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January 08, 2014

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I'm trying to reduce some of my expenses and try to save more. Having an emergency fund is important too, I've been building my emergency fund that will cover for 6 months.

Any suggestions on finding a good mentor? There are so many different "opinions" on finance (and particularly debt) that I've had a hard time finding someone that shares similar values.

ASR,
Good luck finding a good mentor!

I am 79, have a net worth that's now 8 figures and I have never had or wanted a mentor. My attitude has always been that it would be impossible for me to find another person that would take care of our money better than myself. I don't think I could ever trust another person, expecially if they made their living helping other people to manage their money.

I must add that I grew up in a working class family in England during WWII where frugality was essential for my parents. My parents died with just about enough money to cover their final expenses, never had any investments. However my father always owned a car and we always had a nice annual vacation. When I first started working I gave my mother a portion of my pay to help out with the expenses. When I was 21 I married my longtime sweetheart and we emigrated to N. America, getting off the boat in Montreal with $400 between us.

Frugality was embedded in our genes and it's still there today even though we don't need to be as frugal as we are. After I retired as an aerospace engineer when I was 58 I took step to learn all I could about investments and that turned out to be instrumental in our financial success.

I also must give a lot of credit to the time period between 1956 when we emigrated and 1992 when we retired debt free. We made a lot of money by owning real estate and a lot more by taking maximum advantage of the dot.com bubble. I also never had a single day of being unemployed in my whole life and my wife worked once our three children were old enough to be left.

We were 2 years in Canada, 2 years in Denver, and the rest of our time in what is now called Silicon Valley.

ASR, I think you're on the right track by reading this blog. And several other blogs. I found a mentor by talking to a financial adviser. I asked him if he had any retired wealthy clients who had the time and desire to do it. He contacted them and one volunteered. It's been great.

FMF, maybe ASR could post his budget with some descriptions of his situations and we could all comment on it? Kind of a variation on the reader profile.

Or a "Help a Reader" piece. Either would work.

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