Are Mentorships a Scam?

To comprehend all of this we must define the concept of a mentor and a mentorship.

A mentor is a person who has acquired a specific set of skills and experience through which they achieved a set level of success, and who have decided to take on a person to guide them and teach them these skills.

A mentorship is an education program developed by a mentor to teach a larger group of people said skills and take them through the experience so that they too can find success within their specific field.

Mentorships have become very popular in the last decade. When before not every successful person would take on a mentee, now mentors are seeing the value of sharing their knowledge and wisdom of the thing they practice every single day.

Mentorships can exist in every industry, but they're mostly concentrated in the realms of entrepreneurship, self development, and finance. In these spaces, you should only seek to be mentored by people who are highly trained, have a large network, practice their skills daily, and have the experience you have not yet acquired. You will usually find that your own mentors join mentorships, because a true highly educated and wise person never stops learning.

Are Mentorships A Scam?

It's easy to see why a large group of people see mentorships as just another way to have people bleed money for your endeavors. Most mentorship costs land within the $7,000-$50,000 range, although they can go higher depending on the level. Usually, the amount of people who have that sitting in a bank account is slim to the average crowd.

There are a few things to consider when deciding if a mentorship is a scam or not. So let's dive deep shall we?

College vs. Mentorship

Keep in mind, when I say college, I don't just mean undergraduate degrees, I also mean pursuing a Masters or a phD.

We need to start by comparing a mentorship to a college or university. the average university tuition costs for out of state students (my case) is $40k. The cost of a mentorship as mentioned above also reaches 40k and above.

Now, why is it that we are encouraged to go to college right outta high school? to get a solid career or high paying job. However when you actually look at it, college is nothing more than a glorified mentorship. you have the guidance of experts in your field, you have courses, challenges, and even homework, there's even a social aspect to mentorships if you chose a proper one. So is the "scam" label just a frame people have given mentorships in order for colleges and college educated folks to keep the prestige? lets dive even deeper..

Finding the right fit is a personal choice, not everyone is suited for college or mentorships. Let me give you an example.

When I went to college, I selected CSU, one of the best universities in the US for animal sciences (funny how I ended up in business ).

Going to college the curriculum was set, but a few things didn't sit well with me. First time I went to class, I realized my professors hadn't been practicing in the field of what they were teaching for decades. So I wondered how could they possibly teach about the intricacies of ever evolving industry if they weren't in the thick of it?

Another aspect that really bothered me, was how they taught math. Math was the bane of my existence. It was my nightmare for me, and I needed constant tutoring and guidance through the courses. There was no opportunity to ask questions, the tutoring lab was always full, and when it was time to take the exams at the computer center, I never felt prepared. I also NEVER passed and I'm not exaggerating. I always sought the presence and guidance from a teacher, and I was able to find that, just not in an institution.

These two reasons where the biggest factor when making the decision to leave college, and even though I was a little lost for a few years, eventually I found my way into a mentorship that changed my life. That was MY path.

On the other hand, college can provide many great benefits for those who are a good fit. If you are pursuing a career in medicine, law, accounting, engineering, psychology, or education, college or some form of institution is required. These fields require highly trained individuals to teach you and train you to perform high skill jobs that have high impact in people's personal lives.

College also provides an environment of independence and self exploration in a very specific setting. this is especially true for people in their 20's, where the college experience goes beyond the curriculum, and expands into the development of identity. That being said, the right mentorship can also provide that experience, but those are rare.

Evaluating a Mentorship

So how did I evaluate if a mentorship was right for me? well, after joining a "scammy" mentorship that cost $36k, and dropping it, I learned a few lessons:

Quality education

One spect to look at is the quality of the education provided, and the quality of the educator(s). Not all mentorships are created equal, and just as you would pick a college, it is important to do proper research on the mentorship, the educators, and their background.

Here's a couple questions to ask yourself when considering a mentorship:

- What are your goals and intentions?

It's important to recognize what it is we are looking to achieve when pursuing any type of education. wether college, a training, a course, a mastermind, or a mentorship.

most of us join one of these because we are looking to pick up, polish, perfect, or learn skills. so if you're intention is to be better, you're already on the right track.

- How long does the mentorship last and is it justified ?

Year long mentorships seem fair, but it's important to consider the complexity of the field you are looking to elevate in. Will 1 year of mentorship suffice to prepare you for the challenges, trials, and tribulations you may face when pursuing a career in your field of choice?

- What are the resources provided, and are those resources what I need to reach my next level of success?

Some mentorships are purely based on videos or worksheets, others are live Zoom based, others include a network of people you may need to succeed such as accountants or attorneys. Always make sure the mentorship you want to join has a dynamic curriculum, resources for your success, and a present mentor. If you're only getting one call a month with a mentor or a leader, that mentorship will take you nowhere.

- What is the community like and what do students say about it? is there even a community?

If you want to go fast, go alone. if you want to go far, go together. It is no lie when people say you need a community to succeed, and when people say "i'm self made" it's absolute B.S..

there is no such thing as a successful self made individual, it takes a community of well connected people to take you where you want to go.

In real estate, this community can be full of attorneys, accountants, private money lenders, loan officers, buyers, sellers, marketers, technology integrators, assistants, etc. Your network truly is your net worth, and your proximity to these like minded individuals, and people who are doing better than you and are willing to help you, is what's going to take your business or career to the next level.

- Do the educators practice what they preach? Are they active in their field and consistently do what they are teaching?

Everything is easy in theory, theoretical examples don't show you the full image. We go to college expecting to be prepared and well equipped for the "real" world, but in my opinion, it's hard not to fall on your face when the education you are given comes from books or documents, and not experience. there is a reason you do a final practicum year, yet, some educators are only required to attend yearly trainings. that's just not some i can personally trust. At the moment of doing the thing you're paying to learn how to do, you'll have questions, and if you don't have the right answers, you could even end up in jail.

Choose your educators wisely.

Student VS. Mentee

Being a student usually implies having other students around you to follow along the journey. Students collaborate with each other in order to overcome challenges, obstacles, and to achieve greater goals. this applies for college, trainings, masterminds, and mentorship settings

Being a mentee means you've built a close and personal relationship with your mentor, enough for them to agree to mentor you. For this case, you usually find and meet a potential mentor through your network, or even in college!

Being a mentor means guiding someone through a important phase in life, and just as it is important to choose a mentor wisely, it is important to choose a mentee wisely.

Final Thoughts

At the end of the day, we know pursuing continuous education is what keeps us ahead of the curve, and to be the best of the best you have to consistently improve your education. if you feel you are ready to take the next step into a prosperous career, a mentorship may be the right path for you.

It's important to know we never stop growing, evolving, and learning. Mentors have their own path in life, and sometimes, a student does indeed surpass the teacher. Mentors and teachers alike are only meant to serve you in a specific stage in life. This could mean a couple years to 10 or more, depending on their range and your goals. but whether you find a mentor or a teaching institution, never stop pursuing this growth, never stop learning, and always seek to give back. After all, we are here to serve just as others have served us.

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