The Financial Mentor Podcast

By Todd R. TresidderBusiness Education Self-Improvement Investing

The Financial Mentor Podcast episodes

March 03, 2014FM 016: How To Choose A Financial Advisor with Michael Kitces
Click here to download the transcript of Michael's best tips for choosing a financial advisor!
Free Instant Access
It's hard to know how to choose a financial advisor.
There is so much value at stake; yet, how can you tell the experts from the charlatans?
Who can you trust? How do you really know?
After all, you are busy with kids, a career, and life. You want to be able to trust someone to make sure your financial planning is on track, but it's a den of thieves out there.
Adding confusion to concern are all the sound-alike titles such as brokers, registered investment advisors, certified financial planners, financial coaches, and financial consultants to describe similar services. Who can tell the difference?
It's time to pull back the curtain on all the techno-babble so that you can find the best financial advisors and eliminate the posers.
In this episode I'll give you a step-by-step due diligence process for how to choose a financial advisor that fits your needs.
Related:
How Your Financial Advisor is Taking 75% of Your Retirement Income (or More!) Video, PDF download, or Audio.
You will learn how to sort your way through the maze of confusion so that you can get the expert help you need to reach your financial goals… without getting ripped off.
In this episode you will discover:
Why the starting point to choosing a financial advisor is looking inward.
How to match your specific needs to the right specialist (not all advisors are created equal).
Why the common practice of using referrals is dangerously flawed.
The 4 advisor compensation models and how each impacts the advice you receive.
Form ADV disclosure, what it says, and how to get one from your advisor.
6 different financial planner search sites so you can pick the right professional for your needs.
Why the “fee only” compensation model means different things in different situations (this is important!).
How to analyze a financial advisor web site.
Whether or not it is even relevant to meet your advisor face-to-face any more.
Where the future of financial advice is heading (this may surprise you!)
How to understand the hidden financial incentives hiding behind the advice your receive.
A checklist of quality factors to use when judging your financial advisor.
What “assets under management” really says about your advisor, and why it's not an important quality indicator.
How to know the difference between CFP, CPA, PFS, RIA, CFA, and CHFC. (Yikes!!)
Why all these professional designations imply little about investment skill.
The surprising reason financial advisors don't provide investment track records.
Why GIPS audited track records are rare (guess what? It's the same reason they are the gold standard in performance disclosure).
Why there is no perfect advisor compensation model (each has an Achilles Heal that you must watch out for).
The key difference between the suitability standard and fiduciary responsibility (well worth knowing).
and much more….
Resources and Links Mentioned in this Session Include:
Michael's financial advisory business site is Pinnacle Advisory Group.
Michael's personal site is at Kitces.Com and his blog is the Nerd's Eye View.
Here's a listing of some of our more popular financial and investment due diligence articles to supplement these insights.
My 7 Steps To 7 Figures Wealth Building Course.
You can learn more about my financial coaching services here.
My article explaining how different compensation models bias the financial advice your receive.
My tutorial directory of articles about financial advice related topics.
Plannersearch.org for finding a CFP in your area associated with the Financial Planning Association.
NAPFA.org for fee-only financial advisors (could be asset based or hourly).
GarretPlanningNetwork.com for locating exclusively hourly fee advisors for asking a few questions.
BrokerCheck.FINRA.Org to look for enforcement violations against your advisor.
Brightscope.com for advisor due diligence and disclosures.
Help Out The Show:
The feedback on these podcasts has been great so thank you.
5 star reviews increase the show's rank and help more people benefit from the message.
Please take the time to leave a review. It really helps a lot and I read every review. Thanks!
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, this link below will help you subscribe and leave a review on your device…
Click here to subscribe and leave a review from inside your iTunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
Invest Like Todd!
A better investment strategy than buy and hold - Makes more by risking less
Discover the scientific investment process Todd developed during his hedge fund days that he still uses to manage his own money today. It’s all simplified for you in this turn-key system that takes just 30 minutes per month.
Learn more… »
1 hr 19 min
February 03, 2014FM 015: Early Financial Independence With Luke Landes
Click here to download the transcript of Luke's best early financial independence tips!
Free Instant Access
Sure, you want early financial independence.
But how do you achieve it?
What are the necessary action steps to reach the goal, and how can you expect your life to change afterward? Surprisingly, it doesn't work like most people think.
In this latest addition to our podcast series featuring early financial independence success stories (see previous episodes with Darrow Kirkpatrick and/or Doug Nordman), Luke Landes shares how he achieved freedom from day-to-day financial worries at such an early age, and what his life experience has been like since reaching the goal.
Surprisingly, it's not like most people would expect.
Luke's story differs remarkably from previous success stories because he never really set out to achieve financial independence. In fact, he sort of fell into it by accident (even though he still worked hard and planned strategically) by being the right guy in the right place at the right time.
Luke's story is also different from previous stories because he didn't save his way to methodically reach the goal with discipline. Instead, he attained it through the business path to wealth with a single buyout of a single business.
Related: You're financially aware. This course makes you financially free...
I really appreciate how generous and candid Luke was in this interview sharing his experience of life and the pursuit of happiness following financial independence. He tells you the straight truth about struggles with motivation when money is no longer a concern. He explains the challenges of leading your own life when normal career constraints and the need to make money are removed.
So get motivated to move to the next stage of your life where the focus is on fulfillment instead of money with tips to help get you there faster and with fewer mistakes.
In this episode you will discover:
The many definitions of financial independence… and which one Luke has chosen.
Exactly how Luke achieved financial freedom – almost by accident.
The role of luck and being in the right place at the right time for some types of financial success. (Hint – you still have to work hard and be strategic even when you're lucky.)
How single point failure risk can destroy a fortune quickly, and what you must do to manage it.
The value of diversifying revenue sources within your business model to control risk.
How to prepare a business for sale so that you maximize the value.
What you must do to find a buyer who will pay more for the business than it is worth to you.
The unexpected difficulty with motivation that everyone who achieves early financial independence must overcome.
Why you may already be financially independent and not even know it. Seriously!
How the human need to serve somebody – whether financially independent or not – turns the whole idea of “freedom” on it's head.
How autonomy affects your motivation and sense of personal freedom – whether employed or not.
The million dollar myth – Revealed!
Why it's all about cash flow… not assets.
Exactly how your motivation for work and new projects will change after financial freedom.
What to do when your passion in life requires hard work, but you no longer have to work at all.
How early financial independence is just like 2nd generation wealth… but without the second generation.
The absolute, foolproof way to know exactly what you are truly committed to. It never fails.
How to master the essential success characteristic – focus.
Why building wealth is one of your greatest paths to personal growth.
and much more….
Resources and Links Mentioned in this Session Include:
Luke's old website is ConsumerismCommentary.com.
Luke's personal site is LukeLandes.com.
Dan Pink's book is Drive: The Surprising Truth About What Motivates Us on Amazon.
The Plutus Awards.
My Expectancy Wealth Building Course can be found here.
Additional articles on this site to help you understand the commitment process are here.
You can learn more about my financial coaching services here.
My bestselling book about “How Much Money You Need To Retire” is on Amazon here.
My best retirement calculator to help you engineer your financial freedom.
Here is one of my most popular articles on Money and Happiness.
Podcast episode #7 about money and happiness with Jonathan Clements.
Previous early retirement success stories on this podcast include episodes #4 with Doug Nordman and #2 with Darrow Kirkpatrick.
Help Out The Show:
Giving an honest review on Itunes is one of the best ways to support this show.
5 star reviews increase the show's rank and help more people benefit from the message. Please take the time to leave a review. Thanks!
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, this link below will help you subscribe and leave a review on your device…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
"Discover The Comprehensive Wealth Planning Process Proven Through 20+ Years Of Coaching That Will Give You Complete Confidence In Your Financial Future"
Get a step-by-step action plan to achieve financial independence - completely personalized to you.
How to live for fulfilment now, while building wealth for the future.
No more procrastination. No more confusion. Just progress and clarity
Expectancy Wealth Planning will show you how to create a financial roadmap for the rest of your life and give you all of the tools you need to follow it.
Learn More...
1 hr 7 min
January 20, 2014FM 014: Life Reimagined and The New Retirement with Richard Leider
Click here to download the transcript of Richard's best retirement planning tips!
Free Instant Access
The “New Retirement” is gathering momentum and catching major media attention. Are you on board?
In fact, no less than AARP has gotten behind the initiative with a new book titled Life Reimagined by Richard Leider.
More and more people are realizing the life-changing message the New Retirement delivers. It is much bigger than just financial planning. It explores the intersection between finance and fulfillment showing you how to blend them together into a life well-lived.
You will particularly enjoy in this interview how cohesive Richard and my viewpoints are on this subject – remarkably so – right down to the actual implementation steps and the meaning behind them. In fact, I wrote the introduction to this podcast before ever seeing Richard's book only to find out it couldn't have been more perfectly targeted. Not a coincidence.
During the discussion Richard and I go back and forth playing off each other bringing different language and different examples to the same core message – we want to help you get past traditional retirement illusions and embrace a more empowering and fulfilling life plan.
Bottom line – if you have any interest in retiring with financial security and enjoying a happy life (who doesn't?) then this interview is a must listen. It carefully redefines retirement as a highly misunderstood stage of life so that you know what to expect and how to plan for for the best.
Related: You’ve got a number. Now get your plan to actually hit it with confidence…
In this episode you will discover:
The critical difference between freedom from and freedom to.
The 3 revolutions driving The New Retirement.
How the 3 revolutions perfectly match the 3 M's – money, medicine, and meaning. (Not a coincidence.)
The last of our human freedoms and what it means for the last stage of your life.
The 6 steps to making the Life Reimagined transition so you can enjoy a fulfilling next stage of life.
What it means to be pushed by pain or pushed by “inner kill,” versus driven by internal motivation.
How do you know if you're living in the V.U.C.A world? Why should you care?
How rapid change connects to your desire for happiness.
What it means to find happiness from the inside-out.
Why hedonia only gets you superficial, transient happiness, but eudaimonia can lead to deep fulfillment.
Why happiness can only be pursued through the “side door” rather than directly.
The dead-end path of self-absorption and self-entertainment as your sole purpose in life… revealed.
The cause that triggers change in your life and where it comes from so you can be prepared.
How to use a sounding board to re-create your life.
The reason why lack of curiosity is the number one relationship destroyer in the second phase of life… and how you can protect your relationship from becoming the next victim.
The virtues of a circular life solution versus a linear life solution. Yes, it matters.
Discover the necessity to embrace discomfort as a positive experience on your path to growth.
and much more….
Resources and Links Mentioned in this Session Include:
Richard Leider's website is the InventureGroup.com.
Richard's book is Life Reimagined on Amazon.
The companion site to the book at LifeReimagined.org.
My Expectancy Wealth Building Course
Victor Frankl's book Man's Search For Meaning on Amazon.
Learn more about my financial coaching services here.
My bestselling book at Amazon How Much Money Do You Need To Retire?
A retirement calculator to help you engineer your retirement.
Richard Leider's book Repacking Your Bags: Lighten Your Load for the Rest of Your Life on Amazon.
Money and Happiness article on this site.
Podcast episode #7 about money and happiness with Jonathan Clements.
Cal Newport's book So Good They Can't Ignore You on Amazon.
The book What Color Is Your Parachute by Dick Bolles.
Help Out The Show:
If you are getting value from these podcasts then a great way to give back is to subscribe and leave a review. 5 star reviews improve the show's rank – the more reviews the higher the rank – which helps more people find the show and benefit from the message.
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, this link below will help you subscribe and leave a review on your device…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
Retire With Confidence

Anybody can learn to build a secure retirement -- and you don't need a financial advisor.
My course, Expectancy Wealth Planning, has been called "the best financial education on the internet" and provides all the knowledge you'll ever need to build the life -- and retirement -- of your dreams.
Learn More Now
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1 hr 16 min
January 06, 2014FM 013: Simple Financial Planning – The Only 6 Ideas You Need To Know With Philip Taylor
Click here to download the transcript of Philip's top financial planning tips!
Free Instant Access
As I sat with 3,000 fellow entrepreneurs waiting for the next speaker to enter the stage, the beauty of Portland's antique theater intrigued me. Wrought iron railings, ornate tapestries, brass fixtures, and gold inset wood designs set the mood for Tess Vigeland from NPR's “MarketPlace Money” (9 million weekly listeners) to take the stage. After thunderous applause, her bold statement stunned me…
Everything you need to know about financial planning is just 6 stories, and everything else written on the subject merely rehashes those core 6 stories over and over again to make them look different.
Could it be true? Was financial planning really that simple? Just 6 core ideas? I was intrigued.
Philip Taylor from PTMoney.Com was sitting in the audience with me and was equally taken by Tess's statement. After all, we are both authors of several hundred financial articles individually and more than a thousand articles combined. Was simple financial planning really possible?
As it turned out, yes, it was. In this 13th episode of the Financial Mentor Podcast, Philip and I arrange these 6 cornerstone principles (as inspired by Tess's presentation) into step-by-step logical order of execution so you know how to turn the corner on your finances and the exact order to do it in.
The point of this podcast is to simplify all the complication and noise coming out of the financial media because it keeps you from taking action. It is the infamous paradox of choice. When there is too much information to digest then our minds go into confusion and shut down. The result is no action.

Related:
Why you need a wealth plan, not a financial plan.

That's why it is so important to simplify. The number one wealth killer is procrastination because a confused mind can't take action. You must proactively design your financial life by taking daily actions to create your wealth. The sooner the better.
This podcast will show you how to simplify all the financial planning noise down to just 6 cornerstone ideas and arrange them in a logical order of execution. It is everything you need to know about financial planning – simplified.
In this episode you will discover:
Why awareness is the necessary starting point.
How the 6 cornerstone ideas interconnect to support each other.
A simple routine that will help you run your money like a business.
The cornerstone principle that will simplify your financial life once and for all.
Which expense should be optimized first to get the greatest result for the least effort.
The difference between aligning your spending with your values vs. getting the best value for your money.
The simple trick that can get you discounts on monthly recurring bills.
The right – and wrong – way to use coupons to save money.
How to define the efficient price point (Hint – it's not the cheapest, or the most expensive).
The inherent limitation to frugality that can trap you.
Why an emergency fund is essential to the early stage of your wealth building process, and why it is useless later on.
The 3 reasons to save.
The key difference between good debt and bad debt (yes, some debt can be good!)
The dangerous self-deception that causes consumer debt.
How Philip's “separate and automate” concept will help you save more with less stress.
How to get motivated to save for retirement (if you aren't already).
3 simple steps to maximizing your retirement savings.
The correct stage for emphasizing risk management disciplines and why it is later in the process rather than early.
and much more….
Resources and Links Mentioned in this Session Include:
Philip's website is PTMoney.com.
Financial Blogger's Conference website is here.
My 7 Steps To 7 Figures Wealth Building Course
Tess Vigeland's speech from World Domination Summit 2013.
You can learn more about my financial coaching services here.
My bestselling book at Amazon is here How Much Money Do I Need To Retire?
A retirement calculator to help you engineer your retirement.
Ramit Sethi's book I Will Teach You To Be Rich
M.J. DeMarco's book The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime.
Michael Gerber's must read book for entrepreneurs The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It
A calculator to implement the debt snowball/debt avalanche strategy as mentioned in this podcast.
Here's one last calculator mentioned in the show… for calculating your life insurance needs.
Jesse Mecham's podcast – Episode 5 – on advanced budgeting strategies to build wealth. My most popular episode to date.
And finally, here is a link to Episode 1 mentioned in the podcast where Wade Pfau debunked Dave Ramsey's estimates for investment return and retirement spending.
Help Out The Show:
Thank you to everyone who has left a review on ITunes!! I really appreciate it because your ratings drive Apple's ranking system which determines how many people see the show. You are making a difference.
I read every review and appreciate your support.
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, you can click on the link below and it should also launch ITunes on your computer…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
"Discover The Comprehensive Wealth Planning Process Proven Through 20+ Years Of Coaching That Will Give You Complete Confidence In Your Financial Future"
Get a step-by-step action plan to achieve financial independence - completely personalized to you.
How to live for fulfilment now, while building wealth for the future.
No more procrastination. No more confusion. Just progress and clarity
Expectancy Wealth Planning will show you how to create a financial roadmap for the rest of your life and give you all of the tools you need to follow it.
Learn More...
1 hr 9 min
December 09, 2013FM 012: The New Retirement – A Little-Known Path To Fulfillment with Ken Turek
Click here to download the transcript of Ken's top tips on fulfillment and the new retirement!
Free Instant Access
Do you believe retirement starts at age 65?
Do you think retirement is about playing endless rounds of golf, reading novels, and drinking a Mai Tai while lounging in a hammock on a tropical beach?
I have news for you. The retirement game has completely changed. The old rules are so 1990. You need to understand the new retirement so you can plan accordingly.
Future retirees are living longer and enjoying greater health much later in life. This reality has changed everything about retirement planning:
Pensions are no longer a reliable source of income forcing most people to self-fund through savings.
30+ years of endless leisure is not how most people define a fulfilling life.
Few are willing to wait until age 65 to shift their career from maximum income to maximum fulfillment.
Most people desire greater personal connection with community and meaningful contribution once their career based network ends.
Most people intuitively get that the retirement planning game has changed, but few understand what to do about it.
Should you “retire” at age 40, 50, or 65?
What should you do with your life after retirement?
How do you know when you are ready to retire – both financially and emotionally?
What does “retirement” really mean anyway?
The truth is retirement is the biggest financial objective you must plan for. It dwarfs buying a house or saving for the kids college.
Given that traditional retirement planning no longer works and the game has completely changed it only makes sense to bring your knowledge up to speed so that you can retire 10 or 20 years earlier than previously planned.

Related:
Don’t retire on a guess - learn how to run your full numbers here…

In this episode you will discover:
How your needs and wants change as soon as you achieve your base-level financial freedom number.
A clear definition of what that financial freedom number is.
The myth that financial freedom equates to no longer working.
Why your financial freedom number is totally real and can't be faked or ignored.
The little-known emotional reality you should expect as you approach financial freedom.
The unexpected reason that life after financial freedom can be more difficult than before (you're not alone when it happens to you).
How to define the next step after financial freedom as the basis for happiness and fulfillment.
What you should do when money ceases to be your top priority for working.
The amazing story that bring new perspective to every remaining year in your life.
How to make discomfort a positive thing.
How the new retirement changes both your life plan and your financial plan.
The surprising reason you might just be happier earning a lot less income.
A simple plan to build financial independence without frugality.
The one equation no wealth builder can succeed without.
The 3 investment mistakes Ken reveals that you can easily avoid repeating.
How to manage your life for the ultimate deadline.
and much more….
Resources and Links Mentioned in this Session Include:
Ken's website is http://kenturek.com
My Expectancy Wealth Building Course
You can learn more about my financial coaching services here.
My bestselling book at Amazon is here How Much Money Do I Need To Retire?
A retirement calculator to help you engineer your new retirement.
More educational articles about retirement planning can be found here.
Help Out The Show:
Thank you to everyone who has left a review on ITunes. I really appreciate it. Really.
I read every review and appreciate your support.
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, you can click on the link below and it should also launch ITunes on your computer…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
Retire With Confidence

Anybody can learn to build a secure retirement -- and you don't need a financial advisor.
My course, Expectancy Wealth Planning, has been called "the best financial education on the internet" and provides all the knowledge you'll ever need to build the life -- and retirement -- of your dreams.
Learn More Now
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57 min
November 27, 2013FM 011: Automatic Wealth – How To Master Your Habits with James Clear
Click here to download the transcript of James' top tips for building automatic wealth through habits!
Free Instant Access
What is the easiest, most certain way to achieve anything?
Daily habits.
Any goal you want in life (including financial freedom) is reachable through a few key habits and a little bit of time.
It's really quite simple. Habits compound your daily actions into automatic wealth just like regular savings compounds daily deposits into wealth. It is the identical principle applied to two different resources in your life – money and time.
Does it take effort? Yes – we're not about get-rich-quick here. You have to work at it and the results are produced over time. But it is a simple, certain path to achieve your financial goals with the greatest confidence possible.
If you don't believe you can build automatic wealth then think again because your financial goals are just a few daily habits from being achieved. The end result is not a question of “if”, but “when”. The key is your daily habits, and episode #11 of the Financial Mentor podcast with James Clear will show you how.

Related:
Why you need a wealth plan, not a financial plan.

In this episode you will discover:
How to find balance so you can expand your capabilities in a new area without sacrificing other areas of your life.
How to automate your skill development.
How to convert personal growth into financial success.
The critical role of carving out space and time for nurturing a habit during its infancy.
How conscious understanding, implementation, and ultimate success connect to maximize results with the least effort.
The hidden way environments shape your habits – without you even knowing.
The easy strategy to form any new habit.
The two ways to design your life so that you are literally pulled toward desirable habits and repelled from negative habits.
Why you should never rely on motivation for behavior change.
Surprise! How the color of your plate can determine how much you eat.
How to use visual cues to “automate” your habits.
The critical connection between habit “frequency” and eventual success.
What you're really saying when you claim you “don't know where to begin”.
Why commitment must precede goal achievement, and how to make it work for you.
How to use identity based goals to strategically bridge your way to performance based goals.
The 3 R's of habit formation.
What Alcoholics Anonymous knows about interrupting bad habits that you would be wise to learn also.
Why you should always start new habits with action first (except in this one important situation!)
Why focusing on process habits is more effective than outcome oriented goals.
What “keystone habits” are and how they help you get more done with less effort.
and much more….
Resources and Links Mentioned in this Session Include:
James' website to get his free ebook about habits is at http://jamesclear.com
James' other website about passive income and personal finance is at https://jamesclear.com/passive-panda
The Financial Mentor podcast episode #6 with Scott Young about habits is here.
My 7 Steps To 7 Figures Wealth Building Course
You can learn more about my financial coaching services here.
Charles Duhigg's book at Amazon The Power of Habit: Why We Do What We Do in Life and Business
My article about What Is A Good Investment? that explains how process vs. outcome works in investing.
Help Out The Show:
Finally, we're in the home stretch of promoting this podcast on ITunes and the effort has been a success.
We're ranking in the top 10 podcasts for “investing”, and we generally rank in the top 30 overall for the very competitive “business” category – all in less than 2 months. And I have all of you who subscribed and left comments to thank… so thank you!
We only have a few weeks left for eligibility in New & Noteworthy on Itunes as we make a final rush to the promotional finish line so if you have yet to subscribe or leave a review now is a great time. I read every review and appreciate your support.
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, you can click on the link below and it should also launch ITunes on your computer…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
"Discover The Comprehensive Wealth Planning Process Proven Through 20+ Years Of Coaching That Will Give You Complete Confidence In Your Financial Future"
Get a step-by-step action plan to achieve financial independence - completely personalized to you.
How to live for fulfilment now, while building wealth for the future.
No more procrastination. No more confusion. Just progress and clarity
Expectancy Wealth Planning will show you how to create a financial roadmap for the rest of your life and give you all of the tools you need to follow it.
Learn More...
1 hr 20 min
November 19, 2013FM 010: How To Engineer Your Wealth Using Retirement Calculators With Darrow Kirkpatrick
Click here to download the transcript of Darrow's best retirement calculator tips!
Free Instant Access
Retirement calculators are powerful tools when used properly.
But retirement calculators can be weapons of mass deception when used incorrectly.
In episode #10 of the Financial Mentor podcast, Darrow Kirkpatrick and I reveal the tricks and traps to using retirement calculators right.
This topic is much bigger than just retirement planning. This is about planning your wealth and engineering your way to financial freedom using retirement calculators as a handy tool to make the math easy.
There are many nuances and little-known creative strategies that can allow you to achieve financial security much earlier than you ever imagined possible. And there are many potholes you must avoid so you don't make foolish decisions.

Related:
Stop guessing and fudging your numbers. Learn the insider secrets to mastering retirement calculators…

In this episode you will discover:
The “magic number” myth and how to overcome it.
The great inflation deception and why your personal inflation rate should be dramatically different from published government statistics.
The 2 most important assumptions that will make or break your financial security in retirement.
The little-understood but gargantuan impact that volatility and sequence of returns risk has on your financial security.
How market valuation and interest rates affect your sequence of returns risk.
Why life expectancy assumptions force you to be overly conservative – unless you adopt this unusual viewpoint.
The 3 ways to model investment return assumptions and a simple solution for their inherent inaccuracy.
The dangerous deception behind Monte Carlo analysis that causes overconfidence when your risk of failure is at its worst.
How 2 approaches – the “fuel gauge” analogy and iteration – can give you peace of mind with uncertainty in the future.
How to use a retirement calculator to engineer your path to wealth instead of just estimating if you have enough money to retire.
Discover little-known strategies to retire sooner and with greater financial security.
The red flag that warns you that a particular retirement calculator should be avoided.
How to balance the inherent tradeoffs between accuracy and simplicity when modelling your financial future.
and much more….
Resources and Links Mentioned in this Session Include:
Darrow's website is at http://caniretireyet.com
Darrow's analysis of the 3 Best Free Retirement Calculators.
The Financial Mentor podcast episode #2 with Darrow – How To Retire at 50.
My Expectancy Wealth Building Course
My top-rated Ultimate Retirement Calculator.
A directory page with all of my retirement calculators
My book on Amazon How Much Money Do I Need To Retire?
Darrow's book on Amazon Retiring Sooner: How to Accelerate Your Financial Independence
The book Your Money or Your Life on Amazon.
Employee Benefit Research Institute
Help Out The Show:
Finally, if you haven't done so already, it would be so helpful if you took a minute to leave a quick review of this podcast on ITunes by clicking the link below.
We only have a few weeks left for eligibility in New & Noteworthy on Itunes and a few more reviews can make a big difference in gaining exposure as we approach the final stages of launching this podcast.
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, you can click on the link below and it should also launch ITunes on your computer…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
Retire With Confidence

Anybody can learn to build a secure retirement -- and you don't need a financial advisor.
My course, Expectancy Wealth Planning, has been called "the best financial education on the internet" and provides all the knowledge you'll ever need to build the life -- and retirement -- of your dreams.
Learn More Now
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58 min
November 12, 2013FM 009: How To Convert Your Volatile Investment Portfolio Into Automatic Income With Wade Pfau
Click here to download the transcript of Wade’s best retirement income strategies!
Free Instant Access
It baffles the brightest financial minds…
How do you convert a volatile portfolio into a stable, automatic income stream?
After all, your investment portfolio goes up and down like a roller coaster, but your retirement spending requires a reliable income that you will never outlive.
How can you make these two contradictory situations work together?
Traditional financial planning provides an oversimplified answer in the 4% Rule, but the latest research into safe withdrawal rates has revealed surprisingly different conclusions. In fact, there are new solutions that will give you more income when you need it most with less risk of running out of money before you run out of life.

Related:
This investment strategy translates your savings into wealth and freedom…

In short, there is a clear benefit to advancing your knowledge beyond the old rules-of-thumb.
In this 9th episode of the Financial Mentor podcast, Wade Pfau, Professor of Retirement Income at the American College, brings you up to date on the latest research in retirement income planning. He goes beyond the 4% Rule by revealing a variety of alternative ways to spend your portfolio without putting your financial security at risk.
Even if you are nowhere near retirement you should still listen carefully because this information can have a dramatic impact on how you plan for retirement.
In this episode you will discover:
The critical differences between the asset accumulation phase of retirement planning and the post-retirement spending phase.
What the “4% Rule” is, and why it may not be safe.
The real-world difference between a static and dynamic withdrawal strategy and what it means to your financial security.
The inherent limitations you must overcome to extract an automatic income stream from a volatile portfolio.
What the required minimum distribution is, how it works, and why you should care.
The surprising reason why increased spending in retirement means you were too conservative.
The best rule-of-thumb model that maximizes both income and safety.
The advantages of a “spending ceiling” rule and the dangers of a “spending floor” rule.
The 2 reasons why your success or failure in retirement depends as much on when you retire as how much you retire with.
The 2 key factors that will determine 80% of your safe withdrawal rate during retirement.
The one situation where running out of money during retirement is NOT catastrophic.
How to separate a good annuity from a bad annuity – before it costs you money.
The single biggest advantage that a SPIA (Single Premium Immediate Annuity) brings to your portfolio.
Discover the simple business reason why a SPIA can pay you more income than competing investments.
Uncover how the “income flooring” strategy can reduce risk and increase spendable income.
Resources and Links Mentioned in this Session Include:
Wade's website is at RetirementResearcher.com.
The first Financial Mentor podcast episode #1 with Wade Pfau is here.
My Expectancy Wealth Building Course
Wade's research article comparing SPIA's to self-annuitizing a volatile portfolio.
My book on Amazon How Much Money Do I Need To Retire?
Anthony Webb's research paper using IRS required minimum withdrawals as a safe withdrawal rate.
Jonathan Guyton's research using “guardrails” to govern safe withdrawal rates.
My book on Safe Withdrawal Rates in Retirement.
Help Out The Show:
Finally, if you haven't done so already, it would be so helpful if you took a minute to leave a quick review of this podcast on ITunes by clicking on the link below. It is a great way to help the show reach a wider audience.
These reviews make a huge difference by raising the visibility of the show to get in front of more people.
Click here to subscribe to the show on ITunes and leave a review…
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Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
Invest Like Todd!
A better investment strategy than buy and hold - Makes more by risking less
Discover the scientific investment process Todd developed during his hedge fund days that he still uses to manage his own money today. It’s all simplified for you in this turn-key system that takes just 30 minutes per month.
Learn more… »
47 min
November 04, 2013FM 008: The Shocking Truth About The Financial Advice Business With Jeff Rose
Click here to download the transcript of Jeff's top insights about the financial advice business!
Free Instant Access
The financial advice business is riddled with conflicts of interest, hidden fees, and financial incentives that can cost you dearly if you don't know how to protect yourself.
This is not some crazy conspiracy theory. It is just the way the business works. It is baked in the cake.
In a nutshell, you represent a pile of money to investment sales companies. The bigger the pile you have (net worth), the more attractive you are as a client. They are trying to make money off your money, and you are trying to make money off your money. It is an inherent conflict of interest.
This doesn't mean all brokers and advisors are bad apples. Quite the opposite is true. There are many wonderful people in the investment business doing their level best to serve you. Unfortunately, it is very difficult for you to understand all the problems lurking behind the scenes let alone defend your nest egg from potential wrongdoing.
It's not your fault. After all, terms like broker, financial advisor, and certified financial planner mean nearly the same thing to the untrained consumer; whereas, they carry very different meanings to industry insiders.
What can you do to protect your investments?
Related:
How Your Financial Advisor is Taking 75% of Your Retirement Income (or More!) Video, PDF download, or Audio.
In this 8th episode of the Financial Mentor podcast Jeff Rose, CFP, from GoodFinancialCents.Com gives you an inside look at how the investment sales business (brokers, financial planners, advisors) works. Jeff's had a wide ranging career starting with the wire house model before being recruited at Merrill Lynch and then going onto independent brokerage working as a Registered Investment Advisor and gaining his Certified Financial Planner (CFP) designation.
This depth of experience gives Jeff an unusually well-qualified perspective to help us understand the various investment product business sales models – warts, blemishes and all – so you can improve your investment performance and manage risk more effectively.
In this episode you will discover:
The exact reason investment publications from brokerage houses are seldom useful.
The differences between the wire house model, independent brokerage model, and registered investment advisor, and why you should care.
The amount and type of training a broker receives before recommending investments for your portfolio (you won't believe it!!!).
The dramatic conflict of interest between a broker salesman's compensation incentives and the investor client's needs.
Discover the important difference between an advisor, a certified financial planner, and a broker.
A checklist of the high commission products that serve as a red flag showing your financial advisor may be pursuing his best interests over your own.
Uncover the various ways a big, fat commission can be hidden from you.
What an investment salesperson is REALLY telling you when he says, “There are no costs involved.”
The many ways a “fee only” financial advisor may be compensated (Hint – it's not just his disclosed fee.)
The level of service you can expect to receive when you have less than $100,000 to invest.
The true business model lurking behind the investment advice business (Amazingly, it's not investment advice.)
Why you should care about the difference between “suitability requirement” and “fiduciary responsibility”.
The reason a referral from your best friend may not be trustworthy.
The most important question you should ask any financial advisor before working with him.
Resources and Links Mentioned in this Session Include:
Jeff's website is GoodFinancialCents.com.
Jeff's new book is Soldier of Finance.
Here is my 7 Steps To 7 Figures Wealth Building Course
One of my favorite articles from long, long ago mentioned in the podcast – How Wall Street Legally Deceives You!
National Association of Personal Financial Advisors (NAPFA.org)
Help Out The Show:
Finally, if you haven't done so already it would be so helpful if you took a minute to leave a quick review of this podcast on ITunes by clicking on the link below. It is a great way to help the show.
We're currently ranking on the outside edge of “New & Noteworthy” in the high profile “All” podcasts category so a few more 5-star reviews should be enough to push it up there (that has huge value for the growth of the show).
Because of your support we are already ranking high in the “Business” and “Investing” categories so thank you. These reviews make a huge difference. It is your absolute best way to support this effort…
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, you can click on the link below and it should also launch ITunes on your computer…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
Investment Losses Suck!Here’s how to make more by losing less…
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1 hr 9 min
October 30, 2013FM 007: The Wall Street Journal & Citi Guide To Money And Happiness With Jonathan Clements
Click here to download the transcript of Jonathan's top tips for money and happiness!
Free Instant Access
Living a wealthy life is about much more than money.
Surprisingly, many key principles including risk management, simplicity, and delayed gratification apply equally to personal success as they do to financial success.
In this 7th episode of the Financial Mentor podcast Jonathan Clements reveals universal truths about money and happiness developed over his 17 years as a featured columnist for the Wall Street Journal (and more recently with Citi Personal Wealth Management for 5 years).
He combed his decades long collection of writings and distilled them down to just the essential core “notions” that every wealth builder must understand. Now we can benefit from this in-depth knowledge about true wealth, money and happiness in this exclusive interview with one of the true veterans of Wall Street personal finance journalism.

Related:
Why you need a wealth plan, not a financial plan.

In this episode you will discover:
How to reach lofty financial goals with limited dollars.
The “things” you want more than money (the answer may surprise you!)
How to choose the right financial product to match your personal goals.
When (if ever) it is appropriate to buy life insurance against your child.
How to avoid the unexpectedly high cost of emotions in financial decisions.
How your biological heritage hard-wires you to fail financially… and what you must do to fix it.
The single most important habit for personal and financial success (it's not what you think!)
How you can balance delayed gratification for tomorrow while living in the moment today without conflict or stress.
The surprising key to a successful and fulfilling retirement.
The “hedonic treadmill” and how to avoid post-goal-achievement let down.
How to get more joy out of your possessions without spending an extra dime (Hint! It's all in your mind.)
The smart way vs. the illusory way to pursue financial freedom. Which path are you following?
The simple strategy to recapture the joy of your youth in your retirement years.
How your fear of loss can blind you to investment profits – and what you must do to fix it.
Why “human capital” is one of the least understood but most intriguing concepts in personal finance.
The right time to take risks, and when it is a fool's errand.
Resources and Links Mentioned in this Session Include:
Jonathan's writings at Citi's website.
Jonathan's new book at Amazon The Little Book of Main Street Money: 21 Simple Truths that Help Real People Make Real Money (Little Books. Big Profits).
My 7 Steps To 7 Figures Wealth Building Course.
Help Out The Show:
Finally, if you haven't done so already it would be so helpful if you took a minute to leave a quick review of this podcast on ITunes by clicking on the link below. It is a great way to help the show as I try to achieve enough 5-star ratings to reach “New & Noteworthy” in the high profile “All” podcasts category.
Because of your support we are already ranking high in the “Business” and “Investing” categories so it shouldn't take too many more readers to make the goal a reality. Here's how you can support the effort…
Click here to subscribe to the show on ITunes and leave a review…
Alternatively, you can click on the link below and it should also launch ITunes on your computer…
Click here to subscribe and leave a review from inside your ITunes account…
Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
The One Decision That Can Make Or Break Your Financial Future
There are only four paths you can choose from.
Click below to find out which path is best for you, and why.
Yes! Tell Me About Expectancy Wealth Planning strategy
57 min