It happens to all of us: we want to grow and succeed, but on our own, we are often left frustrated and disappointed. Being involved in a mastermind group may be the perfect solution.

In this episode of The Portfolio Life, my co-host Andy Traub and I talk about the benefits of mastermind groups and how they have the potential to shape who we are.

When encouraging people to grow, I have often suggested finding a mentor. Turns out that wasn't the best advice to be doling out. While having a mentor isn't a bad thing, it's not necessarily the best use of our time. It often leads to high expectations followed by frustration.

Instead of finding a mentor, becoming involved in a mastermind group is a better first step to help you develop personally. As Jim Rohn says, “You are the average of the five people you spend the most time with.

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Show highlights

In this episode we discuss:

• What a mastermind is and what it is not
• The benefits of a mastermind group
• Healthy parameters for starting a group
• The growing popularity of online mastermind groups

Resources mentioned in the show

• How to Start a Mastermind Group by Tyler Ward
• Think and Grow Rich by Napoleon Hill (affiliate link)
• The Wisdom of Crowds by James Surowiecki (affiliate link)
• Zoom — a video conferencing tool

I hope you enjoyed this week's episode. If you know someone who would benefit from it, feel free to download and share it. We'd also appreciate it if you would leave a review on iTunes.

Are you a part of a mastermind group? Share in the comments.