In business, mentors are critical for help in progressing through a professional journey. They can help someone navigate decisions with insights that come from experience.

The question of how to know when to find a mentor is a bit off because you likely will need one at any given time when much of your journey is ahead of you. Even when you've done well and are established because there are still many questions about how to manage money, conflicts between work and family, and much more.

Edward Fernandez, president and CEO of CRE investment platform 1031 Crowdfunding, argues for both formal mentors and also transactional ones that can be more like teachers.