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Good financial mentorship involves blazing a trail that will help others begin their journey to financial success. We all need a mentor in different aspects of our lives. And while mentors may not really tell a mentee what to do exactly or do something on their behalf, good financial mentors have the ability to see your potential, guide you on how you can achieve your goals and milestones or even show you the ropes so you can get a handle of something new and experience the same success they did in their past.
No matter how skilled a mentor is, they are not perfect. So sometimes, understanding your unique qualities helps you harness skills and utilize opportunities that they never had (which is also why some mentors also guide you to avoid mistakes they made).
In the end, your personal finances need you to face your current situations or even level up and one of the greatest ways to do this is by having someone who can guide you on this. The wealthy always try to learn not only from their own experiences but also that of others. This is why they choose to have social wealth and create networks and relationships with people they can learn from, find opportunities or show how their ideas can become their reality.
Here are 5 good qualities of financial mentorship that you need to look for as a mentee or need to have as a mentor.
Financial mentorship brings together the mentor and mentee by having shared values. Through these values, you are able to learn principles that will help you make the right financial decisions. It is through having shared values that a mentor and mentee can be able to interact and build trust.
This builds a foundation where you can talk about your weaknesses and strengths. From here you can learn and find a way forward by establishing the purpose of the relationship. Good mentorship has often led some of the wealthiest people out of poverty, bankruptcy and even debt into financial freedom.
A financial mentor and their mentee both need to be available to each other. Financial mentorship is made possible when they’re not only clear about the goal but can also listen to each other. Active listening helps them to understand particular details about ideas or financial decisions and mistakes. Being vulnerable is part of availability because you are able to lay bare important parts of your financial journey for the sake of identifying crucial adjustments so you can achieve more.
Good communication in general is what creates an environment where learning, sharing of ideas and feedback for accountability takes place.
Focus creates the discipline necessary to build healthy financial habits and stick to the financial goals that one has set for themselves. Sometimes, we suffer financial setbacks that are hard to recover from. This may greatly affect our routine financial decisions and actions.
For example, If you lose your primary income source now yet you always saved 40% of what you earned, you may have to lower the percentage you keep as you get another income stream. Or if you, unfortunately, had to do some home repairs after a storm wrecked your windows, your spending plan may need to adjust to accommodate the repairs. Or perhaps your business decides this month to contribute to charity an amount that would be equivalent to monthly debt repayment. This would probably lead to a debt restructuring and cutting on costs or improving the cash flow to counter skipping the payment.
Financial mentorship keeps you in check with your financial decisions and aligns you with your goal. It builds your resilience and reminds you to have a little bit of patience as you achieve your goals.
Mentorship promotes productive discussions on how you can be able to achieve your business goals or saving threshold or get rid of bad debt or even invest in what can create wealth for you. It all boils down to working together. A mentor needs to be able to see your potential and the opportunities available for you. They can guide you. And as a mentee, you need to be able to find what areas you lack financial experience in that you can glean from your mentor.
Being receptive to each other’s ideas always creates a new perspective of possibilities to better one’s finances. Setting action plans enables us to see the next step forward. And having someone you’re accountable to who can help you review your decisions can build steady progress in achieving your financial goals.
Perhaps the most important reason to have financial mentorship is to inspire us with hope. We all hope to be able to create wealth to support our causes, our businesses or our lifestyles. When our financial situations seem bleak or when we make financial mistakes that cost an arm and a leg, we need hope.
Having someone to inspire you to face challenging financial situations gives that kind of hope. When you find someone who sees in you what you don’t yet see in yourself, you are assured that there are better days to come. As a mentor to others, you can help others succeed in what they want to achieve in their finances when they tap into your knowledge.
To be financially free, you need to start acting differently with your money. Choose mentorship to become a different person than you are today and let go of whatever holds you back. At financially fit, we believe you can achieve financial success by choosing the right people to walk with you on your financial fitness journey. Having guidance on improving your cash flow, living debt-free and creating personal wealth is an excellent part of this journey.
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Comment below and let us know what you look for in financial mentorship.
Financially Fit
Riverside Drive, Nairobi – Kenya.
