Mentors and coaches are the single best way to accelerate your pace when achieving success in life.

I love having mentors and coaches in my life. I feel I am surrounded by positive examples of those that I want to become. However, many people use coaches and mentors interchangeably, when there are key differences that set them apart.

Some people have mentors out there guiding them, while others have coaches to help them succeed. Some use both. The difference between mentors and coaches can be very subtle, but not to worry: I’ll shed some light on the matter.

You also want to check out my book Possess Your Success, which defines the qualities you should be looking for in a mentor.

What’s the difference between mentors and coaches?

A mentor is essentially a free resource that wants to give back by providing guidance and advice to those who are willing to listen and learn.

A coach, on the other hand, is essentially a paid resource to help provide guidance and advice to those who are willing to pay for their services.

What’s in it for the mentor?

There are a few reasons why mentors would choose to spend time with a mentee for free:
1. They remember the distinct difficulties, frustrations, and growing pains they experienced when they were in your shoes. It drives them to help ensure you don’t make those same mistakes.
2. It helps reaffirm and reinforce the very principles they learned on their own path to success. Many times successful individuals lose track of the “fundamentals” that got them there. Mentoring is a way to get back to the basics and solidify their foundation.
3. It leaves a legacy of goodwill and experiences for future generations to enjoy. These individuals want to make an impact on the world. Mentoring is a great opportunity to do so and feel good about it.
4. It may give them a chance to learn something new. Things may have changed since they were in your position. It gives them the ability to discover new tips and tricks to help them be more successful.

Why would you pay for a coach when you can find a free mentor?

1. You are guaranteed their time. With a mentor, you are on their time, since they’re doing it for free. However, if you are paying a coach, they should be able to work within your schedule (within reason).
2. They have professional experience coaching others. The reason why you are paying a coach is for their experience. Mentors may have experience in a particular area, but coaches have experience coaching others in a particular area. That difference is important to note.
3. They normally have a formal process and access to resources that others don’t. Coaches have invested time and effort into creating processes, guides, books, and training to help their trainees become more successful. Mentors are likely to informally meet with you and share their advice.
4. They have one purpose. Mentors likely have busy lives and can prioritize their responsibilities above their commitment to you. Coaches on the other hand have one purpose: to make you more successful in the area that you are seeking help in.

Why you need both a mentor and a coach

You really should have both a mentor AND a coach, if you can spare it. Mentors can provide a more personal connection with you and might be more able to relate to your situation than coaches can. Their advice and genuine care for you can spill into other, more unexpected areas, which can be a really good thing.

However, coaches make you invest your money AND your time. Investments are important because they hold you more accountable to achieving your goals. You are not likely to reschedule and skip coaching calls if you are spending a significant amount of money on them, but you may not feel as invested in an informal mentorship call.

Whether you have a mentor or a coach, it’s good to have both in key areas of life. Ensure they are the right fit for you, and continue to get the most out of them to bolster your growth and level of success.