Property Investment Articles
HOW TO FIND THE RIGHT MENTOR TO AMPLIFY YOUR WEALTH AND GIVE YOU AN INVESTMENT EDGE
Hi everyone, Salena Kulkarni here and in today’s little video I actually want to talk to you about something that I think a lot of people in the business world are looking for, which is mentorship and guidance around their wealth creation. Now look, I completely understand as a business owner that your bandwidth can be very limited. You don’t have a lot of time. It can be very tempting to take the shortcut when we’re talking about looking for advisors. Now I could be talking about accountants, I could be talking about financial planners, property people, whatever. But I just want to give you three tips today, which in my opinion, if you take the time to really implement these in your own situation, could actually mean the difference between making a few hundred thousand and a few million dollars in terms of amplified wealth.
Number one, make sure you find an advisor or a mentor who actually has the runs on the board. So not only have they been able to demonstrate with their own wealth that they know what they’re doing, but they can also tell you stories of where they’ve experienced cuts and bruises. Because one of the most profound and valuable aspects of any mentor is their ability to impart wisdom, not only about what to do but what not to do. If you’re someone who is in the wealth space and you’re trying to tell people that you’ve never made a mistake, that you’ve never lost money, that you’ve never had cuts or bruises. Well, that in itself, in my opinion, tells a story. If you have not made mistakes along the way, then quite frankly, that tells me that maybe you haven’t had enough exposure to the world of wealth and wealth creation.
Now, the second thing I feel really strongly about that you should be exploring when you’re looking for a mentor or an advisor in the wealth space is have they actually been through more than one market cycle? It’s really easy if you’re working with someone who’s maybe been in the industry, I would say, three years or less, for them to be the self-proclaimed expert and tell you that they know everything about a certain aspect of wealth. What I would argue is that education or technical education is really only one part of the puzzle. There is no substitute for the experience of living through a recession, the experience of working through a downturn, of having to problem solve when property prices don’t do what you want them to do. So for me personally, I’m really interested to know how many years have you actually been in this game? I definitely feel like it’s an aspect of when you’re seeking a mentor that a lot of people will overlook, and what I encourage you to do … And it’s hard. I totally get it. It’s hard when people have fancy suits, and they speak the language, and maybe they use some technical jargon that you don’t quite understand. It can be very easy to kind of just go, “Oh, well they sound like they know what they’re talking about. I’ll just roll with it.” What I encourage you to do is really dive a little deeper and make sure that the experience that the … Or the knowledge that they’re describing is backed by actual experience through multiple cycles.
The third and final point that I really want to make about this issue of looking for the right mentor advisor is do they walk to the beat of their own drum? Again, I can’t stress this enough, the number of advisors that I’ve been to over the years where I’ve scratched my head and asked them, “Tell me about whether you invest in all the stuff that you’re prescribing to me.” And they say, “Well no, you know, I don’t.” Or you find out through other channels. I know that … I have a lot of connections and networks, in the wealth world, whether it’s finance, brokers, personal advisors, financial planners, the whole gambit. And I can tell you now that the percentage of those guys who are actually wildly successful is very, very small.
What you want to be sure of is distinguishing between those mentors and advisors who’ve made money because they’re good at sales and they’re good at business, versus those that have done it through experience and investing in the stuff that they believe in.
So anyway, I hope you found that useful. I look forward to chatting with you next time. As always, please leave comments below and let me know any questions or thoughts you have on this topic. Take care.
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