Comprehending Comprehensive Wealth Planning

ABOUT THIS EPISODE

On today's episode, Financial expert and Amazon best-selling author John Browning helps you understand Comprehensive Wealth Planning. Learn more when you 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 best selling 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 Browning. Good afternoon, John Browning. How are you doing today, sir? I'm doing amazing, awesome, even though it seems like the rest of the world kind of isn't here of late. We're recording this when for a couple weeks into the Ukrainian thing, which is absolutely horrible, and it would be yeah, it would be wrong not to at least mention that, and our prayers go out to the folks that are absolutely actually experiencing that F jamiling there and all that. I have a few friends over there as well. It's unbelievable, right, it really is. Yeah, it's a lot, unfortunately. It's a lot like the economy and in fine it's Simlical, right, because when we were growing up it was the IETOL Kulmani, doing weird things like that, and then it was Castro and then it was somebody. So these things are cyclical. Doesn't make the many better, right. So, well, you need to be cognizant of that. And in these things are all based on decisions, usually one, one person or one group of people make right. And so we don't want to talk politics and things like that today. What I want to talk about is the best decision you never made, John, okay, the best decision you never made. Let's talk about that today, because I thought it was very intriguing when you mentioned that to me. So what what...

...was that decision? And then less I'm packing. And how does that apply to today? Well, I will remember we, so, my wife, that I got married early. So we were early, like we were twenty, like we wow, just turning twenty one actually when we had me. Actually got married. So you know that's early these days. And what that is? Yeah, actually, the maybe for our ages early these days, but that's nothing. But I'll never forget. You know, we you don't like anybody Finny couple starting out. You know, you don't have or a lot of especially young people starting out. You have any money right right. Our first our first place, our first real house that we bought was it was a little bit of a stretch, but not really, not really too much. And then you are started making more money, you know, we you know, I had a Wall Street career and I you know, it's also and I was like wow, I actually never thought my paycheck would get that that that big. That's really cool. Things are going well and we said, you know, we've got three kids and we have three bedrooms, so we're already stacking kids and and we were thinking about, you know, maybe doing maybe some foster care, something like that, which we have did, and we're like, in order to do that, we really need a bigger place, because it was small. Single Bedroom, yeah, or not, that single bedroom, seating, single bathroom for everybody on the Sunday will. Yeah, yeah, it was. It was starting to get tough. So and we can afford it. So where we started looking at in the real estate agent, who looks at us and he says, oh my goodness, you could. You gonna look at this house is and they were gorgeous, really like that's awesome. We look at the Price Tag. It's like, I think it was seven hundred and fifty eight dollars. And this is back like almost thirty years ago, and it was like a long there's like...

...twenty five years ago. It was a long well and long time ago. To that house today would be worth million. Blacks are saying yeah, and we're like, there's no way we can afford that kind of a house. You said, oh, sure, you can, plush. You know, you're gonna be making more money in the future. Yeah, and he just and it is timpting right, because I mean, those were really nice houses, but the best decision we never made was not to do that's awesome. Yeah, and that's a hard decision because, especially if you seen those nice houses, right, and it's like nothing compares to that. And you know, honey, how about Rama noodles for the next three years, but you'll have the home of your dreams. That's right. Yeah, and the stress and anxiety right, and I mean there's so many other factors in that that are really challenging. And how do you how do you control that? Because, as you, you and I talked about, I used to be a realtory years and year ago. Right. But you're right, once you make that emotional decision to buy, it kind of like you're Harley. When you decided to buy your Harley, you found out kinds and reasons why you needed a Harley, needed, neat, needed. Yeah, yeah, Christine, I really need this. But the same thing goes here. And what does what impact does that make in finances and in planning out of life and a portfolio for somebody when they find themselves really leveraged to the hilt? How does that play into not just planning finances, but all of life? There's a there's a couple really good quotes from from two people. You can love them, you can hate him whatever, but they're they're, in my opinion, truth. You know when they when they speak. One of them is from Dave Ramc and and you can take this. I believe you can take this too far. So, before you know, before I go there, I'm just going to put that as a caveat. But he says the good advice...

...is if you can't pay cash, just don't buy it. Wait safe and do that. And for a house that's for most people nearly impossible. And arguably for a house, and Dave Ramsey will also tell you this, is that for a house is a bit generally is going to be an appreciating asset as long as you hold it for at least five to seven years, generally speaking, going to be okay. So for a house, yes, but anything else, a really nice car, just about anything else, can't pay cash for it, don't buy it now. Again, there are different levels of that. If you truly need a car that you cannot pay cash for in order to get to work so that you can make the cash to pay for the then you need to finance that. Right. There are reasons to still still do that, but that's a that's a great piece of advice. Another piece of advice for sign. Some people do not like this guy at all and and you know I have, I have this love hate relationship with him. I think he's a good generally a good person, but his name is grant card own. Yeah, and he's got he's got really great, great stuff to say. And one of the things that if you can't buy two of them, don't buy one of them. That was really that was really good because if you buy too number one, you could go ahead and buy to and sell the other one, maybe for a profit. You know, that's his idea, Sharon. Or if you can buy two, then you can. You can do it and you can still be come for the ball and there is no price that you can put on being comfortable. So that decision that we didn't make. We ended up going with a house that was under three Hundredzero, so less than half. Wow. So the according to the real estate agent, we could have afforded two of them. Right, right, yeah, not sure the math ever did work out at librain on that. But but the great thing about that is we weren't going to...

...bed anxious every single night. We weren't eating ramen noodles. That was kind of one of our things to the first year of our marriage. We were both in college and we were eating way too many Raben noodles and just like Oh, let's split a potato for dinner this evening. I think we did that a few times. Yeah, yeah, we said we would never eat ramen noodles again and so far since that first year of marriage, we have literally never eaten Robin Noodles again. Really, that's awesome, I think for your next anniverse or you should get Christina package of ramen noodles just to celebrate the good times. That's right, that would be greatio. Or give it to her for Christmas, you know, just a beautiful gift. She'll remember it for all was. You know what, I think it's romantic. I think she would definitely really appreciate that. Well, if it's not romantic, it's definitely ramantic. That's right. I'm so sorry, but we digress. Making decisions and in choosing to I mean you, you made. It's funny because we titled This the Best Decision I never made, and I guess that's not buying that big house. You made a decision to not do reli, but it's it's having an idea in front of you that there are every decision has ramifications, right and I we've talked on recent podcast about starting early, to say for retirement, and and that's a decision. Are you going to make that decision or not? How are you going to build? Are you going to get into we talked a little bit about, you know, bitcoins and all those other other things, and so their decisions that we make and decisions we don't make. They all have ramifications, right, they all have ramifications. That's exactly right. So and it's you know, one of the things that were the reason that I kind of thought about this topic in particular, Hmm, is as I am down here in south Florida, it's like...

...it seems as though everyone and their brother from the north is coming down to the east side or even some, some people in the west side of catwork. And as I talked with real estate agents, who I do talk to several of them because we end up doing a lot of work together, and I helped by help people with their finances to be able to afford that house at some point and things like that. And what they're all telling me, like every single one of them, is what is begun to happen is at the beginning of the pandemic, people would move down and they would sell their, say, Million Plus House in New Jersey or Chicago and they pay a five hundred thousand dollar nice place here in Florida and they would invest the difference, and I would help with that investing of the difference. And I said, yeah, this kind of really slowing down the phone calls from you guys and we said, well, here's the problems. They're so in their million dollar house and just in the last six to eight months they are now buying a five house that's worth five hundred thousand, but they're paying a million. Oh my goodness for it. It's that that's that much appreciated in terms of what people are actually paying, because there's no inventory down here, very little limit God it. Yeah, and and the once they people have made this decision, I move into Florida and I'm buying that house. I can't go with that much down in my standard of living, but I want to be in Florida. Then, emotionally, they just go and they do it. They're competitive like I am, and they just go, I'm buying it, you know, and they they spend that money. And then what happens, and what I'm afraid might happen it is we have another housing crisis, and gear's down the road as people start to realize that, all my goodness, I bought too much house. Yeah, it does. Yeah, and and there are and we should do a whole episode on owning home, not owning...

...home equity. What good does it do you in a. that'd be a fascinating thing because you know Dave Ramsey and that whole that whole world is pay your house off. Well, there's good reason for that emotionally. There might be good reason for it financially. I don't know you're the financial expert, even though we don't get financial advice on this podcast, but it would be a great discussion to have because my father last seventy eight and he sot has a mortgage on his house. He and he will to he dies, as far as he's concerned. Right, he has reasons for that. I thought, well, that's different. Having that discussion around mortgages in the ups and downs and all that. That would be fascinating. And Are you buying over inflated housing? What happens? What do you do when you say I'm moving to Florida in the housing market goes up fifty percent. Wow, because during emotion you're emotionally invested, you're emotionally invested in kind of you've already kind of made the plans and it's tough to say no and it's even you know, it's also tough to say, you know what, I got to find a different house that's less expensive. Maybe not in the location that I wanted, maybe them backyard or whatever. Yeah, that's maybe even harder. It really is. And there's a whole nother podcast thereabout doing all these things behind the curtain without telling anybody. So I found a guy at church the other day right used to be a business owner. He sold his business. I don't know what that means. And now they're empty Nester. So they downsized in house and I'm like, well, that's really cool. So the way he spends it is really sounds great, and I'm sitting here my cynical nature is going, really, did you lose your shirt on your business and you can't afford your house anymore, so you had to go get a crackerbox. So it's that whole mentality. But if he if you don't tell people I'm moving to Florida, we're going to buy a house in this neighborhood, if you don't tell them that, you just hate we're moving florid, we're downsizing, we're doing this. It might release some of that stress. But again it comes back to what you always say, John, is you're building a life. How do I help you build the life you want and sometimes to build the right life, you have to not make a certain decision and it's just...

...interesting how it all plays together. It's not just money and dollar signs. It's it's the emotions, it's the why are you doing what you're doing, and why do you have to live on the golf course? You know, it's all those questions that and if that's what somebody choose to do, pray Scott. That's what they get to do. It's their money. Yeah, absolutely, and it's about living your best life and what you to find your best life is is different than I would to find mine. Almost guarantee that right. There should be some differences and I can tell you one thing, though, is I have I have lived in in debt and it's not fun. I can't imagine that that's somebody's best life. That would that's very hard for me to wrap my head around. Somebody who's very overleveraged and and that's what we're all about is build your life, not your portfolio. That's right. I love it, and part of that is is making decision visions right and I think one of the best decisions somebody can make, John, is to reach out and connect with you and have a conversation with you, just about finances, about life, and in fact they can text. What is it? Twenty Two thousand, Twenty One Tho, twenty one down. pull out your phone, text, text the Word Life, Alife to twenty Onezero and you'll get all of John's contact information and everything. Reach out to him at Guardian Rock wealthcom and just have a conversation with them about finances, about portfolios, about life, about moving to Florida, about whatever you want and and let have that first conversation. Just find out how John can maybe help you put some things in order so that you'll make a great decision, just as John has. So, John You've helped a lot of people. I love conversations like this. Look forward to coming back and talking in the future about knock, mortgages and different things, but just helping people understand finances and how they should build a life, not just a portfolio. The title of...

Your Amazon Number One best selling books. So, John Browning, thanks for another great episode of Your podcast. Sir, all right, thank you. Will see you next week. Money really is a big part of our life 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 Emilie 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 ensure freedom from losses. Please remember that investing carries risk. Guardian Rock Wealth LLC and its 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.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (143)