widely used in business. Other settings that use it include medical fields and educational settings. Business experts will tell you that among the most useful, helpful, and valuable career assets that you can have in your business career is a helpful and experienced mentor.
Financial mentors are commonly older individuals who have more wisdom and experience to share with the individual than he or she already possesses. Though they do not have to be older in every single case, they must always have more experience than the person whom they are mentoring. These mentors both guide financial development and assist the person with their overall financial and business goals. They do not engage in this process with the expressed intent of making money or benefiting financially from the arrangement usually.
With financial mentors, you as the person being mentored have some preparation that you can do. You should listen carefully to the mentor and what he or she has to tell you. This is most easily accomplished by coming to the meeting with the financial mentor with some sort of recording means prepared. This might be a voice recorder, PDA, laptop, or even pen and paper. If a mentor made specific recommendations in the prior discussions, then you should have both noted and tried to apply them. Be ready to review any steps that you have taken specifically with the mentor.
You should also allow a mentor to be a part of your big picture goals and plans, and not only the particular details. The overall goals for you who are being mentored should be set together, in conjunction with the mentor. They should talk not only about present challenges and difficulties, but also concentrate on long term and short term goals together.
Good financial mentors will also do more than simply hold official meetings. They will take the time to get to know you. This does not have to be extensive amounts of time, but it should be quality time spent. This might involve a fifteen minute friendly chat over coffee or a quick bite to eat out some night. The key is not to take up too much of the financial mentor’s time until you get to know him or her better. Then as the relationship broadens out into a friendship, more opportunities to get together will naturally arise.
Financial mentors can help out with many areas of your life. They can make helpful suggestions for getting out of debt. They can guide you with good concepts for practical and smart investing. They can share personal, actual experience for navigating through difficulties with a business that you own. They might suggest advice to assist you in your career development. Whatever help that you specifically request from a mentor, you should always remember to be appreciative and take the time to write thank you notes.