Stick Like Glue Radio #167 On this special episode of Stick Like Glue Radio, I interview serial entrepreneur, former hedge fund manager and bestselling author Todd Tresidder and we discuss a variety of topics including how much you need to retire, whether to pau off your mortgage and how to play catch up! Don’t miss this important show!

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On this special episode of Stick Like Glue Radio, I interview serial entrepreneur, former hedge fund manager, and bestselling author Todd Tressider, and we discuss a variety of topics including how much you need in order to retire, whether to pay off your mortgage, and how to play catch up! Don’t miss this important show!

Main Questions Asked:

  • How do you figure out how much someone needs to retire?
  • If we can’t make correct assumptions, then what is the answer?
  • Do you have to try all three models and see how they merge together, or choose one?
  • Is there a way to play catch up, and what do you think about paying off the mortgage?
  • What’s the difference between financial advice and financial coaching?
  • What do you think about becoming an entrepreneur later in life?
  • Do you coach entrepreneurs on marketing?
  • Give us a couple of tips on content marketing.

Key Lessons Learned:

  • The goal isn’t retirement, it’s creating a life that’s so fulfilling you never want to retire from it.
  • When estimating your ‘number,’ inflation for 40 years in advance has to be taken into consideration, which can’t be known.

The Three Models

Asset based

  • This is the traditional model. While it is valid and worth doing, it is not the only piece of the picture.
  • Confidence intervals that use a range of optimistic and pessimistic assumptions to get a range of what your retirement number is.
  • The real danger is when people think there is a magic number as there is no such thing.

Lifestyle

  • This is a way of showing how to live happily on less.
  • The general rule of thumb that is the rule of 300. This is for every $1000 a month you spend in retirement, it requirements roughly $300K in assets to support that spending. If you want to be conservative, it can be the rule of $400K.
  • There are different ways to approach your lifestyle and asking ‘what do I really need to be happy?’

Cash flow

  • This is the most difficult model to achieve, and a lot of people can’t get here; however, when achieved, it you are truly financial secure.

Financial Advice vs. Financial Coaching

  • Financial coaches focus on you first, and investor products are only tools used to express your plan.
  • Financial advisors are about the tools because that is what they sell.
  • Success is more about the person than the specific tactics.
  • Each person’s plan is unique to their skills, resources, abilities, and goals.
  • If you look at a portfolio of a person with a financial advisor, you’ll find that they are similar as they are all dependent on the wisdom of the financial advisor.

Paths to Financial Freedom

  • The three ways to build wealth are as follows:
  • Entrepreneurship, this is the greatest path to financial freedom.
  • The second most prevalent path is real estate.
  • The third is paper assets, which is a ‘parking place’ for wealth built elsewhere.

Tips on Content Marketing

  • You have to understand how your ideal clients find you and what they do to convert.
  • What specific problems will a client pay to be solved?
  • Once you understand the client’s buying process, you can map your conversion and marketing process.
  • Podcasting is a great conversion tool, as people get to know you and feel as though they personally know you from hearing your voice.
  • The Million Dollar platform is a ‘doing it all’ building process of different types of content, as people consume information in different ways: books, podcasts, videos, free reports, and blogs.
  • Start with one thing, get good at it, and build it out. Then add the next thing, then the next, so over time you have a formidable platform.
  • Do you have the branding set up, and what is that reinforcing?

Resources

Financial Mentor
52 Weeks to Financial Freedom
 
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How much do you really need to retire? Find out w/ Todd Tressider @financialmentor & @newsletterguru https://www.getjimpalmer.com

Financial advice vs financial coaching ? Which is right for you? Find out w/ @financialmentor & @newsletterguru https://www.getjimpalmer.com

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