There is so much going around about why you need to invest money wisely, and also why you should save cash. As much as they are good advice, people have suffered significant losses following them blindly. What is the reason? In this article, I want to share a few important points about why you should not invest money or save money, and the right thing to do instead.
1. Go for Financial Education first; Get a Financial Mentor!
Pro Mentorship – David Ogidinta
Financial education is a critical component of a healthy, stable, and sustainable financial life. Many go ahead to take financial risks without knowing the pros and cons and that has had devastating effects on their lives. By learning about budgeting, saving, investing, and debt management, for instance, individuals can make informed decisions about their money and achieve their long-term financial goals. This is important for individuals of all ages and income levels and can be beneficial to promote economic growth and stability. I love to say that it is never too late to start learning about personal finance and taking full control of your financial future.
Financial education and the need for a financial mentor is important for everyone, particularly young people, as it can set them on a part to financial success early in life. By teaching children and teenagers about things like budgeting, saving, and investing, parents and educators can help them develop healthy financial habits that will serve them very well throughout life. When this is done rightly and early on, young people can avoid common financial mistakes and build a strong foundation for their financial future. This is not to neglect the adults; the same principle applies but you can choose when to start.
To have a financial mentor has never been a luxury but an invaluable asset for anyone looking to improve their financial situation. Mentorship is the legal shortcut to success. A financial mentor is a person with adequate experience and knowledge in managing finances and can provide guidance and advice to any individual to engage and achieve their financial goals. So, if you must invest your money or saving money is your goal, you need to be sufficiently educated by your adopted financial mentor.
Why do I need a financial mentor when I can just read any information online or from textbooks?
This might be your question but having a mentor can provide personalized advice and support which is critical because no two individuals have the same financial experience. Mentors deploy professional tools to help you
- Identify your financial strengths and weaknesses
- Develop a personalized financial plan that is SMART (Specific, Measurable, Achievable, Realistic, Time-bound)
- Provide guidance on how to make smart and sustainable financial decisions
- Instead of navigating the harsh financial world on your own, mentors can help you make significant progress towards your financial goal more quickly and efficiently.
2. Accountability Partners
We may give up on our goals when we encounter new and more difficult challenges, but financial mentors are very important for the accountability they provide. Mentors can help you stay on track with your goals by holding you accountable for making progress towards them. This is especially helpful when you struggle with discipline and motivation when it comes to managing your finances.
3. Network
A financial mentor can provide valuable connections and resources. They have a network of contacts and resources in the financial world that might just be the right bridge for you. This will include connections with financial advisors, investment managers or other professionals who can provide additional guidance and support. How far can you go with this support? Whether it is your friend, family member, or professional advisor, finding a mentor who can guide you on your financial journey and this can be a game changer for you.
In conclusion, rather than get your hands burnt to try from one investment scheme to another, or fall short on your financial goals, get a financial mentor now and live a more fulfilling life. You deserve it.
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