What to learn from a money mentor

A money mentor can be any financial professional who can show you the way to save, budget, and invest. A mentor can be someone you meet with person to person, someone you communicate with over the phone or someone you chat with online. For some people, a mentor is someone who is part of a formal mentorship program. For others, it is just someone they look up to – someone they never even meet. Whoever your financial mentor is, focus on learning these things:

How does your mentor resist temptation buys? How does he or she contribute to his or her emergency fund? Does he or she use a budget or make use of other techniques for keeping spending in check? Try some of the same strategies yourself.

Find out the little habits that your mentor does every day. Does he or she keep track of spending every penny? Does he or she have a specific technique for earning more each month? Learn the small doable habits and integrate them into your own financial routine.

This is a big one, because psychology is a big part of how we deal with money. There are people who are worth millions of dollars who live in poverty because they fear money and people who make minimum wage but draw up huge personal loans because they spend like someone from a much higher income bracket. If your mentor is someone who has a balanced view of money, try to find out what that attitude is and try to consciously shift your own ideas about finances to align with the ideas your mentor holds.

For many people, starting their own business is a dream. However, to start most businesses, you will need capital and some funding to pay for a location, inventory, marketing, licensing, and employees. Many new business owners rely heavily on personal loans when starting a business, since an untested business is often turned down for a business loan.

If you are considering taking out a personal loan with bad credit for a business, there are a few things you will want to keep in mind:
– Work on credit repair before applying for your loan to get the most affordable loan possible.
– You should not take out a personal loan if you want to incorporate. If you take out a personal loan for your business and your business fails, you will be personally responsible for the loan. Also, if you want to incorporate, you need to be very careful to keep business finances and expenses apart from your personal finances.
– You may need multiple business loans, a line of credit, and some other fundraising to start your business. One personal loan may not cover all your costs, especially if you don’t have considerable personal assets.

There are things you will want to do before applying for a personal loan. To improve the chances that your business will succeed (so that you can repay that personal loan), you will want to ensure that you have researched your business and industry carefully and have a good business plan in place for success. Try to spend and borrow as little as possible in the beginning, so that you can start repaying loans quickly as soon as your profits start to roll in.

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