039: Why Joining a Mastermind Group Will Benefit You [Podcast]

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.

039: Why Joining a Mastermind Group Will Benefit You [Podcast]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.

Listen to the podcast

To listen to the show, click the player below. (If you’re reading this via email, click here).

You can also listen at iTunes or on Stitcher.

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

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.

45 thoughts on “039: Why Joining a Mastermind Group Will Benefit You [Podcast]

  1. Masterminds are uber powerful Jeff; I figure the best way to benefit from a meeting of the minds is to learn and put your new found knowledge and information – collected from your buddies – into action….regularly 😉 Thanks for the share!


  2. Very happy to see you talk about masterminds Jeff as I have a number of friends talking about doing one this year, and have started a Google+ group of my own. I don’t think doing them online is enough personally, and want to do what you are doing and get together locally, in person with people that share my worldview. There is something special about meeting and discussing topics face to face with people.

  3. My Mastermind is online and it’s been so great for my business. We have 7 different careers… But we are all entrepreneurs. I’ve met most of them since I’m fortunate to travel but we don’t have an i person meeting plan, and it’s been so great. I’m so thankful.

  4. Masterminds feel a little like gated communities, where you’ve got to be a source of inspiration already in order to show value to the group. But just as universities have “non-Greek” fraternities, with more relaxed standards and less daunting initiations, one could start a “pre-mastermind,” a group of budding businesspeople and freelancers who are still trying to figure things out. The rules would be a few prohibitions, like no whining, no gossip. The function would be to groom members up and out, into better mastermind groups. I’d be all over that!

    1. That sounds like a great idea, Rick. And I agree: it can all sound very exclusive, but it doesn’t have to be that way. I think it just requires someone to take the initiative and find people to invite to their own group. Good luck with this!

  5. Loved the information about Masterminds! The podcast and blog post were especially helpful. My challenge is finding people to be in a group with. I’m new to blogging and online business so don’t have contacts or know people who are doing similar things. Additionally, I live in a rural part of OH. Suggestions?

    1. Hi Allison! I’ll let you know if I hear anything. I checked out your site; it’s very professional! I’m sure you won’t have any trouble finding your tribe of like-minded entrepreneurs. 🙂

  6. I have an amazing mastermind group that I love! We are ending in February and I am launching a new one in March. Anyone interested in learning how to build your business up to transition out of your day job in a year would be welcome to ask more questions to see if there is a fit 🙂

      1. Thanks Jeff, I’m still working on my New Zealand mastermind but am a member of a fantastic writers Mastermind with 5 others in Texas and New York – who don’t mind skyping at a time that works for both time zones. Appreciate your work, and love podcasts – please keep going!

  7. Hi Jeff, I started a Mastermind group two weeks ago. I want to add more people, and I’d like our group to be part of the recruitment process, but I’m wondering if the final decision should be a unanimous one, or should the leader make that call.

  8. Great podcast, and wonderful timing too! I have been entertaining the idea of starting a mastermind group. Thanks for putting this together!

  9. This podcast actually came up when I showed a friend this website during our mastermind session. We’re young guys and we haven’t found a lot of success-minded people in our generation yet (though they’re just starting to come to light), so it’s just been three of us for a while. One guy moved and we were out of contact for a few months, but we’ve just started meeting online again and I’ve noticed a huge boost in my productivity, especially in the hours following our meetings. I guess this shows that no matter how young or few you are, you can always take over the world.

  10. Great podcast – I really need to get myself into a mastermind group! Anyone want to bounce ideas and potentially form a group? I’m based in London and only started blogging a couple of months ago: http://www.arbing.co.uk. I have been doing businessy stuff for a while but need a lot of tips/help with the writing side!

  11. I’m really curious about the ‘curriculum’ aspect of your mastermind that you mentioned – most of the masterminds I’ve been a part of have been much more focused around collective problem-solving (ie. one person gets on the hotseat with a challenge they’re facing, and everyone else contributes viewpoints and advice based on their experience). It sounds like this might be a different approach, though. Can you elaborate on how it works in practice?

  12. Great podcast, guys!

    Also, Jeff, we really enjoyed joining you for last Tuesday’s #bufferchat on tribe building — a topic that’s right up our (CreativeThunder.co) alley as well.

    Just under a month ago, we also launched a new project, CreativeTribes.co, the present manifestation of which is our fast-growing #CreativeTribes tribe-building community on Slack; this simultaneously served as our MVP and initial community catalyst.

    While the idea grew organically out of my day-to-day CreativeThunder.co work, the initial spark of CreativeTribes.co arose out of an idea I had on October 31 to create a mastermind group in which folk — well-aligned in their businesses, interests and values — serve as peer-to-peer mentor/advisors to help one another find, connect with, and grow their respective tribes.

    This led to our tagline which is likewise our vision: Building Tribes Together!

    Early members can join us for free via CreativeTribes.co. The present landing page will soon be replaced with a full-fledged website focused on tribe building.

    Thanks, Jeff. Keep up the great work!

  13. Wicked podcast fellas! Got some great insight into the mastermind power!

    I’ve just created brief for one and am nervous/excitedly sending them out to a few people. Look forward to seeing how this will go!

    Thanks again! Peace, Dubem

  14. Mr. Jeff Goins and Mr. Andy Traub: Thank you so much for putting together this informative podcast. At the end of the podcast, you ask listeners to share their Mastermind plans. As for me, my mastermind plans are to learn all I can, share my own knowledge, interact with others in the group, learn from them, and I’m hoping they can learn from me, as well. I believe there is such a wealth of information in the world. Everyone possess knowledge about something, regardless if it’s from their life experiences, their educational background, and their employment background. The possibilities of knowledge we can share with one another is endless. I also strive to grow as a person, in addition to develop a business as a writer, and have it grow and flourish.

  15. Napolean Hill authored several books. He was extremely accomplished by the end of his life. He was an advisor to FDR and wrote most of the president’s fireside chats. He used the power of awareness to harness the collective thinking of the nation which helped to move the country out a financial crisis. He died extremely wealthy and his teaching continues to guide entrepreneurs and produce more and moe millionaires. I think that it is odd that you would reference his work, rely upon it and then denigrate it all in the same podcast. If the goal is to help people, then I think Napolean Hill was a huge success.

  16. Absolutely LOVE this stuff – thank you!!!!!
    In the spirit of goal setting for the new year, I wanted to let you all know that I’m starting a Financial Freedom Mastermind Group in the next week or two. I’m looking for highly ambitious, committed, like minded financial freedom fighters who have a goal of financial freedom in 2-5 years. If you are interested please inbox me your email address or send an email to bryannicole@hotmail.com. I have tons more information about format, structure and criteria to determine eligibility for the group. Max group size is 8. Thanks in advance

  17. I found it so difficult to find and join a group easily (as several in this thread also advise) that I built a platform specifically for this type of thing. If anyone wants to quickly search, view and join a mastermind group then check out http://www.eccountability.io

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