What is a financial mentor, and why do I need one?

Are you someone who struggles to manage their money properly? If so, then you're not on your own. Roughly 24 million UK adults (that's 1 in 2!) don't feel confident about managing their finances day to day - and that's even before we start talking about planning for a stable future. That's why a good financial mentor can be worth their weight in gold.

Many who've used the services of an expert like this at MentorCruise - our vibrant community of mentors - have enjoyed more success and stability in this area as they're guided on the right moves to make by someone in the know. 

In this article, you'll discover:

Why a financial mentorship represents something of a necessity.

The advantages an expert like this offers. 

The wider benefits. 

A financial mentor can be game-changing!

As the great Robert Kiyosaki once said,"Financial independence is about having more choices". However, the complexities of modern life and the seemingly never-ending battle against the rising price of everything can make finding those choices tricky.

When it comes to your finances, staying ahead of the curve is essential if you want the often murky water of personal finance to clear. This is where a financial mentor can step in and make sense of things for you, navigating you through what can be a confusing array of financial planning, wealth management and investment options. 

So, what does a financial mentor actually do? 

Over and above the broader movement toward rude financial health later in life, a mentor of this kind acts as your personal financial steward. They leverage their expertise and experience to lead you through the intricacies of all those financial matters. 

That said, they're not there to do everything for you. Rather, those they work with are also given the tools with which to manage their own fiscal affairs better. This important life skill is one that will serve you well into your retirement. 

As well as imparting financial management skills, they also:

• Employ the latest money management tools to help you reach your goals.
• Work with you towards becoming financially self-supporting. 
• Identify areas for improvement. 

Instead of being just a luxury for modern professionals, money mentors are essential allies who can give you tailored advice for your own unique journey. At a time when owning a house and enjoying the comfort of financial stability in your 40s and 50s is harder to achieve than ever, their services represent a wise investment. 

The wider benefits of having a financial mentor at your back. 

While some people are more money-savvy than others, very few people are born with the innate ability to build, manage and preserve wealth. As such, you don’t get a handbook with the money you earn on how to double or triple it in the easiest way possible. 

Financial freedom can be a wonderful thing, but not many have the wherewithal to achieve this state of being on their own. Most learn what they know about money management from parents, mates, magazines or the latest book by Napoleon Hill. 

Most get unqualified guidance 

The thing is, these resources don't tend to offer the professionally qualified insight that you should be basing your future on. A financial mentor, on the other hand, has this expertise in spades, and they've usually got a track record of success behind them to boot. 

Little wonder then that many find it hard to build wealth. 

A good mentor gives you the peace of mind that comes with knowing that you've got a true expert at your back, and the benefits on offer are wide-ranging. Let's take a look at just some of the ways in which your money health benefits from mentoring. 

• Accountability -  Many of us make decisions every day about our finances without really thinking too deeply about the long or short-term repercussions. However, a financial mentor can help keep you accountable for the money decisions you make. They can also help you stay focused and motivated and provide encouragement and support when you need it.

• Support with strategic decision-making - Another benefit of being able to access professional advice in this area is the support you get when it comes to making strategic decisions about your financial life. 

• Work-life balance - When you start to see the wise actions you’ve made bear fruit, you become better able to pursue careers that are more aligned with your interests rather than being driven solely by financial necessity. 

• Entrepreneurial guidance - Should you be someone with a keen entrepreneurial spirit and you're looking to start your own business, a mentor can give you useful advice with regard to viability, funding, budget management and planning. 

What to look for when choosing a financial coach or mentor

So, if getting a financial coach or mentor sounds like a good move to you, how do you go about finding someone you can trust with this important side of your life? Well, there are a number of things you need to consider. 

• Experience and expertise - Look for a mentor who has experience and expertise in the areas you want to focus on, such as financial modeling, valuation, or investment analysis. Any pro worth their salt should have a track record of success and be able to provide references or testimonials.

• Communication and teaching style - The mark of a good financial mentor is the ability to communicate clearly and effectively. When talking with potential candidates, they should have a teaching style that you can relate to and be able to explain concepts in a way that's easy to comprehend. 

• Availability and commitment: Your mentor also needs to be accessible, meaning that they're not too busy to have time for you. They should be available to meet on a regular basis, responsive to your questions and concerns, and committed to your success. 

• Chemistry: Look for a mentor whom you feel comfortable with and who shares your values and goals. Your mentor should be someone you have good chemistry with and someone from whom you feel you can learn from and trust.

The mentor you entrust the direction of your financial future to needs to be someone you can get hold of and can connect easily with when needed. Choose well, and they can have a hugely positive influence on how things go for you. At MentorCruise, we have many that fit the bill. 

Connecting professionals with great coaches and mentors 

Whether you're a career changer or just starting out on your professional journey, you can find the great mentors and coaches you need to reach your full potential. Whether you need help with your career development,  software tooling or more, we make it easy to get personal guidance to get you where you need to go. 

You can hook up with an expert mentor and enjoy ongoing sessions on your terms, all for an affordable flat monthly fee. We know that talk is cheap, so how about some real-world success stories to illustrate the power of mentoring? 

• Case study #1 - Kyle got help with technical interviews, allowing him to successfully change his career and land a great job as a software engineer! 
• Case study #2 - Daniel worked with one of our mentors and started thinking like a senior developer; it changed his life for the better. 
• Case study #3 - Egle connected with a mentor and gained the confidence to step up and make a go of her new job in Big Data and AI. 

In every case, the mentees involved got the insight and perspective they needed to bounce ideas off and become the best version of themselves. 

Book an Introductory Session in Minutes 

Whether you're looking for a financial mentor or an expert to help you navigate the minefield that is the professional journey, why not make use of this fantastic resource and get ahead yourself? You can access trained, experienced experts and get on the career track you want to be, and it only takes a few minutes to book an introductory call. 

From advising projects to on-the-job technology training, our mentors can help you stem educational and organisational shifts without slowing you down. We look forward to setting you on your way and connecting you with the right expert to help you achieve your goals.