Things to Consider When Looking for A Money Mentor

It might be true that you had a money mentor early on in your career or maybe you are looking for one right now. A lot of people have really benefited from having a money mentor in their life, helping them navigate important things such as financial choices and career decisions. Mentorship can help provide one with insight from those who have actually been there and done that. Tapping into your mentor’s existing experience, skills, and knowledge can help you accelerate your own development and growth. Money mentors have the required expertise in personal finance and they have been in your position too. They are willing to let you know whatever it is that you need to hear and when you actually need to hear it. Here are a few things to consider when looking for a money mentor:

Find A Mentor You Can Relate To

Find a money mentor who really ‘gets’ you. A good mentor will not only listen to your problem and will guide you, but they will also hold you and only you accountable whenever your actions are not aligned with your values. Your money mentor in Utah would want to know everything about you: the way you think, dream, hope, and behave. They can guide you on how you could use your money in order to help you achieve your short-term and long-term goals now and into the future.

Avoid Those So-Called "Gurus"

When you are looking for a money mentor, you should stay away from YouTube influencers, a doctor who has turned into money blogger, or a friend who has had good luck making a few profitable stock picks. Since there’s no authority or oversight watching over these people whether what they say is legit or not. Following advice of such self-proclaimed gurus can mean that you will have no recourse in case you follow their advices and it does not really work out or get you in trouble with IRS. Which is why you should always go for a professional money mentor and avoid online gurus.

Find A Money Mentor Who Has Actual Financial Designations

Such licenses include state insurance licenses – series 6, 7, 65 and 66 to sell securities. In order to get these licenses, one has to pass rigorous tests, as well as maintain them by continuing education credits. You may try looking for mentors who have furthered their past education by completing the course work and the tests for designations, like Certified Financial Planner or CFP and Chartered Financial Planner or ChFC. A mentor may hold additional designations too, such as Certified Life Underwriter or CLU, Retirement Income Certified Professional or RICP, and Chartered Special Needs Consultant or ChSNC. Such designations need continuing education and these are combined with proof of experience while working with clients. These designations are also the standards that need to be always adhered to by the money management coach in order to retain these designations. In simple terms, there are some recommendations and oversight of their activities.

Money Ripples is your financial advisor and money mentor and has increased hundreds of their clients’ cash flow by an average of $34,000 a year!