Find out why a mastermind group is great for anyone who wants a support team to give you new ideas, hold you accountable, and help you make more money!

PPP127: 5 Ways Mastermind Groups Can Help Your Money

Hey profiteers, we’re back with Sean Merron, co-founder of Mastermind Hunt. That’s the app we co-founded together to help people find mastermind groups to join. If you missed the last episode with Sean, make sure you go back and listen to that first. Then come back here to listen to this podcast! This podcast will be particularly helpful for entrepreneurs and side hustlers, but you’ll still benefit if you’re not. If you just want a team to help you get inspired, give you fresh ideas about money, and hold you accountable, mastermind groups are great for that too!

So tune in now for our mastermind tips and get the code for your FREE month of Mastermind Hunt!

What We’re Chatting About This Week

Sean and I are the co-founders of Mastermind Hunt, and we’re chatting about how mastermind groups can help your money. Both of us have had entrepreneurial and personal interactions with mastermind groups, and we’re really excited to get right into it!

Without further ado, here are our top 5 tips!

Someone to Keep You Accountable

Telling your mastermind group members your goals helps keep you accountable. It also keeps you motivated and excited about hitting your goals. If you don’t have anyone to hold you accountable, chances are you’ll keep deferring your goals and end up finishing much later (if at all). 

If you’re writing a book and you tell your mastermind group you’ll finish 2 chapters of your book by the next time you meet, you’ll hear about it from your group members if you don’t hit that goal!

Getting Into Good Habits

It’s important to break bad habits and form good ones. For example, not logging onto Twitter first thing each morning would probably help you reach your goals faster. 

Getting organized and scheduling are other areas many people have a hard time with. If you’re a morning person and have more energy early in the day, don’t waste your time on Twitter first thing in the morning. Start with your most important task first thing in the morning and get that done.    

Another good habit is making a to-do list every morning. Number that list in order of most to least important and make sure you finish the tasks on your list. Your mastermind group can give you more suggestions and keep you accountable for continuing these good habits. 

Fresh Ideas for the Problem

If you have a problem you are trying to solve, you can bring it up in your mastermind group. You have your own ideas, but your group members may have different ideas and you might not always agree. But the great thing is all these fresh ideas can lead to an even better solution. 

Go into your mastermind group with an open mind and listen to everyone’s perspective. Some people may have less or more experience in a given niche, but diversity is important. A newbie can offer a simple solution, whereas someone more seasoned may offer a more complex solution. It’s valuable to have these different levels of experience.

Partnerships and Opportunities

Mastermind groups can create business opportunities you might otherwise never encounter. Maybe you’ll meet your next business partner, or maybe you’ll find a six-figure job opportunity in your mastermind group (yes, this all really happened in our groups). 

Another benefit is the opportunity to cross-promote your business, it’s a great way to help each other succeed. Mastermind groups emphasize collaboration, not competition.

Lifestyle Upgrades From Other’s Mistakes

Benefit from other people’s mistakes! If you share your mistakes or failures with your group, everyone can learn from them, and vice versa. If you want to try something new, chances are someone in your group has already done it. They can give you advice to help you avoid their mistakes, but also keep in mind the context of their situation and how it might vary from your own situation.

This Week’s Guest

I’m the author of The Early Retirement Roadmap, creator of FIREAgeCalc.com, and co-host of The 2 Frugal Dudes Podcast. Once I discovered that I could access my long-term retirement accounts without a penalty before the age of 60 to retire early using my family’s middle-class income, I never looked back. There are so many people that still don’t know this is possible so I’m paying it forward, sharing my past mistakes and priceless knowledge I’ve gained over the years from my finance research and college education to help more people retire early.

I specifically chose not to become a certified financial advisor so that there would be no special interest to sell you products I’d get a commission on that don’t put your best interest first. I call myself a “self-insurance” broker, teaching people how to save and invest their money to tackle any situation with the power of savings. I finally found my purpose and want to help you reach yours through financial freedom.

My family had $80,000 in consumer debt that we were able to pay off in just over one year and now compound interest makes us tens of thousands of dollars per year in passive income. We were living the typical American dream we’re supposed to live before we broke out of the mold and took our time back.

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This post was originally published on November 14, 2018, and updated on February 17, 2022.

PPP127: 5 Ways Mastermind Groups Can Help Your Money