5 Advantages Of Working With A Financial Mentor

Financial Mentorship

Learn About Secrets Of Success From A Financial Mentor

Learning the secrets of wealth means finding a financial mentor to motivate your competency with money management.

Also known as a peer mentor someone who has lived through and experience sharing that with a peer mentee.

A peer mentee is someone who is learning from the experiences of a peer mentor in hopes of making changes in their life.

Your First Financial Mentor

Parent mentor

Growing up the first financial mentor in your life will be your parents however this doesn’t mean you’ll be successful.

Not all parents are geared towards being financially savvy with their money and children pick up on things.

Even if parents don’t teach their children about money the environment in which they live may dictate future goals.

For example, you may come from a home where your parents fought about money often.

As a child who may experience listening to this, it may influence them to be better with money as they grow up.

Another example is growing up in a situation that is less than desirable and wanting a different path as you get older.

So, your parents may or may not influence the way you manage your money but they certainly were your first guides.

Becoming A Financial Mentor

When I started blogging I never considered myself to be a financial mentor however I’ve since changed that mindset.

It’s amazing how much you can influence someone by sharing what makes you succeed financially.

One of the great things about blogging is that I can do that however not all financial mentors are equal.

As you all know I’m not one to give out personal financial advice but I enjoy sharing experiences and tips.

This is how a financial mentor can differ from a financial advisor as one is getting paid and the other is not.

Mentoring also consists of coaching if you are dealing with someone one on one.

Certainly, you’d expect to get money advice from an advisor if you hired them as your financial mentor.

However, if you’re simply following a blog like Canadian Budget Binder it becomes more of a motivator.

Another aspect of becoming a financial mentor is building trust and being as transparent as you can.

Over the years Mrs. CBB and I have become a financial mentor team to two couples one being a reader of this blog.

Related: How Budgeting With Mr.CBB Got Us Back On Track

What Is A Financial Mentor

A financial mentor is someone who influences, guides, assists, and motivates someone to reach their financial goals.

They also help educate and share experiences along with being a soundboard for relevant financial questions.

A financial mentor can exist in different fields of money under the personal finance or business finance umbrella.

On Canadian Budget Binder, I may influence you to start budgeting or perhaps to start a blog to earn extra money.

So, you can see how a financial mentor inspires or sparks an interest for someone who has similar goals.

Plus, you don’t have to settle for just one financial mentor as there may be a few that motivate you to reach your goals.

Who Can Be A Financial Mentor

Money Mentor

Obviously, when you are paying someone like a financial advisor to be your financial mentor it’s important to stick with one guide.

However, if you’re searching for a financial mentor who is compatible or seems fitting for your life goals you can have many.

Many of us seek financial guidance from many aspects in life and tend to put them in the same pot of knowledge.

We grab the information we want to hear as we feel it aligns with our situation in hopes of improving it.

For example, online news agencies, bloggers, podcasts, authors, guest speakers, or successful moneymakers.

All of these types of financial mentors grow with us especially when we learn tidbits of information that we didn’t know before.

Financial Mentors Who Influence Us

Just yesterday someone who I value as a financial mentor online friend shared with me valuable information about opening a USD bank account in Canada.

A finance blogger who I’ve been following for years and specializes in investing in an area I lack knowledge helped me with a question.

A financial mentor has to be someone who is already where you want to be and perhaps followed a similar path.

They may also be someone who has found proven ways to increase wealth while crushing debt.

Would you really want a financial mentor from someone who is struggling with debt?

Personally, I’m going with a big NO, however, that person may be your Queen or King of finance.

When choosing a financial mentor always ensure that you will get benefit from the interactions you have with them.

If not there is no harm in moving on to someone new or reading another online media or book.

Heck, if you want to swap your financial advisor for a different one, go for it.

It’s your money they are managing and you can hire and fire them.

Money Mentors Who Influence Our Financial Strategies

Money mentor

Over the years we’ve followed many Canadian bloggers such as My Own Advisor, Money We Have, and Million Dollar Journey.

These were our mentors and continue to be as we watch them climb the ladder meeting and exceeding their goals.

All three of these finance bloggers are successful at what they do and are in the business of increasing wealth.

The popular television finance guru’s Suze Orman and Gail Vaz Oxlade were a wealth of information for us.

Books we read such as The Millionaire Next Door, Rich Dad Poor Dad, The Wealthy Barber and The Wealthy Barber Returns set large paving stones for us.

Reading finance news articles from Canada and other news media keep us up to date with current affairs.

How To Find A Financial Mentor

So, as you can see you don’t need just one financial mentor to motivate you to become better with your money.

The best place to find a mentor that will help you with your money is your circle of acquaintances.

However, keep in mind that spilling your financial pitfalls with someone you know could backfire.

Consider if friendships go sideways and whether that ex-friend will spill the beans to other people.

Perhaps you don’t care and that road is totally up to you.

However, if you’re looking for that one on one type of financial mentor you can lean towards a few people.

Keep in mind who you choose to be your financial mentor must meet your needs and offer you value.

  • Parents who are financially successful
  • Friends who have money matters under control and follow your mindset (See note above)
  • Financial Advisor who comes highly recommended or that you trust
  • A boss who has experience behind him/her
  • Family members who you trust to talk to who won’t judge you and are successful at money management.
  • Finance Blogger who is successful, transparent, trustworthy, the good listener, answers your questions or guides you and not just in it for the money

If you are trying to get advice from someone who can’t manage their own money you’re wasting your time.

Think BIG, Think Goals, Think Success, Think Trust.

Who in your circle do you trust to work with you to bring similar success to your life?

Advantages Of A Personal Financial Mentor

  • They influence you if there is a connection with them based on what your goals are.
  • Any experiences that a financial mentor has can motivate you to follow a similar path.
  • A mentor will guide you if they are a good listener and genuinely want to help give you the tools and resources to succeed.

Goal Setting

Goals Planner

Setting goals like the wealthy do not only improve success rate it pushes you to work harder.

Writing down your yearly goals is the first step in understanding how a financial mentor may be able to help you.

Without knowing what it is that you are needing assistance with it’s hard to pinpoint the type fo financial mentor to compliment your lifestyle.

Related: Free Goals Printable How To Make Your Money Work For You

Good Listener

Anyone can hire a financial advisor to guide them through the process of budgeting and investing.

What you should look for in any type of mentor is that they listen to your words so they can respond accordingly.

Successful At What They Do

You will want to find a mentor that is successful at what they do in order to feel empowered by them.

As mentioned, following the words of advice from someone who can’t manage their money doesn’t even sound right.

What Does Financial Success Mean To Them

Find out what money success means to the person you are hoping to mentor you.

There’s no harm in asking especially if they have reached many of their goals.

Does their summary align with what you want from life?

If yes, perhaps this financial mentor will be a good fit for you.

Willingness To Help You

Finding a mentor also means that they need to have the time to help you as well as dedication.

Not everyone who is financially successful wants to talk nor wants to share their success.

Feedback From Others

If your plan is to hire a financial advisor see if you can Google any up to date reviews on them.

Maybe you know someone who has worked with the financial advisors you are interviewing.

There’s no harm in asking for their feedback and if anything is negative ask why they feel that way.

Always have a list of questions you may want to ask a potential financial advisor to find the perfect fit.

  • How often do we meet to discuss my portfolio?
  • What influences do I have on my portfolio?
  • How much will it cost me to have you manage my funds?

There are fees involved with trading and fund management Management Expense Ratio (MER) ranging from 1% to more than 3%.

A good financial advisor will disclose all fees and how they work so you understand

Overall, I suggest if you are really into money management and getting debt under control to source a financial mentor.

As well, source out some of your favourite online media outlets, finance bloggers, and don’t be afraid to pick up a book.

There’s a wealth of information out there and people who are successful and willing to help you change your financial life.

Good luck on your journey,



Do you have a money mentor? What are some of your favourite sources that double as a financial mentor to you?

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One Comment

  1. I was very fortunate to have parents that taught me numerous lessons that I continue to carry with me today.

    Mom was great at saving from her budget, finding sales to increase her savings and using coupons to build her personal stash of cash. That lady could stretch a penny until it squealed for mercy! She was also a great inspiration on having a well stocked pantry for the lean times (she was born in 1929 and knew all about lean times) and man alive she sure could stretch her grocery $’s like nobody’s business! She came by it naturally though because my Grandma P. could create a feast with a few item from the garden and there was always homemade borscht to warm the tummy. Another lesson I learned, which is both good and bad, was that she always put her family first. Mom did without a lot of “perks” that she could well and truly afford to make sure that we all had what we needed at all times.

    Dad was a credit banker and CGA so I learned budgeting, tax planning, estate planning, lending/borrowing, investing, retirement planning and legal planning from him. He was also an entrepeneur and I watched the costs and benefits of running your own business. He had a gambler’s spirit and sometimes that meant big benefits, other times…just the opposite when a bad decision came home to roost.

    He had the best kind of financial partner though…my Mom. She’d simply tell him to start again. He built it once, just build it again! There was no such thing as throwing in the towel in her vocabulary! I feel very lucky to have had such awesome mentors for my financial journey. 🙂

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