Although many well-meaning people recommend that everyone get a mentor, whether they need one personally or professionally, Mark Cuban has frequently said he doesn’t think people should.
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In fact, Cuban often says that people shouldn’t rely on anyone except themselves when it comes to making money, building wealth or pursuing a business. He has never had a formal mentor, and has said there is no specific person he calls for advice.
What Mark Cuban Recommends Instead of Mentors
Cuban says that rather than consulting mentors for advice, he takes radical responsibility when he needs to learn something. If there is a new technology on the horizon, he figures it out himself. That’s because, he explains, mentors rely on past knowledge and may not be able to give advice on future ventures.
While it might seem like a good thing that mentors have experience, there are several instances when well-known entrepreneurs wanted to try something new, only to have their mentors caution them against it. In a recent Inc. article, author Jeff Haden shared a few examples of other notable entrepreneurs whose mentors recommended different paths.
For example, Jeff Bezos’ boss said his concept for Amazon would be better suited to someone else to start, someone who didn’t have a secure job like Bezos. And Warren Buffett’s father cautioned against entering the securities industry. These examples support Cuban’s belief that mentors can only draw on experience; they might not know how to advise on new technology or innovation.
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Can Mentors and Financial Advisors Be Helpful?
Of course, mentors and advisors can help in many situations, and many businesses rely on consultants to help solve complex problems. For example, financial advisors can help clients avoid costly mistakes and develop a wealth-building strategy.
Overall, Cuban’s central message is to encourage others to take ownership of their choices and to stay informed. For many people, that could mean meeting with a mentor or hiring a financial advisor if they need help. However, Cuban believes people should understand why a mentor encourages them to make specific decisions, rather than unquestioningly trusting an advisor and acting without thinking.
Ultimately, Cuban explains that the most important ingredient for success is for people to recognize that every choice is ultimately up to them. Individuals are responsible for their own destinies and need to make confident choices in both their professional and personal lives.
So, if someone needs advice, they shouldn’t blindly follow an advisor or mentor’s advice. Instead, the mentor or guide should serve as a sounding board. Furthermore, a quality mentor will encourage someone to make their own decisions they believe are in their best interest.
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This article originally appeared on GOBankingRates.com: Mark Cuban Thinks You Should Never Rely on Anyone — Especially in Your Finances
