3 Most Common and Worst Mistakes for Investors

ABOUT THIS EPISODE

Financial expert, John Browning, explains the three most common mistakes people make with their finances. These are not "secrets" but rather very common issues that happen to many people. Listen to this episode and find out how you can avoid theses three most common mistakes. And be sure to connect with John by texting "LIFE" to 21000 or GuardianRockWealth.com.

Welcome to the build your life podcastwith John Browning. Build your life as a relaxed and unedited conversation with financialexpert in number one Amazon bestselling author, John Browning Jones the founder of Guardianrock wealth and serves clients across the United States. John's the author of thebook build a life, not a portfolio, a guide to your financial future basedon your personal values, which you can purchase on Amazon, or stayaround to the end of today's show and I'll tell you how to get afree copy mailed right to your door. I'm Michael The lawn, your hostfor the next few minutes as we chat with financial expert and business owner JohnBrownie. Well, hello, John Browning. How's your day going today, sir, fantastic. I'm happier than a dog in a butcher shop. That'sa good one. I like that. Yeah, they they're pretty happy,they aren't they? My Dad used to be a butcher honor. He hada dog back downs as he has right. Yeah, Hey, good, I'mglad for that. Hey, we want to we want to talk aboutyou know, it's kind of it's probably common for dogs to hang around butchershops, you know, because of the scraps, I would think, yeah, and it's probably not a bad place for them to hang around. Remindsme of like lady in the TRAMP, you know, trump would always bearound look eating in food and and that we use me into. I'm tryingto figure how we get into this, but it's how we got into becausethat that's a commonplace for a dog to be. It's not a bad place. I want to talk about some common mistakes, though, that investors make, some of the worst mistakes you've seen them make, and let's talk aboutthat, because too many times we just overlook things and we don't realize thatwe're making a mistake. So let's talk today about the three most common mistakesyou've staying or the worst mistakes for investors. Well, this is this is aneasy one because I talked to people almost on a daily basis that areare in the process of making these mistakes.

Okay, usually they're not clients becauseif they're, if there are a client of mine, we've chatted,we've talked about these things and and they kind of know not to make thesemistakes anymore. But I just see these all the time, and the firstone and the biggest killer of financial plans, the biggest killer of retirements is procrastination. Yeah, and guilty. Any one of us can identify with that, right, because we're we all procrastinate on things that were either maybe we'rescared of it, maybe we think it's too much work, whatever the excuse, right. And there they are, excuses right, like yeah, Idon't really want to work out that, and I keep saying there, andsuddenly my midsection gets bigger and I get snape and there's all kype of lifeexactly. But I recently just had this experience. I got it. Igotta tell you this story because I'm telling you myself here about procrastination, becauseI got involved with La Fitness. Yeah, great places, fairly reasonably, reasonablypriced, and and I was I was in there and, you know, I was working out like I was eighteen, twenty years old. Ohyeah, that. Wait a minute, why did you? Why did yousay? I've been there? Man, you find those muscles you didn't knowyou had. Well, that's a problem those because back then, you know, I mean I worked out. You know, I had a bunch ofplates on there, I was doing squats and bench press and I had,you know, here's the problem. I can still do it. Yeah,things tend to hurt and break. Yeah,...

...because I'm slightly older than eighteen,twenty till a little. And so what I did is I got aprofessional. I think hired one other trainers, and I was like, listen,number one, I've procrastinated. When I lived in whole why, Iwas swimming all the time and I was in decent shape that I was climbinghills and doing trails and all kinds of stuff like that, as I'm prettygood shape. We moved to North Carolina. It was cold when we got thereand I just sort of sat behind my desk and worked a lot.And so now I'm down in Florida and been done here for a while.It's warm. I like to get out, but I'm having trouble because I'm notbreathing well and I'm not shape. Yeah, I procrastinated on that,getting back in the shape, and then I got a professional to help me. And what he is doing is he is showing me how a fifty plus. Yeah, here's your old guy should how that guy should work out.And it's different because things are changed with me right interesting and it's amazing withinI've been known it for about two months on a regular they consistency. That'syour word, man, that's my one word, and it's amazing. Andtwo months I'm already seen the results and I'm feeling better and everything else.But it's really difficult to sort of sit down and do the boring stuff,the stuff you're a little bit afraid of. What you're going to find out aboutfinancial planning and is this going to be hard? It's going to disruptmy life, and that's what we're all about here at Guardian Rock is buildyour life, not just your portfolio. That's the book, right. It'sinteresting because you know, I'm I'm in the same stage of life as you. I'll find myself going to youtube right looking at the fitness trainers and it'sfunny when you mentioned that, I usually look at the fitness trainers who arein their s or early S, right. Yeah, I follow them, versuslike, if I come to you...

...for financial advising, I F'm fiftyfive. My plan may not match that of a thirty five year old.It just depends. But that that's a very interesting connection there, but it'sit is what you do. A Guardian Rock Welt is connect with people,you have relationship, you have communication, you talked with them, figure outwhat they're where they are now, what they want to do, what theirvalues are, and help them build afo little that supports that life. Yeah, and it's really it's really crazy to when you actually go to professional,like I thought I had to be in the gym for at least an hourand a half because that's the way I worked out when I was younger,and that's that's how much time I took and I worked out hard the wholetime. What they're explained to me is, like you, you're not working outefficiently, correctly and efficiently, and they've showed me how I can bein and out in half an hour, forty five minutes and get a good, solid work out in. That really makes a difference. Wow, andso they're actually saving me time as well, and that's the difference of having aprofessional knows what they're doing, trained in this, to help you dothat. In the same thing with financial advice. If you try and dothis on your own, it's just going to be harder. Yeah, andhe can make make a lot of mistakes. Let me make may make some expensivemistakes, but that whole thing about procrastination. I can tell you.It's like, Oh, you know what, I decided, I'm going to waitmaybe three months from now, maybe four mom maybe six months from now. And he called, well, not now. Now is not the righttime. I'm either. That's right. Whole idea of guess what it takes? It takes one first step, yeah, the second step, the third step, and then consistent. It's amazing how much easier it is then peoplemake it out to be in there in their heads. So procrastination number onekiller of financial dreams, building your best...

...life. All that putting kind ofleads into what I considered to be the second worst, and you could reallyput these in interal any order, but the second worst to me is ouremotions. Yeah, we all have me included. I am and and Idon't do my own financial player right. I mean I have a lot ofmore input than maybe some people would because I sort of know what and Iargue with my my partner about yeah, but yeah, but yeah, butyou know what? All Yea Butts, yeah, it's right, right,but get you. But it's kind of that idea that a jar can't readit to own label right. Well, and it's going back to to exercise, right, and I had a personal trainer watch with my son and think, and it got me out of bed to get there, because I canmake all God's excuses not to exercise, right. But if I had acoach, if had a financial professional is pain or working with, I'd bemore inclined, more accountability, more built in accountability, which is kind ofwould you do with people at a good level? Right. Yeah, exactly, and it's interesting. The biggest emotions that we deal with right are ourfear, yeah, and greed. We don't like to call it greed,it is kind is the same thing. Come on, let's face it,right, you either you don't want to sell when you should sell. YouThink, oh no, I'm gonna miss out. I should buy right nowafter the stock has already gone up, all those little mistakes as far asmanaging the portfolio that you have in place. It's not the right time. Andyou you know what I say about timing worker right. Do we evertime the market out? Never, never. I don't either. And and anybodytelling you that they can do that on a regular basis and be successfulis not being truthful. Trying to sell...

...you something they're trying to tell yousomething exactly, exactly. So you and we tend to make those emotional decisionswhen we're in our own head. And I'm the same way again. Itwork too close to ourselves. Yeah, that's so true, so true,whether whether it's in finances, physical, fitness, business. I mean I'vegot in my business, I've got to coach at three coaches, two ofthem are marketing coaches, to help me understand the marketing of my company,because I'm so close to it I can I can talk myself into a dizzy. So you're right, we need to get stick. As I tell peopleall time, stop listening to yourself, stop talking to yourself down, listento somebody exactly. All of those things. Emotions. Yeah, wow, fear, emotions. So and I. Let's talk about the first one,procrastination. Yeah, second one is emotions, right, okay, and the thirdone is short term thinking. And we've all been trained for this.If you're my age or were younger, for sure, because you know wewere. You know, I was at the advent of the micro I rememberthe first microway we ever got. That's yeah, that's how old I am. Yes, wow, mine was our ours was like better than your computer. Skill is huge. Yeah, it was in normous made all kinds ofnoise when it worked and we were fascinated. This thing could things like in threeminutes. There's a funny ways to gather around and look in and that'sprobably like it's now. Yeah, it was. It was great, though, and and that was I I blame the microwave for our short term thinking. It's certainly not the only thing, but you look at some of them. This is not investment advice, right, but you look at some companies.I'm not even going to mention the company's name because some of you willknow who I'm talking about, which company I'm talking about. But there wasa company that was started out many,...

...many years ago and they create,they begin to create what was going to be sort of the new way thatwe did. Thinks they were innovative, but they didn't make any money andpeople thought, well, that's silly, why would you ever invest in that? Well, they were putting their profits back into innovation and gradually, withoutanybody really noticing for a very long time, this company is now one of thelargest companies, not just in the United States but in the world,and they probably deliver a package to your door on a regular basis, andthis makes me smile. Yeah, it doesn't make you smile, kind oflike maybe they're logo might be yeah, you know. Is it a goodinvestment for you? I cannot tell you that because I don't won't know youjust because you're listening to podcast. So it's not investment advice. I alwaysthought be fun to invest in the Cardboard Company. You know what you're ontosomething there. We talked to I talked a lot about that. It's notalways the obvious places that you invest round. That's right, but that's where youcome in when people need to build a financial portfolio or thing is youhave this this broader site. Right. Too many times we have what Iwould call tunnel vision. All right, and you have more connel vision,you see, with that peripheral vision to go. You want this over heremight fit into your portfolio because it matches who you are in your objectives,and so I'm sure our client would go. Where do you get that? That'sbecause you are who you are. That's right, and and that shortterm thinking also. This is important. Is An important point because when youwatch CNBC, when you watch a lot of the youtube videos out there.Yeah, you'll see, because this is what sells advertising. I know someof those people who work on CNBC. They're great people, they're very niceand I do. They got families,...

...they're normal, just like you andme. They have nothing. They're not trying to do something bad. Butwhat cells is what's going on right now, right in front of our faces.That's what sells. So you get things like, you know, hugeChinese can glow Mer it is going, you know, bankrupt. And how'sthat going to filter down? Well, what cells is. How bad canwe make that seem? After it wasn't bad, but it wasn't a causefor, you know, selling everything you have. Really didn't. That usuallyis not the not the answer, but that's what if you're paying attention,that's kind of what it seemed like for about a month there earlier in twothousand and twenty one right. Well, in the short the short term thinkingplays into the fear, especially if the market corrects as a I've got tomake a move, or if the market goes up dramatically, oh, I'vegot to keep right. And that's that short term thinking versus now we're inthis for the long haul. Here's the plan and you get some ways toI forget what you call it. You pull the profits off the top whenyou make make money. You don't mean you may not sell everything, butyou pull the profits off the top. You stay there because you understand you'vegot you have a long term perspective with your clients, usually because that's whatmost of them are in it for. But it's me that each client isvery unique, as is your counsel for each of your clients. That's exactlyright. Yeah, that's a beautiful thing. So three of the biggest mistake.Le Me See if I got the procrastination, emotions and short term thinking. That's right, I could rat as look on that. Yare you go? Okay, well, let let me wait. Let me ask people toreach out to you, Johnny, and you got a couple ways. Thisis like all. I'm just going to remind me with. Obviously, GuardianRock wealthcom. You can reach out to John, talk to him as forcopy of his Amazon best selling book. That's Guardian Rock wellthcom. You alsohave this texting thing, and I have to remind myself about this. Youcan text the word life, a life,...

...to the number twenty Onezero on yourcell phone, I guess twenty Onezero l Ife and just try you getJohn's like contact information. Is Really Cool. So there's a couple ways you canreach out to John. I'm sure he's on Linkedin and all these otherplaces as well. But yeah, schedule, schedule, called John. Talk withhim. He's not going to try to sell you anything. He's goingto talk with you about your situation and see if it makes sense to worktogether and see if he can actually help you overcome these three most common mistakesthat people make. And so, John, thanks for really a really intriguing,insightful episode that we all have to deal with, because we all dealwith progrestination and emotions and really short term thinking, because I want to losesome weight. Like this week. John, I don't rebate muns specials. You'reolder. It's harder and harder, right, is it is? Ican't see the lasting if you get started early, so much easier fee itis. Yeah, well, yeah, we'll talk about that on another episode, John, of Your podcast. Thanks for being with us, John,Guardian, rockwealthcom reach out to them. Take care of my friend. Allright, we'll see. YEA money really is a big part of our livesand John Browning can help you and your family learn how to keep money inthe proper perspective. It's important, but it's only a tool that can helpyou build the life that you want. If you like, John Emil youa free copy of his book build a life, not a portfolio. Goto John's website, Guardian Rock wealthcom, and click the contact to US linkand send your request. John Will Mell a copy of his book right toyour door absolutely free. Thanks for listening to building your life podcast with JohnBrowning. Be Sure to subscribe to this podcast so each new episode will besent to you automatically when it's released. Have a terrific day. Nothing inthis podcast should be construed as personal investment...

...advice and past performance is no guaranteeof future results. Investing is not appropriate for everyone. There is a riskof loss associated with investing in the markets. No representation or implication is being madethat using any methodology or system will generate profits or insure freedom from losses. Please remember that investing carries risk. Guardian Rock Wealth LLLC and it's affiliatesare fiduciary investment advisors. Please consult with US or another experienced qualified investment advisor, before making any investment decisions and or trying to implement any of the strategiesand tactics we may discuss in any of our publications or podcasts.

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