Peter Mallouk - The Path

A POST HILL PRESS BOOK

ISBN: 978-1-64293-701-5

ISBN (eBook): 978-1-64293-702-2

The Path:

Accelerating Your Journey
to Financial Freedom

2020 by Peter Mallouk

All Rights Reserved

Cover Design by Damin Sterling, BLVR
Interior Design by Brett Burner, BLVR

The information and advice herein is not intended to replace the services of financial professionals, with knowledge of your personal financial situation. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of any profit or any other commercial damages, including, but not limited to special, incidental, consequential, or other damages. All investments are subject to risk, which should be considered prior to making any financial decisions.

No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author and publisher.

Post Hill Press

New York Nashville

posthillpress.com

Published in the United States of America

This book is designed to provide information that the authors believe to be accurate on the subject matter it covers, but it is sold with the understanding that neither the authors nor the publisher is offering individualized advice tailored to any specific portfolio or to any individuals particular needs, or rendering investment advice or other professional services such as legal, tax, or accounting advice. A competent professionals services should be sought if one needs expert assistance in areas that include investment, legal, tax, and accounting advice. This publication references performance data collected over many time periods. Past results do not guarantee future pe rformance.

Additionally, performance data, in addition to laws and regulations, change over time, which could change the status of the information in this book, and do not reflect the deduction of management fees or other expenses. This book solely provides historical data to discuss and illustrate the underlying principles. Additionally, this book is not intended to serve as the basis for any financial decision; as a recommendation of a specific investment advisor; or as an offer to sell or purchase any security. Only a prospectus may be used to offer to sell or purchase securities, and a prospectus must be read and considered carefully before investing or spending money. No warranty is made with respect to the accuracy or completeness of the information contained herein, and both the author and the publisher specifically disclaim any responsibility for any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this book. All examples used throughout this book are for illustrative purp oses only.

In the text that follows, many peoples names and identifying characteristics have bee n changed.

Legal Disclosure: Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Creative Planning (Company) is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Company by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers. The Company never pays a fee to be considered for any ranking or recognition, but may purchase plaques or reprints to publicize rankings. More information regarding rankings and/or accolades for Creative Planning can be found at: http://www.creativeplanning.com/important-disclosure-in formation/

Jonathan Clements is a board member and Director of Financial Education at Creative Planning. Mr. Clements receives compensation for serving in this capacity.

Tony Robbins was formerly both a board member and Chief of Investor Psychology at Creative Planning, LLC, an SEC registered investment advisor (RIA) with wealth managers serving in all fifty states. Mr. Robbins receives no compensation from the sale of this book nor on any increased business that may be derived by Creative Planning from its publication. Accordingly, Mr. Robbins has no financial incentive to refer investors to Creative Planning, and any material authored by Mr. Robbins in this book should neither be construed as an endorsement of Creative Planning nor any of its affiliated persons or entities.

CONTENTS

by Tony Robbins

by Peter Mallouk

by Tony Robbins

by Peter Mallouk

by Peter Mallouk

by Peter Mallouk

by Peter Mallouk

by Peter Mallouk

by Peter Mallouk

by Peter Mallouk

by Peter Mallouk

by Tony Robbins

by Jonathan Clements

by Peter Mallouk

The Path

The financial services industry is broken. You may be surprised to hear this from someone who has made his living in the financial industry, but its true. Financial advice and services are traditionally delivered through a system that requires relationships with a variety of professionals: an accountant, an attorney, an insurance agent, a financial advisor, a banker, and many others. These individuals rarely talk to one another, leaving you stuck in the middle, fighting to make sure everything is done correctly. The problem with this model is that your finances dont operate in a vacuum. The investment decisions you make with your portfolio are affected by income tax, estate planning, charitable giving, income needs, debt management strategies, business planning, financial independence goals, and many other factors. Of all of these people acting on your behalf, only you see the full picture. How can others help you achieve your desired investment outcome if your desired outcome wasnt even considered before yo u started?

To make things worse, the individuals sought for guidance in these matters are not necessarily legally required to meet the highest standard of care with your money. Instead, many professionals in the finance industry operate in a manner thats confusing to the average investor or, worse, purposefully misleading. Traditional brokerage firms can offer any product they think is appropriate for you, even if it arguably benefits their company more than it benefits you. You have insurance companies that package investment products inside annuities and insurance products that often generate huge commissions for their agents at your expense. And other firms can be dually registered, and alternate at will between acting in a manner that meets the strictest responsibility for client care and in a manner that does not. Finally, independent firms, which are legally required to act in their clients best interests at all times, often lack the size, scale, and resources to effectively address the full scope of their clients needs. And who is stuck in the middle of all this mess? Its you, the average investor, having to make some of the most important decisions of your life! Asking questions like: How do I create a path that maximizes my financial opportunities, avoids potential pitfalls, and leads me to the right investments for my financial goals? How can I find the right guide to help lead me down this path?

I started my career in this industry largely focused on estate planning, financial planning, and investment management advice, primarily for other advisors clients. From this vantage point, I could see it all, and I didnt like what I saw. I saw that many advisors are excellent, but they work in conflicted environments. I saw advisors who would force their clients to sell all of their existing holdings before implementing a new strategy, regardless of the tax consequences for the client or the amount of damage done to the portfolio. I saw other advisors push their own products or a generic portfolio model on unsuspecting clients. I saw expensive insurance products sold instead of very low-cost investments that would have been better aligned with the clients goals. In short, people were often entrusting their lifes savings to a professional, only to later discover that individual did more harm than good.