Episode 11: Are You Feeling Stuck These Days?

ABOUT THIS EPISODE

On this episode of the Build Your Life Podcast with Financial Expert John Browning, we're discussing how many of us are feeling stuck or isolated during the current global crisis.

How does your mindset tie in with your finances? We've never experience a global phenomenon exactly like this COVID pandemic. Listen in as John shares his thoughts on how to cope financially during these trying times.

For more information, visit www.GuardianRockWealth.com to learn more about what John can do for you.

Welcome to the building your life podcast with John Browning. Building your life as a relaxed and unedited conversation with financial expert John Browning. John's the founder of Guardian Rock Wealth in Lake Forest, Illinois. He's also the author of the Book Build Your Life, not a portfolio, a guide to your financial future based on your personal values. Now you can purchase John's book on Amazon, or you can stay around to the end of today show and I'll tell you how to get a free copy milk right to your door. I'm Michael Law on, your host for the next few minutes as we chat with financial expert, business owner and author John Brownie. Well, Hello John. How are you doing, sir? Doing fantastic. How about self? I'm tremendous. It's a great day. We're in the middle of something that's very strange, as we're going to talk about. The coronaviruses is rampant around the the world, really, which is my first time. I mean, Gosh, I'm in my early S, John. I've never experienced a worldwide phenomenon like this. You. How about you? I have not seen anything like it in my lifetime either. I was looking back in history and probably the closest thing was the Spanish flu back during World War One, my time. Yeah, it was definitely before my time. So yeah, this is this is definitely challenging times and unprecedented times and it's really interesting to me to see how people are reacting. Most people where I am are there's some really positive, great things going on to help other people out. So that's right on the best in people. Yeah, yeah, well, that's good. I know that you and I talked and actually didn't that episode just a few days before the whole covid nineteen thing really really hit, and I know you were trying to trying to get out of the country or something. Right, not quite out of the country, but we are actually now in Allaho, Hawaii, and...

...while we can't get out to do many of the things that we thought we would potentially be able to do on the weekends. I came here for for Guardian Rock and and some things that we're doing here in Hawaii that are exciting and plan to be here for quite a while. But the idea that we can't if we wanted to get back to, you know, Chicago or one of those places that we're more familiar with, is is just sort of an eerie feeling and probably the the weirdest or strangest thing to us, as we were planning on after school was over to bring our daughter back or bring our daughter here to a Wahoo so she could start next school year here in a Whi Hawaii. But there's no doing that now. You know, she's kind of stuck. She's there with grandma and GRANDPA and she's got mixed f you things about that. It's fun to be with Granmar GRANDPA for a while, but not so good after, after a month or together, those sugar cookies, we're all pretty quickly, I bet, and I think. I think Grandmar and GRANDPA would do it just as soon. She'd be able to come to some see us now as well. Yeah, it's all great and yeah, just a little bit too far for her to swim right. So just a little bit. Yeah, well, it's so really that ties into the theme that we're talking about today, which is really feeling isolated, because I know a lot of people are. You know, my family were home schooling family. My wife feels isolated with the girls and and I'm here in my working from home a lot now, feeling isolated from the world and not doing things at church. So, but, but isolation is just not a personal thing. It throws in and ties in with our finances as well, in our and our mindset are perspective around. How do we think about our finances in a time like this? Right? Yeah, absolutely we. You know, lots of questions come up from from clients and from from people who aren't yet clients. People are wondering, you know, what to do, what to expect and and you know, like you said, like you talked about...

...earlier, this is really unprecedent and and something that we haven't seen in modern economic times. So it's you get it, several different reactions to that. Yeah, it's also very interesting and maybe we talk about it today where another one is this is this is an economic issue that was not caused by an economic issue. Right this this was a health related issue that caused an economic downturn, correction, whatever you want to call it, which is really different. I don't remember anything like that really happening either, because everything else I remember, when a market corrects or something, it has something to do with business of some nature. This one kind of caught everybody just out left field, right right, and it really the closest thing, too, was probably the September eleven attacks, when that was not an economic issue. That caused, you know, a stop as not nearly what it is now, but it caused a bit of a stop to to like travel and things like that. This situation is caused a stop to travel, eating out, entertainments, you name it. All sorts of services that make our economy run have just come to a complete and utter stop, except for those essential services, and even those have significantly changed in the way that we can and do use them. Right. Well, I a friend of mine who's a pet doctor at a hospital or clinic within a hospital, you know. There their patient counts down by fifty percent or more. Grocery shopping them. My Wife said, Hey, we've got to go to the grocery store. In fact, I've got to place my order now, because it's four days before they can get our groceries to to us. Because, you know, and I'm like, that is unheard of. It changes everything of how we think. It influences how we think about finances, do and whether we really want to talk about finances or you know, I to talk to some people want to bury their head in the San and just not, but you know this is going to...

...pass or whatever. Others are all over the board. What are you finding as you deal with as you're talking with clients and prospects, and what are the what's the gamut, I guess, of how people are responding to this financially? Yeah, you're right, the the whole head in the sand is actually more common than I really expected. We have, but I get that. You know, that's why our clients hire us is so that we worried about this and they don't have to. So we have clients here. We've reached out to everyone just to make sure, number one, they're doing okay from a health perspective, and we do have elderly clients. We want to make sure that they're they're taking care of as far as all the little things like the groceries and everything else. So we we try and do what we can. They're interestingly, I did a little coaching session. I'm a financial advisor, but I did a little coaching session for a couple of our clients who are a little bit older and they didn't really understand this whole ordering groceries online, like you were talking about, and let alone having to schedule it out and sort of planning ahead for their groceries. So I ended up doing a little bit of that outside the job description, but it was interesting. Most of them were just hey, listen, you take care of it, we know you've got this, we've worked with you for x number of viewers or what have you, and and that's been the general the general response we've gotten. We have had, you know, another subset of clients that are very interested in what we think is going on and what is likely to happen as we continue to move our way through this. And of course, like you said, it's not an economic issue. It's more of a medical issue. I'm blessed to have a life that's a nurse and she can explain some of the medical stuff to me that I wouldn't necessarily understand, but she's she's kind of explain that side of things to me and I have a little bit better understanding. And our clients know that we don't necessarily follow the normal news sources. We have access to and are used to looking a little bit deeper...

...at the issues. So while some of the major news outlets have incentive to report things a certain way so that they get higher ratings and better viewership, we can give a little bit more balanced perspective, and so we do get phone calls and request to explain what exactly is going on from an economic perspective, using what we know and how we have seen the economy and people, the people that drive the economy react in the past. Two things that are at least somewhat similar to this. Yeah, and that, and that's good and that's one great reason, I guess, we're people to use somebody like you, because you not only do you have this unbiased opinion because you're not after ratings and selling more ads, which is where media is, that's how they make them money, but you have you have other resources. You go deeper and and can can see more trans and and really bring a what I would call a voice of reason, because if we watch too much media we're going to get a little wacky and we need somebody to say, well, that I hear that, but let me, let me explain this to you. So just like your wife can go in depth on medical things, you can go more in depth on the financial aspects and you're looking at a broader spectrum than a thirty second sound bite. Right, that's exactly right, and much, much broader and in the reality is that if if you did have a financial advisor and you had a plan in place, you never, you should never, be in a place where a major event like this causes significant financial hardship from your investment portfolio because you've planned for the eventuality and the probability that something like this is going to occur every once in a while. We have just happened to have come off of a very long period of time where the market has essentially moved higher for many, many years, but throughout history...

...we have pretty major pullbacks on a fairly regular basis. So to have a cash position or fixed income position or downside protection, which is a lot of what we do, is just simple downside protection, then you should have been prepared for this and you really shouldn't be in a position where your economically devastated in your investment portfolio. Yeah, and that's a great common sense approach to realize the market is cyclical and these things do happen and so they really shouldn't catch us by surprise. I think you know, in the last few months I've heard many, many people say, well, we're due for a correction, we're do so I think everybody knew it was coming sometime, but we just never know when. But the the plans, the way guarding rock works is that you guys are protecting investments. You're looking at things so that when something happens, people aren't devastated. Right, that's right, exactly, and and that's really really important because that brings that peace of mind. It allows people to to experience the growth of the market when it's there. When the market corrects, you're not devastated. And I've heard some people John and tell me you're give me your opinion. I mean the markets are down and they might go down for the we don't know, but I was telling my wife the Os said, Hey, the upside is there's really only one direction for that market to go over the next four, five, six seven years and that's up. So it's talk to me about that. What's the other perspective it as we're talking here about how people cope with a situation like this. Is there that silver lining to go you know, if you if you're not devastating, you have some opportunities. This might be a really good time. What how do you a ddress things like that? Yeah, and that's where it becomes really interesting, and that's where where we can really help clients out. Is You're absolutely right. I think one of the worst things you can do in the market has moved as much as it has is to have that...

...deer in the headlights issue where you just stand completely still and and I do see a lot of advice floating around out that. It says just stay in Pat just don't do anything, but there's a lot of things that you could and usually again, this is not individual investment advice because I don't know who's listening, but there are things that you can do and probably should do in your investment portfolio. There are still businesses out there that are very good, very solid and are likely to continue to be that way once we work our way through this that are on sale and the the dividends that are likely to be protected and not get reduced and the dividend yield on some of these businesses is fantastic for those who need more of an income, especially in the low intro strate environment. Where do you get your income that is going to also provide some safety? So there's a lot of opportunities out there. There's also opportunities on the tax front. The idea of taking advantage of the current situation to do tax lost harvesting, which we can talk about in the later interview and interview, or or switch over from a regular Ri IRA to a Roth IRA or things like that. There are strategies that really should be being used right now. That that I think a lot of people are missing because they have that deer in the headlights are so pianic that they've just stopped and unfortunately, the market may just run right over them. So Nice. Yeah, and that's a great word, because you need to you need you always need to be ready to look for opportunity and to make the make the right choices. And obviously those choices are hard to make by yourselves, and that's why having somebody like John on your team with Guardian rock wealth, is so important.

To be able to talk with you in the cool thing, John, about even even in the midst of a worldwide pandemic, technology allows us to communicate, because you're in Hawaii and you you might feel a little isolated because your daughters not there with you. Financially, we feel isolated sometimes, but we don't need to be, because people can reach out to you. They can still go to your website. They can still call you, they can still email you and have conversations like this so that they can be in position to move, to move now, to move in a week or two, with their finances, so that they're safe and there there poison position to grow and to have a a well balanced portfolio, but at the same time realizing, as you said in your book, you know, you really need to be about building your life and let that portfolio support your life so that something like this doesn't devastate your money or your life, because that's that's really the anks that it causes within our heart and our soul. And when you work with somebody like you and you've got it taken care of, I can trust you. It allows me to be more at peace and worry about other things. That's right. And you know, speaking of planning ahead and being prepared, people ask, well, how are you guys? How are you guys doing business in this environment where you have to work out of your home and whatever? But this is really something that a Guardian Rock we've done all along. So our business continuity plan was really more of a normal course of business. We have our office and office space that we use, but we have offices in a few different states and and we use zoom and facebook and we it's a normal course for our business anyway. So things really, frankly, haven't changed from a business since for us or our clients. You have clients all over the United States, so this is not unusual for us to communicate over zoom or facebook or something. That's great. The one unusual part,...

...and I'm going to throw this in, John and I had a conversation a few weeks ago and I'm in the central time zone and John said, well, I'm I'm five hours before you, and he's like, but that's okay. I'm up at what, three Am Hawaii time, because the markets on the east coast are open at one, eight or not earty. And I thought, wow, you're in Hawaii and you've got to be up at zero am. And that just spoke to me John saying you're a guy over there, you're not on vacation, you're working. You're working we hours of the morning because that's what it takes to provide for your clients and make sure that you're on top of things. A way to go, dude, that's right. Yeah, yeah, that's great. Well, John, thanks for taking the time. We are going to come back next week and on the next episode and talk about it, this tax gift that we may have gotten, and I'm interested in learning more about that. So we'll hear that on the next episode. But right now, John, I hope that you enjoy your stay in Hawaii and that you continue to stay connected with your family and in your clients as you're providing for them through the midst of this pandemic. So thanks for thanks for doing all that you do. All right, thank you, all right. We'll talk to you again soon. So thanks for listening to the building your life podcast was John Brownie. Be Sure to subscribe to this podcast so each new episode will be sent to you automatically when it is released. Have a terrific day.

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