How much is reasonable for a coach?

[Cody C.]

Is 8000 too much for a coach? One who says their plan is to get you away from your day job within a year, and be making money in REI in about 30-60 days? He seems pretty knowledgeable, seems legit on his success, and he has no real contract. It's a month to month thing, where your 8000 is divided into payments throughout the year.

So my question is this: coaching can be beneficial, I have no doubt, as can a mentor. Who should pay for coaching with someone, and where does a mentor fit into all this?

Thanks,
Cody

[J Scott]

My suggestion is to pay as little as possible to get what you need to succeed...

- For many people, a coach is not necessary -- they can do it themselves.

- For many others, some support is needed, but they can get that support from investor friends, networking and free avenues of support.

- For others, hand-holding is required, but they have the opportunity to work with a mentor they already have a relationships with and don't need to spend money.

- Then there's the group who need the hand-holding, don't have the connections to find a mentor and will need to pay for coaching to provide them the support they need to succeed.

- Lastly, there's the group that likely won't be successful, regardless of how much support, coaching, mentorship, etc., that they get.

First, you need to figure out which group you're in. Start at the top of that list and work your way down...when you see yourself fitting into a particular group, stop there and do it.

If you find that you're in the group that would best be supported by a paid coach, that's when you should be asking "How much should it cost?"

And the answer to that question is the same as the original question: Pay as little as possible to get what you need to succeed.

If you can find someone willing to coach you and can make you successful for $500, that's a better option than spending $10,000 for the same thing. You'll need to shop around, find out what different coaches are charging and offering and see what works best for you at the lowest price.

Now, do *I* think $8000 is too much to spend on a coach? I do. But, that's just because I've yet to find any coaches who charge large amounts of money and have a high success rate. The coaches I know who tend to have the highest success rates tend to be investors first/coaches second, and don't charge very much.

That said, my experience in this area is VERY limited, so I may be way off base...