Get a Financial Coach for Your Personal Retirement Olympics

Life is a race. If you are a baby boomer you are likely in a race against time to replenish or accumulate enough money for retirement. It is the biggest race of your life and you need to consider it your own personal retirement Olympics.

If you don’t train yourself for your personal retirement No computer, software, or online calculators necessary - it is that simple! Olympics you may lose the race and be destined to living off social security or a small pension for the next 25-30 years.

As with all training it is often better to get a coach. A financial coach is definitely someone you should consider. I came across the web site Financial Mentor owned by Todd R. Tresidder. He makes the distinction between financial advice and a financial coach. His ebook opposite is well worth considering.

“Financial advice focuses on your portfolio by providing specific securities and investment advice. Financial coaching focuses on your education, growth and decision process so that you can independently manage your money smarter and make better informed investment decisions.”

If you want that retirement gold medal you know it won’t come easy unless you train for it. That training should have begun years ago. But even if it did the recent stock market turmoil may have seriously depleted your nest egg.

You have the problem of trying to win the race against your wealth manager too. They are racing against you with their fees and charges and could win much of your hard earned nest egg if you let them.

Time is not on your side now. And the investment environment is changing rapidly as the wealth managers frantically try to come up with something new to rehabilitate their tired and broken “buy and hold” model.

They know many people fall asleep at the mere mention of financial advice. This is one of the main reasons the wealth management industry has gotten away with it’s buy and hold investment strategies over the last 25 years. These strategies are designed to part you from a large portion of your money over the long term through “drip-fed fees” to your financial adviser.

Think about it. Say we’d never met before, but I came to your home and asked you to give me 10% of your salary every month to invest for you. Then every few months my computer automatically sends you a computer report telling you how much your investment has grown. Would you question it? Have you ever?

You then happily leave your money with me for 40 years or more without any actual proof that the profit will be there when you need it. Isn’t that a mugs game? And haven’t baby boomer been conned twice already – 200-2003 and 2007 – until whenever…..  🙁

You see that computer report is just a piece of paper with some figures on it. We treat it like it’s money in the bank and it is NOT. There is no guarantee or government regulation that money is actually there as there are for bank deposits. People believe computer printouts are like paper currency. They are NOT.

Bernie Madoff carried off his Ponzi scheme for years using computer printouts and has now left many of his clients destitute just when they need their money. In the article, “Madoff Confession Points Up SEC failure” he says,

“Another way that I concealed my fraud was through the filing of false and misleading certified audit reports and financial statements with the SEC. I knew that these audit reports and financial statements were false and that they would also be sent to clients. These reports, which were prepared here in the Southern District of New York, among things, falsely reflected my firm’s liabilities as a result of my intentional failure to purchase securities on behalf of my advisory clients.”

On this blog I have advocated taking control of your nest egg to try and avoid losing it. At the same time I recognise there may well be a need for a financial adviser/planner to help you keep your nest egg up to date with all the government and other changes that will take place over the length of your retirement.

Despite my ranting’s there are good financial planners out there. The problem is being able to find them and evaluate them and the products they sell. Yes, I don’t care if they are commission-based planners or flat-fee planners they still need to “sell” you on themselves and their strategy for your retirement nest egg.

So what can you do so you objectively evaluate them and their offering? You can get yourself into a training program that teaches you how to build, protect and manage your nest egg.

The best way to do that is through a financial coach. Preferably one who has been successful investing for themselves and is self-made – NOT a financial planner who might need your money to maintain their lifestyle.

Todd has a group financial coaching program called “Seven Steps to Seven Figures” which might be worth considering.

“Seven Steps to Seven Figures is a series of seven, separate, 90 day coaching programs providing you with a step-by-step blueprint to achieve financial freedom. Think of it as a college level course series on money, finance and wealth building that your college should have taught – but never did.”

If you join him in the group coaching you will be better able to evaluate him and his coaching methods for possible future one-on-one or his planned monthly financial coaching subscription membership program planned for 2010.

I’ve spent some time going over his site and reading some of his articles and like what I see. As he states on his About Us page,

The most obvious difference (between Todd and many self-proclaimed financial experts) is I made my money investing in publicly traded markets just like you can do; whereas, many financial experts made their money through becoming best-selling authors and marketing financial advice to you. Unless you plan on writing a best-selling book and building a marketing empire you may find difficulty duplicating their success.

If nothing else subscribe to his “Wealth Minute” Newsletter and review it before deciding on a financial coaching course with him.

I am not an affiliate for Todd nor do I receive any financial reward for promoting his site or books.

One Response to “Get a Financial Coach for Your Personal Retirement Olympics”

  1. […] my post on Todd and a Financial Coach earlier this […]

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