In the New Testament, we hear of an apostle nicknamed Barnabas, which means “son of encouragement”. Barnabas was a mentor who encouraged and gave confidence to Paul the Apostle to preach in the name of Jesus Christ when not many trusted him. As Paul advanced, Barnabas took on another mentee named John Mark. In many ways, mentors like Barnabas remind us of the power of encouragement and belief, particularly when facing doubt or adversity. They exemplify how trust and guidance can foster growth, inspire confidence, and ultimately pave the way for remarkable transformations.
Building a business, especially a Financial Planning business, is not all “sunshine and rainbows”. Almost 90% (!) leave the industry in the first 3 years due to what some deem “failure”. But to succeed it helps when the right people have confidence in you, even when you might not have that confidence in yourself. Having a mentor is important. For the past 14 years, mine was a client named Jim.
Coming off the 2008-2009 Great Recession, the Bernie Madoff Ponzi scheme fiasco, and the discovery of other firms doing similar things with their client’s retirement savings, there was a very low level of trust for financial advisors.
However, Jim had that trust and confidence in me. As he prepared for retirement in 2012, after being a hard-working truck driver for many years, he wanted to ensure that no matter what happened in the world, and the stock market, that he and his wife Debbie would not suffer what happened to many just a few short years before.
Jim loved golf. For many years, he came to our company golf outings. There is no way around it – I am a HORRIBLE golfer! But Jim didn’t seem to mind, as we all had a good time. I was always amazed by how he seemed to be able to build or repair anything. I was able to go over to his house with my family and enjoy pizza in the outdoor pizza oven that he built himself. He fixed computers, remodeled his kitchen and other areas of the house, and at one point even brewed some of his own great tasting beer!
We of course had review meetings to talk about finances. Many times, these meetings delved into topics about our family, our dogs, and even politics. Sometimes these were at the office, or out at a restaurant. If there was ever any sort of topic that could cause a hint of worry, such as poor performing stock market or if I was changing something in my business, he always had a re-assuring way of saying that “it’s ok” or“these things will work itself out”.
Jim passed away this past April, leaving a legacy of kindness that is remembered by his family, friends, and co-workers. Before becoming a client, I did not know Jim, but I am thankful that our relationship became much more than “transactional”. Jim truly embodied the spirit of a "son of encouragement," much like Barnabas. His mentorship taught me that beyond strategies and numbers, the greatest asset in any challenging endeavor is often the trust and confidence someone places in you, allowing you to flourish even when you doubt yourself.