Good financial advice is something every professional is seeking out. How to make the right money moves so that you stay in the black and not fall into the red is the magic formula that each and every business owner is looking to tap into. I was truly lucky to have the opportunity to interview Todd Tresidder. Todd has spent several years as an entrepreneur in the investment management industry. He discovered there was a massive contradiction between the principles that led to his own financial success, and what was commonly being taught and/or practiced. He reveals unconventional wealth building advice, and advanced investment strategy tips.
Sometimes lawyers are great at practicing law and they know what they’re doing in that area, but when it comes to actually practicing business, they can be clueless both at home and in the office. And that’s why you might sometimes read about how bookkeepers steal millions of dollars, or hundreds of thousands of dollars, because somebody wasn’t awake enough at the wheel. So, then, I asked Todd, what are some of the primary things that people should be concerned about, or what things should attorneys be focused on when it comes to getting to that first base of understanding finances?
Todd was able to provide some real clear answers, which we will get to later. He shared that there are a few different sides to finances such as investment advice, personal finances or how you run your business. The personal finance side is remarkably simple and very black and white. It’s when you go into the investment side is where things get very complicated and you have shades of gray and layers of complexity. Todd was able to break down each of these areas to give us some good direction.
Todd’s remedy for personal finances is understanding that there are no real secrets to becoming wealthy. Wealth is built, but surprisingly almost nobody lives it, that’s why they don’t become wealthy. Only a tiny percentage of people become wealthy, and it’s because you need to make more than you spend, or spend less than you earn, however way you want to phrase it. Spend less than you earn, and invest the difference wisely, is one of Todd’s motto’s. Because if you do that every month for your lifetime, you will become wealthy. It’s literally that simple, but almost nobody does it. They overspend and they go into debt. That’s personal finance in one sentence; everything you need to know about building wealth in one sentence and it literally is that simple.
Todd has a seven step plan that he goes through with his clients.
Step one is getting your basic financial house in order, that’s all the traditional financial planning items that people deal with when they go to a financial planner. Purchase your own home, deal with debt issues, get to where you’re saving money regularly; it’s all the basic personal finance stuff.
Step two is what he call Habitudes of Success. One of the things Todd figured out along his financial journey was that he had different life habits and attitudes that led to his success, and He didn’t realize that those were critical factors. You’ll see that most gurus make the same mistake. They go out and they teach the financial how-to’s. But if financial how to’s were enough, everyone would be rich.
Step three is your wealth plan. A plan that takes into account your personal values, interests, the resources you bring to the equation. For example it would be very unique to an attorney, a small practice as opposed to say a large attorney firm. They are different plans and they require different approaches. If you don’t have the plan right, you don’t know where you’re going. And the wealth plan actually breaks everything down into action steps so you know exactly what you’re doing this week, the following week, the following month, the following year. It breaks it all down so it’s actionable.
For more of the seven steps and more details on Todd Tressider, visit Todd’s website Financial Mentor.
This is a transcript of a recorded live presentation. It is in spoken-word format. While we have cleaned up the transcript a bit for easier reading, it is not in edited written-word format. – See more at: http://thelawpracticedoctor.com/toddtressider/