RULE 71

Get some money mentors

When not writing books, I do have a proper job. I have several in fact, which all involve running companies. I’m no fool when it comes to knowledge. I know there are things I should know that I don’t know. And there must be millions of things I don’t even know I don’t know. My solution is to use other people’s knowledge to supplement my own deficits. I have money mentors. In fact I have mentors for all sorts of situations but we’ll stick to the money ones for the moment.

Now why should you use money mentors?

• They bring a wider range of experience to the table.
• They make you present your ideas in a clear and concise format – which makes you think long and hard about what you are doing.
• They will make you justify what you are doing – this makes it much harder for you to go off like a loose cannon.
• They are on tap to provide answers, advice, as a sounding platform, a reining-in service and a ‘Have you thought it through?’ facility.
• They will individually keep their ear to the ground so you can benefit from their collective knowledge (a bit like a news-gathering service).
• They are independent and so will have no vested interest in what you do as competition.
• They are independent and thus will be loyal, supportive and on your team.

Many successful entrepreneurs use mentors when they start out in business. They find somebody who has been successful in starting and running their own businesses, and they ask if they would be prepared to offer guidance and advice (and sometimes contacts and more) to the new entrepreneur as they start out. The vast majority of experienced businesspeople approached will say yes – it’s fun for them to pass on their expertise. They enjoy it.

Yes, but I have questions, I hear you say. Fire away.

• What sort of mentor do I need?
• Where do I find them?
• What’s it going to cost me?
• Can I ignore them if I don’t agree with their advice?

For a money mentor you need people who have proved their financial acumen by making a bit of money themselves – and not by inheritance or lottery winnings. You find them by looking around you. Anyone you admire who has been successful – approach them – they may well be flattered.

It shouldn’t cost you more than about four decent lunches a year. You take them out to lunch. In return they give you advice, information, suggestions, restraint, support and encouragement.

And can you ignore what they say if you don’t like it? Yes, of course you can. I ignored mine once. Just the once. It cost me a lot to ignore them. I publicly apologised to them and wouldn’t ever ignore them again.