Ninety per cent of young Canadians receive money advice from their parents. Second to that, they ask their friends. Along the way we glean nuggets of financial information from people we trust. These are our money mentors and, it pays to have good ones.
Currently, my savvy aunt, a Toronto-based multi-millionaire, mentors me toward developing habits and behaviours of self-made millionaires. Like many multi-millionaires, she doesn’t necessarily look the part, driving fancy cars and living in a mansion. Rather, she saves money by making frugal choices like driving a 2002 Toyota Highlander and traveling in economy class. According to her, not living how rich people should live has made her rich. Her top piece of money advice: keep the money you worked so hard to earn.
Need a money mentor? Look for the following characteristics. First, they’re rich. Second, they keep and maintain a meticulous budget. Third, good money mentors are savvy spenders. Fourth, they’ll take time to teach you their secrets, how to make more money in your career, save more, and invest wisely.
They’ll also make you stick to your goals.