30 May The Powerful Leverage Of A Mentoring Relationship
I have been reading a fantastic book called The One Minute Millionaire by Mark Victor Hansen (you may have heard of him with the Chicken Soup For The Soul series). I read the text below and I had to share it with you as I feel it relates to what we do at Master Your Money Now, mentoring you with your money. Enjoy!
A single conversation across the table with a wise man is worth a month’s study of books. CHINESE PROVERB
The dictionary defines the word mentor as “a wise and trusted counselor or teacher”. Another common definition is “a coach.” Very few people achieve great success without personal mentors. Here is why we need mentors.
First, a mentor can give us perspective. Often, we are too close to see things objectively. We are caught up in the emotions of the situation – the fear, the excitement, the wonder, the anxiety, the confusion the overwhelm. A mentor is detached and can see things from a distance. Experience plus time equals wisdom. A mentor can give us the wisdom of a lifetime of experience.
Second, a mentor can give us proficiency. A mentor fills in the gaps of our ignorance. In mastering any new task, an experienced mentor can simplify the process, guide us through the complicated parts, help us avoid the pitfalls, and warn us about the dangers. In short, a mentor helps us avoid the school of hard knocks — the most expensive kind of education in terms of time, money, and emotional pain. A mentor gives us a shortcut.
Third, a mentor gives us patience. In learning any new skill, there is a learning curve. A mentor can teach us patience as we struggle through failure to achieve mastery. Do you know any successful person who doesn’t have a mentor? Look, for instance, at the story of Warren Buffett.
Buffett is the richest investor in the world – a billionaire many times over. When Buffett was a senior in college he read a book by Benjamin Graham called The Intelligent Investor (still considered to be one of the great stock-market classics). For Buffett, this was an epiphany. When Buffett learned that Graham was teaching at Columbia University he enrolled, studied under Graham, and received a master’s degree in economics.
After graduation, Buffett attempted to work at Benjamin Graham’s investment firm (even offering to work for free). Graham finally agreed, after repeated rejections of Buffett, to hire him three years later. Buffett spent the next two years being mentored by the famous author.
At age 25 Buffett returned home to Omaha, Nebraska, and launched with seven investors, Buffett Associates. Buffett’s original stake was $100. Within five years Buffett was a millionaire and on his way to becoming the most famous stock investor in history.
Remember, there is no synergy on your own. It takes at least two. Almost all Enlightened Millionaires have mentors. They recognize the need to have a mentor. It is part of their leverage.
You are only as powerful as your mentors.
If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30 minute strategy session.
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Disclaimer: This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.
Chris Carlin is an Authorised Representative (No. 1235031 for financial services and No. 514748 for credit) and Master Your Money Now Pty Ltd ABN 65 627 229 681 is a Corporate Authorised Representative (No. 1265677 for financial services and No. 514747 for credit) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523