Todd Tressider Sales Dissection

Today I will dissect a recent e-mail received from Todd Tressider of www.financialmentor.com. This message is a preamble to a series of e-mails on designing a wealth plan. Tressider describes himself as a “money coach” and offers many resources at his website. My critical analysis subsystems are activated because while I cannot vouch for his quality of information, I can easily identify his premium offerings for sale.

     > How do postal workers and teachers achieve financial security while
     > certain doctors and lawyers get stuck in financial mediocrity?

More appropriately, certain postal workers and teachers because the odds are against them for purposes of this comparison.

     > Why do some people work hard and end up broke while others exert
     > far less effort and make millions?

I think he’s picking at the extremes here. I will venture to say most people who work hard have something to show for it; most people who do nothing have very little.

     > Answer: the winners have a plan based on proven principles…

“Proven” is a hollow claim. Conventional wisdom exists, which sometimes leads us astray. Attributions of success are anecdotal and “he said, she said.”

     > I know it sounds too simple and probably a little boring, but it’s
     > the only thing that works consistently in practice. Believe me…
     > I’ve tried ’em all…

I don’t believe him. I can easily imagine someone not trying everything without even realizing it.

     > …If you want wealth in this lifetime with a high degree of certainty

Based on what sample size does he claim a “high degree of certainty?” Without supporting evidence, I doubt this is a valid categorization. Remember my recommendation to challenge everything when someone has something to sell.

     > then there is no substitute for designing a plan where you set goals,
     > take consistent action, and practice daily habits that lead to wealth.

I agree because I consider much of this a subset of “hard work.”

     > Your wealth plan is a powerful tool because it creates clarity,
     > congruency, and consistency in your actions so you know exactly
     > what tasks to accomplish each day, week, and month to reach your
     > goal. No confusion or complication…

Nice alliteration here. Aside from that, I do agree that checklists can be very useful. Michael Mauboussin discussed this in The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing (2012).

     > We are all given the same 24 hours in a day but we won’t all
     > achieve our financial goals… your wealth plan is essential.
     > Without it your goals are a rudderless ship spinning in
     > circles with no clear direction. Your results are random.

Tressider has some good stuff here.

I will conclude next time.