MASTERMIND GROUPS

[Jerry W.]

I have heard how you are the average of the 6 people around you.  I would like feedback from anyone who has been in a mastermind group or what people think they should do.  I am looking for information like size, how often they meet, how you choose the type of people to be in it, how you go about setting goals, accountability, how they support each other, it only for business, does it include personal advice, how or when should you add people or remove people, etc.  The more information the better.  Maybe we can get someone like @Mark Ferguson to do a blog on this.  One of the difficult things about small town investing is the lack of like minded people to get feedback from and the reality that you will be in competition on future deals.  this will mean the group will have to be done by phone or online.

    While I have decided to slow down investing locally due the oil price drop surely there would be folks who have advice on what to do in these situations and have gone through this cycle before.  I have been through these cycles but never as an investor.  How would I search for people with expertise like that?  

  How do you decide what mixture is best?  You don't want all the folks to have identical talents or they have little to add, I was thinking banking , buy and hold, realtor, flipper, contractor, wholesaler, even beginner as some of the areas of experience to mix in.  The main thing is desire to help others and to advance your own business.  lets get the ideas and experience rolling in please.

[Mark Ferguson]

Hi Jerry! there are lots of ways to do it from an informal call to a very structured call with penalties for not taking action. The Jack Canfield book the success principles has an awesome chapter on masterminds. 

I think about 4 to 8 people is ideal from different walks of life and different goals. An hour long call once a week. usually a couple people will have issues to focus on and the others can help.