“An investment in knowledge pays the best interest.”
– Benjamin Franklin
The Privilege of Financial Mentorship
“Privilege” is a pretty loaded term these days. It can mean something slightly different to everyone, but there’s one pretty consistent understanding of the term in the cultural zeitgeist. When I look back on the life I’ve lived so far, one of the ways I feel most privileged is in having a truly wonderful family—a family that was loving, consistent, cared about my future, taught me right from wrong, and helped me carry myself with integrity. They nurtured my curiosity, intellect, and problem-solving skills. And in addition to all of that, they taught me—in both big and little ways—about money: how to earn, save, live within your means, invest, do taxes, think strategically, and plan long-term.
I remember sitting in my grandparents’ living room countless times—lucky for me, they lived just a few blocks from my school, so we often stopped by on the way home—and talking with my grandfather about what he was reading in the local paper, The Wall Street Journal, or that month’s issue of Money magazine.
I’d hear how state or federal policies were impacting businesses at the local, national, or even global level. I’d hear about new investment products from Vanguard, Charles Schwab, or Fidelity. Sometimes it was updates to the tax code—federal or state—and what that meant for different tax brackets, individuals, and small business owners.
And of course, I could count on hearing about low-cost index funds and the wisdom of buy-and-hold investing. I’m especially grateful for that lesson now—one that wasn’t just talked but lived—because in volatile markets like the one we’re in today, I don’t get rattled by short-term fluctuations.
The Impact of a Financial Mentor
Over time, my grandfather really became my “financial mentor.” I don’t know if that was intentional on his part—maybe he consciously decided he wanted to be a positive influence in my life and help develop habits that would serve me well. Or maybe he just oozed financial literacy. He was so naturally disciplined and methodical with money that it all just rubbed off.
I remember going to him with tax questions during the first few years I filed my own returns. I started with the good old 1040-EZ, moved up to a 1040-A when needed, and eventually graduated to the full 1040—complete with a stack of schedules and forms.
One time, my younger sister and I were visiting him, and she had some tax questions of her own. She was running them by our grandfather, and I offered to walk down to the local library with her to grab the forms she needed—this was back when paper forms were still standard and the library was the go-to place for them. We brought them back, and the three of us set about working on her taxes.
At one point, we hit a line—something to do with a credit or deduction—and we had a slight disagreement. I had just worked through that exact issue on my own taxes, so I confidently said, “I think you’re wrong on this one, Grandpa.” I flipped through the tax publication, found the code, and sure enough—I was right.
I think that may have been the proudest I ever saw my grandfather. The mentee had—at least for that moment—become the mentor. All the time he spent investing in us, teaching us to think clearly and carefully about money… it was paying off.
Financial Mentorship Leads to Faster Growth
I say all of this because it really highlights just how important having a financial mentor is in someone’s life. My grandfather and I never had a formal conversation where I said, “Will you be my financial mentor?” and he responded, “Yes, here’s what that will look like.” There was no ceremony to it.
It was organic. One person who had lived more, experienced more, solved more problems—and made more mistakes—was passing down his knowledge to someone who was still figuring things out. That kind of relationship can be invaluable.
I honestly can’t imagine where I’d be financially without everything I absorbed from him—not just through our conversations about money, but by watching how he lived, what choices he made, and how he set himself up for long-term success.
So, here’s the question: Do you have a financial mentor? Is there someone in your family who has filled—or is currently filling—that role? Maybe a friend who—even if it’s a little tough to admit—is further down the road toward financial independence than you are, and likely has valuable knowledge, insights, and experiences that could help you accelerate your own journey.
Because here’s the reality: Having a mentor will make you better, faster. A mentor will accelerate your learning. A mentor can help you avoid the kinds of costly mistakes that set people back years. A mentor will supercharge your path to reaching your financial goals.
Don’t believe me? Check this out:
- Increased Earnings: A comprehensive study by Big Brothers Big Sisters of America, conducted in collaboration with Harvard University and the U.S. Department of Treasury, found that mentored youth experienced a 15% increase in earnings between the ages of 20 and 25 (more here).
- Business Survival Rates: According to National Mentoring Day, 70% of mentored small businesses survive for five years or more—double the rate of non-mentored businesses (more here).
- Return on Investment: Investing in quality youth mentoring programs can generate at least $3 in returns for every dollar invested, showing a strong economic benefit.
- Increased Entrepreneurial Revenue: Entrepreneurs with mentors see 83% annual revenue growth, compared to just 16% for those without guidance.
Long story short? There may not be a better investment in yourself than finding a mentor—or for a mentor, than investing in you. If you’re serious about reaching your financial dreams, you need a mentor. You could shave years off your time to financial independence—or add tens, if not hundreds of thousands of dollars to your personal wealth—just by learning from someone who’s walked a similar path before you.
How to Find Your Financial Mentor
So, what’s holding you back? Pride? Fear—of looking foolish, or making mistakes in front of someone else? Not knowing where to start or who to ask?
Start here: Before you click away, think of one person who’s further down the path than you are. Someone who knows a thing or two you don’t. Just ask them—ask if they’d be willing to chat. Not sure where to begin? Here are some practical ways to identify and approach potential mentors:
- Look Within Your Circle: Start with people in your family, friend group, or professional network who have experience and success in the areas where you’re trying to grow. Mentors don’t need to be famous or untouchable—they’re often people you already know who are just a few steps ahead in their financial journey.
- Look for Those Who Walk the Talk: Find individuals who don’t just talk about financial principles—they livethem. Maybe they’ve reached financial independence, built wealth through smart investing, or simply manage money wisely and intentionally.
- Ask for Guidance, Not an Official Title: You don’t need to formalize the relationship with a handshake and a contract. Just approach someone with a question or challenge you’re facing and see how they respond. If it clicks, the relationship can grow naturally from there.
- Offer Value in Return: Mentorship isn’t just about receiving—it’s about mutual benefit. Think about how you can offer something in return. Maybe it’s your time, help with a project, or insight from your own area of expertise.
- Utilize Online Communities: Don’t overlook the power of online spaces—forums, LinkedIn groups, or Facebook communities focused on finance and personal growth. These places are full of experienced professionals eager to share advice and help others grow.
Eventually, you’ll find the mentor that’s right for you. But considering how much you stand to gain—and how much you risk losing if you don’t—don’t put it off another day.
Make It Happen Today
As we wrap this up today, I want to share something personal. I lost my grandfather this past fall—on his 88th birthday. You never realize it in the moment, but I would give anything to sit down with him again and talk about The Wall Street Journal, or Money magazine, or what was happening with tech stocks, energy prices, or how the geopolitical landscape in China, Russia, or Europe was influencing the U.S. economy. Or even just chat about how the tax code might be changing next year—or five years from now.
Those conversations mattered more than I ever knew. So if you have a mentor, treasure those moments—you never know how long you’ll have their guidance. Take a minute today to reach out and let them know what their wisdom has meant to you. A simple thank-you can mean more than you think.
And if you don’t yet have a mentor? Take that first step today. Reach out. Start the conversation. You won’t regret it.
