Blog

UNDERSTANDING THE VALUE OF MENTORSHIPS

mentorships

UNDERSTANDING THE VALUE OF MENTORSHIPS

The experience often benefits both mentors and mentees— and their organizations.

The mentors in our lives haven’t always gone by that title, but we’ve all had one. Whether it’s been a friend, coach, teacher, sibling, parent, co-worker, or boss, we’ve benefited from the guidance and encouragement they’ve offered.

Mentoring offers a chance to both “give back” and “pay it forward.” We tend to think of a mentor as the “giver” and the mentee as the “receiver,” but most mentorships are a two-way street, with both parties learning and growing. Some mentorships can be a
three-way street because of the benefits mentoring often adds to organizations, such as facilitating the growth and development of leaders, and creating a more inclusive and collaborative environment.

Some examples of famous mentorships include:
ƒ Steve Jobs (mentor) and Mark Zuckerberg (mentee)
ƒ Warren Buffett (mentor) Bill Gates (mentee)
ƒ Maya Angelou (mentor) Oprah Winfrey (mentee)

The benefits of mentorship
As these examples illustrate, the benefits of mentorships may be difficult to measure— but they can be bountiful. While working together, both mentors and their mentees often realize “It’s not where your start, it’s where you end up.”

From a mentor’s perspective, the potential benefits include:

ƒ Gaining a new perspective by looking through the lens of the mentee, with the opportunity for self-reflection
ƒ Building confidence by recognizing how much progress they have made
ƒ Developing and/or improving leadership and communications skills
ƒ Gaining satisfaction from giving back to someone else, and seeing them succeed
ƒ Creating a lasting friendship
ƒ Expanding connections and networks

From a mentee’s perspective, the potential benefits include:

ƒ Gaining insights and practical knowledge from a more experienced person
ƒ Avoiding potential mistakes or errors in judgment
ƒ Increasing self-confidence and self-awareness
ƒ Improving communication skills
ƒ Identifying and correcting gaps in skills or knowledge
ƒ Creating a lasting friendship
ƒ Expanding connections and networks

Consider “giving back” and “paying it forward” by becoming a mentor

For those who want to demonstrate how adept they are at multi-tasking, it’s possible to “give back” and “pay it forward” at the same time by mentoring. To learn about mentoring opportunities near you, The Mentoring Connector offers a national database
of mentoring programs.

 

Thanks for checking out the blog. 

Joe Breslin , CFP®

 

 


This material is for general information only and is not intended to provide specific advice or recommendations for any
individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive
outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial.   Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and
broker-dealer (member FINRA/SIPC). 
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.

 

Securities and insurance offered through LPL or its affiliates are:

 

Share This Article

Facebook
Twitter
LinkedIn

You May Also Like

Asset Protection in Estate Planning

You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others.

Read More »

Estate Planning: An Introduction

What estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.

Read More »

Taking Advantage of Employer-Sponsored Retirement Plans

Employer-sponsored qualified retirement plans such as 401(k)s are some of the most powerful retirement savings tools available. If your employer offers such a plan and you’re not participating in it, you should be. Once you’re participating in a plan, try to take full advantage of it.

Read More »

Properly Insuring Your Business

No matter how careful you are in running your business, accidents happen. And no matter how big or small your business, you’ll have to plan for these and other risks if you want your business to thrive. One way to do this is with insurance.

Read More »

Funding a Buy-Sell Agreement with Life Insurance

As a partner or co-owner (private shareholder) of a business, you’ve spent years building a valuable financial interest in your company. You may have considered setting up a buy-sell agreement to ensure your surviving family a smooth sale of your business interest and are looking into funding methods. One of the first methods you should consider is life insurance.

Read More »

Transferring Your Family Business

As a business owner, you’re going to have to decide when will be the right time to step out of the family business and how you’ll do it. There are many estate planning tools you can use to transfer your business. Selecting the right one will depend on whether you plan to retire from the business or keep it until you die.

Read More »

Don't Miss Anything

Stay up to date with our monthly newsletter.