A summary of things you should know about How Much Money Do I Need To Retire? according to Todd Tresidder: Introduction In this episode personal finance expert, Todd Tresidder takesRead More
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]]>In this episode personal finance expert, Todd Tresidder takes a deep dive into his book, How Much Money Do I Need To Retire?, where he shows you how to start your retirement savings.
In his book Tresidder argues that the conventional approach to retirement planning is flawed and reveals a much more stable formula for calculating the amount you need to save for retirement. The goal of the book is to teach you ways to spend less while improving your life, how to reduce the amount you need to retire, 3 models for estimating your retirement needs, and how to not run out of money.
This book is perfect for entrepreneurs who are within 5 – 7 years of retiring and need help figuring out exactly what it will take to ensure they are financially safe for retirement.
Most books about this topic come at it from an assets approach. Although I think that’s important, that’s only a small portion of what’s to be learned.
It’s designed to be read from front to back because I start with the traditional model and then I explain alternative models.
I want the reader to understand that there is no magic number. You need to recognize that everything is an estimate and your retirement planning is an iterative process, it’s worth doing to get a generalized goal but understand that it’s a range of outcomes. There is no definitive number and you will work with your retirement number throughout your retirement as numbers come in.
The whole first half of the book is all about the traditional model but I take it a whole cut deeper. So you start with the traditional approach which is using the retirement calculator, you plug in all these assumptions, but then I take you through the assumptions one by one and explain why they can’t be made properly. For example one of the assumptions is life expectancy, nobody knows when they are going to die that’s an impossible assumption to make. Or an investment return, nobody has any idea what their investment return will be over the next 30 years, it’s a guess at best. So I go through these assumptions one by one and I help you create a range of viable values and help you to understand how to work with that assumption in a constructive way.
From there we build a confidence interval using a traditional approach called The Assets Base approach.
Then the book goes through what I call Lifestyle Planning for Retirement and this is where you can start having breakthrough results. And the whole premise here is that for every one thousand dollars per month you spend in retirement, it requires anywhere from three hundred to four hundred thousand dollars in assets to support it. You will find that there are a lot of different ways in which you can redesign your life so it can be every bit as fulfilling or more fulfilling at a fraction of the cost. This is what I call Lifestyle Planning around retirement and it’s a great way to make ends meet if they don’t already.
In the third part of the book we discuss what I call Cash Flow Base Retirement Planning. In this second I point out that really retirement or financial independence at any age is about cash flow exceeding expenses. So then we go into cash flow base models and it’s a complete turnaround in the approach to retirement planning.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 06:28
“The only function of economic forecasting is to make astrology look respectable.” – John Kenneth Galbraith
I have a background in hedge fund investing. I came out of college and I had a crazy idea that I could make money from investing statistically or mathematically without actually knowing the investments themselves. My two icon investors were my professor and father and they both told me it wouldn’t work but despite their opinion I was sure it would and I was right. I was one of the early pioneers of the hedge fund business and so I was able to “retire” at age 35. After retirement I decided to take the knowledge that I had and share it with others. This led me to build a company called Financial Mentor which is an advanced education website that is geared around wealth building. This website is focused on people who are past the basics and ready for the next step.
The inspiration was my coaching clients. Since I was coaching people on how to build wealth the number one question was how much money do I need and so I wrote the book on this subject because nobody else had done a proper job at it.
The War of Art by Steven Pressfield
Buy How Much Money Do I Need to Retire by Todd Tresidder on Amazon today
Visit FinancialMentor.com to learn more about Todd and his work
Follow Todd Tresidder on Linkedin and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
You Can Retire Sooner Than You Think by Wes Moss
The 5 Years Before You Retire by Emily Guy Birken
Get What’s Yours by Larry Kotlikoff
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]]>A summary of things you should know about Make Money, Live Wealthy according to Austin Netzley Introduction In this episode Austin Netzley shares his book, Make Money Live Wealthy, whereRead More
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]]>A summary of things you should know about Make Money, Live Wealthy according to Austin Netzley
In this episode Austin Netzley shares his book, Make Money Live Wealthy, where he shows you how to invest, be an entrepreneur, and build massive wealth.
In his book, Netzley reveals the wealth secrets of 75 successful entrepreneurs that outline a path to true wealth in 10 simple steps. The goal of this book is to teach you how to step up your game in money, how to reprogram your mind, the common traits of the wealthy, and the key mistakes that are holding you back.
This book is perfect for entrepreneurs who have a passion for money, investing, and business in order to live a rich life filled with happiness, joy, and inner peace.
I talk about true wealth and what true wealth is more than money. Money is a tool to help give you a life that you want to live and I didn’t learn this until I was 24 years old. The point of the book is to teach people what true wealth is and how to obtain it. What makes it different is that I use quotes from 75 interviews to drive the conversation. It’s a little bit unique and hopefully very, very actionable for people.
It’s a progression so start from the beginning and work your way through.
It’s all about the mindset. It’s at the heart of everything and unfortunately we are not taught about that in school. The wealthy think differently.
It’s the 10 simple steps to true wealth and what I did was take the lessons of 75 successful entrepreneurs. I started to realize that each entrepreneur had the same common steps and decisions.
The first step I talk about is to take control. You have to take control of your past and your future. Everybody wants to become rich but until you make the decision in your mind and commit to that then you don’t start to see the opportunities that are in front of you. Once you make that decision you are on your way.
From there you move in to the second step which is developing the right mindset. You need to reflect and understand what is holding you back and then reverse that and start to think like the rich. The rich think differently and by doing that they have different results. Our thoughts lead to our feelings which lead to our actions which lead to our results.
The third element is creating the right environment. When I am talking about the environment it’s not only the information that’s going in your head but it’s your network. If you want to be your best self in any area of your life you need coaches to guide and direct you along the way.
The fourth element is building the financial foundation. It’s a matter of getting your priorities in line and as soon as you do that you start to build momentum.
Element number five is gaining clarity. You have to have a clear vision of where you are going and why. You need to understand what that lifestyle is that you really want and then you can create something that helps you ultimately live that lifestyle.
The sixth step is to craft your dream career and this is where you look at pursuing a passion which you often have to start with skills. We talk about finding the perfect career and different vehicles to get you there.
Chapter seven is about making money and the equations of wealth. We talk about financial freedom, different sources of income and money secrets of the rich.
Chapter eight is the entrepreneurial success chapter. In this chapter I talk about why everybody should consider entrepreneurship. The best way to build massive wealth is to be an entrepreneur.
Chapter nine is how I built my wealth through investing.
The last chapter is about the time and journey. Wealth is not necessarily a destination but more of a state of mind. It’s all about getting over fear and enjoying that process of continuing towards wealth.
“Wealth is a choice.” – David Wood
I grew up in the Midwest and had visions of becoming a CEO for a large company. I got my engineering degree and went down that path, worked in corporate America and started to read books. I learned what was possible and learned that there were other options than that which lead me to invest. Over the next couple of years I created my own algorithm and automated it and started to scale that up while working in an oil company. At the end of last year retired and now I travel around and share my passion of money and the mindset and investing with other people to help get them to where they want to go.
The big inspiration was that books changed my life. As soon as I started to read a lot I knew that someday I wanted to write a book. Since I was traveling around the world and had my own podcast I figured it was a perfect opportunity to do so and I am so excited that I did.
How to Win Friends and Influence People by Dale Carnegie
Buy Make Money Live Wealthy by Austin Netzley on Amazon today
Visit MakeMoneyLiveWealthy.com to learn more about Austin and his book
Subscribe to YoPro Wealth on iTunes or Stitcher
Follow Austin Netzley on Twitter and Facebook
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books: Think and Grow Rich by Napoleon Hill | The Millionaire Master Plan by Roger Hamilton | Walk Away Wealthy by Mark Tepper
Relevant advice and tips: Who is Napoleon Hill and Everything An Entrepreneur Should Know About Him
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