Investing Mentor: Should I get one?

Question

Hello Everyone,

I have a few questions regarding having an investing mentor:

1. How many of you either currently have and/or had an investing mentor?

2. If you did, did it provide you any benefit and what was the benefit?

3. If not, do you wish you would have and why didn't you?

Thanks for all your insight!

Frank Wong · Answer

Hi Richard,

I don't have a mentor and never had one.  I do however think they are very important and if I were to restart I would get one and pay them what they are worth.  I didn't get one because I didn't even think to look when I got started.  Lots of people will say that you don't need one because all the information is free online.  Yes, that is true all the information is free.  It does not cost you money to look online but in reality, it does.  What it costs you is Time and Lost Opportunity.  Both, in my opinion, cost you more in the long run.

A good mentor will fast track a new student and cut the learning curve in half.  They will properly guide them on what will make money and what will not. Nothing like calling someone to get the exact answer you need and knowing that it's correct.

I like comparing a mentor to working out. All the exercises are the same there is no secret in getting fit.  But if you took 2 people with no experience in working out one had Tony Horton of P90x training him and one on their own.  Who would get fit faster and more ripped?   Not like Tony invented pushups, pullups, curls, or situps.  The difference is a system and someone properly guiding you through the process.

Not all mentors are the same and more are just out to get your money so be careful and do your homework.