Being a financial mentor isn’t always about money. That might seem like a very bold statement to make but in reality that is the case most of the time. Why would anyone come up with that conclusion? Let’s look at some of the reasons why online counseling degrees can help to prepare you for a role as a financial mentor. Of course, you will also need some bit of expertise in the markets and in the various investment vehicles, but it is your counseling degree that will help you mentor clients in financial matters much more effectively than a degree in business administration.
When Emotions Rule
When you take counseling programs online from some of the top post-secondary institutions like Bradley University you will find that many, if not most, people make financial decisions based on emotional responses. They take out loans because they desire something rather than needing it. People fear growing old without a nest egg so they seek the financial investment which they think will offer the best returns for their senior years. If you paid attention to those two statements, you will see they are governed by emotions, desire and fear. Is a financial advisor really prepared to help you work through emotions leading you to make financial decisions? Most often, they are not!
Getting in Touch with Your Feelings
Again, a financial mentor must know something about investments and finances but those should be secondary or complementary to a degree in counseling. Before making any financial decisions in life you should first be in touch with your feelings, that is to say your motives for what you are about to do. Before making any financial decisions whatsoever in life, take the time to analyze why you are doing this and what you hope to accomplish.
A good financial mentor is one who can help you draw out your deepest emotions so that you can make an informed and educated decision prior to putting your money anywhere, no matter how good it sounds. You might be reaching for a pipe dream when you could build a solid foundation more slowly over time. Before investing, look at what you are trying to accomplish and why!
A Double Major?
Some have suggested that you get an undergrad degree in business administration and then get a masters degree in counseling online after you have that foundation in finances. Many people have been led astray when investing because they were responding to an emotion instead of thinking things out from a more realistic and rational perspective.
Fear and desire are two of the strongest emotions that lead to poor choices in investments and so it is always important to get in touch with your inner feelings prior to putting your money anywhere but in the bank. However, on the flip side you wouldn’t want to be a financial mentor if you don’t understand how investment products work! A double major might be worth looking into if you really want to help people make wise choices when investing their hard earned money.