Episode 2: The Meaning of Money

ABOUT THIS EPISODE

Welcome to the Build Your Life Podcast with Financial Expert John Browning.

On this episode, you'll learn about how John feels about money and what it means to him both personally and professionally. Learn what the Bible actually says about money and why you may have been told the wrong thing for years!

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 is a relaxed and unedited conversation with financial expert John Browning. Well, hello, John, how are you today? Doing Great. How are you, Michael? Good, I am phenomenal. It's a Super Day. I am looking forward to talking with you for a little bit and letting people understand a little bit more about what money means to you. John. You work with people on their money all the time, all day every day, to help them build a great portfolio based on their values, and so we want to talk a little bit. I want to get into your brain a little bit, John, and just help help everybody understand how. How do you see money? Well, the way I see money in this may not be the same for everyone. It's actually, I find, quite different for everyone else. But I see money as fuel. It's it's what powers the life that you want and if you put fuel into your car, the fuel doesn't control your...

...car. You control your car and the fuel get you where you need to go. So it's very necessary, it's very important and it's important to have enough. It's important to to have the right kind, but it's really what gets you to your goals. It's not the goal itself. That's what money means to me. That's IT, right. I really like that because as as I read a book and saw that, it gave me the picture, and you just help me clarifying a little bit more of just really driving the car. Right, you put the gas in, but where I get to is based on me driving the car, and too many times we connect money and driving, which really they should. They are two different things. And I think sometimes in we want to talk about your faith and what the Scripture say, what the Bible says about money, because it does say in there, you know, money is the root of all kinds of evil, right, but I think too many times people get that confused. So help us...

...understand that. Well, you still it's interesting you reference to that, that Biblical reference there, and what it would it really says is that the love of money is the root of all evil, you know, and if you do spend some time and in the Bible and kind of seeing what the Bible has to say about money and and you will find that that. My faith is very important to me and I don't I don't shy away from that at this at the same time, I certainly respect to those of all faiths and and what they believe, but if you really look at what the Bible has to say about money, there's a lot. I forget how many times it is, but it is. It is mentioned many, many times throughout the Bible, both the old the New Testament, and you you find that if it's mentioned that many times in the Bible, it must be pretty important. And if you actually look at some of the other phase that are out there,...

...it's also mentioned extremely off often in their in their references as well. So I think it's just really important. There are there are many people in in the faith that that share my faith that truly believe that money is the root of all evil. But it's really what it says is the love of money is the root of all evil. Yeah, and that's a great distinction that people forget about. And when we understand that money is a tool and gas is a tool or fuel right, it just gets us where we're going faster, hopefully if we have more of a if we have the right kind. But it's the direction of life, those values that you talk about, that's in the driver's seat, that's directing the vehicle and your life where you want to go. The money's just there to help propel you. So I love that, love that analogy. That's it. That's a neat mental image that I'm carrying around about money, and it really is only a tool.

In your book you talk about, you know, money's a tool, money a time versus money. And what should people focus on if not money? How do you help people talk through a process of kind of discerning their values and understanding this difference between money and how it's supposed to propel them, but also what is it propelling them to? What are their values and things? How do you help people discern that, because that's not clear for everybody. Yeah, I'm you know what I'm Michael. I'm always fascinated when I when I get in front of folks and I start to share with them this concept that, you know, time is the one thing that you can't make more of and you can't control. You don't really know how even how much you have. And yet people will will waste time more frivolously than they will, say, their money, and they'll spend time on things that are not really...

...important to them, without really realizing it, I think, a lot of times. But why would you spend time, your most precious resource, arguably that you have, because again, you can't make more of it. You don't know how much you have of it. It's a great book on this called the Twentyzero days. Kennedy some somebody. He figured out that on average we all live twentyzero days between your think about it. Doesn't sound like very long, right, doesn't. But but they'll spend time on things that they don't like to do and when you ask them, why are you doing that, you could you could outsource that. WHO's interesting? My wife actually was was making a little little fun of me the other day because I decided I wanted to, you know, we wanted to put some new closet doors up. Now, I'm fairly handy. I can fix a lot of things and some things I actually enjoy working on. Putting up doors is not one of them. Okay, man. Yeah, so I attempted this right, and this is an older house and the hinges don't line up with the new way...

...that the new hinges are and I, you know, I got the router out and I eventually got it done, but it's not perfect. Ye think you could have had somebody come in. You spent eight hour. I spent eight hours putting up four closet doors. People are laughing right now, but it's been eight hours doing this and I was frustrated. I was not having fun and then the end it wasn't really done well. HMM. And why did I do that? You know, why didn't I just have somebody who was really good at it come in and I could have paid something and you know, I actually just for fun, kind of went out and called a few places to find out how much that would have good, would have cost. I basically what I made per hour and doing that myself was about five dollars an hours. Got A great idea on my part. But people do that all the time and and most people don't really enjoy reading through a prospectus. Yeah, you find out exactly what the risks are, how much the hidden fees are that they're paying on a financial instrument. That's actually something.

I know I'm a little strange this way, but I actually enjoy digging down and finding those things and putting portfolios together. So most people, I would say, don't really enjoy that. They'd rather be doing something else. She's spending time with their family or doing something that they enjoy. Yeah, and that's a good point you make, because you're right, most people don't like that process. It's when we think about financial when we think about financial planning and building a portfolio, just even that phrase is daunting too many people because of what you're talking about and the complexities of understanding. Well, I have this fun but it's an index and this one's a roth and that one's an IRA and this one's and it gets really confusing. How do you help people with that, because I think that's what stops a lot of people. Well, you know, frankly, it is. I understand why it's daunting, even even to some of us who have done it for thirty years. First of all, there's always new regulations that are coming out, tax law changes...

...and just new things every day. There's new financial instruments to learn about and to utilize. The economy is a complex adaptive system which at some point we'll have to get into as well. What what does it mean? A COMPLEX ADAPTIVE SYSTEM? That sounds really fancy, but it's explainable. And so, with all that changing all the time, unless you're really spending really your full time on it, it should be daunting. If you really understand it. I what I find happens more often than not is two major mistakes happen. Number one, people tend to oversimplify, will forget it. Just just buy the index and forget it, or they tend to over complicate and make it more difficult than it needs to be for an individual, and then it does become overwhelming. Yeah, that's good. What those are? Those are two two pits on the side of the road, right, you run off one side or the other. So like you got to keep it in the middle somewhere. So you know some people people don't plan well, and in your...

...book you have this whole phrase of the crash and burn billionaires and people that we would probably know because of their name who have passed away and did not plan well. Talk about that and and the importance of planning, whether it's complex or not, having somebody like you who can guide us down that road. But talk about that a little bit. Well, there's a there's a lot of ways that you can go wrong if you don't have a plan or what we tend to call a road map. Again, I go back to my car analogy. But not knowing exactly where you're going, not having it planned out. Not having the proper documents in place is really something that I find, I would say, if I wanted to, if I were to put a number on it, I would say seventy eighty percent of the people out there really haven't thought through. HMM and, and that tends to come back to bite you, number one, when we don't live forever and and when you when you pass away, if the right documents are not in place,...

...it can be just a real mess, not not only for your airs, but just for what you really wanted to have happen with your resources. And we're really gets to be sad too, is when people have not planned well for, say, their retirement or for things that really matter to them, like they want to send their kids to college or to trade school or whatever is important to them. They want to they want to travel, and they just didn't plan well. They thought that whatever would just happen right. They were putting money in there for one case, so surely that'll be enough. I'm just I'm just doing it, it'll just work out. I'm I'm building up money and social security and that'll always be there and they won't change the laws at all. Right, we know, we know that you as government, doesn't change a tax all that ever. And and they just they don't get to where they want to be because they've never really thought about number one, where where they really want to be, what their goals are. Or maybe they thought about where their goals are, but they haven't figured out...

...why. Hmmm, those goals are the goals and and they end up missing because they just haven't aimed. Well. Yeah, yeah, that's great and and that's a that's really a hard process. Sometimes we need somebody like you who can ask us some simple questions, some thought provoking questions, to get US thinking. Why are we doing? Why are we driving in the destination we're driving to? And maybe, based on our values, will realize, you know what, I need to go in a different direction or I need a different vehicle to get there. Aren't you need different fuel, right, I need a way to propel the fuel or get a different fuel. And that's what you can do because of your background experience. Talk about in your book you had this net, this neat little section talking about glossy brochures and fancy offices and you, being the no guy, unpack all of that, because that really struck a chord with me. Well, you know, we we have nice offices. They're there, they're fine, but but we don't we don't spend a lot of money on glossy blow brochures. You can go...

...take a look at our website and learn just about anything that you'd like to. There may be overcontent on our on our website, but that's not really what we're interested in. We're interested in people and we're interested in getting them to again their goals and interested in those being the right goals for them. Know why? And what was one of the other things that you had mentioned there? All the being the no guy, the no guy. Yes, so sometimes when people end up with a lot of assets, whether that's through inheritance, winning the lottery or whatever, it might be a big bonus and, frankly, their family finds out right and and they get asked, hey, why don't you share that a little share a little bit of that with your family, or isn't your family important to you? And and the guilt begins. And frankly, what we end up being as kind of the no guy. And you know, what we explain is that, you know, we have a plan that we've set out and and we've got several goals along...

...the way and and the clients can tell us, okay, you know, mom can have acts or wire Z and my brother can have x or wire Z. But really, you know, it tends to begin to get out of hand because there's this perception from the other side that well, they have all this money, they live in this Nice House and and we know they got this, you know, really big bonus, so they must have unlimited resources. They can give money to everyone and everything and every cause. Right, so we can just sort of stand in the gap and they don't have to struggle with that emotional like I feel really guilty that given money to everything under the Sun. So we get to et the no guy and that's fine with us. Yeah, well, and that's good because there's a as a buffer. and Go back to your your car analogy, you're kind of like the shock absorbers, right, exactly. Yeah, so that's good and it's good to understand, John, what what money means to you, because that...

...would really drive a lot of the decisions and council you give to people. And it's really important also that people who come in and talk with you start to understand what money means to them and hopefully, as they have conversations with you, they will come to understand your automobile analogy, that money's a money fuel to get you where you want to go and that's based on your personal values. And that's that's why your book, build a life, not a portfolio, is so important. And you know it's a guide to your financial future based on your personal values, right and and that's just it's really cool. It's a different twist on financial planning and wealth management to bring values, personal values, to the forefront and then build a portfolio around those values so that your financial life supports your values in the most important part of your life. So and John, that's a great snapshot into what money means to you.

I'm glad that we had this conversation another segment of your podcast. So thanks for listening to the building your life podcast with 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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