How to Choose a Mentor

Trying something new is scary and risky at the same time. In order for some people to be sure they are getting the best advice possible they try and look for potential mentors.  This is the case with young entrepreneurs. So here are five tips on how to choose a business mentor:

1. Choose someone who HAS BEEN doing the business WITH RESULTS

This is someone who knows the process and knows what to do. When we talk about business we have to be serious with strategies: how to get the clients, how to retain them and how to sell your products and how to meet quota.

A person who does the business with results, that means his business is growing and sustained, will be a good lead to follow. He has fixed actions and is driven by persistence. He knows exactly how to address rejections and how to build networks.

2. Choose someone who values networks

A good business is about making connection. You need people who can recommend you to others and who can introduce you to different opportunities to promote what you do. You should choose a business mentor who knows the importance of networking because he is a good businessman.

3. Choose a business mentor who is good in talking

No we are not referring on!y to people who have background in public speech and the like. We mean people who are not afraid to talk with others. They have confidence and they know how to fit in different settings. Flexibility is a trait people find really appealing so choosing a business mentor who looks at talking to people part of the job can help you build your own confidence more.

4. Choose someone who empties his cup ALWAYS

A good business mentor is someone who will tell you that learning is a continuous process. Sometimes it means relearning what you mastered a few days ago. Emptying one’s cup means being enthusiastic even if you have heard the lesson a couple of times already. Repetition is key to refueling your passion. Choose a business mentor who is never conceited and knows how to keep himself busy relearning the techniques.

5. Choose someone who is NEVER SELFISH

The thing about others is when they become successful, they want to keep the formula a SECRET! But real successful people are not insecure. They will choose to replicate. The are willing to choose an apprentice and recreate leaders. Be sure that when you choose a business mentor, he is someone who gets excited with teaching you what he learned, happy to hear your thoughts and most especially, willing to scaffold you in whatever you do.

In choosing a business mentor, it is good if that is a person you can interact with. However, there are cases where technology could be of fair use. Choose someone who works in your industry, someone who uploads video tutorials or writes a book. Attend seminars related to the work you are doing and finally APPLY WHAT YOU ARE TAUGHT.

5 Things I learned from Robert Kiyosaki’s Rich Dad, Poor Dad

If there is anything that can help me and other people in their mid-20’s, that is to read self help books on leadership, productivity and life. How do you become financially successful? That is the first question.

We aim to become financially confident not because we want to be materialistic (maybe some but that is NOT my case) but because we want to secure the future. Admit it or not, money talks is one of the few things we want to be figured out and as much as happiness and satisfaction are important, money is too for security. Why? Because in this world, most of the things we need are paid for.

So I became an enthusiast for financial literacy and independence because I want to take care of myself and my family (again, some things we need come with price tags).One of the books recommended to me was Robert Kiyosaki’s Rich Dad, Poor Dad. Here are the 5 things I learned from the best selling book, Rich Dad, Poor Dad.

1. If you want to improve financially understand how money works

The common notion we have is when we get money, we have to spend it. And we have to spend it to accumulate material things: gadgets or clothes. Yes these are necessary but we have to know that sometimes we don’t always need to invest on things without monetary returns because we have to choose the option that will make money work for us.

Rich Dad, Poor Dad is appropriately written that it was able to explain financial concepts in a simple manner. What we do not know is there are several things you can purchase that can bring you more money eventually. We should stop investing on things that depreciate in value like the latest gadgets available. And you don’t have to earn more or double for you to invest. What you need is the ability to determine which is important to spend money on and identify assets from liabilities. This way, you can introduce yourself to different ways to make your money circulate and generate additional income for you. In short, we work for money until our retirement but we can actually make money work for us until after we retire!

2. We need additional income

When we have a job, we tend to relax and be content with what it gives us. However, we need to understand that any type of industry or business is not consistent. Stocks and the economy goes up then down and the cycle goes on. And in case we experience economic low we don’t want to be affected by the lay offs. When that happens we lose our income, we lose our source of living. Rich Dad, Poor Dad taught me that having additional income serves as our safety net.

Sometimes how much we earn is just enough to support our monthly needs but what happens when emergency strikes? We borrow money that means we give ourselves additional monetary responsibilities. Sometimes extra means less. Extra liability, less money to spend for actual needs. That is difficult! We cannot say that we can push ourselves to be healthy all the time and we cannot be sure that our needs will stay the same for as long.

We are also not ensured that we will be having jobs a couple of years from today so having additional income will give you savings and just what you need when your main source fails. Wanting savings isn’t being selfish or unreasonable, it just means that you know how to prepare for the future. It is just being practical.

3. Do not cut on your needs to have enough money

Simple: Rich Dad, Poor Dad’s best advice: you don’t have to deprive yourself to live within your means. Increase income to address your financial obligations and to provide healthier options for yourself. Because when you don’t have enough money you opt for cheaper options that have less nutritional or aesthetic value that can cost you more eventually.

4. Investing and saving are not just for the rich

We think that investments are always worth millions therefore we think that it is not for everyone. The thing is we are totally wrong! There are investments that are cheap and affordable. When you read the book, Rich Dad, Poor Dad will introduce you to stocks, bonds and saving. But you do not need highly technical knowledge regarding those concepts to understand what Rich Dad, Poor Dad wants to teach you.

Basically it is this: there are businesses that look for investors who can give funds for as low as $50. Of course, this will not generate millions at once but at least you are getting monetary returns already. $4 dollars worth of return of investment a month is already good than nothing.  Why do you have to invest? Because you need extra income.

5. Never be a slave for money

As much as money is important to push through with our transactions,  it is still important to spend more time with the people who matter: your friends, family and yourself.

Most of us work the whole day until our retirement but we end up without savings or we usually compromise our health to earn more. In the end the kids have grown and wouldn’t want to “play” with you anymore, you are older and never had the chance to be at the beach with your friends or tons of photos have been posted online without you in them because you are too busy working. There is nothing wrong with being a workaholic but give credit to whom it is due.

Have fun. Work eight hours a day and enjoy your breaks and weekends and holidays. It is such a waste of time and effort to spend the money you worked hard for in your sick bed and to realize that your relationships never get deeper.

What Rich Dad, Poor Dad taught me is that success is achievable but success cannot always be measured in terms of money. But if you want to be better and more financially responsible, know that you need to have discipline to know which you need and which can be let go.