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 podcast with John Browning. Build your life as a relaxed and unedited conversation with financial expert in number one Amazon bestselling author, John Browning Jones the founder of Guardian rock wealth and serves clients across the United States. John's the author of the book build a life, not a portfolio, a guide to your financial future based on your personal values, which you can purchase on Amazon, or stay around to the end of today's show and I'll tell you how to get a free copy mailed right to your door. I'm Michael The lawn, your host for the next few minutes as we chat with financial expert and business owner John Brownie. Well, hello, John Browning. How's your day going today, sir, fantastic. I'm happier than a dog in a butcher shop. That's a good one. I like that. Yeah, they they're pretty happy, they aren't they? My Dad used to be a butcher honor. He had a dog back downs as he has right. Yeah, Hey, good, I'm glad for that. Hey, we want to we want to talk about you know, it's kind of it's probably common for dogs to hang around butcher shops, you know, because of the scraps, I would think, yeah, and it's probably not a bad place for them to hang around. Reminds me of like lady in the TRAMP, you know, trump would always be around look eating in food and and that we use me into. I'm trying to figure how we get into this, but it's how we got into because that 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 about that, because too many times we just overlook things and we don't realize that we're making a mistake. So let's talk today about the three most common mistakes you've staying or the worst mistakes for investors. Well, this is this is an easy one because I talked to people almost on a daily basis that are are in the process of making these mistakes.

Okay, usually they're not clients because if 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 these mistakes anymore. But I just see these all the time, and the first one 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're scared of it, maybe we think it's too much work, whatever the excuse, right. And there they are, excuses right, like yeah, I don't really want to work out that, and I keep saying there, and suddenly my midsection gets bigger and I get snape and there's all kype of life exactly. But I recently just had this experience. I got it. I gotta tell you this story because I'm telling you myself here about procrastination, because I got involved with La Fitness. Yeah, great places, fairly reasonably, reasonably priced, and and I was I was in there and, you know, I was working out like I was eighteen, twenty years old. Oh yeah, that. Wait a minute, why did you? Why did you say? I've been there? Man, you find those muscles you didn't know you had. Well, that's a problem those because back then, you know, I mean I worked out. You know, I had a bunch of plates 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 a professional. I think hired one other trainers, and I was like, listen, number one, I've procrastinated. When I lived in whole why, I was swimming all the time and I was in decent shape that I was climbing hills and doing trails and all kinds of stuff like that, as I'm pretty good shape. We moved to North Carolina. It was cold when we got there and 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 not breathing 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 within I've been known it for about two months on a regular they consistency. That's your word, man, that's my one word, and it's amazing. And two 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 about financial planning and is this going to be hard? It's going to disrupt my life, and that's what we're all about here at Guardian Rock is build your life, not just your portfolio. That's the book, right. It's interesting 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's funny when you mentioned that, I usually look at the fitness trainers who are in their s or early S, right. Yeah, I follow them, versus like, if I come to you...

...for financial advising, I F'm fifty five. 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's it is what you do. A Guardian Rock Welt is connect with people, you have relationship, you have communication, you talked with them, figure out what they're where they are now, what they want to do, what their values 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 hour and 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 whole time. What they're explained to me is, like you, you're not working out efficiently, correctly and efficiently, and they've showed me how I can be in and out in half an hour, forty five minutes and get a good, solid work out in. That really makes a difference. Wow, and so they're actually saving me time as well, and that's the difference of having a professional knows what they're doing, trained in this, to help you do that. In the same thing with financial advice. If you try and do this on your own, it's just going to be harder. Yeah, and he can make make a lot of mistakes. Let me make may make some expensive mistakes, but that whole thing about procrastination. I can tell you. It's like, Oh, you know what, I decided, I'm going to wait maybe three months from now, maybe four mom maybe six months from now. And he called, well, not now. Now is not the right time. 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 people make it out to be in there in their heads. So procrastination number one killer of financial dreams, building your best...

...life. All that putting kind of leads into what I considered to be the second worst, and you could really put these in interal any order, but the second worst to me is our emotions. Yeah, we all have me included. I am and and I don't do my own financial player right. I mean I have a lot of more input than maybe some people would because I sort of know what and I argue with my my partner about yeah, but yeah, but yeah, but you 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 read it 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 can make all God's excuses not to exercise, right. But if I had a coach, if had a financial professional is pain or working with, I'd be more inclined, more accountability, more built in accountability, which is kind of would you do with people at a good level? Right. Yeah, exactly, and it's interesting. The biggest emotions that we deal with right are our fear, 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. You Think, oh no, I'm gonna miss out. I should buy right now after the stock has already gone up, all those little mistakes as far as managing the portfolio that you have in place. It's not the right time. And you you know what I say about timing worker right. Do we ever time the market out? Never, never. I don't either. And and anybody telling you that they can do that on a regular basis and be successful is not being truthful. Trying to sell...

...you something they're trying to tell you something exactly, exactly. So you and we tend to make those emotional decisions when we're in our own head. And I'm the same way again. It work too close to ourselves. Yeah, that's so true, so true, whether whether it's in finances, physical, fitness, business. I mean I've got in my business, I've got to coach at three coaches, two of them 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 people all time, stop listening to yourself, stop talking to yourself down, listen to 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 third one 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 we were. You know, I was at the advent of the micro I remember the 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 of noise when it worked and we were fascinated. This thing could things like in three minutes. There's a funny ways to gather around and look in and that's probably 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 will know who I'm talking about, which company I'm talking about. But there was a 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 that we did. Thinks they were innovative, but they didn't make any money and people thought, well, that's silly, why would you ever invest in that? Well, they were putting their profits back into innovation and gradually, without anybody really noticing for a very long time, this company is now one of the largest companies, not just in the United States but in the world, and they probably deliver a package to your door on a regular basis, and this makes me smile. Yeah, it doesn't make you smile, kind of like maybe they're logo might be yeah, you know. Is it a good investment for you? I cannot tell you that because I don't won't know you just because you're listening to podcast. So it's not investment advice. I always thought be fun to invest in the Cardboard Company. You know what you're onto something there. We talked to I talked a lot about that. It's not always the obvious places that you invest round. That's right, but that's where you come in when people need to build a financial portfolio or thing is you have this this broader site. Right. Too many times we have what I would call tunnel vision. All right, and you have more connel vision, you see, with that peripheral vision to go. You want this over here might 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's because you are who you are. That's right, and and that short term thinking also. This is important. Is An important point because when you watch CNBC, when you watch a lot of the youtube videos out there. Yeah, you'll see, because this is what sells advertising. I know some of those people who work on CNBC. They're great people, they're very nice and I do. They got families,...

...they're normal, just like you and me. They have nothing. They're not trying to do something bad. But what 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, huge Chinese can glow Mer it is going, you know, bankrupt. And how's that going to filter down? Well, what cells is. How bad can we make that seem? After it wasn't bad, but it wasn't a cause for, you know, selling everything you have. Really didn't. That usually is 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 two thousand and twenty one right. Well, in the short the short term thinking plays into the fear, especially if the market corrects as a I've got to make a move, or if the market goes up dramatically, oh, I've got to keep right. And that's that short term thinking versus now we're in this for the long haul. Here's the plan and you get some ways to I forget what you call it. You pull the profits off the top when you make make money. You don't mean you may not sell everything, but you pull the profits off the top. You stay there because you understand you've got you have a long term perspective with your clients, usually because that's what most of them are in it for. But it's me that each client is very unique, as is your counsel for each of your clients. That's exactly right. 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 to reach out to you, Johnny, and you got a couple ways. This is like all. I'm just going to remind me with. Obviously, Guardian Rock wealthcom. You can reach out to John, talk to him as for copy of his Amazon best selling book. That's Guardian Rock wellthcom. You also have this texting thing, and I have to remind myself about this. You can text the word life, a life,...

...to the number twenty Onezero on your cell phone, I guess twenty Onezero l Ife and just try you get John's like contact information. Is Really Cool. So there's a couple ways you can reach out to John. I'm sure he's on Linkedin and all these other places as well. But yeah, schedule, schedule, called John. Talk with him. He's not going to try to sell you anything. He's going to talk with you about your situation and see if it makes sense to work together and see if he can actually help you overcome these three most common mistakes that people make. And so, John, thanks for really a really intriguing, insightful episode that we all have to deal with, because we all deal with progrestination and emotions and really short term thinking, because I want to lose some weight. Like this week. John, I don't rebate muns specials. You're older. It's harder and harder, right, is it is? I can't see the lasting if you get started early, so much easier fee it is. 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. All right, we'll see. YEA money really is a big part of our lives and John Browning can help you and your family learn how to keep money in the proper perspective. It's important, but it's only a tool that can help you build the life that you want. If you like, John Emil you a free copy of his book build a life, not a portfolio. Go to John's website, Guardian Rock wealthcom, and click the contact to US link and send your request. John Will Mell a copy of his book right to your door absolutely free. Thanks for listening to building your life podcast with John Browning. Be Sure to subscribe to this podcast so each new episode will be sent to you automatically when it's released. Have a terrific day. Nothing in this podcast should be construed as personal investment...

...advice and past performance is no guarantee of future results. Investing is not appropriate for everyone. There is a risk of loss associated with investing in the markets. No representation or implication is being made that 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 affiliates are 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 strategies and tactics we may discuss in any of our publications or podcasts.

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