Having a good mentor can be invaluable when learning how to invest, especially for beginners. A mentor provides guidance, shares knowledge and experience, and helps avoid costly mistakes. However, finding the right mentor can be challenging. Here are some of the most effective ways to get a valuable investing mentor.
Leverage your network to connect with potential mentors
Many successful investors are willing to mentor others, but are too busy to actively seek out mentees. Leveraging your network is an effective way to connect with potential mentors. Ask friends, family, colleagues and classmates if they know any experienced investors who might be open to mentoring. Attend investing meetups and conferences, connect with fellow investors on forums and social media, and don’t be afraid to make the ask – many will say yes.
Seek out mentors at your brokerage firm or robo-advisor
If you use a traditional brokerage firm, they likely have in-house mentors available to guide new investors. Similarly, many robo-advisor platforms like Betterment and Wealthfront have dedicated financial advisors you can contact. These built-in mentors have deep investing experience and can provide personalized guidance based on your specific investing goals and risk tolerance.
Join an investing club or mastermind group
Investing clubs and mastermind groups bring together individuals interested in investing for education, idea sharing and support. Most groups have experienced members who act as mentors to other members. Joining a local club or online community connects you with potential mentors who are invested in your success.
Take an investing course with a mentorship component
Some investing courses and bootcamps include access to an ongoing mentorship program with experienced investors and traders. For example, Maverick Trading and Warrior Trading both provide new students with an individual mentor to guide them as they develop their investing skills.
Offer to trade your skills or services for mentorship
If you have expertise in an area like marketing, design or programming, consider exchanging your skills for mentorship. Many successful investors need help in various aspects of their business and investing activities. Offer your services in exchange for investment mentoring and guidance.
Finding an experienced and knowledgeable mentor is one of the most effective ways to level up your investing skills, avoid common beginner mistakes and achieve investing success. With some effort and creativity, every new investor can connect with valuable mentors to help guide their journey.