The other night I was visiting an old friend of mine and his girl. This was just a causal visit to catch up because we haven’t seen each other for sometime. It didn’t take very much time before we were sitting in the living room and reminiscing on old times. After a little bit of catching up, the conversation started focusing more on what we were up to lately.
Of course, I’m taking dividend investing and about the strategy that goes into it. Then, his girl changes the direction of the conversation and we begin talking about bonds. After a little while my buddy moves the conversation to cryptocurrencies.
Now, we are not just bragging about our own portfolios but we are actually having discussions around strategies and things that we have learned. If you are like me, while I am very centered around the idea of dividend investing, I am also very open to other investment vehicles. So this was some very enriching conversation for someone like me.
After a night filled with pleasant conversation I decided that it was getting late and that I needed to be on my way. As I was saying my good byes, out of my mouth I heard “Y’all are definitely a part of my new mastermind group. We will have to get together again soon for some more discussion!”
On my way home I really got to thinking about the idea of mastermind groups. I got to thinking about my existing masterminds and the ones that I would like to build for the future!
What is a mastermind group?
A mastermind group can be defined very broadly and can have different goals. At the very core, a mastermind group is a collective of individuals coming together to discuss ideas. Some more elaborate and in depth groups may even go to the extent of holding its members accountable for their plans and strategies.
Some mastermind groups may be formal in regards to having a set schedule of when they meet and even keeping minutes of each meeting. Other groups may be a bit more informal and just meet whenever they can get enough people together at the same time.
Why have a mastermind group?
There are endless benefits to having a mastermind group. For one, it is allowing each member to be exposed to new ideas and concepts that they might not have been exposed to other wise. The only people who are going to partake in a mastermind group are going to be people who are looking to achieve some form of success.
Which sounds like a better plan? Scenario 1, you have to go out there and trial and error things until you find out which way works. Scenario 2, you learn from others who have already gone out there and figured out which ways work.
If I had my way I would much rather learn from other people. That is one of the great benefits of a mastermind group.
Each individual will bring something different to the table. Everyone will have their own unique skill set. In between meetings, each person will venture out into the word and try different things, then when everyone congregates they can share what they have learned.
This is a great way to grow in your development exponentially because you are not just relying on yourself but everyone is working as a collective.
When the water rises, all boats rise to the top!
Where can I find a mastermind group?
To be honest, I would bet that you already have some mastermind groups and might not even realize it.
First, I would look at people that I consider close friends. Quite often these people have similar interest. Now the one problem you may encounter is that there is not enough diversity because everyone has similar interest. I still think that it’s a great place to start because you will be able to congregate as a group and share ideas with each other.
Another great place that you may be able to find mastermind groups is on your social media accounts. For instance, I am a member of a Dividend Growth Investing group on Facebook. The problem here is that it is a bit of a narrowed down niche but it is still great for that niche. I am also in Real Estate Investor and Crypto groups as well.
It isn’t uncommon for me to even take to Twitter and tweet about ideas because when someone responds it allows a dialogue to be opened up on that particular subject. One problem with having such public conversations though is the possibility of trolls coming along and stirring up problems.
Once you do find these people who have some value to contribute to a mastermind group, I would recommend bringing them into your flock and inviting them into a more private setting so that the ideas and conversations can really flow.
Another avenue that I have seen but have not participated in is paid mastermind groups. I would have to imagine that if everyone is paying good money to join these groups that everyone is going to have tremendous value to add. I can’t really see a bunch of trolls or newbies paying good money to join these types of groups. If anyone has tried this avenue, I would love to hear about it down in the comments.
Here I will provide a link to a list of the Top 16 Mastermind Groups. If you are a part of a mastermind group then I would love to hear about it down below.
It goes with out having to say that I think that mastermind groups can add a lot of value. If they are harnessed correctly, you will not only get the benefit of the ideas and experiences but you will also get the benefit of making some great connections with other people who are striving for success.
As always I look forward to reading all of your comments and questions, until then….. happy investing!
-Jason from MoreDividends.com
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