Building a Mastermind Group + 21 Tips from Mentors

The concept of a Mastermind group comes from Napoleon Hill, way back in his first book “The Law of Success” (Highly Recommended). 

Napoleon Hill explains that having a group whereby you discuss how you are progressing in relation to achieving your goals is essential to your success. 

The group usually meets regularly on a weekly basis to discuss their current projects, goals, etc. and then the group discusses various possibilities, allowing individuals with different experiences and backgrounds to give their opinion.

Many people find the idea of creating a Mastermind group a difficult concept. 

The reality is, that most of us have been a part of one in our lives previously without knowing it was the case. 

A Mastermind can usually be seen in a working environment in the form of a meeting. 

Meetings are an opportunity for members of the team to creatively brainstorm ideas for certain issues arising within a business.

How do you start a Mastermind group for your personal success? 

I offer three suggestions:

  1. Find a group of like-minded people and see what they are involved in: They may have a Mastermind group already you can join, but you need to make sure you get along with the people who will be helping you with your personal success.
  2. Arrange to meet with a small group of these individuals: Usually on a weekly basis is ideal. It does not have to be a formal environment. Meeting for breakfast or a coffee could be a great way to start the group and keep it relaxed while still getting results.
  3. Develop consistency for meeting: Find a set location, time, people for attending, etc. If you contemplate new members coming into the group, make sure they are screened before being accepted permanently, as they may not harmonize with other members of the group.

I personally have found having mentors and a group who regularly meets to be beneficial, even if it is really informal. 

It has allowed both myself and others to receive insights into alternative ways to progress forward in their journey toward success.
21 Tips I have learned from Mentors and Mastermind Groups:

Some of these tips contradict each other, but it is interesting to see the insight I have received from different people. 

You don’t have to apply all of these, but some of these have certainly helped me, and will help me into the future.

  1. Save 10 percent of all you earn.
  2. Read the Richest Man in Babylon (from a man who runs two businesses, and has around10-15 investment properties).
  3. Read and re-read Think and Grow Rich, using it as a tool through life.
  4. Buy property and never sell. Build if it is more financially viable.
  5. Enjoy the journey, not the destination.
  6. Invest in yourself, and your own businesses.
  7. Start very small, and progress.
  8. The first $10,000 is the hardest.
  9. Conduct a S.W.O.T. Analysis on yourself.
  10. If you want $1,000 a month in passive income, aim to get $100 a month, then $200, then build on it from there.
  11. Always give more value than you expect in return.
  12. Give without the expectation of return.
  13. You are an international player. Be prepared to work, invest and live in multiple countries.
  14. Five minutes of thinking will save you two hours of hard work.
  15. Give work to the busy people as they will get the work done.
  16. Rent rather than buying (personal property), and invest your deposit. Buy outright later on.
  17. To learn something properly: Watch one, do one and then teach one.
  18. Simplify your needs to reduce your expenses.
  19. Always keep learning.
  20. It is not how much you earn, but how much you don’t spend (aka how much you keep).
  21. When in a bad situation, focus on what you can control. Keep up your exercise, maintain your health, focus on improving your knowledge, work well, etc.

How has your success in life been to date? 

If you are not progressing towards your goal, could a Mastermind group or a mentor be beneficial to you?

Take action now (small steps) and start claiming the financial success you desire in life.


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