Fiology thanks the Filosopher of the FI community, DocG of DiverseFI, for shaping this lesson.
Discovering financial independence is magical. After tripping over a blog or listening to a podcast, change comes quickly. Most can plot major life reorganization in those first six months after deciding on financial freedom. Debts are paid. Assets are reallocated. Revenue streams are optimized. Some even start a side hustle. With what seems like a little work, you can set your life and goals on autopilot. And then you hit a roadblock. Those beginning steps are so easy, but you stumble on breaking through to what comes next. Better. Better is the state you continuously strive towards. But how do you get better after you accomplish the basic tasks set out before you? Is it time to consider a financial independence mentor?
Coaching (or mentoring) is not a new concept. Back in 2011 surgeon Atul Gawande, in The New Yorker, described his use of a coach in the operating room to improve technique and outcomes. Like in athletics, the idea was to have an outside expert observe and critique performance from afar. Unchained by internal conflicts of interest and emotions, the mentor was able to point out unnoticed flaws in Gawande’s performance. His patients improved.
Could a financial independence coach do the same for our bank accounts as well as our sense of contentment?
Read: How to Find a Financial Mentor (And Why You Need One!) by Lou Carlozo of moneyunder30.com
Listen: FM 022: The Shocking Truth About Life After Financial Independence with Tess Vigeland by Tess Vigeland of financialmentor.com
Listen: Developing a Wealth Plan: Interview with Todd Tresidder, Founder of Financial Mentor RPF0086 by Todd Tressider of radicalpersonalfinance.com
Read: A Debt of Gratitude For Financial Mentors by Jim Dahle of whitecoatinvestor.com
Take Action: The idea of mentoring outside of the athletic arena has been slowly gaining speed. Financial independence, like any other hard-fought accomplishment, is rife with pitfalls both economically and socially.
We could all use an experienced hand to guide us from time to time. Whether this ends up being a mentor or group of mentors, our community is full of smart people.
Consider attending a local ChooseFI meetup or a CampFI. You will likely meet other people who are interested in and using some of the same tools and philosophies as you to reach Financial Independence. When you feel comfortable, reach out, begin dialogue, and learn. There is always someone out there who knows more and has valuable experience to learn from. Seek them out and you could propel your confidence and results.
Read: Financial Coaching vs Financial Advice by Todd Tressider of financialmentor.com
Read: Distilled Dollar on #1 Trait to Reaching Financial Independence: Being Coachable by Matt of distilleddollar.com
Watch: Becoming Financially Independent by Barbara Stanny of Wall Street Journal on YouTube.
Quote: “The greatest good you can do for another is not just to share your riches but to reveal to him his own.” – Benjamin Disraeli