Todd Tresidder - A Blueprint for Building Wealth

Automatic TRANSCRIPT

The less senior earn save the difference in invest it wisely and that's you know but now you've got to understand. How do you spend less. How do you earn more. How and you invest it wisely? Welcome to escape the rat race radio. I'm your host Christian walk. Mrs Your ticket to escape the mind. Five investments themselves are not inherently wise. They aren't really good or bad. It has to do with your plan. How you incorporate that strategy because see the thing teaches investing dun-rite is process process. It's not a product and what everybody thinks is investing. Is they want to get Microsoft or Google. Its infancy right and that's not how it works. I welcome to not episode of escape. The rat race radio. My name is Christian Rodwell and this week my guest is Taught Tressler Aka. The financial mental thoughts financial writing has been featured in the Wall Street Journal Smart Money Magazine investor's business daily a Yahoo Finance and many many more is former hedge fund manager who retired at age thirty five to become a money coach and financial blogger at his website. WWW DOT financial mental dot com and also holds the claim to fame for being one of the early pioneers of computerized investment investment research more than fifty five thousand people have used todd's wealth-building tolls which were available for free on his website to help them jump start their financial chill freedom now in today's episode your hair were anybody can achieve financial independence and the mathematical equation. The back stats up. You'll also also here taught speak about the three main asset classes for building wealth which property paper assets and business slash entrepreneurship along with the essential chill questions that you need to ounce if you're going to care personal wealth plan that just works okay. Let's do this. Let's head on over to my conversation. Shen we've taught tressler peso welcome to escape the rat race radio taught how eight tonight do good they have me. Hey so good speech Utah to wear dwelled all right now Reno Nevada Nice Nice. I Know You love the great outdoors Luzia. Yeah Yeah total great outdoors. That's that's what I was. My Free Time Todd Way on the radio today. Many of our listeners Zaire kind of juggling a full time job wave trying to build a business trying to build their wealth and time is of the essence everyone short time. We know that we allowed and which mind sharing top was there ever time when you were in the rat race yourself. Would you site oh absolutely and you're to some extent I mean I remain in the rat. Race is day to the extent that there's always opportunities. All these really amazing things that I want to do and get involved in and I'm just sitting around late on a hammock eating bon-bons. You know I mean there's a lot to do in life and so I think the rat race is your Termi. Those is where you're stuck inside a job and you're like you know hamstrung wheel just spitting spitting the wheel and so yeah. I was in that came out of college. I was not born with a silver spoon in my mouth south in so I had to work like everybody else and but I just had this kind of crazy thought I said well supposing are just injured my life to result in financial initial freedom. Mike what would that look like in so I just decided you know so I started studying people who built wealth and just trying to figure it all out like how would you design your life to result in financial national independence and so it worked. I was financially dependent twelve years later yeah so a man with a plan and is it possible to build wealth without plant well. I don't think so I mean you know you're you're basically giving me a layup to pick my core switches expectancy wealth planning and the reason it's the I corps site or created was because what I couldn't literally couldn't start coaching a client so it came out. It was an outgrowth of my coaching right because I didn't start with courses I did. I coached People WanNa one for twenty years and in the process coaching people would I realized that you literally can't coach a personal financial independence unless you have a plan. The reason for that is the plan sits. It's the backdrop. It's the context from which all decisions you make remade and if you don't have a plan your decisions or haphazard they're not cohesive and so what ends up happening is. Is You end up approaching financial independence without a plan you end up approaching. It not strategically not efficiently. This tremendous amount of waste of resources both time and money. I'm into the plan is critical. You have to start with a plan so yeah. I agree with you. Fully on that's funny brought that up and simply just too many distractions dwelled right now on that ought to have that plan and keep me focused well. That's the thing see what happens as people would contact. Muniz say hey tied. Should I invest in X. Y. Z. Or is it more important. I started business than do this. Investment shy quit my job and do this instead and there was always questions and I was always like well. What's your plan you know because is your plan determines. How you're GONNA approach because your plan where you integrate. Here's the thing about proper wealth planning when you do it right. You have to take three asset classes. You build wealth with bright. You've got real estate. Sets your broker and financial advisor could sell you and then you've got business asset class so only one of them is normally included in a financial plan right the traditional financial plan but welcome includes all three asset classes now. Here's the red each of these three asset classes. S.'s has unique characteristics and so they're not all the same. They don't all work for the same people and that's why you see all these drew's out there and they're all making the same mistake to say. All you gotTA do real estate. My way you know and you gotta you. GotTa do a business. That's how you get rich or you. Do The stock market you do it this way. Everybody's got their little secret to riches right. What what they're not telling you is that each one of these strategies has so characteristics and so you got to be able to match the characteristics of the strategies that you employ in the asset classes you use to your your specific characteristics in your life your timeframe your goals your resources what your interests are what your skills are. All these things will shape what asset classes and strategies will to work for you. That's how you put together well-planned correctly and that's why you can't answer all those questions without it because that wealth paint process tasty through values clarification it takes you through all these different issues. You have to go through to integrate it into a weapon actually work for you. Does that make sense. I I love that. It's it's so on the money elite because Austin Myself United's note that the strategies done work is just the right fit for that strategy you can eat after a weekend seminar and some Annals Digest GonNa sell you the next best thing and it sounds easy and you just dive in but if it's not right for you if it doesn't fit your personality and all those things you just mentioned thank you almost only losing streak from the beginning right. Oh yeah absolutely I've got I've got clients that our whole hog on real estate and I've got other clients that can't stand in real estate and wouldn't touch it right or like me. I did it with advanced paper. Acid strategies networks really good for like an engineering got kind of an engineering mentality. I'm not formerly an an engineer and so advanced oppressive strategy. It'd be very effective for that type of mentality other people brilliant entrepreneurs. I've got clients that are just brilliant entrepreneurs and they made millions in just a few years off their entrepreneur work in so it's just you got to figure out like what's going to work for you and then you integrate and develop a plan around that you've got understand that there's now if you ask classes but there's all these strategies within each asset classes you can employ and here's one more thing accuracy as market opportunity varies over over time and so that's another dimension of the puzzle. Is You have to match it with market opportunity at the time so you know it's like the dimensions to this this why people that come up in the oversimplify it. It's not complicated really I mean. I just explained it in two minutes right yeah. It's not overly complicated but then there's the implementation tation. How'd you do that todd. How do you bring these things down and integrate them into a planet. Lashley worked for me. You know that's that's the key issue I mean if you take it satellite one of the oldest richest Babylon united spend less than you earn and invest the rest is basic rules right well yeah but here's the funny thing that's everything needed about finance audience one-sentence write two sentences whatever it is one or two sentences and it's true everything you need to know about finance to build wealth can be contained about. T- sentences the question is how how do you do that right so it's been less than you earn. Save the difference in invest it wisely Bam. That's the you know but now you gotta understand well. How do you spend last ask. How do you earn more how you invest it wisely you know. How do you do these things? That's the key in which ones are going to work for you. What's wise investment for one person won't be another cause investments. Themselves are not inherently wise. They aren't inherently good or bad. It has to do with your plan how you incorporate that strategy because see the thing teaches investing dun-rite is a process. It's not a product and what everybody thinks is investing is a product. They're looking for that good investment. They WANNA get Microsoft or Google in its infancy right and that's not how it works very rare cases will that work. There's a few outliers where they actually got wealthy that way. Most the most people don't do it that way. We've already been so many so many questions that I could hit but let me say on Oscar Oscar touch. What's the difference between building wealth and investing because I think there's inherent difference in your mind right huge difference yeah so so investing is just so first of all everything built goes back to your expectancy equation in your future value equation right so in other words the math that governs wealth-building governed everybody to expectancy equation and the future value equation so expectancies probability times payoff in its simplest form and that determines your wealth growth rate and then in future value equation as expectancy times time right so it's how grows over time in so. I mean I'm oversimplifying but that's that's intuitively how you understand. All you really really needed an intuitive understanding. You'll have to have formal mathematics. You just have to get this and be able to apply those rules intuitively and so when you go into it what you understand. Dan Is that wealth is actually the compound growth of both your personal resources and your financial resources in so when people hang on just an investment this strategy what they're thinking is. They're getting stuck in a box of thinking they're thinking Oh. It's just about my w. Two income or my wage income how much I saved from that income and then I just need a better investment strategy. I need a higher rate of return but they're not realizing wait a minute paper asset investing which is what most people think of when they think of an investment it strategy right like stocks bonds mutual funds. ETF that kind of thing when passive investing is the most limited investment class so the strict mathematical limits it's to the growth of a paper asset portfolio and I go into that and of course it's beyond the scope of this interview but just trust me on it and intuitively you know it. You don't even have to trust me because if if you look at the greatest investors of all time none of them exceed twenty percent compounded right and yet you can find tons of real estate investors in tons of entrepreneurs were there their return on investment greatly exceeds twenty percent compounded like that would not even that great in the Ontario class entrepreneurial invested class and so what happens is the paper asset classes extremely limited but everybody thinks oh. I just need a better investment strategy for my portfolio and that's gonNA solve invest. Bronze sounds notes. Not that's just one little tiny aspect of the whole thing so. It's not that it's wrong. It's just not the whole truth and what happens is. When you start looking at it that way it limits your understanding of the different things you can do to improve your total return to improve your wealth to increase security diversification value. There's so many things things you can dig into once you expand your understanding of it taught if I may just try and strip is down and keep it real bicyc- time someone listening right now and they just haven't dived into this weld but you know they all committed to investing the time the next ten years I know the ABC's Britain looks around retiring within ten years a nice okay. I'm prepared to commit whatever it takes. I've next ten years to do this. When you start with someone if you'll coaching apply at the beginning unless somebody added questions that you would ask was I said before I would go straight into designing a wealth plan right so that would be the starting point so for slide find out. I'd I'd assess their situation today because their situation today and they're going. They're timeframe implies. Let's possible and what isn't right so for example if I have a anesthesiologist who makes five hundred thousand dollars a year and only has accumulated two or three hundred thousand dollars in savings. I've got one very I've got a of clarity in what the situation is right. He doesn't need any help with earnings capacity. There's no way he's going to have a higher earnings capacity than it is current career right right. There's no need to bring an entrepreneurship instead what he needs to do is figure out how to channel more of his income earned into his asset category and how to compound acid category more effectively and so just those couple numbers of how much he makes how long you've been at the career and what a savings are will pretty much determine his plan and I goes straight into that with them right or you take somebody like. Let's say you got a schoolteacher and they're making forty or fifty thousand year. They have summers off and they're really good with with hand tools and love working on stuff well. They're never going to really build wealth on a teachers salary right because they're already kind of a minimalist living standard off the teacher salary in so it's it's pretty hard to save your way to wealth or to accelerate a well-planned so they're. GonNa have to look at both real estate in the entrepreneurship class in order to do something they have to break out the math of compound returns that are limited in the paper acid category so if you notice what I'm doing in each of these examples is I'm stepping right into what I opened the conversation with which is matching the characteristics of the person's life their goals their skills their resources and I'm matching them up to the strategies Angie's that are viable given their goals xanax sense yeah. It certainly does yeah and then again keeping on that topic of Kana knowing yourself we we is a toll could wealth dynamics is one of the many psychometric tools out evidence really great points people in the direction of natural off towards wealth. Do you have any aide takes for people. Hey really just don't know wet gain and you need that little bit of direction. almost like pointing the compass fulled for me. What it is narrowing process. You take you take the whole sphere of what's possible which is almost a management so large right and that's why they can be confused and everything is just so many possibly acidly so many angles you can go but there's only a few it's going to work for anyone person or is. GonNa make good business sense for anyone person their situation see you just start narrowing down until you can get to something and then they design a plan around it. If it gets excited moves them into action great. You're on track if they find it stifling if they're not if they're running into trouble aw tracking plan because it should be very motivating exciting yet like I guess the leading my question Netflix told if someone's what can we do they eddie benefit being able to leverage your knowledge and if kind of approaching this by themselves and overwhelmed by the number of choices tonight a process to kind of just design Ni- that's definitely not for nate three classes right so you can start looking eliminate Bingham. If you have no entrepreneurial experience and entrepreneurial desires you can throw it out the door right if you don't have if you don't want to save your way to wealth over a lifetime of earning compounding ending than paper assets may not be a viable strategy unless you have a very high income or you're very good saver if you're really gonNA Freak -ality right than paper assets can be workable so so you could eliminate that unless you're frugal you have extremely high earnings and you don't feel a desire to live lavish lifestyle right because in order for paper assets to work in a reasonable frame of time. You have to save a very high percentage of your income so either. You have a very high income like I did when I ran a hedge fund or you've spent very little so that's the paper acid facet category. If you want to do it in ten years like you were saying if you otherwise you have to go to real estate and business and so some people get are very open a business and business entrepreneurship ship some people. Are you close that one single heist probably success categories real estate and that's because it's intuitive the average average person who lives in a house can look at a neighborhood enough. It's good or bad they can look at construction without great construction background enough. There's deferred maintenance or not they know what makes a good home a good floor plan so it's very intuitive whereas paper assets of very counterintuitive. They work almost opposite what your intuition does us so again. You know you kind of have to look at what you can bring to the equation and then start eliminating based on what your predispositions are visit helpful. Does that narrow it down. Some does it does indeed brings me on tape. Is this what leverage sidelights on stem from Utah. What is what is leverage average in your definition and other different types of leverage what different things that can be leveraged to help you build wealth. Yeah see referencing book leverage equation. which was an outgrowth of it's literally two lessons in my course that each contain? I don't know there's like ten videos or something like that eleven videos in there around leverage and so what I got to back up a second to explain this okay in conventional national financial planning a paper assets in paper assets. They have very limited risk management capabilities. You mainly have diversification with conventional assets a conventional financial planning but there's more things you can do with advance paid strategies but very limited risk management and then you've got a almost leverage opportunities. You can only apply financial average which is very dangerous. It's the only type of leverage that cuts both ways in his dangerous and I wouldn't. I wouldn't encourage anybody to use financial leverage in traditional asset allocation sufficiently. There's no leverage opportunities for practical purposes. So then what happens is you go into what I call the Advanced Planning Framework Doc Netflix. You bring in the other two asset classes which is real estate and paper in on our business entrepreneurship now. The characteristics of that is when you bring the though oh traffic classes there's all kinds of creativity you can do to apply them and that includes leverage and so what that does is that changes the expectancy formula so the whole idea. Eh Events many framework is that again your wealth growth is determined by your expectancy falling rights of probability times payoffs will real estate has a single highest probability ability of positive payoff business entrepreneurship has a low probability is everybody knows is a high failure rate in business but you can manage it in a way to pay off the equation is extraordinarily favourable and that's through like. Lee Startup principles and other ideas you're probably familiar with and so if you approach it from an expectancy framework and you understand in how to do it you can manage any advanced planning framework extraordinary high probabilities an high payoffs which results in rapid wealth growth and so oh when. I teach leverage what I'm doing is I'm teaching the positive pay off side of the equation so it's how you multiply what you can do in two asset classes so you're going beyond just the limits of your personal resources of time and money rights you apply other people's money you apply other people's time answer employment apply other people's networks you apply advanced marketing principle so you're leveraging other people's c-rv influence influence and on on on so there's five now six total types of leverage that are covered in the teaching at it's all about how you build wealth by by using resources other than your own and so that's the principle behind leverage is going beyond your on resources. You have two children and I've I've I've listened some of your out of pocket costs wave about passing on some of the principals in the information and sometimes they wanNA listen maybe sometimes right but for many vallas now we'll see we'll have children and bringing. This knowledge through the ages is of course reading pulls him. He has so many people talk about. Why is this not tortoise. Go was your opinion on this. Why it's not time school schools not designed to make people rich schools designed to serve at that function. I mean schools designed to create a functional educated Classic Kids I. I don't know the reason why it's not you know I mean. I had my thoughts on it. I don't think they're all that relevant or important. I think the more important thing is how do you pass on this education to your kids and you'll you know I've ever seen that works to walk the Doc. your kids learn from what you do and they will. They learn far more from what you do than what you say and they will pick up on a contradiction between what you saying what you do very quickly as an example might use of the phone. I may not like what they do with the phone but then I sent I tend to overuse it myself and so they will oh call me out on it regularly but in terms of walking the talk with finances. I guess I'd done pretty decent with it because the kids do it and so I've seen them like in how they purchase clothes how they build a wardrobe how they shot for an airline ticket how do things they're pretty savvy about. Got It and even like now we had four drivers in household with two cars over the summer because my daughter came back from college and my daughter is a teenager and we managed with two Karzai. Nobody was complaining. You know it's like we just worked it out with four drivers in the household that's kind of crazy but then everybody managed occasionally use uber and I rode my bike a bunch. I walked some places. You know friends would pick us up. We just need at work because I I didn't pick up karston summer. It's just a waste wasteful thing to do do that. So I don't know is that it's an answering it. You walk the talk you just you go through decisions with them in real time and you work through them and they build a pattern in how they think about money and how they value it yeah and I guess just simply find the principles which you've shed ready to die and embedding them to some degree. Okay without preaching to your children about you. This is what you have today well. Some of it's not even applicable yet. They're not even in the wealth-building part yet. I I mean one's a software college and the other is Jean. High School is a record this it's not part of the framework so I don't shove it down their throat. The only part that's it's part of their mental framework right now is spending money and how you get good value for spending money and how you create amount you spend with what it costs you to earn it. It like all that really basic personal. Finance stuff is where their head is at now. It's rather interesting. My daughter is a video production major in College College in so she was actually producing the video testimonials for my course of summer which was really interesting right because h what's that that never age well. She's earning money and it's deductible to the company. She needs the money in it. It's all good business right and good experience for her. 'CAUSE nastiest product the show but he was funny. She point story was not bad boy. The story was she came back to me and actually that is story right because I'm walking the talk. She's she knows exactly what undoing this tax deductible. It's way to get money for I get value for from the business by his flexible job for her so she could suffer fun for summer in Yuccas. She doesn't Zap reporting each days of US anyway so yes. She got a lot of principles that way but then he was funny. She came back to me. She goes. Hey Dad because I've I've been in. Those testimonial videos in your core sounds pretty interesting. I think I'm GONNA WANNA take some time. Wow Okay so you know who cares what dad has. It's the same but what these other people said about dad is interesting is that she special discount rates low until she yeah she'll probably get the family friends and family this gun on that that one Kris Okay Hey. I'm Joel Stanton Brown. Hi this is Perry Marshall and you're listening to escape escape the rat race radio radio radio. You'll sharing your principles talk and teaching people how to take control of around financial future and deny uncouth. Thank you for doing that. However so many people as we've just said you know they may be have never learned about this at school then they into job in their in the big big wide world road and then perhaps if I win contact with a financial advisor or retirement planner you know what some of the problems that they might encounter county fairs that anything that you can help our listeners wave who may be are engage with these people and just taking the information but as as we said no really taking control of it themselves to understand yeah I haven't made any big secret out of my discontent for the the financial planning profession on average I mean there are exceptions of some extraordinarily good financial planners people who hold their clients best interests at heart and have true knowledge at how the business works the wealth-building business out is but by and large that's not true and so the whole reason I got in this business business was because when I ran a hedge I was dealing with clients and I saw what was going on with the financial planning side of stuff and it was atrocious and it's never really resolved itself into the state assessment some improvement with feeling financial planning and there's been some other changes that have helped basically the whole reason I bill a financial education. Education business was to balance out what was going on financial planning citing financial planning. Here's the thing only do business with people to add more value later life than they cost if they put more money in your pocket than they cost you in great and so take that filter to your financial planner and just see if he's going to add more money than it costs into your portfolio most will fail that you know and that's unfortunate and that's one of the reasons. I got in this business. Advice education only not financial planner investment products. Roddick's is that you know I believe that's just a valid thing you want to add more value to your clients than you cost them and so when you charge annual percentage of assets under management fees and you have cookie cutter manages systems and things like that which you have to have to run a business like that you know it's just it's tough so I did. I answer your question basically be careful. their their financial planning as a whole is a sales business not in investment investment management they they present themselves as investment experts but in general they farm out the investment management underneath them because they're busy gathering assets they get paid. Is they get paid by the amount of assets they manage as a function of the assets they manage again. I'm generalizing right. There's there's exceptions so have your eyes wide open understand what the businesses to sales business. Their job is to gather assets. They have generally as a whole not investment experts and they can be helpful awful. There's some things that can be helpful with but be careful. There's a lot of conflicts in biases and things that you have to watch out for so is is that helpful does that get you. Yes show and and Lincoln again is also just really looking at in terms of the costs of of the people around you also the cost of investments and charges and how how much that can eat. NCO returns right yeah and I've written on the subject. You could probably find an article mistake late to where it's not the it's not obvious all the fees you're paying a lot of the fees are hidden right and so you've got understand all the layers of fees involved in the financial planning freshen both would overtly shown the water hidden behind the scenes in built bill did other fee structures you know so you've really got to become an expert on the fees rise how much they cost you. I've got a video I give away on my site for free beacon in late to it. It's called how how you financial advisor is costing you seventy five for senator retirement income dot or more notice actually conservative at the Dakota seventy five percent of your income and I just go through the really simple math explains why that's true and it's shocking to people they just don't understand how at this stuff works and so when somebody says you know your financial advisers costing you seventy five percent he retirement income by on. I can't be possible right. I mean how could that work. He go through the math. It's obvious it's simple so that's explain a free video on the site again. You just gotTa understand this stuff and learn and educate yourself over. All of these resources that you'll arrive refined taught on definitely making sure that these will be available in Shannon is for today so anyone listening now just check out the links and then of of course I'm more information at the end of how you can get connected to you but we'll talk about the weather debts. Somebody wants to build wealth but maybe that feel like is bowling tain around there and CO of debt. What can you advise them help and intends a managing that so I teach not just this topic but almost all topics persson finance. I teach both the art and science right so the scientific answer to your question would be you either. Pay Off your debt or build wealth depends on. What's I'm GonNa give you the highest after tax return right so that's what you focus on his highest after tax return. That's the science not terribly useful one because you don't actually have a crystal the ball in the future so you don't actually know what the after tax return on the investment side will be but you do know the ACA tax return on the pay off debt side because you know what you're discussing you right so tough huffed away out that equation but that's the science answer. They get you the highest wealth promise. It doesn't really work that way. We aren't robots. We are a perfectly rational beings were emotional human beings and so it varies person to person what the correct answer is for some people it really makes sense to pay off the debt because they just feel that debt like expect a burden on their shoulders. They can't even think with it. It messes all their decisions. They have to have a clean slate to move forward except financial risk and do different things so for that that person pay off the debt might make sense for another personality. I cared the least about the debt right in so what they feel is. They've got to they they want to move forward if they're not moving forward and they're not building assets and not playing the game offensively and offensively. I don't be offense like rude. I mean offensively like offensive defense. That's right paying down debt. As defense paying building wealth is offense and so some people they have to be moving on the offensive side of the game in order to be excited by it and so for that person you go straight to building wealth because that's what excites them and he figured out how to build the payoff debt in behind it and so for people that want more on that. I've got an entire article on the subject that goes through in detail including the tax ramifications and everything. It's like excruciating detail. It's called payoff mortgage earlier. Invest in it's on the site and so that one is dislike. It goes every little detail the decision process and even explains how I've been on both sides at different points in my life like I had had a house with a mortgage when I didn't have to. I have the assets but my assets compound faster than the mortgage costs me right so I was playing a math equation on that one. Now I'm older. You know you can tell from the video. I'm an older guy now and so. I prefer to take a knee so like this house. Lee remodeled. I'm in right now. It's an old nineteen. Forties House downtown remodeled remodeled in fixed up that was paid off. We just paid it free and clear in so I don I don't want. I don't want the financial leverage. I don't want the mortgage and so it's emotional decision. It's not rational decision in that case so I've been on both sides offense and I disclosed it and explain it go through the whole detail. Is that helpful does that explain. That's great and I'm going to link to the article as well so that would be very useful and thanks for referencing the fact that we all recall Nissan videos because I often forget a Lotta people listening countrywide Humphry y chains on the Po cost for the headphones but yeah we've got the video going on today as well sake see told over Nevada I'm here in London and the beauty of technology analogy connecting us up here so as in. Oh not no technology so here. I'll throw that that's another good is just to be like amazed by things right because it just makes the day more Joel. It's amazing that you're in London right now. I'm in you know. We're talking real time in a conversation. It's just I mean. It's a video and it's getting recorded. The cost is almost I mean it's phenomenal unrated so that just makes the day more interesting right to just appreciate being ingratitude over the insanity of that alcohol is and then you go on listeners one hundred forty five countries that GONNA be checking this out if if next week will say Salvi. It's pretty amazing. SPRITE taught another thing that I think a lot of our listeners will be interested in and is actually how you've built this as no nine business. I've I've racing yes and then when you started out. Did you have any idea that it was going to grow you too late. Saturday and reach that you now achieving no I did not I had no idea at all. It started out. It was just a kind of a weird question. I had my mind is could I when I when I quote unquote air quote left but air quotes there on my head here when I air quoted retired at age thirty five which obviously it was a long time. It goes over two decades. AGO is still fascinated by personal. It's always have been it's just I'm a junkie for you know investing personal finance wealth-building and so I was still reading books on it and studying it even though I was quote unquote retired and in so what am I going to do so i. I wondered if I could actually help. Ordinary people create extraordinary financial results. I was like the question it was in. My head is was just unusual or do the principles insult that I learned in apply that figured out back when I decided I wanted engineer my way to wealth right and I didn't twelve years and I was like those principles be applied. It turned out about three quarters of a could in some of it couldn't and I was missing a whole bunch of stuff and I didn't know that until I started coaching people right and I started and finding all the holes my teachings about coaching. It's phenomenal is when you're on the when you're on the phone each week with the same person over and over your stuff enough you to work so they fire you right. They're not gonNA get on the on the phone and work with you if they're not producing results in pay the bills. It's not going to happen and so it's not like with a book where you're offering you get up on a podium in lecture people applied and you can walk away in your stuff can stink and nobody really says anything because it all sounds good with cooking gas to work mark it has to be effective and so. I started working with it as just a booty coaching practice. That's what's called financial mentor right. I tried to get financial coach. It was already taken in so it's financial mentor and that's because it was gonNa be just a Boutique Coaching Practice and then the coaching practice took off. I was oversold sold I had I kept raising raising the rates and there was a waiting list in the whole thing it was a good problem to have but it got out of control and then so I shut it down. I literally just shut the coaching practice down because there's no way for me to leverage it. There's nobody else can has the same knowledge and understanding background and some trying to productized tied right so I'm trying to put todd in a box and the knowledge I developed over the two decades coaching the decade of Hedge Fund investing put in a product form to where can reach more people at a better the price point and that's where growing the platform really kicking year right so originally it was just GonNa be a little a website for booty coaching practice and then it just expanded from there is the vision for it expanded yeah an end up saving now creating intellectual property for your courses and books and is united generating streams streams of income denied that says just the compound facts is net and the rage should sates. It's incredible so once again. Thank you for all of the content that you share. It really is phenomenal gentleman. Thank you thank you. I try you know it's you know some people really resonate with it and so that's what keeps me going and I told you set has the Gulf twelve bucks. How many e carney outside the seventh one is almost done so it's it's at just about fifty thousand words. It needs one more really tightening before I can take it to the most difficult part the whole process switches the content at it because that's when you send it to professional content editors and they come back and they tell you everything you did wrong and it's like you're done with the book and emotionally the baby is born and then the content of goes back and says your baby is ugly and these are all the problems with it and so it's really a difficult stage but that's where it's at now is it's basically written. I gotTa do one more edit myself and I go through two rounds of content at its dog. UGH Preussen there so that'll be a sound book. That'll be on management and so the titles risk management or investment resurgent and in subtitle will be how to make more by risking talking last and that's going to be a companion book to leverage 'cause leverages about how you make more right. It's how to ramp up. The Return Risk Management is how you control the risk and that's what tilts you pay off equation. Those two books are like bookends if you will or flip sides of the same coin and how you control the payoff equation Asian in expectancy analysis well everyone listening today that you're selling manny nice what he's talking about. Dennis people would like to guy and check out your website and don't see stopdown ninety some of the resources on knife a whole bunch of calculate Zeph went in. I had to talk so it's financial mentor. Dot Com is the website so two words Financial Mentor put Together Financial Mentor Dot Com and there's a ton of free resources. The paid stuff is the books and the one course. It's available Global Darfur do at the beginning of the interview Annette. Everything's Free so there's like eighty. Financial calculators 'cause wealth is math is I- looted to earlier but a lot of people don't like doing the Mathurin. They're not comfortable with it so he's calculator line do it for you. so there's eighty financial calculator all free and then there's I don't know thousand thousand printed pages of content and all free educational content that you can get so you have just come over and there's a mini course fifty two weeks to financial freedom so for new subscribers. I give away a a book called eighteen essential lessons of the self-made millionaire and then I also got giveaway mini course which is fifty two weeks to financial freedom and now you won't get rich and fifty two two weeks. It's a fifty two week process to set the stage for it. You know set the foundation for it and Tokens people who are in different countries around and welcome to the principals to start today's they translate across and old consonance. Yeah I get that question a lot. Actually about ninety five percent of it does for common law countries. You know the thing that doesn't translate as like U S Tax Law things like that and even then a lot of the US tax law is similar so you know Canadians have RSP. We have an IRA in. I'm not sure what the British have so. It's it's ninety nine percent translatable. The important stuff is the details might get missed so you know somebody has to read it with their own twist. I've got people from all over the world in the chorus and I've never heard one complaint of it being to US centric. I tried to be conscious of that. The books are more. US centric because that's where the bulk of the sales are but even then the principles of universal so much for the articles and as a huge amount of wisdom and knowledge that you shed told is incredible so thank you again. Thank you bike s one last question are which I was asked my guess is for those people listening right now and maybe a squashed up on the assign the traffic jam on their way to a from what and they really know that something bigger and better inside inside of the bed really really driven to achieve financial and personal freedom that something holding back to something stopping them and most like this fair. What would you say today's people listening right now until I ain't Nike said it will just do it. I know that sounds cheesy like us so cavalier. That's not going to get at the guy off the off the couch but here's the reality okay. We're all GONNA die than others right. I'm way older than you in and so you're going to die anyway. See Ms Live the adventure of life right and so you've got fears. You know what people will say fear of how you're going to screw it up fear of how you lose fear that you're not good enough. You're that you're not worthy. All these fears screw it. You know I had all those fears. I still have a lot of those fears you. You just do it anyway. You just start doing it and our tiny kind of learned that you're actually halfway decently competent but it comes I mean I started out with the I mean here. Here's a disclosure. The whole reason I built wealth in the first place is because of a lack of self confidence in you know just I was looking on. Hey I'm going to be successful in society terms. Now prove how good I am. I was starting to prove I was worthy of course once I got through that. I realized that improve anything at all. that's a side note so when I say everybody has those fears me included I do you just have to step into it and do it and the whole reason I can do. It is two things one I'd seen victor of life. I WanNa go to my grave with regrets of. Oh if I'd only tried this if I consider doing this fi gotten gotten off the couch that day when Todd said that crap rather than continuing to sit there right if I take an action rather than not I don't want to live with those regrets and so I'll just go take the action. 'CAUSE YOU'RE GONNA work anyway right your life. You're gonNA spend working either way. See Missile worked towards what you want to create and then on top of that the other thing that allows me to take action is responding right which is lime coming out the book if you're doing careful risk management than your wealth is just a function sample size. I mean once you understand how to set your expectancy positive expectancy how to manage risk. You will get the end result. If you play the game aggressively enough in long enough you will we'll get there. It's a function of sample size. It's just a mathematical truth and so get going now and start your sample size now. Don't waste any more time so hopefully that's helpful helpful. Let's get todd. I've really read enjoys making me if you tonight thanks for base such great essence around the radio and I look forward to connecting again with you. Real saying thanks they sounded a Christian here and I want to invite you to join the escape. The rat race membership site completely lately for free. There's no hidden up cells all monthly subscription phase you can join with just a name and email address and inside yoga access to due following a free copy of my book sack your boss the ultimate guide to escape you'll nine to five over fifty video interviews of me and my guests on escape the rat race radio including people such as Seth Godin Perry Marshall Rob Moore and Chris Darker and the four video recordings from over thirty of my escape gate the rat race London meet up bent with world famous speakers covering a whole host of ideas to help you get your own escape plan plus us. I'm also going to give you a twenty five percent discount on my brand new five-step Freidan formula online course where I teach you step by step the the process. You need to follow if you're serious about breaking free of you'll nine five and starting a business which can give you the freedom to focus on the things things in your life which are more important to you. This is a collection of the very best content from escape the rat race. I could possibly pull together and it's oils also absolutely for free just visit. WWW dot e. t. off dot online forward slash free membership and start working on your escape plan right now.

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