Wednesday, October 04, 2006

7 Yrs/7 Figures: Find Mentors; Find Millions (Pt. 3)

Mentors can provide a fast-track to millions, especially for those of us who have been slackers about retirement savings. That's the word from Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire by Michael Masterson.

All this week, I will feature one of the 7 strategies from the book. Here are his tips on mentoring and wealth:

"Use the power of mentors to help you avoid common mistakes and create profitable shortcuts to success. Your mentor should be your learning coach—someone you can talk to and trust, someone who provides advice, feedback, and support. More to the point, he should help you learn the secrets to success in your field. Here are a few tips for finding a good mentor:

* Look around your industry to find five successful business leaders who retired within the past two to five years. This two-to-five-year time frame is important. If they've been retired for any longer, they could be out of touch. Any sooner and they're not yet bored enough with retirement to miss thinking about work.

* Write each of these five people a short letter expressing genuine admiration for their careers. Compliment them on specific achievements. Then ask for advice on your own career. Offer an invitation to lunch. Or, if they're located out of your local area, ask for a fifteen-minute phone call. Odds are at least one of the five will respond positively to your invitation and give you a little of his time. If you find that you get along especially well, you've got yourself a mentor!

* Once you've found your mentor, make a list of the goals you want to work on with him. What do you want out of the relationship? What do you feel you need to learn? What can this person best teach you?"

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