RULE 64: Get Some Money Mentors

Ex-Nigerian First Lady, Dr. (Mrs.) Maryam Abacha
When not writing
books, I do have a proper job. I have several in fact, which all involve
running companies. I’m no fool when it comes to knowledge. I know there are
things I should know that I don’t know. And there must be millions of things I
don’t even know I don’t know. My solution is to use other people’s knowledge to
supplement my own deficits. I have money mentors. In fact I have mentors for
all sorts of situations but we’ll stick to the money ones for the moment.


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Now why should
you use money mentors?

They bring a wider range of experience to the table.

They make you present your ideas in a clear and concise format which makes you
think long and hard about what you are doing.

They will make you justify what you are doing – this makes it
much harder for
you to go off like a loose cannon.

They are on tap to provide answers, advice, as a sounding platform, a
reigning-in service and a ‘Have you thought it through?’ facility

They will individually keep their ear to the ground so you can benefit from
their collective (a bit like a news-gathering service).

They are independent and so will have no vested interest in
what you do as
competition.

They are independent and thus will be loyal, supportive and on your team.
Many successful
entrepreneurs use mentors when they start out in business. They find somebody
who has been successful in starting and running their own businesses, and they
ask if they would be prepared to offer guidance and advice (and sometimes
contacts and more) to the new entrepreneur as they start out. The vast majority
of experienced businesspeople approached will say yes – its fun for them to
pass on their expertise. They enjoy it. 
“You find them by looking around you. Anyone you
admire who has been successful – approach them – they may well be flattered.It shouldn’t cost you more than about four decent
lunches a year. You take them out to lunch. In return they give you advice,
information, suggestions, restraint, support and encouragement”
Yes, but I have
questions, I hear you say Fire away
• What
sort of mentor do I need?

Where do I find them?

What’s it going to cost me?

Can I ignore them if I don’t agree with their advice?
For a money
mentor you need people who have proved their financial acumen by making a bit
of money themselves – and not by inheritance or lottery winnings. You find them
by looking around you. Anyone you admire who has been successful – approach
them – they may well be flattered.
It shouldn’t cost you more than about four decent
lunches a year. You take them out to lunch. In return they give you advice,
information, suggestions, restraint, support and encouragement. And can you
ignore what they say if you don’t like it? Yes, of course you can. I ignored
mine once, just the once. It cost me a lot to ignore them. I publicly apologized
to them and wouldn’t ever ignore them again.
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule
65
of Rule of Wealth tomorrow on Asabeafrika)

Read-to-Wealth Series





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