Friday, May 4, 2018
Why I Love Being a Money Mentor
Confucius once said, “Choose a job you love, and you will never have to work a day in your life.” The sad thing is that for most of us, that is not possible. Jobs are like people, no ones perfect. There will always be something about that job that gets you down, or more often than not, someone. I personally love what I do. I come from the service industry where you are either “the man” or “the female dog” on a daily basis. That can change by the minute when in service. In my current role, there are many frustrating days as well, but overall it is a very rewarding job. Today I wanted to show 9 reasons why I enjoy my job as a Financial Advisor and a Money Mentor. It is truly the most challenging thing I have ever done and has the potential to be the most amazing as well.
1) Helping people save money
Sadly, people are wasting money daily and I am not talking about Starbucks and Wal-Mart. I encounter people that spend way too much money on insurance all the time. Whether it be their life insurance or even their health insurance, people are inefficiently covered with inferior products. This includes almost anything offered by the bank and other items offered through workplace plans. I also encounter people who spend way too much money on their mortgage because it just renewed, and they accepted what was offered to them. It is easy to let your current lender dictate the terms of your renewal. Sometimes change is good and change can often save you a lot of money. When I help people save money on the things they are doing in their day to day life, they often now have the opportunity to put money away for the future. That’s a good feeling.
9 Ways to Save Money on Insurance – Budget Boss
2) Helping people become more efficient
Along with saving people money, I help them dissect products they own that are really doing nothing for them. One major one is mortgage life insurance. This product is absolutely abysmal in terms of efficiency. It doesn’t cover you like you think you are and often costs more than personally owned insurance. When I explain the pros and cons of each, the choice is a no-brainer. Another area where people have been led astray is in their TFSA. So many people I meet have their Tax-Free Savings Account sitting at the bank invested in cash. They often get confused about why the balance hasn’t grown in the two years they have had it. It is because they aren’t invested in anything and no one at the bank explained to them that the TFSA is an investment vehicle, not a bank account. That growth is what will help them achieve their goals and I enjoy that part of the job immensely.
Download your FREE Monthly Finances Worksheet and get your monthly budget on track! – Budget Boss
3) Solving problems
Almost on a daily basis, I am bombarded with a problem to solve. Whether it be debt consolidation or complex savings goals or even health issues that affect a person’s ability to protect their family, something usually comes along. It often takes the help of my expert team, but when we crunch numbers and come up with a solution, it is a great feeling. The phone call back to a client saying, “We figured it out,” is an awesome thing. My team an I provide relief when things get scary and that is a great part of the job.
4) Easing stress
I have found that there is nothing in this world that stresses people out more than their financial situation. Being the calming voice that listens to people’s problems is a good feeling. Part of why most things don’t faze me that much is because I have dealt with many of them. Being young and broke was my M.O. back in the day. Having gotten out of that situation I feel I can help others, if not only lend a non-judgemental ear. Often the solutions are right in front of our faces, but people get so caught up in the stress of living it, that they don’t see what they could be doing to make things better. It is my job to come in and calm the situation down and then suggest solutions to problems. The look of relief when a solution is found makes it all worthwhile in my books.
9 Ways to Avoid Burnout – Budget Boss
5) Demystifying the complex
The world of personal finance can often be complex. I often wonder why that is so. It is not the consumer that makes it complex. It is the financial industry that has made it difficult to understand. It is no wonder that the average person has trouble figuring out the right path to financial freedom. For me, helping break down into simple terms what exactly is going on is a great feeling. I am a “one-pager” type of guy. I hate handing people a huge booklet of jargon for them to read. I take that booklet and staple a “one-pager” to the front of it to break it all down. In the booklet is the meat and potatoes, on top, the “one-pager” is the gravy. No one likes trying to decipher investment or insurance jargon. I love bringing it back to understandable terms for my clients.
6) Education
Helping people learn about the products that can make their lives better is also a great feeling. Many of my first meetings with clients are strictly educational. Explaining how investments work or the importance of a monthly budget are common. Also delving into estate planning and tax-efficiency pop up as well. Being a source of knowledge for my clients is very rewarding. I also enjoy having public workshops to bring in people who are curious about finance. Our recent Mortgage Workshop was a great event with many people interested in buying a home in a confusing real estate market. Those events are a fun and informative way to reach people.
16 Money Myths That Are Straight Up Lies! – Budget Boss
7) Watching money grow
I thoroughly enjoy watching my money grow. For many of my clients who had savings just sitting in regular savings accounts, seeing the effects of compound interest for the first time is mind-blowing. “You mean I make money and I don’t have to do anything?” Yes, it is true. Well, you must save the money in the first place, but that’s the tough part. Once invested properly, watching your money grow is a great feeling and nothing beats watching my client’s money grow. I am very lucky to be a part of their future savings goals and it is truly humbling.
8) Being “The Guy”
I also really enjoy being the go-to guy for my clients. When they have a question about their money and they come to me for an answer, it’s a great feeling. I have been called the money guy, or a coach or even the “guy for that.” I enjoy being “the guy” for that. I also enjoy not being “the guy,” but leading my clients to “the guy.” I know some amazing men and women with some amazing talents in fields I do not specialize in that can help my clients immensely. Being a source of referrals to these people is a great feeling. I am lucky to know so many intelligent people and I am privileged to work alongside them.
9) Being a trusted friend
I have always held trust in high regard. It is hard to find trust out there and looking back I see times where I was not maybe the best. I see how important trust is and I see how being a trusted source of information and advice is vital. In all reality, trust is everything. If your friends can trust you with their issues, you are invaluable. If your clients can trust you to give it to them straight, you are irreplaceable. There are so many lies and liars out there that being a source of trust is priceless. I strive to be that, and it is one of the parts of the job that I truly enjoy. Being truthful will sometimes get people upset, but for the most part, it is a good thing. It is a winning way to be, at the end of the day.
Being a financial advisor and money mentor is not always roses, but it is rewarding. I am up every day before the sun working on ways to help my clients. This post hopefully will show entrepreneurs that you have to really love what you do to be successful. Not everyone has the ability to love their job, I know, I have been there. For those that do, helping others is usually why they do and for that, I am very thankful.
“Humility is not thinking less of yourself, it’s thinking of yourself less.” – Rick Warren
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Email – joe@budgetboss.ca
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