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The team you need to attain career or financial success
Significant success is seldom achieved alone.
Trying to do it all yourself is 1) lonely and 2) really, really hard.
I know this from personal experience. And how well has that served me? Not very well at all. It may be my introverted ways that have stopped me from looking for help or advice. Maybe I just wasn’t driven enough to want to be successful. In the past, maybe I haven’t been doing things that light me up.
Everything has always felt like such a grind.
This is why I have created FIT Wealth. My life serves as the perfect example of how not to do things.
50% of the battle to be successful is figuring out what to do then doing those things, the other 50% is making sure you don’t do the wrong things.
I have made so many mistakes that I have put it upon myself to be the harbinger of doom for those that may lose their way and inadvertently follow my path.
Hear the warning bells loud and clear.
I want you to stand on my shoulders, look over and see what is possible on the other side of the fence.
Hard work and support will get you there.
Teamwork makes the dream work (John C. Maxwell)
The most successful people have a team of others around them playing various roles to help them be great.
When you were at school, who did you learn from? Your teachers.
When you’re in the workplace or trying to build a business, who do you learn from?
- Your colleagues
- Your bosses
- Self-directed learning
Who are the best people to learn from?
Those people that are successfully doing what you want to be doing in the future.
To achieve your biggest goals, surround yourself with the right people.
Who are some of these people?
Your success team
A mentor
From a career, business or investing perspective, having a mentor can be the most valuable “work” relationship you’ll ever have.
Mentoring is a learning relationship that focuses on long-term development. Your ideal mentor is someone that has achieved a high-level of success in your field of interest.
This means, you need to know your goals. This has been my problem. I have never gone all in with full commitment into anything. Therefore, it’s difficult to find a mentor to guide you to an unknown destination.
The main purpose of a mentor is to drive personal growth with the potential of accelerating your progress.
Studies show that executives who have had a mentor, earn more money at a younger age, are better educated, are more likely to follow a career plan, and, in turn, sponsor more protégés than executives who have not had a mentor.
In search of a mentor, you need to find someone who is willing to share their knowledge, experience and understanding with you. Although the mentor may lead the relationship, the mentee is expected to play an active role in the relationship. You will be challenged to grow and become the person you need to be and not just spoon-fed information and opportunities.
This is one of my great regrets, not having the clarity of direction and the courage to seek out people that could have guided me onto a better path.
My career has been like an out of control missile. Wanting to move quickly but in no particular direction!
Accountant
If you run a business, your accountant needs to be one of your most important relationships. The flow of money is their specialty and cashflow is critical to a business.
Like finding a mentor, and this will be the same for all members of your team, find an accountant that understands what you want to achieve and has experience in helping others in that area.
From a personal perspective, your accountant can provide advice on legal tax deductions or the most suitable structures for investments. For example, should your shares be owned personally or in a trust, or will your investment property be negatively or positively geared.
Financial Planner
If you are not yet comfortable enough to manage your finances, financial planning helps you determine your short and long-term financial goals and create a plan to meet those goals. They can provide the education and the tools to change or optimise your habits that will move you in the direction of financial success.
A financial planner will have access to research on investment platforms, investments and insurance that will head you in the right direction sooner.
Often, your financial planner will liaise closely with your accountant depending on the complexity of your financial situation. When your team communicates with each other, this can be tremendously advantageous.
Mortgage broker
Gone are the days of using your bank as your source of funds. A mortgage broker assesses the market to find the most suitable loan for you. They are paid from the lender, therefore, there is no cost to you.
It’s often thought that getting the lowest interest rate on the market is the job of a mortgage broker. This is not entirely true. A good mortgage broker will have detailed knowledge of loan structures and features and be able to match a product to your needs at an appropriate rate. The lowest rate loan may not have the features you require.
Property Strategist/Buyers Agent
If you are looking for a new home, you may be content to do it yourself. However, if you wish to purchase an investment property, that is an entirely different world.
There are over 15,000 cities, towns, villages and suburbs in Australia. When buying an investment property, it is common to purchase what is familiar. That is, you buy in an area you know. That leaves 14,999 locations you don’t know. Similar to financial planners, property specialists will discuss your goals, create a long-term plan and then identify suitable cities, suburbs and streets in which to buy a property with the greatest chance of superior returns.
Career or business coach
These are paid professionals that provide advice with regards to your given situation and requirements.
If you run a small business and wish to make it bigger, a suitably qualified and experienced business coach has the potential to accelerate your growth. The cost is worth it, provided you action the advice.
A career coach, on the other hand, can help you understand where you currently are in your career, what brought you to this point, and what value you offer employers.
A coach can also help you review your short- and long-term goals by asking if they’re still what you want and whether they’re realistic. If necessary, they can help you determine whether you need to make any adjustments to your career path and if so, what those adjustments should be.
Lawyer
At some point in life you may need:
- A conveyancer – a conveyancer is someone specifically trained and qualified to handle the transfer of real estate from one person to another. They can give professional legal advice on title transfers and conduct official, legal work to ensure your purchase or sale runs smoothly.
- A solicitor – duties include: drafting letters, contracts, wills and other legal documents.
The Wrap
There is a saying that if you are the smartest in the room, you’re in the wrong room. Meaning you have nothing to learn from the other people.
There are countless times I have read in books or articles or heard in podcasts people discuss times when someone senior to them provided advice that changed the course of their life. Find a mentor.
With regards to the rest of your team, a great team will elevate you to a new playing field.
Treat your team like your own small business. Interview a number of potential advice providers for each role. You may not need the best of the best, however, getting bad advice can be devastating to achieving your goals.
Always remember, you get what you pay for. It’s worth extra for superior advice provided it’s at a fair price.
If a specific area, for example investments, is not your strength it’s better to let a professional assist than it is to try and do it yourself and receive sub-optimal results.
Stick to what you do best. Work your money maker!
Up next …..
How to sleep your way to success!
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