There is much discussion about various organizations and spending thousands on courses.
I have done quite a few courses and think it would be more prudent to work with a mentor and support system so I have access to the experience as I begin to implement some of the strategies rather than thinking I know how .It takes a lot to get it from a weekend course or a book.
There must be others who have done mentoring or member support systems say over 12 months.
What success or otherwise has been achieved ?
Who Delivers worthwhile support ?
Who has helped you to change your bottom line ?
Let us know your experiences.
Show me the money ?
Cheers
GregIf you feel you really need help. Go to the investors club and buy a property through them.
They do it all and learn what they do.
NO-ONE is going to show me the money.
You got to show it yourself.
You got to start somewhere. Buy a small 2 bed unit to learn the process. Thats how i got started. I never had a mentor. Most people here probably did not have a mentor.
I never had a mentor. Most people here probably did not have a mentor.You’re probably right, Yack, but, for once, I can say that I did/do have a mentor! It wasn’t obvoius at first but has turned into such a relationship. He is my former Boss! He’s fifty odd and I was taken in, off the street (so to speak – no previous experience) and made into his Operations Manager. The only thing I excelled in was customer Service and he wanted me to run his Bus Charter Company (I didn’t even have a bus license!). In a way I am living the Rich Dad Poor Dad situation.
I have since left his employment and our relationship has realy taken off. When we bought our first home (recently), I got his approval (kinda whimpy – I know) but it meant a lot to me to discover that he thought that I made a good investment. I help him now in the office (as I set it up and know it better than the back of my hand) and we discuss all manner of investments. He gets excited when he shares his newest idea and I share that and put my opinion accross which he then uses to evaluate the investement from my perspective and I have, by chance (being realistic), saved him from one investment blunder. So, although it is mainly one way, I do have the opportunity to give my perspective and look at his investment ideas.
I lean a lot from these forums, but he gives me the practical side of things that give me a better, wholly rounded education.
I find it unfortunate that there aren’t more mentors out there as they are an under rated resourse, by far!Cheers
C@34
Thank you for your reply Yack.
However you misunderstand what I am asking.
I do not need to know how to start .
I already own several properties .
I am talking about paying for a serious Mentoring system from a proven performer to take my investing to a far higher level.There are many traps for the uninitiated and I think it is prudent to seek the advice of those who have been there before rather than running off half cocked after going to a weekend seminar or reading a book.
I am not asking for someone to show me their bank balance.
I want to know from those who have used a mentoring company if it was worthwhile or not.
What company did they use and did it really help their bottom line.
A fair question I think on a forum about investing.
Could be classified as Due Dilligence .
In particular any of these offering mentoring programmes:
Freeman fox ,
Renovate for Profit ,
Property Millionaire,
Wealth Within ,
Richmastery/ESC,
Any others ?
Many thanks for the help.
Cheers,
Greg[buz2]Greg,
Some of the companies you’ve mentioned- including freeman Foix and ESC, are also selling their own products- property, inter alia. Therefore, it is unlikely that the information is objective…
I guess you’d want to be involved with something that is about YOU, rather than about you being a conduit via which to sell products.
Perhaps you can find a “life coach” who specialises in finance. This person would, of course, need to be licenced to give financial advice… or if you just want more of a “friend”, then it doesn’t matter if they give you financial advice or not- they can just assist with a “can do” attitude.
kay henry
Hi Kay ,
I don’t see the problem.
I am not asking any of these companies to respond .
In fact I hope they don’t.
I want to hear from people who have used their systems not people who have been to their seminar and thought it was great.
If property Investing had a mentoring program I would think it prudent to ask for peoples experience of that too.
Have you used any mentoring program ?
Cheers ,
GregGreg,
I wasn’t referring to their seminars- I was referring to their mentoring services- I still think the “mentors” would be pushing people into buying certain products via the mentoring.
No, I haven’t had any mentoring- I can’t imagine doing so. I do have friends and family that I discuss ideas with though, and I participate in this forum and read everything I can get my hands on, so I guess I mentor myself
)kay henry
Thanks Kay,
I appreciate your opinion.
I do the same and am basically self taught my whole life and done OK.
There are some very experienced people running these companies and I know you can learn a lot from their courses and books .
However I expect you could learn a lot more still from direct involvement in a mentoring or support system rather like Steve did with the group last year . As Steve does not run a mentoring course and these other companies do I would like the opinion of people who have done the mentoring courses as to the value of doing so . I would like to take my investing to a far higher level than I have and really move ahead as quick as I can.
Cheers,
GregHi Greg,
If I may, what EXACTLY do you want a mentor to do for you, that you can’t do for yourself with respect to property investing???
I am assuming that is the sort of mentor you are seeking, a property mentor, is that correct???
Jo
Hi all. I think if you are looking to diversify your investing, then finding a mentor (or member support system) would be a good idea. My personal situation is that I own property/ies but not too savvy when it comes to shares/managed funds and the likes, so by using someone that Greg is referring to I could accelerate my investing. I think this is what Greg is talking about (correct me if I am wrong Greg).
Regards
MartyMaximus ,
You are correct.
There are many facets to investing .
I could just go it alone and hope I have covered all the bases or I could align myself with someone with far more experience so I have much more chance of getting the complete recipe .
I think a well run mentoring program will be able to provide information and support for the little obscure things that can be learned by trial and error but may cost big bucks for any mistakes.
Going back to my original request . I am asking those with experience of a mentoring program to comment on the value of the particular mentoring program.
I do appreciate that many people think they are capable of going it alone as I have already done quite successfully .
However I believe with the right guidance I can accelerate my success dramatically.
Cheers ,
Greg [buz2]Monopoly ,
I think there is a lot more to property investing than just property investing .It now appears to me that with the right mix of managed trusts and shares , covered calls etc that I could rapidly move ahead from where I am.
I am hoping to find someone who knows how to link all these in the correct balance of cashflow and capital growth inthe correct structures. I think I know the right people to do this through ,however it seems prudent to ask if anyone has any experience to share.
Cheers,
GregGreg
Just to add a bit re shares and managed funds…
I have spent the past three years studying the share market. I have read many books and done much of my own trial and error. A few things stand out from my experience:
The best teacher is your own trial and error. You can do that in the share market without taking huge risks.
There is absolutely no magic in trading/investing in shares. There are strategies and techniques, but no secrets in making money. Do not get lured by expensive options seminars. They have nothing to tell you that you can’t get from a book. Options are dangerous for the inexperienced.
Anyone who tells you share trading or investing is easy is a BS artist – no question of it. Tell them to show you their tax returns.
There is so much crap information promoted by so-called experts, it’s unbelievable. And I’m talking well known financial institutions and people. A lot of it is a bit of a con or telling you to rely on blind faith. Nope, that won’t work.
Wealth accumulation will not happen by accident, which in essence is what we are led to believe – invest in blue chips and hold for the long term – that’s not necessarily a recipe for success.
I believe in the share market and continue to pursue it because I believe it offers a way to accumulate wealth over the long term. But there’s nothing easy about doing that.
I think if you could somehow find an experienced mentor it can help you along the way, but nothing can replace your own experience. Mentors can be people in print – doesn’t have to be face to face.
Wes.
Hi Greg,
I personally also think some sort of mentoring is a good idea, as finding your way can be pretty hard work and scary, especially if you are a baby investor [baby] like me!
I am always welcoming good advice although sometimes I find it hard to tell whats good and whats not!
Finding a knowledgable person who would like to help is my idea of mentoring (like a trusted friend) not a company who tries to sell you its products and make themselves rich ( I have learnt this the hard way)
Trisha[blush2]
Thanks Wes and Trisha for your replies.
Your thoughts are very similar to mine.
There hasn’t been any replies of actual experience of using a mentor as I have asked.
Everyone seems to want to know what I expect of a mentor.
I have just done a detailed list of my expectations from a mentor but it disapeared in cyber space and now I’m short of time so a short version follows .
I think a good mentor (being a proven successful person/company) would have access to competent professionals for accounting /financial planning /legals rather than me finding out too late that I had chosen the wrong advice(benefit of hindsight).I would expect through a process of analysis of current position ,current knowledge and investing objectives and plans to be able to come up with an investing/financial plan to be implemented monitored and supported with the assistance of the mentor .
Hopefully therefore avoiding the pitfalls of being new to a strategy and hopefully speeding up the process with a greater degree of safety and success.
What am I trying to achieve.
1 Speed up the whole process.
2 generate extra cashflow from equity to fund further aquisitions and remove the need for a day job.(through cash generating investments not neccessarily property)
3 create equity from building projects and subdivisions possibly recycling the equity into cash generating investments possibly at time of initial funding to help cashflow holding costs and negative gearing
4 possibly use equity to create a covered call cash generating system to fund income and further aquisitions.
5 buy and holds renovations ongoing.
I have done lots of calculations on these strategies based on my current knowledge and experience and it looks good .
I am very aware that it is hard to ask about what you dont know about so I think a mentor who has been down the path before me could be a good investment.
Cheers,
Greg [buz2]Greg
Seems a fair enough list of what you’re looking for- it’s kind of like a job description. Think of yourself as an employer. The other parts of a job description involve essential aspects you’re looking for (skills/qualifications), hours, wages, and sometimes performance indicators.So, perhaps you could think about the following in the person you’re looking for.
Essentials:
What does the mentor need? To be retired? Independently wealthy from property and other investments? (I mean, it isn’t hard to be a millionaire if you’ve inherited it, or got it from a settlement). Self-made person? Made their money over how long a period? The other thing is, if a person is *really* retired, it’s possible they don’t need to work for you.Do you want them to have financial advisory qualifications? Or is this not essential/important? Do you want them to have made money in a particular way that you might be able to emulate? ie positively geared property?
Hours:
How much time commitment would you want from them? 1 hour a week? 5 hours a week? 24-hour access/mentoring advice online? (probably only a salesperson for a large company would ever think of providing this)Wages:
What would you be willing to pay? A percentage of what you made in that first year? An hourly rate? Would that depend on how much you can afford? Would it depend on the commercial rate applying to other mentoring services advertised?Performance indicators:
Would you like to increase your net wealth on a percentage basis? What by? 10%? 20%? More? Can you develop a plan for the mentor of what oyu might want after intervals (ie quarterly objectives)? What will happen if you don’t meet the goals after following the advice the person gives you? Or, conversely, will the mentor receive a bonus if you perform beyond your expectations?
_____________I don’t know if you find any of the above useful. It might not be to you. But it might be food for thought about hte kind of person you’re looking for. If you have developed comprehensive aims for yourself, then you can develop a way of thinking what you need in THEM.
kay henry
Greg
I had just drafted a long reply and there was some stuff-up and it was all lost! Brilliant! [angry2]
I can’t type it again at this stage.
The guts of it was to say I could give you some advice re the share market and managed funds – cut through a lot of the BS and hype which invariably crops up in ads and other print.
If so you might want to get in touch over the phone initially. If you are anywhere near the Brisbane area we could even meet up. I don’t mind in the least – always willing to talk investments.
Wes.
Thanks for your replies Kay &Wez.
Kay I am not talking about a private mentor though that could be an amazing situation if it was available.
If you read back through my posts I have named the companies I have in mind that I am aware of and I am asking what people think of their mentoring services and I am asking for responses from those who have actually been involved .
We are taught to do due diligence on everything we do so it makes sense to ask about peoples experience in this area.
I guess it is pretty clear that no one reading this forum has any such experience or at least is not prepared to offer it.
Maybe the gurus could comment as none of their graduates appear able or willing.
I think I will go ask on Somersoft.
Thanks again for your response Kay .
GregI know of some interesting opportunities (around mentorship).
Just want to know are you retired yet?
Rgds.
Lucifer_auHi Lucifer,
Probably depends on your definition of retired.
According to the Govt I’ve got a couple of decades to go but I haven’t had a real job since 1995.
I am interested to hear more about the mentoring you mentioned .Cheers,
Greg
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