How To Reduce Your Financial Stress And Increase Your Wealth

Hey, it's Mark Prabolski, the land geek with your favorite niche real estate website, thelandgeek.com and on this week's podcast, we have somebody that's actually going to make us wealthy in lots of different ways. Lots and lots of different ways. But the way he's going to do it is stress free. How about that? Stress free wealth. Not a bad promise. But before we talk to our guests, I'd be remiss if I didn't properly introduce my co host. You know him, you love him. The brain, the professor, your flight school sherpa. Scott Todd from Scott todd.netlandmoto.com learn anything about anything. Investor ninjas.com Scott Todd, how are you?

Good. I'm a little confused though, Mark. Like don't we build wealth every week and don't we do it in a stress free way?

Yeah, we do. We do. But wouldn't it be great to offer up another avenue for people?

All right, I'm in. Let's look.

You know, not everybody wakes up with the same passion as we do for land investing and the passive income that brings. So our guest today is Brian Thorpe from wealthtender.com Brian, tell us a little about a little bit about yourself.

Yeah, thanks guys. Mark, Scott, appreciate you having me on. So, grew up in Houston and usually would spend my time there, but my wife and I through the pandemic decided to bail out of town and spent about eight months in Tulum, Mexico and now we are in Miami through the end of the year. So trying to make the most of what's been an otherwise interesting year. But anyway, I've spent the last 25 years in financial services. Most recently was the head of key accounts at Invesco global asset management firm. And I think as you can relate from your own experience, there's something to be said for the corporate world, but also something to be said for getting out of it and having the opportunity to be your own boss. And so that's what I've been focused on with Wealth Tender. As you mentioned, we're helping connect people to the best financial resources that can ultimately help them live a more stress free life with the help of resources like financial advisors, coaches and personal finance blogs, and even things that you might really appreciate as well, which would be financial podcasts that can be really beneficial to help people learn more and live life with less stress.

Yeah, it's really interesting, Brian. So you came from financial planning background with Invesco, but now you're sort of the platform, if you will, of all things financial related as far as building wealth. So your life and family, crushing your debt, career and making money, wealth and investing. Find a financial advisor, meet financial coaches. I a finance search engine, blogs, pockets, it's endless. So this is like the one stop shop of getting smarter about our money. So my question is then, Brian, what, what don't we know anymore about like what when people come to you, like there's like, are you surprised? Like, oh, they don't know this.

Yeah, great question. I think one of the things that I identified with wealth Tinder was an opportunity where a lot of the websites out there today that have become really popular and great success stories like A Nerd Wallet does a terrific job of providing a lot of education, but they're really focused on funneling people into credit card offers and robo advisors. And so what I wanted to do was really help connect people with more of the human side of money and investing. And whether that is financial advisors, financial coaches, or personal finance blogs and podcasts where there's that human person behind them that's sharing their own experience. To me that's very valuable because at the end of the day, money is such an emotional topic. And that's something that I think a lot of people have perhaps lost sight of in a world where we have so much available online is that this is a very emotional topic. It's challenging, it's tricky, and there's so much more that I think many people can learn and benefit from by working with somebody that has that experience and expertise. Just like I'm sure many of the students that you work with are gaining from the experience you have. There's so much they can learn online. But what I'm really trying to instill in people is the benefit of connecting, whether online or in person with financial resources professionals and educators that can really be impactful in your life.

No, it's great. It's great because, you know, it's, it is emotional. It's so funny because, you know, Scott Todd's my co host, but I often think if you're a woman, I would marry him because we never fight about money, we're just so aligned on it. But Scott Todd, what are your thoughts?

Oh, I'm sure we would fight about money. Don't you worry about that? Don't you worry in a tight knit relationship we would fight about the money, don't worry. I would say that, you know, Brian, one of the things that I think, like, for me, okay, like I, for a long time I've studied money, right, like I've studied finance. It's, it's, it's there. And we all have these opinions of money or views of money. We don't want to lose money. No one loves to lose money. It hurts, but at the end of the day, it's there. But one of the things that I've always found to be kind of fascinating about financial advisors, if you will, and this is even covered in the Rich Dad, Poor dad book, is one of the things, is that a lot of times financial advisors don't even take their own financial advice. Okay. It's a lot like doctors, doctors don't even take their own doctor advice. In many times, you know, it's here you do this, but I'm going to go do that. How. How do you connect or connect the disconnect, if you will?

How do you.

If I go to a financial advisor right off the bat, because I'm kind of a student of this. I'm kind of skeptical of somebody who says, like, here, I'm going to give you financial advice. Well, let's just see your finances first. How do, how do I get over that skepticism and connect it? The disconnected.

Yeah, really great question. And I think one of the problems with many of the websites that are out there that are focused on helping connect people with a financial advisor is the very first thing they ask for is what is your zip code? And like, you know, the post office created a zip code for reasons that have nothing to do with connecting you to a financial advisor. Right. But that's still where people start. Maybe if you're ordering a pizza for delivery, a zip code is important. But I think what's really important going forward is looking for an advisor that understands you, partly because they're either focused on serving you as a particular niche that they recognize what's unique about your individual needs, and they specialize in that so that there's a little bit more familiarity and services they're offering that are tailored to you versus just anybody that's in that zip code coming to you where you're more of a generalist as an advisor that may not have that area of specialization. But the other thing that I think addresses, part of your concern, which I think is very valid, is financial advisors for the last 60 years have been prohibited by the securities and Exchange Commission from utilizing reviews from their clients so that consumers can actually learn how well of a job a financial advisor has done for them. And I think that's going to be a meaningful way going forward. Because now the SEC just finally, after 60 years approved this rule. Wealth tender is now the first financial advisor review platform designed to comply with the still restrictions that exist. But basically going forward we're going to be able to provide consumers with a lot of great insights into the experience of other consumers, clients of these advisors, which I think in a meaningful way can help address some of the very concerns that you just raised that people can at least now finally see, okay, how effective of a job has this advisor done helping other people like me? And should I work with this advisor or maybe move on to another?

Yeah, I like that. So Brian, for you personally, when you think of like the perfect financial advisor, if we're gonna make a perfect financial advisor stew, what ingredients would you put in there?

Yeah, great question. I think you know a number of things. One certainly experience in education. So you know, if you're looking for somebody that has the credentials, knowing that they're a certified financial planner as an example is a great place to start. That's really a highly regarded and well respected designation that's really proliferated amongst advisors that have really focused in on showing the diligence and the care that they bring for their clients. And then going forward, I think again there's this real opportunity and especially in a post Covid world that as an individual you no longer need to hire an advisor that's down the street. And with a platform like Wealth Tender, what we're really focused on is helping connect people to advisors that have experience that maybe serve a particular niche. So you know, it may very well not be that going forward that perfect advisor is somebody that truly is going to be great for everybody and somewhat cookie cutter, but rather taking this commoditized pool of financial advisors and saying let's ensure for you as an advisor that you're specializing and really helping people by being able to go above and beyond by truly understanding that niche that you serve. And then in the process the benefit for the consumer is that you're working with an advisor that truly understands not only you and your particular needs, but they're essentially creating a network where the rest of their clients share a lot of characteristics just like you, whether it's based on your occupation or particular needs. Maybe you're a family with special needs children or Mark, if you and Scott get married, you're gonna have unique circumstances that a financial advisor specializing in a relationship like that could maybe help out with as well. But in all seriousness, you know, real estate investors, you know, I think there are a number of advisors that shy away from real estate because it's an area that they're not really familiar with. And if you are actively focused in real estate, finding advisors that have that experience, aptitude, and understanding as to the benefits of why dirt can be such a great investment, I think can be really impactful.

No, I love it. Scott Todd, with your thoughts, I mean.

I think that that's. That's the key point for a lot of things, too, right? It's like you got to find somebody that you kind of connect with. You got to find somebody that's thinking like you are. And I think that, that. Look, I was a financial advisor at one time in my life. I didn't enjoy that job at all. And, you know, basically when. When you're a financial advisor and you're looking to pay your own bills and you're looking to build your own, you know, client base, the one thing that you're. You're doing is you see everybody as a client.

Okay.

As a potential client.

Sure.

And what I. What I found in the short. I'm telling you, it was a short period of time I did it, but in the short period of time that I did it, what I found was that there was a certain type of customer that almost became my niche, if you will. And it was that type of customer that I connected with, and I felt like I was able to do a better job for. And, but. But I think that a lot of times it's. It's incumbent on the person who's that financial advisor to really understand what the limitations are. It's a lot like attorneys, or for that matter, CPAs. You know, you. An attorney shouldn't. Shouldn't go and say, hey, I can practice all types of law. While that may be true, you know, I wouldn't want to hire a real estate attorney to go, you know, protect me in a criminal case. Right. Like, no. Unless it was, I don't know, real estate criminal. I don't know. If I went out and did something wrong, I would want someone in that expertise to represent me. And I think that that's the same thing with a financial advisor, for example, is you have to know what you want and not just, you know, take anybody's recommendation for it. Because everybody has different needs the way that they think is different, even down to risk level, you know, like, I mean, if you're afraid of losing a dime, I mean, I think of one. There's. There's a couple people I think of, like, they're. They're afraid to do anything because they might lose. Might lose a penny. Well, man, then they should have a different financial advisor than me or Mark or you. Right, right.

And Scott and Brian, when you guys are talking the cliche that, that kind of came into my mind, which I don't know if it really applies, but it's, you know, the riches are in the niches. And so that applies into our land business where Scott, the customer that you might be attracting that niche, let's say that they're, you know, somebody that's, you know, a legacy investor. My niche might be somebody that is a recreational buyer. It's completely different for whatever reason. And so it's, it's, it applies to your financial advisor as well. You want to find that, that correct niche for you and in your goals. And you know, Brian, one of, one of our favorite books of 2021 that we've, Scott and I just recently read, we're in a private book club together, is the Psychology of Money. Have you read that book?

I have not.

It's. Well, I'll just kind of summarize the whole book in one sentence. No one's crazy about money. So based on our different experiences, so you know, you know, Scott and I going through the Great Recession, we have a different sort of risk tolerance with real estate than somebody that didn't go through the Great Recession, that, that is significantly younger than us. Sure. And their view on risk will be completely different. And it just kind of made me think that when it comes to that a wealth tender knowing that no one's crazy about money. Money is such a great resource for people to kind of just get started. So in a long winded way, I want to ask you, when people come to you, Brian, how do you help them emotionally with these, these issues where you know, you know, one spouse thinks that other person's crazy, other spouse thinks the other person's crazy. Spender, saver risk, high risk. How do you help them bridge that gap?

Yeah, great question. And actually brings up beyond financial advisors who are on our platform, financial coaches as well. And when it comes to especially behavioral issues, financial coaches I think can play a really meaningful role. And it's interesting, I think the lines going forward are really starting to blur between the primary role of a financial advisor even starting to become more of a behavioral coach, especially as many advisors increasingly are using index funds and maybe providing an asset allocation model that isn't necessarily where they're looking to generate alpha for the client, but rather it's through, through more holistic planning as well as to some degree, behavioral type matters. But I do think financial coaching, especially if people are not ready yet to invest is a great place to start. In fact, one of the services we currently offer on the platform is marriage financial coaching. Both as a gift for what I think could be a pretty unique wedding gift or if you want to invest in your own relationship. The financial coach is on our platform who cater to couples where it's truly couples coaching, but rather than traditional counseling that involves a little bit more of that psychiatric element, this is truly more behavioral to your point around that psychology of money. And you know, especially thinking about as an individual, you know, psychology of money is one thing, but when you bring two people together in a relationship now you have to address the yin and the yang and how do you bring that together. And that's where a financial coach that has that experience can really help.

Oh, I love it. Scott. Todd?

Yeah, I mean, I think that that's one of the things too is.

Like.

If you're going to get into a relationship, you, you better be on the same page when it comes to money, right? Like, and I think that that's one of the missed opportunities I think is where people just aren't on the same page as money. So it's kind of cool to hear that the platform offers you that, that capability.

I love it.

So.

So Brian, what is the worst advice you see or hear given in your area of financial expertise?

Yeah, great question, man. I tell you, I think it's interesting right now because some of the worst advice has probably paid off the best. You know, whether it's like put all your money in dogecoin or some of these crypto plays, that on the surface, if you know, if you catch it at the right time, has really paid off. But as you mentioned, going through the experience that you've seen through different market cycles, my own experience going back through the 90s Internet bubble, I think some of the advice amongst many of the younger generation, perhaps sharing advice with each other online, is going to prove out that perhaps it wasn't necessarily the best advice. Whether it's a year from now, six months from now, or tomorrow, when the market corrects, that's going to be a wake up call for I think a lot of people that realize, wow, you know, the definition of advice and who I receive advice from, I need to maybe go back to the drawing board and put a little bit more credence into some of these professionals that have studied this type of, you know, the investment cycles over time as opposed to just a point in time when certain things have perhaps done well that don't necessarily have the endurance to do well over the long run.

So you're saying that Scott and I shouldn't just follow the Dogecoin Reddit thread and invest on that?

One of the other things I actually believe in is definitely keeping some money. And not a meaningful percentage of your portfolio, but a little bit of money that call it investing, but in reality it's gambling. And it's not only fun, it's a great way to keep yourself motivated. But if you have the discipline to ensure it's only a very small allocation of your overall account, it's a great way to get to follow along those Reddit threads. Participate a little bit, and of course, if it ends up going up a thousand times and that becomes the biggest part of your portfolio, I guess that's not necessarily a bad thing either. But it definitely will give you that warm fuzzy when it's on the way down and you know that you've protected yourself by only putting a meaningful, relatively marginal amount in an allocation like that.

All right, awesome. Okay, so Scott and I have teenagers. Let's imagine that we're gonna go on a desert island for six months. We have no access to Internet. We can only bring one financial book to teach the teens about the fundamentals of money or wealth. What did you recommend?

Yeah, great question. First, I'd like to come with you. So pack me in that bag and let's see. As far as the books go, I think as it pertains to investing in the markets, I don't know that I've got a good one. Just to say off the top of my head, but there's a couple just googling Warren Buffett and looking at some of the favorite books of Warren Buffet, I think is a great place to start. I know there's some great blog articles out there as an example, and a few that would be really interesting to grab. So maybe just perusing one of those lists and grabbing one or two, if it's limited to only one, then perhaps doing that. But I think there's some interesting ideas that are out there.

I love it, Scott. Todd, same question to you because I know you're a big reader.

Money like financial knowledge book, any book. I would say Cash Flow Quadrant, second book of Rich Dad, Poor Dad, Cash Flow Quadrant.

Now, why do you say that?

Because I could educate them on the Rich Dad, Poor dad book.

Okay.

So I can give them the basics. But then in Cash Flow Quadrant, I think that how he lays out how people earn money and the differences between that and the rules in each quadrant I think that is probably the most powerful piece of information that people, if you really want to build wealth, you have to know where the money is coming from, which quadrant, and how the rules are different in each quadrant and how people think in each quadrant. Because ultimately what that will do is it will center you to be in the quadrant that you want to be in, or the side of the quadrant or the side of the equation that you want to be in. So as an example, at one point in my time in my life I thought about being an attorney and the attorney is going to be either in the employee side or the self employed side. And you're constantly chasing it, not working. You have solo economic dependence. Right. And so then is that what I really want? And if so, I should go focus on that piece. But I could educate the teenagers on, hey, just make sure you know which quadrant your work is coming in and the way that you're thinking about it. Because when you get shiny object syndrome one day and you're bored and you're like, hey, maybe I'll go be an attorney. Well, is that the quadrant that you want to be in or do you want to focus on investing or building businesses? Where do you want to work? Where do you want to spend your life? And then I can teach them the rich dad, poor dad piece of it. That's why.

No, I love it. And Brian, speaking of rich dad, poor dad, what do you see as the differences in mindset between the rich and the poor?

Yeah, great question. I think part of it just even comes down to being proactive when it comes to your money and wealth and investing. So you know, for many people it's those that, you know, to the extent we still get things in the mail that prefer to take the credit card statements and not look at it or ignore those debts that might be piling up. But once you start to really be proactive, it quickly materializes just how in control you can be of your finances. And again, we all face challenges if you've lost a job or have unavoidable impediments that can play a meaningful role and create some short term problems, hopefully that don't become long term. But in the interim, really taking a proactive approach, working to be build an emergency fund. So when you do have those uncontrollable events, you've got a little bit of a cushion. Being mindful as to what you're spending and just really thoughtful I think is the number one thing is to be proactive. And again, we've got a lot of Great blogs and podcasts on our platform that offer a lot of great education for people to learn how to go from one mindset to a more proactive mindset when it comes to money management.

Yeah, I love it. I love it. All right, Brian, well, your, your mentorship has been phenomenal, this podcast. But now we're at that point in the podcast where we're going to ask you one more time for a tip of the week. A website, a resource, another book, something else actionable for the art of passive income listeners to go improve their businesses, improve their lives. What do you got?

All right, so I would actually suggest based on your audience and the focus, it sounds like that's on financial independence and more of that passive income. Retiring early. We have a great group of blogs who, if you go to wealthtender.com fire financial independence, retire early. I think we have about 30 personal finance blogs focused on the fire movement, whether it's X Ray Vision, Partners in Fire, how to Fire, Late Starter Fire, A Life on Fire, Engineers Seeking Fire. There's a lot of fire going on out there. And I think, you know, going back to what we were suggesting about financial advisors and finding an advisor that understands you as an individual, the great thing about the thousands of blogs that are out there is you can really hone in and find a blog that is focused on money. And if you're interested in financial independence specifically, find a personal finance blog focused on that fire movement that is relevant to you. So that would be my tip of the week.

All right, fantastic. Before we get to Scott Todd's tip of the week, just a little reminder that today's podcast is sponsored by flight school. Learn how the next 16 weeks can literally transform your life. Go up the mountain of land investing quickly, safely, efficiently with Scott Todd as your flight school land investing Sherpa. He will take you up that mountain so well that we're so cocky about it, we're not even confident, Scott, we're obnoxious about it. The tuition that you will make, that you will invest in flight school, you're going to make back 180 days or less, guaranteed. Just show us your work. Learn more. Go tolandgeek.com training get on a call, see if this model is right for you. Thelandgeek.com training Scott Todd, what's your tip of the week mark?

In our business, we need writers all the time. Writers, writers, writers. And so not writers, but writers. And look, if you're looking for some writers, well then go to. Maybe you want to check out writeraccess.com and see if there's a good fit for you there. It's like an upwork but just for writers.

I love it. Paperback Writer. I can't. I can't hit that other note.

Yeah, don't.

I'm not, I'm not. I'm not going to try, but this is cool. Hire writers. Content intelligence. Boost your marketing performance. Access the largest pool of writers and designers in our content marketing platform. Unlock AI powered tools to find writers, optimize content, streamline workflow and track performance. This looks really cool. 14 day free trial, huh? I love it. I love it. As great as that tip is, Scott, Todd, My tip is actually going to help make everybody wealthy and more educated. Just go to wealthtender.com wealthtender.com enjoy life with more. Enjoy life more with less money stress and there's lots of resources on there and it was great. So, Brian Thorpe, are we good?

I think we're great. Appreciate it. Mark.

Scott, Todd, are we good?

Mark?

We're good. I want to thank the listeners and just remind you the only way we're gonna get the quality guests like a Brian Thorpe from wealthtender.com is if you do us three favors. You gotta follow us, you gotta rate. Review the podcast. Send us a screenshot of that review to support@thelandgeek.com we are gonna send you for free the $97 wholetailing course, how to double your money, 30 days or less. All right, Scott, you ready to do this?

Yeah.

One, two, three. Let freedom, freedom ring. Not bad, not bad. I always like when the guest is like, that's how, that's how they're gonna end it. All right, thanks everybody.

Thanks for listening to the Art of passive income podcast. Start, start your journey at www.thelandgate.com and www.scotttod. net. Rate and review the podcast and email support at thelandgeek. Com Your screenshot for a free passive income launch kit.