Mentors are critical to breaking free of poverty or a middle-class upbringing. Almost 92% of the self-made millionaires in my study had some mentor that they could point to who helped them become rich. These mentors taught them new habits, new beliefs, how the rich think, how the rich set and achieve goals, processes that lead to success and tricks that put helped put them on the fast track of success.
Who were their mentors?
Fifty-six percent of the self-made millionaires in my study may not have been born rich but they were most definitely born lucky. They were raised by parents who were devoted to instilling in them habits, work ethic and thinking that helped them become successful. Forty-one percent of the self-made millionaires were raised in a poor household and 59% came from the middle-class. Despite the fact that their parents did not have the financial resources for private schools and tutors, their kids excelled in life and became very rich thanks to their mentoring.
Twenty-four percent of the self-made millionaires in my study said they found their mentors on the job in their immediate boss or supervisor.
Eight percent of the self-made millionaires in my study pointed to one or more teachers who were instrumental in showing them the path towards success.
Four percent of the self-made millionaires in my study found their success mentors in organizations such as the Boy Scouts, Big Brothers/Big Sisters or local community organizations or books. The books included self-help books, rags to riches biographies of successful people and other books that inspired and motivated them.
The remaining 8% who were not fortunate enough to find a mentor in life, had no choice but to mentor themselves through the school of hard knocks. By starting their own business, they learned the hard way what to do and what to do. They struggled through years of trial and error, mistakes and failures. The lessons they learned cost them time and money and, as a result, stuck with them like scar tissue on the brain.
The big take away from my research is that the clearest and easiest path towards success lies in finding a success mentor who will show you what to do and what not to do. Mentors take away the potholes, bumps and wrong turns along the road towards success.