Mentorship is dead. I wrote as such over two years ago, and things have only declined since then. Fewer and fewer people will make it in today’s world.
What does “make it” mean? That means having a successful career, personal relationships, passive income, and happiness.
If you have your life “somewhat” together, there are people who would love to have you as a mentor.
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Mentor vs. life coach? What’s the difference between a life coach and a mentor? A mentor is a passive role that leads by example.
A life coach is a motivational position focusing on clients’ lives. They meet in a one-way exchange of energy, typically from the life coach to the client.
Why mentorship? Why today? People are more lost than ever—I blame the parents. Yes, society is all messed up, but the parents never obtained “the information.”
Parents still believe in attending college, getting a high-paying job, spending tons of money on a wedding, buying the biggest houses, and living in mega-cities.
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These beliefs are leading kids into the highest state of depression and anxiety ever. The American Dream costs $5 million, and one cannot simply work their way to success.
A mentor is someone who has figured out “a lot” of the information. They own a home, a career, a business, a nice retirement or investment account, and a spouse or family.
In short, they have a wonderful life, and they are happy. They also want to share their experiences with an eager group of young adults.
Who cares about your life? Everyone wants your life. You see, young people are burning out of the workforce because they don’t have the information.
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Although they earn $100,000 living in San Diego, they are broke. They can’t find the spouse or partner they want, and they can’t understand why.
I work primarily around young people. At 42 (today’s my birthday), I am one of the older Marines around the office.
I ask around to see people’s plans, and they are atrocious. They don’t have a plan to get from point A to point B.
Here are some simple questions everyone age 25 and older should be able to answer quickly:
- Where do you want to live?
- What do you look for in a partner?
- When do you plan to retire?
- How much income do you need per month in retirement?
- How many kids do you want?
- Do you want to pay for your kids’ college?
Those are just the start. As a mentor, you simply ask these questions. It’s not your role to guide them down the correct path—that’s why you have a mentorship program.
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What’s a mentorship program? Your mentorship program brings young, motivated people together. The key is that you don’t let everyone join. They must answer the above questions and a few more.
Additionally, they need to pay to be in the group. There are far too many freeloaders in the world, and your mentees need to have skin in the game.
Your role is to lead by example and bring these folks together. They will coach and motivate each other, with you as the guide.
Remember, you have already climbed the corporate ladder, started a business, been married for over 15 years, have kids, invested in the markets, own multiple homes, etc.
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Making tough decisions. The main problem I see today is people can’t make tough choices. Life is full of challenges that you can avoid. My wife and I will retire this year at ages 42 and 39.
We made many tough choices, like going to Japan alone, having roommates, taking out home equity, investing in the stock market, and staying in the Marine Corps for 24 years.
We also decided to retire in Pensacola, Florida, where our living costs are low. Most people won’t choose to leave a big city for greener pastures.
As a mentor, you can show them the results of making tough decisions. My wife and I will retire on $11,000/month of passive income, while I see others taking another $200,000 job. Their lifestyle inflated to an unimaginable level, and now they will continue to work to maintain it.
Passive income for everyone. So how is your mentorship program passive? First, you bring everyone together in a forum or an online venue.
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You’ll start in an active role, but as your mentees grow, they can take over leadership roles. Remember, everyone loves structure; they just can’t admit it.
You can also record your mastermind classes and post them in the group or online. You’ll utilize a subscription model, plus you can create a podcast to attract a bigger audience.
From there, you can run the gambit of passive income sources. You can create introductory online courses for dividend investing, retirement planning, buying a home, starting in real estate, and building a business.
Again, I don’t believe everyone must be an expert at everything. You only need to make a string of good choices while avoiding bad decisions.
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Being a mentor is about showing people how to find and make tough decisions. It’s also about small choices like how to spend a bonus or fast-tracking their savings.
Mentors as parents. I envision a mentorship program as a quasi-parent/child relationship. In this case, you have your life put together well.
For some reason, parents today seem to love chaos. They want to divorce, be in debt, work forever, and not save for retirement. They can’t lead themselves, let alone help guide their children.
Conclusion. Almost everyone I talk to says I should be some kind of coach or mentor. I love giving unsolicited advice because I see the world through action, not emotion.
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If someone has a $100,000 remorse job in San Diego, I tell them to move to Alabama. I criticize people’s car choices and tell them to get roommates—I love it!
The reason people like my comments is that they want results. Young and old adults are beginning to wake up to the reality—you’re working to pay for your bloated lifestyle.
By reducing your economic footprint, you can buy your freedom much faster. Plus, you will be 300% happier than driving a $75,000 car.
I think the next step in social media is mentorship—not upselling a program about real estate flippin’ or how to start a food truck business in a month.
Today, people want to “see the receipts.” They want to see your passive income, family, and business. They don’t want to buy a program; they want YOU to be the program. Good Luck!
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