Do you have a mentor?

Hello,

So I went to a property seminar today hosted by Nhan Nguyen in Sydney. It was pretty good as while there was a bit of a sales pitch for some of their products or services, but we weren't pushed or made to feel guilty for not purchasing any of these products. And in fact the session today opened my eyes for some creative value add opportunities that i was not aware.

One of the products was a group mentoring product offered by Nhan.

So here's the question?

• How do your mentoring arrangements work?
  
• What do you pay?
• How do you measure the correlation in results?
• Has anyone had any experience with Nhan Nguyen's mentoring product?

I think i'm ready to take the next step to a mentoring arrangement but just want to do my due diligence on this.

Regards,
QS

 

I haven't seen my ex mentor in about a year, but I'll answer your questions anyway.

 

I think everyone has a mentor to a certain extent. Everyone has someone they look up to, draw inspiration from or ask questions of.

Needing to pay someone to be your friend is a shambles.

 

I agree with DT. As you grow and learn your needs in a mentor change. Observe/seek people you want to emulate. If you have one mentor I believe that you would become dependent on one style, when you need to look and question everything. Be open to change/challenge.

 

I have never had a mentor ,I don't have any negative perception of the concept.Plenty of athletes use all types of coaches so why not use one for wealth building.
I did "guinea pig" for a friend who started a life coaching business in the US and
I think spludgey touched on one of the main benefits , that being someone to hold you accountable , to make sure you follow your plan which is important in order to reach long term goals as we usually find with property .
The information can come from many sources here on PC .
Have you attended a meet up in your area ? If there is none that's your chance you kick one off, you could end up with a bunch of mentors.

 

Not outside some very early PC relationships, but I wish I did.

I have a big hotshot real estate Uncle in Canberra, and had my first chat with him last night, but otherwise no.

I posted a question here a couple of days ago and PM'd a couple of users that I respect - the PC responses were almost unanimous, but in outside life I got the opposite answers. I've favoured with PC, but shows the difficulty in finding mentors outside of here!

 

I have 3 types of mentors.

The first mentor is a long time friend and an experienced and successful businessman. We discuss a range of topics and enjoy a mutual friendship. No money is transferred.

The second is a mentor I use on a consulting basis for a fee. This is when I need expert advice on specific issues/challenges from time to time. He will mentor/guide me through the challenge for a nominal fee. I have always found the benefits far outweighs the cost, and next time when the same issue arises I have the know how and confidence to tackle it by myself.

The third mentors I have are through books, tapes, cds. I find immense value in reading autobiographies of highly successful people in all fields, sporting, business, investment, mindset etc. The cost is only that of the material and the benefit of their wisdom and experience has been life changing for me.

 

I've found the PC chat room fantastic. Lots of knowledgeable people with different backgrounds and experiences.

 

Lots of ppl have lots of different knowledge, I find I talk through the same q with many and distill wisdom from that

 

I missed this but what were the value add opps you weren't aware of?

I've heard Nhan on the EPI podcast and read a few of his articles, quite like his sensible approach.

I'll be starting my search for a mentor once I'm in a better position. I think I'll be able to progress much faster if I had someone more knowledgeable and experienced to refer to first. I started off thinking I'll be an awesome lonewolf property investor but that's obviously not the way to go!

 

Definitely do not do that. You can learn a lot from others mistakes, if nothing else.

 

There's a difference between a 'friend' and a 'mentor'.

Although I share a lot of common interests with my closest friends, they think my interest in finance and investing is a bit 'weird', so I don't really discuss it with them. When I need my of 'fix' of support, advice, and information, I come onto PC - you guys know and share so much - you're my 'online money friends'. I learn a lot from listening to your experiences, thoughts, and knowledge. I see you guys as my pseudo-mentors.

But I would also love a real-life 'mentor' - someone who really took the time to get to know about what I'd like to achieve, and help me strategise how to get there. I'd love to make sure that I'm structuring loans correctly, know when to go after another IP (ie. what does my overall financial position need to look like before I can look at getting another IP) - the nitty-gritty stuff.

 

qonyx_sydney - did you end up signing up for the Nhan Nguyen fast track program and if so, what did you think?

 

I've always had mentors people who are at where I want to be.
Both personal - I would use a PT or coach in martial arts.
And business - people I can turn to when I get stuck and need some clarity on the next growth curve.

I've always paid them - money is not anything I consider precious or scarce, it is a tool I use to enjoy life - success means everything.

 

@Xenia me too. Has helped me enormously.

 

You can reach for the stars only by Standing on the shoulders of giants.

Mentors have seen the mistakes you are making, they've been there and can correct you very quickly.

No money spent on your own personal and professional development is ever wasted.

 

I've had "mentors" in the business world, but didn't find the need to hassle them much.
In property it can seem easier to pay someone, but learning yourself is the way to go.

 

Good quote from the PropertyCouch boys I heard the other day was 'outsource the execution, not the understanding'.

 

That sounds pretty spot on.
I'm not a numbers person, but I still like to try to understand the process.