Shanli Liu, CPA, CTPFreedomfolio · I help 7 to 8 figure service business owners and ecommerce sellers keep 10K to 75K of profit- without IRS headaches | CPA. Virtual CFO. Tax Resolution Pro | $5MM+client tax savings | Book a free 15 min strategy call

Taking Advice From People With Less $$$?

Name: Taking Advice From People With Less $$$?
Uploaded: 2025-03-03T07:15:03+00:00
Duration: 49 s
Channel: Shanli Liu, CPA, CTP
Description: In this monologue, Shanli Liu reflects on a pivotal realization that the value of mentorship is closely linked to the mentor's current financial success…

3 Mar 2025 · 1 min

Watch on YouTube

0:49

In this monologue, Shanli Liu reflects on a pivotal realization that the value of mentorship is closely linked to the mentor's current financial success and experience. She recounts how she once relied on a mentor who, at the start of their relationship, had greater revenue and a larger business. Within two years, Liu surpassed her mentor’s earnings and scale, leading to an "oh‑shit" moment where she recognized that the mentor’s advice was no longer grounded in relevant, recent experience. Liu argues that effective mentorship should come from individuals who have demonstrably earned more money than the mentee, especially when paying for guidance, because they possess the answers derived from having faced comparable challenges.

Chapters

I realized I cannot take advice from people who have less money than me. I had a mentor and this person was amazing. I remember taking advice from her for a long period of time when I was at a point in my business where things started to stall. I realized that the advice that I was taking was not good. It was like an, oh shit moment. I was like, you know what? When I started working with her, she had more money than me and she had more success than me and she had had a bigger business than me. But within a span of 24 months, I actually surpassed any revenue and any business size that she ever had. I don't think this is the best advice for me anymore. I think I need to go find somebody who makes more money and has made more money than me because she's actually never had to deal with them. So she's just guessing. And if I'm paying someone to be my mentor, I'd rather have them actually have the answers.