"It's about having a growth mindset."įor Kim, mentorship is an investment that will help him get to the next level of financial success, rather than an expense. ![]() "The reason why I keep paying is because that's how I feel like I can keep learning and growing," he says. Last year, Kim officially became a millionaire and is now worth about $1.32 million.īut even with all this success, Kim says he wanted more so he looked into receiving mentorship. With each new promotion came higher wages, which he invested in the stock market. "And then it really took off from there."Īfter graduating from college, he received a job at a local warehouse, where he quickly moved up in rank from midlevel management to vice president. "And then once I got to $10,000 in my Vanguard funds, I converted to admiral shares, which has the lowest fees," says Kim. Once Kim's earnings hit the $3,000 mark, he put his money in a Vanguard account. "Every time I had extra money, I kept throwing it in there," he says. After seeing a return on his investment, he got hooked. So Kim, who at the time was earning minimum wage as a personal trainer and campus employee, invested about $1,000 into the stock market. "'Nothing like this is going to happen in another 100 years. ", 'This is a once-in-a-year, once-in-a-lifetime opportunity,'" says Kim. Although this was bad news for the professor, he encouraged a then 19-year-old Kim and other classmates to "go in on the market." Kim recalls a business professor casually stating that he lost $60,000 within a matter of hours after a stock tanked. In fact, he most likely would not be a millionaire today if it weren't for the advice he received from a former professor while studying as an undergraduate at Biola University. To show just how much of an advocate he is for mentorship, Kim says that he spends more money on mentorship in a year than he does on his Tesla X car payments, which CNBC Make It confirmed that he owns, and mortgage combined. "So why wouldn't I want to pay him to learn what he knows?" "That's someone who's already made it and is successful," says Kim. He points to an investor like Cardone, who has a multimillion-dollar real estate portfolio. ![]() The millionaire adds that when you pay for advice, the recipient is generally much more forthcoming about how they achieved success. "The world just isn't incentivized that way."Īlong those same lines, a great coach could donate their time to a junior varsity team, he says, but they won't put in much effort because the stakes simply aren't high enough. "You can't get a world-class coach for free," he says. Kim explains that an NBA coach is a world-class coach who can deliver results by bringing home trophies and championship rings for a team. There's also a higher expectation on the client's end for tangible outcomes and an actionable by step process."įree mentorship, on the other hand, is a "crapshoot," says Kim, "since it can run the gamut of how effective the mentorship ends up being." He compares paying for mentorship to hiring a highly regarded basketball coach for an NBA team. "Incentives are aligned for both parties since it's more monetarily driven. ![]() "It's a client-business relationship," explains Kim. While Kim acknowledges that there are "great free mentors out there," he says he opted for paid mentorship because it's much more results-driven.
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