Do You Need a Coach or a Mentor?

What’s best for you on your financial freedom journey?

I’ve talked a lot in the past about building a support structure to help you reach your dreams of financial freedom. And this includes coaches and mentors. These are people who teach you while providing experience and guidance. They are there for you when you need direction and when you go off course.

But what’s the difference, and which one do you need?

Although they are closely related, a mentor is usually someone who has more experience and success in something that you are doing or want to pursue. This is a trusted person who guides you along the way. And because mentors are successful at what you want to be doing, they can relate to what you are going through themselves.

On the other hand, a coach is someone who helps you reach a specific goal with more structured training, usually complete with strict deadlines. With a coach, you’ll discuss your goals, set a specific action plan to get there and be held accountable for your actions.

I have used many mentors and coaches throughout my life, in many different areas. For example, I have a fitness coach who helps me stay in shape physically. If I have questions about investments, real estate, the economy, and more, I have numerous mentors I can turn to – each with a wealth of experience and opinions to share. These people help me brainstorm ideas and work through problems. I even have “spiritual coaches” who help me focus on what’s important to me and what I want to accomplish in life.

Coaches and mentors help you stay on track. Let’s face it. Pursuing anything that’s worthwhile in life takes time and effort. And with all of the distractions today – social media, the Internet, television, cell phones, etc. – it can be easy to procrastinate and avoid the things that really need to be done in order to obtain your goals.

For example, in a study about distractions published by Larry Rosen, Ph.D. in Psychology Today, students were “only able to focus and stay on task for an average of three minutes at a time and nearly all of their distractions came from technology. The major culprit: their smartphone and their laptop were providing constant interruptions.”

The study also found that, “those who stayed on task longer and had study strategies were better students. The worst students were those who consumed more media each day and had a preference for working on several tasks at the same time and switching back and forth between them.”

Mentors and Coaches Help You Get Where You Want to Be.

When I am not where I want to be, whether I’m bored, upset, angry, or something else, my team of mentors and coaches are there to help me. As I say in It’s Rising Time!, “mentors and coaches can be the difference between mediocrity and excellence. The reason I have coaches and mentors is because I like to win. I like to achieve my goals… I have coaches and mentors because sometimes I need people to push me harder than I will push myself.”

With this in mind, start looking for good mentors and coaches who can help you succeed at the things you want to accomplish in life. Conduct research and ask for referrals from people you respect. Make a list of names and then start approaching these people to see if they are right for your support network.

With coaches and mentors, you’ll reach your goals faster, but more important, you’ll learn more about yourself in the process.

Are you ready to get a coach or mentor to help you reach your goals of financial freedom?

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Original publish date: December 06, 2012