In today’s episode, we get together with Trent Porter, financial advisor, investment manager, and CEO of Priority Financial Partners. We hear from Trent about how he first became interested in financial planning, after accruing considerable credit card debt while earning his CPA. The experience earned him valuable first-hand knowledge and helped him gain key insights into the financial management landscape. Trent shares his feelings of frustration with the lack of financial services available to younger people and those with fewer financial assets at the time. This led him to start his own business. We hear from Trent about fixing up multiple homes over his career and how that spurred his interest in real estate. Trent explains how he and his family were able to make short-term rentals profitable and offers his insights on the risks involved when purchasing a property that can only be successful as a vacation rental. Later, Trent shares some very valuable tax tips, including the tax break that couples can benefit from when they have lived in a house for a year or longer before selling it. Trent breaks down his morning routine and elaborates on why he commits to meditation and exercise every day. We discuss why Trent’s definition of success is freedom, the important role that luck plays in financial success, and why he does not believe money is a worthy goal in and of itself. We had a great time speaking with Trent on the show, and we’re certain you will find the conversation as stimulating as we did! Join us for an eye-opening conversation where our generous guest shares plenty of detailed examples and key insights on life and the world of financial planning and real estate!
Key Points From This Episode:
- Trent shares the story of how he got into Real Estate.
- Hear how Trent became interested in financial planning after accruing considerable credit card debt while studying for a CPA.
- How Trent became frustrated by the lack of financial services available to younger people in his age group with fewer financial assets.
- Trent shares how he first became enthusiastic about fixing up run-down homes.
- Financial service providers do not have an obligation to put the client’s needs above their own.
- Why it’s important to be aware of how your financial service provider is getting paid, whether it’s a fee or a third party.
- Where Trent sees Real Estate fitting into people’s portfolios versus something like investing in the stock exchange.
- The importance of diversifying your portfolio and the ability to use leverage.
- Trent shares the details of some of his personal investments.
- How fixing up homes for short-term vacation rentals has been very profitable for Trent and his family.
- Why Trent does not want to be an absentee landlord.
- Trent explains why one needs to be cautious when investing in property with the intention of turning it into a vacation rental property.
- How you can use tax laws to your advantage.
- Why Trent defines success as freedom.
Links Mentioned in Today’s Episode:
Essentialism: The Disciplined Pursuit of Less