There are basically two alternatives for managing your investments. You can outsource it to a financial adviser and pay fees or you can do it yourself. Fees are the way that most financial advisers generate an income. Perhaps unsurprisingly there are plenty of financial advisers but not many financial counsellors or mentors.
But even if you accept that paying fees is part of investing and having someone manage your wealth, it is critical to at least understand what exactly is happening to your money.
For that reason I recommend everyone undertake at least some financial training. It has always astounded me that we are taught subjects at school like languages, art and others that a tiny proportion of us actually go on to use in some working capacity. Don’t get me wrong I think these subjects are important for developing minds, but I think it is critical that children learn how to manage money as well. As we find out when we get our first job, money and building wealth becomes central to achieving our life goals.
At www.stockmarketmentor.com.au, I help those who want to manage their own investments or just understand what is happening to their money.
As the article shows, wealthy people use a mentor as part of a broader strategy increase their wealth and income.
In finance and stock market investing, mentors or financial counsellors are usually someone older that has lived the experience of investing through several market cycles.
A good financial counsellor or mentor should be able to explain stock markets, money and investment principles to you without too much financial jargon. It is difficult to know what to look for when you need someone to manage your money or choosing a financial counsellor/mentor.
Here are some things to look for:
A financial mentor or counsellor should be able to show you how they are qualified to mentor you. Until recently, many financial advisers and analysts weren’t well qualified to provide financial advice. So make sure you check if they have solid qualifications like a degree or more from a reputable institute or university.
Ideally, you want someone that has a little “wisdom” on their side. While it can appear that older people are not up with today’s technology, you will find that they more than make up for this with experiences and stories that can add to your knowledge base. History is very important when it comes to stock market investing.
The difficult part of choosing someone is that you don’t know what you don’t know. So trust and integrity are very important qualities in a financial counsellor or mentor. It is important that you come away from any meeting feeling comfortable and confident that the mentor is acting in your best interest and is able to answer most questions fully and patiently.
At www.stockmarketmentor.com.au, I assist people of all ages how to invest their money and manage their own wealth. If you are interested in managing your own money, please feel free to get in touch.