Don’t want to go it alone? Create a support network.

I sometimes receive letters and emails from women who've read my book and want my advice or help with a problem, or would like me to mentor them. I'm touched that these women are willing to reach out and trust me with such a huge responsibility. Although I can't provide the help they are looking for on an individual basis, I do empathize with the underlying feelings - the fear that one doesn't know enough, not wanting to go it alone, the hope that someone else has the answers one needs to be successful.

If these are emotions you struggle with, take heart - it's perfectly normal, and you're not alone. Remember, becoming financially educated is a process, and even experienced investors can always learn more. That is why it is important to start building a network of people that you can learn from, share ideas with, and seek inspiration from. Once you start looking for these people, you may be surprised to find them right in your own back yard.

Here are some ways you can start building your support network today:

  • Join or start a local Cashflow club or investment study group
  • Ask questions on the Rich Woman discussion forums
  • Find local people who are doing what you want to do. Their advice will be more specialized to your area of interest, and they are more accessible than a far-off role model.
  • Look for local clubs or associations that focus on the type of investments you are interested in.
  • If you know what area you want to invest in, start building your team of advisors (investment real estate broker, accountant, legal counsel, etc.).

One more piece of advice: Remember that you should always be the leader of your investment team, even those smarter than yourself. Your team members are there to advise you in their areas of expertise, but ultimately the decisions rest with you. Don't fall into the trap of assuming that others know better than you. Maybe they do, maybe they don't. Trust but verify. Learn to tell the difference between fact and opinion. [View Kim's video on fact vs. opinion.]

Your goal should be to surround yourself with mentors, friends, advisors, and team members who are financially educated, are knowledgeable about the type of investment you are dealing with, and are committed to supporting you in achieving your goals.

Original publish date: September 17, 2009