You probably already know what it takes to build better personal finances. You understand the power of compound interest, the importance of living below your means, and the value of portfolio diversification when investing.
If you’ve already seen some results in your own life, the next stage might be passing on that knowledge to other people. If you’re lucky, you could even build a career out of it.
So what does it take to become a financial guru?
The Financial Guru Model
A financial guru, in the strictest sense, is just someone who knows a lot about finance and teaches their knowledge to other people. But for the most part, people become financial gurus in pursuit of more money or a sustainable business model.
There are many different ways to make money as a financial guru, and you can employ some or all of these strategies:
- Coaching/consulting. The most straightforward way is to provide coaching or consulting to people in need of your financial expertise. You can charge by the hour or charge a subscription rate for more access to you.
- Content. You can also sell content to people. For example, you could self-publish a book covering your most important financial insights, or you could distribute an eBook.
- Courses. If you’re willing to create even more in-depth content, you can put together an entire personal finance course. With the help of reading materials, videos, and even interactive sessions, you can help entire classes of people develop their personal finance skills – and make money in the process.
- Advertising/traffic monetization. There are many accessible strategies for monetizing a website, from selling advertisements to publishing affiliate links. Assuming you can generate enough traffic on your website, you should be able to make a decent stream of income in any number of different ways.
Becoming a Financial Guru
If you want to become a financial guru and follow one of these models, these are the most important steps to take:
- Put together a business plan. Before doing anything else, it’s important to put together a formal business plan. How exactly are you going to make money? Who are your top competitors and how is your business going to be different than theirs? Who is your target audience and what are the most effective ways to reach them? What are the biggest strengths and weaknesses that you need to consider? Business plans are a great opportunity to do your research and organize all your ideas into words.
- Get some credentials. Next, make sure you have some credentials. People aren’t going to read your content or pay for your coaching unless you give them a good reason. Do you have a financial degree? Did you achieve something extraordinary in your personal life? Do you have a portfolio worth a certain amount of money? What can you do to convince people that your advice is worth taking?
- Create content. At this point, you’ll be ready to start creating content. Even if you’re not selling your content directly, content is valuable for showing off your expertise, attracting people to your brand, and retaining your fans and followers.
- Build a website. No matter what, you’re going to need a website. Your website is going to serve as a central hub for the visibility of your brand and all your marketing and advertising strategies. Even if you plan on using a mix of traditional and digital marketing strategies, your website is still going to function well as your central hub. Make sure you explain who you are, what you offer, and why you’re valuable on this website.
- Network. Professional networking is indispensable for aspiring financial gurus. It’s a great way to meet future clients, future partners, and experts from other fields who can help you with the challenges of growing your business. It’s also an easy way to get early exposure for your brand.
- Get active on social media. Social media is an excellent marketing tool in part because it’s free to get started. Start joining finance groups and getting involved in conversations; it’s a great way to get exposure and improve your reputation in the finance world.
- Keep learning. Don’t rest on your laurels. Keep learning and advancing your knowledge – and stay up-to-date with the latest developments in finance and investing.
- Market and advertise yourself. Once you have a strong foundation, invest actively in promoting your business.
Not everyone has what it takes to become a financial guru, not just because of a lack of knowledge but also because this career path isn’t a good fit for all personality types. Before moving forward, make sure you understand the strengths and weaknesses of a financial guru business and verify that it’s a good fit for your future.
