I have mentored many over my career and been mentored by many. Personally, I have never paid for any mentoring I have received and have never directly charged for any mentoring I have given. In fact, I have mentored many without any strings or expectations of any gain.
However, there is a disparity in the success those being mentored see. I have talked to many who also mentor and many say they no longer do “free” mentoring because when they pay for it the odds of success go up. I think they rightfully correlate the willingness of the “student” to pay to their willingness to work. In other words, they have skin in the game.
I too see this disparity in those I work with by mentoring. Members of the Field Guide for Investors are much more likely to see success than those I mentor ad hoc with no other factors involved.
The interesting thing is I have been threatened with a law suit by a “student” exactly ONE time and it was from someone I took on and mentored for “free”. If they go forward with their threatened action, I will post everything about it on this blog including any filings and discovery items and discovery goes both ways. FWIW, I don’t think they will pursue this for the same reason they were not successful in real estate investing. But, it has made me rethink the way I help people.
The Field Guide for Investors is a proven vehicle to help others and all members have full access to me in a number of ways. Going forward this blog, my free email newsletter and the Field Guide are the vehicles I will be using to help others. If they are serious enough to join the Field Guide then they are more likely to be serious about working as hard as it takes to reach their goals and I will happily go the extra mile to help them. If they are serious enough to ask questions here or respond to items in the emailed newsletter, I will be happy to answer their questions and help if I can.
I will still participate in a few open forums but for the most part I will refrain from detailed discussions. Things like the credit repair scams, private lending scams, multilevel marketing junk and all the other noise on free sites makes it very difficult to really help others. Couple that with the conflicting data with absolutely no research or substantiation behind it and you can easily find yourself in a debate based on opinion backed by nothing more than guesswork and personal anecdotal experience.
I didn’t intend this to be an advertizement for the Field Guide but the reality is if you want real research and opinion based on fact, the Field Guide for Investors is the place to be. If you want access to methods and techniques on many aspects of investing, the Field Guide is your place. If you want the equivalent of a continual running boot camp … Well, you get the idea.
Back on topic. The success someone sees in working with a mentor is much more dependant on the efforts and motivation of the “student” than the mentor.
Given that, I think it prudent for any mentor to be very careful in who they choose to give the greatest gift they can give – their time.
Tags: Investing, Stock Investing
November 10th, 2008 at 1:48 pm
You have given me food for thought.
Since I became the editor of our local landlord association and my hubby being the president of the same association, we have been exposed to more landlords. Both new and old.
We have given free advice, time and efforts to them. It’s called paying forward.
Ironically, most new landlords did not join our association after our help where they can easily get more exposures from our members.
However, it did not occur to us of the potential lawsuit for free mentoring.
Looks like we’ll have to rethink and possibly reconsider…..
November 10th, 2008 at 2:20 pm
A free mentee threatening a lawsuit would be comical if it didn’t provide so much insight into the the mentality of much of our current society.
November 10th, 2008 at 2:56 pm
Tim said, “If they go forward with their threatened action, I will post everything about it on this blog including any filings and discovery items and discovery goes both ways.”
Is this supposed to be some kind of threat to me pinhead? I expected you to walk me through each step and actually help me when I got stuck. Telling me what or how is not always good enough, sometimes you as a mentor just have to do it for the student for them to learn. You didn’t step up and get my funding issue resolved in time to save my deal. You let me down and that is why you got the letter. I suggest you take the offer in that letter.
November 10th, 2008 at 3:05 pm
How old are you Jeremy?
Are you unable to take care of yourself?
Are you unable to make decisions?
Are you looking for pity?
What business do you have for looking into being an investor wanna be?
Do you excessive earwax in your ears? Is that why you can’t listen to your mentor’s instructions?
Gee…I can only imagine what lawyers, judges and jury will think of you if you are going to be dumb enough to threaten a mentor with a lawsuit. They won’t have any good opinion of you. *tsk, tsk, tsk*
November 10th, 2008 at 3:15 pm
@Jeremy:
I was very upfront with you Jeremy at the beginning. I told you I would not DO anything for you or on your behalf. I would not partner with you in your deals and was not looking for any partners on mine. I told you I would share with you exactly what I would do in any given situation or circumstance but it was up to you to actually do the work.
You agreed to that. You will be held to it. I can easily prove my position if needed.
Now, as to your “funding issue” you mentioned that I did not solve for you. Son, it could not be solved. You knew before you talked to the commercial mortgage broker I recommended you had multiple collections in your credit file. You knew you had multiple evictions and at least one foreclosure. There is more, if you want to go down this path.
I did not let you down. You lied to me during our first phone conversation and then again MULTIPLE times when we were discussion how you could pursue funding to buy the building.
As to the letter from your cousin, the recent law grad, it is being given the due consideration it deserves. The ball is in your court there, bud.
November 10th, 2008 at 3:37 pm
Tim,
Wow! Some student there……..The entitlement attitude of some folks used to suprise me,,,,,,,,now, it’s expected.
Send him my way, I’ll ‘mentor’ this guy.
Enjoy your blog,
Jim
November 11th, 2008 at 1:50 pm
BikerJim you can bite me. You don’t know what you are talking about. I worked hard I did everything he told me to do and when it came down to crunch time he didn’t perform.
He has been weighed and measured and been found wanting.
November 12th, 2008 at 1:33 pm
@Jeremy:
Here’s the thing, you are exactly the type of person no one can help but anyone can take advantage of and ripoff. I suggest you contact some of the paid mentors out there and hook up with them. You can pay them whatever they ask and they will make sure you have some success for as long as you keep the money coming.
But, when you decide you want to go out on your own, you will find yourself completely on your own after having been owned by your paid mentors.
Jeremy, you have convinced me of a number of things and you are responsible for me changing the way I do things. But, at the end of the day I know you are going to be exactly where you are now 5, 10 even 20 years from now. Those who demand handouts are always get the leftovers.
November 12th, 2008 at 1:35 pm
Jeremy,
You seem to be a sad and hate filled person. You truly have my pity as a formerly homeless man.
If you want to be successful you have to learn how to do things not just watch others. Watching is for spectators, doing is for investors.
November 17th, 2008 at 1:41 am
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Betty