What Is A Mastermind Group and Why You Need One

What exactly is a mastermind group? A mastermind group is a group of like-minded individuals who want to learn, teach, receive and give support, and brainstorm with each other. The members of the group also provide accountability to each other. They often have weekly or monthly meetings.

Consider these benefits of a mastermind group:

1. New ideas. Two heads are better than one. Ten heads can be even better. If you need help finding a solution to a challenge, a mastermind group can be a great help. You can also learn from each other. Everyone in the group has something to teach the other members.

2. Support. Do you need emotional support or encouragement? Do you need an expert to help you with something? A mastermind group can provide that, too.

3. Social circle of like-minded people. Members of mastermind groups members will have a common goal of some kind. 

4. A new level of thinking. A mastermind group can expose you to others that have achieved much more than you have. All of a sudden, your goals might seem a little small and conservative. You’ll strive for greater levels of success when you’re part of a mastermind group.

5. Accountability. Everyone in the group knows what you’re working on. They’ll hold you to your plans.

Want to be Wealthy? Stop Trading Your Time for Money 

Many of us were taught to do well in school, get a great job, work hard, and you’ll eventually make a lot of money. This may be true, but there is a great limitation to working for someone else. Time. There are only so many hours in a week. No one can buy or create more.

Even doctors suffer from this limitation. The average physician makes a large salary, but there aren’t many that make a million dollars a year. Even a physician is swapping his time for money. He only gets paid while he’s seeing patients. He can’t see more than one at a time and he can’t see them while he’s asleep. The clock ultimately limits his income.

This is also true for consultants and coaches.

If you want the opportunity to make a tremendous amount of money, it’s important to find ways to earn without your presence being necessary. Free yourself from the clock and your ability to earn is unlimited.

There are better ways:

1.      Get paid more than once for the same work.

2.      Do something that allows you to receive recurring payments.

3.      Be an investor.

4.      Outsource / arbitrage.

5.      Create passive income.

Time is limitation for all of us. So far, no one has lived forever. But time doesn’t have to limit your income. Doctors, lawyers, and CEOs are paid well, but you have even great financial potential if you can break free from swapping your time for money.

Start a Mastermind Group

These tips will help you get started: 

  • Decide on the topic and purpose. When you advertise or contact prospective members, it needs to be clear what type of person you’re looking for. Is your mastermind group for internet marketers or stay at home dads? What are you hoping to accomplish with the group?
  • Seek out members. They should have something to offer and should receive benefits from being part of the group.

●   Be picky. Your mastermind doesn’t have to be big. Focus on quality over quantity. Seek to build a high-quality group with high-quality members. 

●   Look for people with different skills. The members should be similar, but not clones of each other. For example, your group might be focused on real estate investing. It would be nice to have a builder, a banker, and a broker in the group.

●   Members should have similar levels of commitment. Try to ensure that everyone has the same level of drive as you do. A group with both super serious and very casual members will be dysfunctional.

  • Determine the frequency and format of meetings. How often will you meet? How will the meetings be conducted? Will one person run the meeting? Will it be the same person each time? These details should be decided by all the members.
  • Expect everyone to contribute. People shouldn’t be allowed to just gain a benefit from the meetings. They should be expected to provide value to others, too. Give everyone a chance to speak.

See for yourself how other coaches are using mastermind retreats to fill their high-end group coaching programs