The difference between good options and great options when it comes to your financial plan

ABOUT THIS EPISODE

See what "great" looks like in your financial plan. Don't settle for a "good" plan; you deserve a great plan. Your plan should be as individual as you are.

Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation with financial expert John Browning. John's the founder of Guardian Rock Wealth, with offices in Hawaii, Colorado and Illinois. John's also 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 freak copy mild right to your door. I'm Michael Dlawan, your host for the next few minutes as we chat with financial expert, business owner and author John Browning. Hello, John Browning, how are you today, my fine friend? I am doing for fantastic. It's been a wonderful day so far. How about yourself? Carrefe, Hey, I can't complain. It's really good. As a little rainy here in Little Rock, but we need the rain to make the trees grow, in the grass grow and I can pull up my lawn lare in a few months tamow it. Yeah, I hope that to happen sooner rather than later. Is Yes,...

...cold there. It has been a little cold here. Yeah, they keep teasing us with snow, but it doesn't get cold enough for us to get snow. So yeah, that's okay. You know, rain and snow, that's a good thing. sledding in the snow, that's a great thing, but have to go somewhere else to do that right now. But anyway, that's a good segue, I think, because what I want to talk about is good to great. I don't know if you ever read that book by did colins. Year's a go good to great. Yeah, Great Book. Well, it is a great book, not just a good vice, a great one's talking to a friend of mine today at launch and I was talking to him about priorities in life and I said many times the good is the enemy of the great and we have to be cautious there. But when it comes to finances and a financial plan, John, what are the differences between having good options and having great options when it comes to a financial plan? Well, I think, first of all, it's a great question and you...

...know, thanks for asking it, because so many of us settle for good or or even more some good average right. I've never understood that. I've never wanted to get up out of bed every morning say I don't get to the average today. It just doesn't really make a lot of sense to me. I've always wanted to be fantastic or great or or something like that. Right well with your financial life. Why would you want to settle right for for that, especially when you have goals, hopes and dreams that are very unique to you that you want to accomplish and if you just settle for good or average, then it's going to be a lot harder to get there. So a lot of people settle for sort of the okay or good rather than great, and I think mainly the reason is they don't know what great it looks like. So, to answer your question more directly, you know great plans. This is talking about the financial plan itself. Their first of all,...

...they're going to include everything, right. They're going to include tax estiments. are going to include inflation, not just CPI, but how about the fact that healthcare inflation, which is likely to be, you know, more necessary as you get older, has been greater than regular, just old CPI or their consumer price index? Thank it needs to include include inflation for maybe a higher education, if you're you have children or yourself that you want to put in the enter through school and of course that's all changing right now. Has it considered how that's changing or might change, given the pandemic and online learning and all that, increased healthcare costs, possibility for long term care needs, insurance costs and how those might change as you get older, when you get into the whole medic Medicare years and all that? How is that effected once your employer stops paying for a portion of your healthcare? How does that...

...impact things? You know, a lot of these will call them the free online which are okay, the free online plans that you can just build things out, but they don't necessarily explain and tell you all the assumption assumptions that should be there. And you know, great plans don't put everyone into a box, right. We've talked about that before where if your x years old and you have this number for your risk number, then you go in this box and this is all you get, right, because we're all unique. We all have different life expected or expectancies, yes, but also have expectations of what we want our life to be. Against my book, build a life, not just a portfolio, right, and it needs to be individualized. The plan needs to be individualized for you, and that's the those are the biggest differences, I think, between a good or an okay financial plan.

But you know, a lot of people and a lot of advisors think, well, that's just too much work and that's not the way we want to be at Guardian Rock, not the way I want to be, because I got into this business because I really truly wanted to help people build their best life. Yeah, and then that's good because, yeah, it makes total sense and I don't want to be just like my neighbor. Right I my house is different than my neighbors, my car is different than my neighbors. My retirement plan and FINANCI plants should be different than my neighbors because we have different goals and objectives. And thanks. And you mentioned a just a litany of things there, John, that people don't have to go back and listen to, but they're all important. They all play into a holistic financial plan that helps me build the life that I want now and plan for that. I love the whole college thing. That was that's huge. How do you plan for that? Make it an interriable part, and we've talked about that on other episodes and that part of having a great plan for you,...

...which is really a true because a great plan for you, John, might be a good plan for me because we have different goals and objective. Right, Yep, that's right. Yeah, that's exactly where. And and you know, pretty much every financial planner out there is going to tell you, hey, we treat clients like family. That, you know, we've doing been doing this for a long time. We do a right thing for a client. So you don't we all say that, right, because hopefully we all do that. And the truth is that, you know, most advisors out there do a good, a good job. Unfortunately, not all of them, which is why the trust factor in our industry is one of the lowest. Is Right there with, you know, car salesman and things like that that you think of. And it's, you know, I said fortunate, because there are a few folks out there that have given the financial advisory...

...practice kind of a bad name, which is terribly unfortunate, because then people shy away from it when they really need to have it. And think about that, you know, if you if you tried to fix the brakes on your cardon and no idea, just because you didn't trust any tochanic out there that could be devastated. Right, they could be. You could be collecting on that life insurance a little bit quicker than you and hope. Right, it's a great enow. But a good plan doesn't just involve putting people into a box. It doesn't involve, you know, just doing an automatic rebalance with the computer program that just automatically rebalances. You need to have a conversation with people and say hey, what, what's happened in your life? How is your plan potentially change and be talking to the talking and really have an actual relationship with your clients and and and clients with their financial advisors, so that you'd have a great plan for you. Yeah, well, and I think you just hit it there. And one thing that sets you apart,...

John and Guardian rock wealth, is the relationship. Right, you start with a very in involved, detailed, intimate conversation with your clients. You're asking why many times to understand what are you trying to accomplish, what life are you trying to build, and you stay with them through those life changing situations. You know, kids growing up, kids moving out, kids coming in, whatever job chain. All of that plays into building a life not just a portful, it's not just about the number or the balancing act of your portfolio. It's about your life and that comes out of relationship. Right exactly. Yeah, so I would say that's that's how you move from having a good plan to a great plan, as having somebody like John on your team who can help understand what you're trying to get to, because sometimes we don't even know what we what we need to get to. Write and and that's why having those questions that you ask John or are so helpful to be able to create a plan that each of your clients would say, this is a...

...great plan for us, for me, because really, the end of that's the only on the matters, is only with the matters. To you, yeah, it really does. And if you're one of a million in a big box financial thing, you yeah, you probably have a good plan. It might do what you needed to do. But why take the chance when you can just reach out to John Guardian rockwellcom have a conversation and he can probably tell you in a short period of time what's going on and where you situating, positioned and and you have a conversation, you build another asset and John's the type of guy that will tell you if he can help you or not. Right and so, having that, don't don't settle. I guess that's that's a good way. Don't settle for good when great is within your reach. That's it. That's a great way to put it on like that. All right, we'll end on that one. And it's really easy to to reach great because you just have to go to Guardian rockwealthcom and schedule call with John Browning and you're going to have a great conversation and well him help...

...you. Just talk through the issues of what needs to be how do you create a comprehensive financial plan for your family that allows you to build a life, not just a portfolio. So, John, that was a great episode on your podcast. Thank you, sir. All right, thank you. We'll we'll talk to you next week. Buddy. Bank 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 could help you build the life that you want. If you'd like, John Emilie a free copy of his book build a life, not a portfolio. Go to John's website, Guardian rockwealthcom, and click the contact 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 automagically when it's released. Have a terrific day.

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