The first step was chatting with Todd Tresidder. We discussed how popular coaching and mentorship workshops on financial investing have become. Todd decided to retire after selling his hedge fund business at age 35. He’s a coach because he enjoys it, and I’ve learned a lot from him about the psychology of personal finance from our stimulating discussions.
The following are the most critical points from an open and frank conversation about shifting your mindset to become financially secure. Some of what you read will come as a complete shock to you.
Todd: What do you think of the courses that promise to show you how to get wealthy through wise investment?
Jeanna: In my opinion, the advertising is superb. That’s the kind of allure I seek! Attendees rushed to the exits after paying thousands of dollars to attend a “free” seminar. During most “coaching” sessions, the “financial guru” is not present. The programs inspire participants, but I don’t expect most of them to end up financially better off.
You get what you paid for, Todd. They’re as generic as can be. The marketing brochures make it very apparent how much money you would save. The sound quality is excellent, and the presentation is clear and concise. Remember that offering some courses at no cost is only a marketing ploy. Their goal is to convince you to pay more for their services. The money, as any businessperson in marketing knows, is in the back-of-the-room upsell.
However, people have varying risk appetites, values, financial capacities, and experiences. The guidance is relatively standard. Paychecks and W-2s are the only means of support for some people. Their approach will be different from that of a business owner. The person’s current strategies should also be considered while offering advice. But what if their attention is solely on paper assets? The availability of time is also a factor in this context. It’s more urgent for the elderly to speed up accumulating wealth.
You may believe that attending one of those large seminars will be the answer to all of your financial woes. People want a simple solution right now. Accumulating money is an endeavor… a lifetime endeavor.
Some so-called “financial gurus” may only tell you half the truth. There are many essential omissions. Some of them are entirely incorrect. Keep in mind that anyone “telling” you how to invest is doing it based on their own beliefs and values. Some educators place a premium on aggressive leveraging.
Jeanna: Sure, and not everyone enjoys doing it. Some people may become entirely unresponsive to that. Managing one’s finances is an individual trait. Some folks require a detailed strategy, proceeding slowly and methodically. It may be necessary for some people to start slow and cautiously.
Todd: Good coaching, in my opinion, yields better outcomes because of accountability and the opportunity to observe players in action. When this happens, progress is made. That won’t happen in a large conference setting. They provide directions. As Brain Klemmer likes to say, “If how-to’s were the answer, we’d all be rich, skinny, and happy.”
Typical software is designed around a “how to” framework rather than the user. You must put yourself first if you want to succeed financially.
“HA!” exclaimed Jeanna. Okay, that’s good. Yes, actually. When individuals sign up for my Get Your Body Humming teleclass, I warn them that the first two sessions will likely cover everything they need to know. The time frame for seeing results is between one and six months. Altering routines and mindsets is a process that requires patience. Many best practices only become second nature after some trial and error. You must try the instructions to see if they work for you. Then modify them so that they fit in with your worldview.
People’s assumptions that investing in rental property will generate a passive income make me chuckle. Even if you hire a property manager, you must keep tabs on your investments. It’s meant for profit.
Todd: Yes, and you need to make improvements and repairs to the property.
I’m working on a study titled “Consumer’s Guide to Financial Advice.”
The title “Just Say No to Financial Advice” is perfect.
Jeanna, how can a typical person find a reliable financial planner?
Todd: You need to know the fundamentals. You may learn more about finances than most financial consultants in two to three months if you study the right books.
Jeanna: That’s a very audacious claim!
Todd: The news of this is not unexpected. It’s well-known that financial advisors don’t have training in finance but rather in sales. This is not some vast plot. This isn’t always the case; some highly competent advisors are available.
Remember that most advisors have competing interests. The positions they hold shape the values they express. How are they able to pay their bills? The items that financial advisors sell are where they make their living. You’re suffering from Keds Syndrome. They are obligated to dress their children’s feet in Keds. They decide what to sell you based on your profitability to them. A fund’s historical returns will be displayed. The past is not a predictor of the future. This is a known fact.
Jeanna: Can you recommend any good books on personal finance and their authors?
No, Todd. I recommend books to people based on their interests and requirements.
You are aware of my extensive training as an engineer. Most people won’t be able to replicate my success story. Few will be able to replicate my success, and there are more straightforward methods to amass a fortune.
Once again, there is no quick fix, simply a method. Those who are looking for instant answers or guides are the ones I sniff out. In the past, I never turned down a customer. They won’t succeed or be pleased for very long until they are fully invested in the procedure. It would be best to make severe adjustments to be financially secure for the rest of your life. Your daily routine is the key to financial success. Need an instant solution? You may get used software/courses and books on eBay for very little money. Canned books containing tutorials are more convenient and cost-effective. Cancel your coaching session. Clients looking for a permanent fix are the only ones I take on.
Jeanna: People always call me looking for Law of Attraction counseling. They want to know when they can expect a turnaround in their financial situation and the health of their company. I believe that a person needs to adopt an attitude of abundance for a full six months before it becomes second nature to them. Three months seems to be the average time for people to begin recognizing and letting go of their fear-based actions. I’m not trying to force anyone to adhere to these schedules; I believe in the need for consistency. Daily, minute-by-minute practice is required.
Additional thoughts on the optimal method for acquiring financial guidance, coaching, and mentorship are below.
Before you start looking for help, you should have a firm idea of what exactly you need.
You may need to collaborate with a large group.
Is there a plan in place? Ninety percent or more of the folks who have attended my Cashflow seminars and our Financial Fortune teleclasses either have no financial strategy, or it has developed by accident.
Don’t settle for someone who isn’t the perfect complement to you.
Seek advice from those who are more financially secure than you currently are.
Pick a method or practitioner who can accommodate your preferences and habits.
If the seminar, teleclass, or coaching cost kills you, you should skip it. Don’t be afraid to say whether or not you think the investment is worth it.
Put the coaching or suggestions to use. Acquiring knowledge without using it serves no purpose. Plan your strategy and implement it.
Visit http://www.financialmentor.com/ to get to know Todd more.
The Xtreme Abundance Coach is Jeanna Gabellini. She will equip you with all you need to build wealth and prosperity through her private coaching, telecourses, and audio products. Jeanna combines tactics, the Laws of Attraction, and good old-fashioned fun to help you get what you want. Can you handle the utmost capital? For additional information, please visit http://www.MasterPeaceCoaching.com/ezine/ or call 707-747-0447.
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