Coach, Advisor, Mentor – Who Do You Really Need On Your Team?

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These days a lot of seminar guys throw around the terms “coach” (as in I’ll coach you for thousands of dollars), “mentor” (as in I’ll mentor you for thousands of dollars) and even “mastermind partner” (as in I’ll be your mastermind partner for thousands of dollars.

These terms have been used, and misused, so many times, that it’s pretty much just turned into a way for many to just take money and provide uneven or uncertain results.

Here’s how I choose to use the words:

Coach: A coach is someone who helps you do something better. Your gymnastic coach has expertise and helps you land the dismount better. Your life coach has tools that help you identify what is important in your life and then focus on getting results where you need them.

We’ve just re-vamped our coaching program at USTaxAid to provide affordable support on key tax and business structure issues for the person who wants to do-it-yourself. Got questions? Here are three ways to get hold of us:

Send Richard a message at Richard at

Give Richard a call at 888-592-4769.

Let Aaron know you’d like more information through the ‘chat’ box that comes up on this page.

Mentor: A mentor is someone who has accomplished the thing you want to accomplish. A mentor doesn’t charge for services, but there has to be an exchange. Often mentors can be found through internships or through joint ventures with the mentee providing the sweat equity for the deal.

I am taking a limited number of people on to mentor now. It’s done in line with a side business that I’ve begun. Get hold of me through Diane at if you’d like more information on that.

Mastermind Partner: The concept of a mastermind comes from Napoleon Hill in “Think and Grow Rich.” The idea is that when two or more like-minded people get together and when they focus together in a positive, action-oriented environment, a ‘master mind’ is created that is bigger then each individual together.

You shouldn’t need to pay more than a nominal fee to belong to masterminds. These are people banding together to help each other and create something better.

Advisors: An advisor is someone who has specialized training and who sells that advice. So, Joe Blow off the street who is good at seminars is not an advisor, unless he’s advising you on how to put together a seminar. He isn’t a legal advisor unless he has the specific training, education and experience in legal issues. And he’s not a tax advisor unless he has specific training, education and experience in tax issues.

Generally we think of advisors as people who have degrees and credentials, like a CPA certification.

The point where most people get in trouble is when they take advice from someone who shouldn’t be an advisor or they get coaching from someone who has never had good results. Or they hire someone to mentor them who has no real experience.

Take your time to make sure you’re working with people who are ethical and have the experience and education you need. Otherwise, you’re wasting your time and your money.

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