Becoming wealthy is a full-time job. Successful entrepreneurs have worked for years to build a deep knowledge base in areas as diverse as sales, marketing, accounting, stock investing, real estate investing, leadership, team building and personal finance. For someone who is still laying his foundation, finding a mentor can help him avoid potholes he otherwise would not have seen, and is an invaluable asset as both a friend and a counselor.

A mentor is someone who has already done what you have set out to do. Whether that means becoming a successful stock investor, or real estate mogul, your mentor is an expert and is willing to share his experiences. Just as professional baseball players have pitching coaches and managers have leadership coaches, so should budding entrepreneurs have a mentor that can help steer them down the right path.

While mentors or coaches can be found in various fields for a fee, it is vitally important that your mentor is actively involved in their field, and truly wants you to succeed. Financial planners and stock brokers can work for a commission, and may not actively invest in the products they sell you. Therefore these would be poor mentors. While their professional opinions may be extremely valuable, they may not always have your best interests in mind.

Unfortunately, finding a mentor can be easier said than done, but networking is likely the best way to find someone you can trust. So join an investment club or networking group; talk to family members and friends. Those that keep their eyes open will eventually find someone who not only shares their passion for the field but also is interested in spending time with someone just starting out.

“Unfortunately, finding a mentor can be easier said than done…”

I’ve been looking for a mentor for a couple of years now. What I’ve found is that I have many minor mentors but no major mentors. That is, I discuss targeted topics with specific people, but no one person seems to have a broad enough perspective to suit my needs, or personality.

Furthermore, I have found that a couple of my mentors are virtual. My knowledge and guidance comes from financial newsletters, written by very smart folks that I have come to trust over time. Typically these people are savvy at sales and marketing but they do stay humble and maintain end user focus. They tend to explain how they are strong and weak, versus always trying to display victory or success.

Thoughts?

Chris, I stumbled across your blog from Blinklist. Nice job.

Hey, using mentors can be helpful. I sort of use blogs and other forums this way. You’d be amazed how much help you can get from other finance bloggers. Kirk Report and TraderMike come to mind. There’s also a lot of mentoring going on over at StockTickr – it’s a site where you can share watchlists and stocks with others (even has RSS feeds everywhere).

Elite Trader is another forum that’s helpful.

Cheers.

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