Why a DIY money approach won’t always work

Taking control of your wealth is one thing; doing it on your own is another matter entirely. Here's how to choose.

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Taking control of your wealth is one thing; but a DIY money approach is another matter entirely.

Yet so many women opt for a do-it-yourself approach to creating a new financial plan without any advice or guidance.

If you’re a DIY kind of person, ask yourself these questions before taking the plunge:

  • Do you have the time to research all your investment and insurance options?
  • Would you be able to look at your financial situation objectively?
  • Could you crunch the numbers?
  • Navigate tax laws?
  • AND work your day job?

Probably not. Most people are simply too busy for all of this.

While I encourage you to take a hands-on approach to investing and building your wealth, you cannot do it alone.

At some point you will need expert help.

You need a money mentor.

How to pick a money mentor

A money mentor is more than just a financial authority.

It is someone who has your best interests at heart and genuinely wants to see you succeed.

Empathy, creativity and integrity are at the heart of everything they do.

When selecting a money mentor pick an expert who:

1. Is focused on long-term, not short-term, gain.

2. Puts their client’s interests first.

3. Is genuinely interested in their client and feels rewarded by their success.

4. Works hard to understand their client’s underlying issues and needs.

5. Is reliable, credible and does what they say they will do.

6. Connects emotionally with their client.

7. Thinks outside the box.

8. Walks their talk and would never advise their client to do anything they have not done (eg. invest or build a business).

Your relationship must be built on trust

If you cannot trust your money mentor, or if you are not completely honest with them, neither of you will reach your full potential.

You must feel that you can be open and honest with your money mentor.

If you can’t discuss certain issues or if you hide secret expenses, your money mentor won’t have a full understanding of your financial position.

They will be unable to help you become financially liberated.

You must feel comfortable with your money mentor. Before deciding to work with one, ask yourself:

  • Does he/she make you feel you can trust them?
  • Does he/she speak nicely to you and never put you down? 
  • Does he/she look you in the eye while talking to you? 
  • Does he/she give you advice that is independent, practical and makes sense? 
  • Does he/she talk in a language you understand without financial jargon? 
  • Is he/she down to earth and approachable? 

Remember, your relationship with your money mentor should be one of collaboration.

You must feel safe with your money mentor and know that they are walking your prosperity path with you; yet, ultimately, you must be the one in control.

Your future success is in your hands.

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