How to Find a Mentor to Help With Personal Finances

It’s not always easy to find the best financial adviser to give you guidance on what to do with your money. Money is often an emotionally charged subject, so it’s important to find someone that you can speak openly with, and who will listen to your goals and help make them come true.

The Delicacy of Personal Finances

Personal finances can be a hard thing to get under control because by their very nature they’re personal and hence very private. It can be tough letting someone from the outside into your inner circle, but they have to know the whole picture to best advise you on what to do.

Before deciding on a financial adviser, you should give some thoughtful consideration to what your end goals are, how you want to get there, and how long you think it will take. From there, you can interview several candidates and have deeper conversations with your final two or three.

Determine Your Primary Goals

Before starting your search for a personal finances mentor, know exactly what you want to achieve, and what sort of risks you’re willing to take. Knowing where you want to end up and the path you want to take will help immensely when you are talking with potential candidates.

By the way, if you’re comfortable with a little more risk check out this Penny Stocks 101 Guide which will show you the basics of penny stock trading. This alone can help pad your investment portfolio and get you excited about your financial outlook.

Avoid Going With Friends

It can be tempting to choose a friend that’s a financial adviser to help you with your personal finances, but this sort of situation can often get sticky. Not only will you have to divulge your current financials with them, if things go bad with your investments it can ruin the friendship. You can take advice from them, but resist the urge to have them manage your funds directly.

Financial Success Matters

Choose a mentor that has experienced the sort of success you’d like to experience and have them replicate it for you. You wouldn’t go to an overweight personal trainer and expect them to get you fit, so don’t trust your financial future to someone that hasn’t experienced financial success for themselves. Of course, if they were fat and then got fit you’d want to listen, the same way you’d want to listen to a financial adviser that picked themselves up and became a success from humble beginnings.

Be Sure You Like Their Style and Philosophy

Problems can arise when there are discrepancies between how you think your investments should be managed and how your advisor does. There should be clear and open communication before any decisions have been made so you know that you’re both on the same page. This will help to avoid any misunderstandings later and will enable you to reach your goals sooner if you’re both reaching for a common goal.

Of course, with money it’s all about the numbers, but you’ll be surprised how words can really make a difference as well. Turning your financial conversations into better short-term and long-term investments is the real key here.