I recently read a great article on the Dave Ramsey website. The title of the article is “The Billionaire and the Money Mentor.” The article addresses the fact that even Warren Buffet had money mentors. One of the mentors was his father and the other was Ben Graham the author of the book The Intelligent Investor.
One of my money mentors is Dave Ramsey. I have actually spent time under his training at his headquarters in Tennessee and through his many books and classes. A saying Dave has is “if you want to be rich people, do what rich people do.” I definitely don’t want to be a poor person, been there done that already. Actually, I don’t believe I have ever heard anyone say, “When I grow up I want to work hard all my life and retire poor.” I want to become financially independent and my family is working toward that goal.
There are many financial experts that you can learn from and emulate in order to build your own financial strategy. We all come from different circumstances so our plans for financial success will be different, but these experts have spent years honing their skills. They have tested the waters and have developed strategies that worked for them. You may not be able to do exactly what they did, but why not try?
Three ways for making the money mentor relationship beneficial are:
1) Choose your mentor wisely – Find someone from whom you can learn
valuable skills and lessons.
2) Take action – Put these skills and lessons to work. Don’t just read about them.
Apply them to your financial life.
3) Variety – As your progress through your financial life, find different mentors or
experts that can help your through each stage.
If you don’t have your financial mentor in place, begin reading personal finance blogs and find suggestions for authors and financial experts. Your local library should be a good resource for personal finance books and there are many articles you can read online. Some experts even give free advice to those seeking financial help. A good book to read to get started learning about personal finance issues is The Total Money Makeover by Dave Ramsey which happens to be on sale as the date of this blog (www.daveramsey.com). It has great advice on how to get started down the path of financial freedom. I would also suggest reading The Millionaire Mind by Thomas Stanley. Here is a link to the website http://www.thomasjstanley.com/publication/the-millionaire-mind/.
In order to reach the financial success you desire, find yourself one or more money mentors. Make it part of your weekly tasks to read about personal finance topics in order to become better informed. Then, work on that financial plan and those financial habits that you should incorporate into your life. Put your financial life on track for success!