On this week’s episode, I address a listener question on the distinction between coaching and mentoring.

The question we received is, “What are the differences between coaching and mentoring, and does the distinction really matter?”

• I think the distinction does matter, at least financially.
• Mentoring is less in your face, and it’s a little more guidance oriented.
• When a specific relationship is outlined and you have a detailed goal, you are getting into the coaching area.

I’ve been mentored by people that don’t know it and people who are already dead.

• George Washington Carver and Joshua Chamberlain have been mentors for me — people who have been written about or have a large volume of work that I can follow.
• The length of time is a defining feature. I could coach you for 15 minutes, but mentoring is an ongoing process.

A buddy of mine a few years ago told me that his mom left him some money, and he was thinking about hiring a person he knows as a financial planner.

• I asked how much money the financial planner made, and he said it was a lot like himself.
• Wouldn’t you want someone with a higher level of financial success to guide the results you are after?

Questions for Listeners

Do you have a question? Call in and your question might be featured on the show!

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