If one of your goals for the year is to take control of your finances, it’s well worth hiring a financial mentor. To discover 4 reasons to hire a financial mentor, continue reading to discover 4 ways that hiring a financial mentor can change your life and your future for the better!
Why you should consider a financial mentor:
1. A financial mentor will help you take control of your financial future
If you’re unsure about reaching out to a financial mentor as you’re embarrassed about the current state of your finances, it’s actually well worth hiring a financial mentor as if your finances were in perfect order, you’d have little need for a financial mentor’s wealth of knowledge!
By hiring a financial mentor you’ll be able to improve your financial situation in a relatively short period of time. Better yet, you’ll be able to start investing and saving for an early retirement. After all, wouldn’t you prefer to retire in 10 years time, then to retire when you’re in your 60s or 70s?
2. A financial mentor will help you consolidate any debts which you may have accumulated
If you have debts such as loans to a variety of different banks or online loan companies, your financial mentor will be able to help you consolidate all of your debts into one simple loan. Which will save you thousands of dollars, as you’ll usually pay a far lower rate of interest on a consolidated loan, than if you were to continue to pay off several loans, with varying interest rates and penalties. A mentor can also answer questions about whether you should refinance student loans since some of them have very low interest rates.
3. A financial mentor will help you create passive income
While it is worth placing some of your disposable savings into a high interest, long-term bank account, most bank accounts only offer 1-2% return on investment, so if one of your goals is to retire early, you’ll need to invest some of your disposable income.
If you’re afraid of losing thousands of dollars, by investing in the wrong stocks or businesses, a financial mentor will be able to provide as a sounding board for all of your investments and will warn you if you plan on placing a significant amount of cash into a scheme which is likely to fail.
If you’ve never heard the term passive income, it refers to assets which continue to bring in an income, even when you’re sitting on a tropical beach sipping on a Margarita. Many forms of investments such as shares are classed as passive income.
4. A financial mentor will keep you moving forward
If you need help committing to your financial goals, you’ll love being able to contact your financial mentor, when you’re struggling to make progress towards obtaining financial freedom. As an added bonus, you’ll be far more likely to keep to your financial plan, if you have a financial mentor, who’ll check up on your progress on a regular basis.
So if you’re tempted to get in touch with a financial mentor, to see how they can help you take control of your finances, it’s definitely worth finding out more information!