Do You Need a Financial Mentor?

October 23rd, 2017 | Author:

[S]chools often encourage mentorships for students. Some employers have mentor programs, pairing new employees with those who have many years of experience. Mentors can offer encouragement, advice and accountability to those who need it.

Anyone who struggles with their finances may want to consider finding a mentor. Having someone to be accountable to and someone who they can confide in may make a major difference in how much they grow in being financially responsible.

Who Makes a Good Mentor

You want to find someone who is good with their finances to be your mentor. They may have struggled in the past, but they have overcome those bad decisions and habits. In fact, they can understand where you are and will offer sound advice.

This person should be someone you trust. You’ll be telling them details about your finances and the things you’ve done wrong. You don’t want someone to judge you or to take advantage of the situation. You should also know them well enough to know they are financially responsible and not just hiding any problems they may have.

How to Find a Good Mentor

You can start by looking at family or close friends. Look at people you admire and ask them if they would be willing to serve in this role. You can also talk to someone you know through an activity or group. You may even find a recommendation from those around you even if it’s someone you don’t know. It can be easier to divulge information to someone you don’t have a personal relationship with.

When you ask the person to be your mentor, let them know what you expect. How often will you meet? How long will this mentor period last? You can always extend it, but they should know the length of their commitment. Tell them what kind of help you need, whether it’s creating a budget or setting goals. You may want to be held accountable for your goals, such as saving so much money each paycheck.

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