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 podcastwith John Browning. Build your life as a relaxed and unedited conversation with financialexpert John Browning. John's the founder of Guardian Rock Wealth, with offices inHawaii, Colorado and Illinois. John's also the author of the book build alife, not a portfolio, a guide to your financial future based on yourpersonal values, which you can purchase on Amazon. Or stay around to theend of today's show and I'll tell you how to get a freak copy mildright to your door. I'm Michael Dlawan, your host for the next few minutesas we chat with financial expert, business owner and author John Browning.Hello, John Browning, how are you today, my fine friend? Iam doing for fantastic. It's been a wonderful day so far. How aboutyourself? Carrefe, Hey, I can't complain. It's really good. Asa little rainy here in Little Rock, but we need the rain to makethe trees grow, in the grass grow and I can pull up my lawnlare in a few months tamow it. Yeah, I hope that to happensooner rather than later. Is Yes,...

...cold there. It has been alittle cold here. Yeah, they keep teasing us with snow, but itdoesn'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 inthe snow, that's a great thing, but have to go somewhere else todo 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'tknow if you ever read that book by did colins. Year's a go goodto great. Yeah, Great Book. Well, it is a great book, not just a good vice, a great one's talking to a friend ofmine today at launch and I was talking to him about priorities in life andI said many times the good is the enemy of the great and we haveto 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 optionswhen it comes to a financial plan? Well, I think, first ofall, 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 averageright. I've never understood that. I've never wanted to get up out ofbed every morning say I don't get to the average today. It just doesn'treally make a lot of sense to me. I've always wanted to be fantastic orgreat or or something like that. Right well with your financial life.Why would you want to settle right for for that, especially when you havegoals, hopes and dreams that are very unique to you that you want toaccomplish and if you just settle for good or average, then it's going tobe a lot harder to get there. So a lot of people settle forsort of the okay or good rather than great, and I think mainly thereason is they don't know what great it looks like. So, to answeryour question more directly, you know great plans. This is talking about thefinancial 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, notjust CPI, but how about the fact that healthcare inflation, which islikely to be, you know, more necessary as you get older, hasbeen greater than regular, just old CPI or their consumer price index? Thankit needs to include include inflation for maybe a higher education, if you're youhave children or yourself that you want to put in the enter through school andof course that's all changing right now. Has it considered how that's changing ormight change, given the pandemic and online learning and all that, increased healthcarecosts, possibility for long term care needs, insurance costs and how those might changeas you get older, when you get into the whole medic Medicare yearsand all that? How is that effected once your employer stops paying for aportion of your healthcare? How does that...

...impact things? You know, alot of these will call them the free online which are okay, the freeonline plans that you can just build things out, but they don't necessarily explainand 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 aboutthat before where if your x years old and you have this number for yourrisk 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 orexpectancies, yes, but also have expectations of what we want our life tobe. Against my book, build a life, not just a portfolio,right, and it needs to be individualized. The plan needs to be individualized foryou, and that's the those are the biggest differences, I think,between a good or an okay financial plan.

But you know, a lot ofpeople and a lot of advisors think, well, that's just too much workand that's not the way we want to be at Guardian Rock, notthe way I want to be, because I got into this business because Ireally truly wanted to help people build their best life. Yeah, and thenthat's good because, yeah, it makes total sense and I don't want tobe 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 shouldbe different than my neighbors because we have different goals and objectives. Andthanks. 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 lifethat 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 itan interriable part, and we've talked about that on other episodes and that partof having a great plan for you,...

...which is really a true because agreat plan for you, John, might be a good plan for me becausewe have different goals and objective. Right, Yep, that's right. Yeah,that's exactly where. And and you know, pretty much every financial plannerout 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 allsay that, right, because hopefully we all do that. And the truthis that, you know, most advisors out there do a good, agood job. Unfortunately, not all of them, which is why the trustfactor in our industry is one of the lowest. Is Right there with,you know, car salesman and things like that that you think of. Andit's, you know, I said fortunate, because there are a few folks outthere 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 reallyneed to have it. And think about that, you know, if youif you tried to fix the brakes on your cardon and no idea, justbecause 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 bitquicker than you and hope. Right, it's a great enow. But agood 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 automaticallyrebalances. 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 betalking to the talking and really have an actual relationship with your clients and andand clients with their financial advisors, so that you'd have a great plan foryou. Yeah, well, and I think you just hit it there.And one thing that sets you apart,...

John and Guardian rock wealth, isthe relationship. Right, you start with a very in involved, detailed,intimate conversation with your clients. You're asking why many times to understand what areyou trying to accomplish, what life are you trying to build, and youstay with them through those life changing situations. You know, kids growing up,kids moving out, kids coming in, whatever job chain. All of thatplays into building a life not just a portful, it's not just aboutthe number or the balancing act of your portfolio. It's about your life andthat comes out of relationship. Right exactly. Yeah, so I would say that'sthat'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 tryingto get to, because sometimes we don't even know what we what we needto get to. Write and and that's why having those questions that you askJohn or are so helpful to be able to create a plan that each ofyour clients would say, this is a...

...great plan for us, for me, because really, the end of that's the only on the matters, isonly with the matters. To you, yeah, it really does. Andif 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 todo. But why take the chance when you can just reach out to JohnGuardian rockwellcom have a conversation and he can probably tell you in a short periodof time what's going on and where you situating, positioned and and you havea conversation, you build another asset and John's the type of guy that willtell you if he can help you or not. Right and so, havingthat, don't don't settle. I guess that's that's a good way. Don'tsettle for good when great is within your reach. That's it. That's agreat way to put it on like that. All right, we'll end on thatone. And it's really easy to to reach great because you just haveto go to Guardian rockwealthcom and schedule call with John Browning and you're going tohave a great conversation and well him help...

...you. Just talk through the issuesof what needs to be how do you create a comprehensive financial plan for yourfamily 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 JohnBrowning can help you and your family learn how to keep money in the properperspective. It's important, but it's only a tool that could help you buildthe life that you want. If you'd like, John Emilie a free copyof 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 tosubscribe to this podcast so each new episode will be sent to you automagically whenit's released. Have a terrific day.

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