Episode 35: Who Wants to Be a Millionaire?

ABOUT THIS EPISODE

On this episode of the Build Your Life Podcast with Financial Expert John Browning, we're discussing whether or not you should actually want to be a millionaire.

Tune in today to hear John share all about the life of a millionaire! And when it comes to being a millionaire, is that even really enough these days? All the priceless details are included in this week's show!

For more information, visit www.GuardianRockWealth.com to learn more about what John can do for you. Or, give us a call at (312) 372-5000.

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. Would 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 mild right to your door. I'm Michael Delan, your host for the next few minutes as we chat with financial expert, business owner and author John Browning. Hey, John Browning, welcome to another episode of Your podcast and I've got some special fun things to talk about today. Glad you're here. Yeah, I'm glad to be here and it does. This is good, I think. Well, it is. Yeah, so we're going wrong put you off backstage because we're going to play a game show today and you're on game shows, you always have to like isolate one person or something or do something really crazy. One of the one of the game shows that was on, Oh, a year or so go, I guess I don't know is who wants to be a millionaire? Remember that? I remember they actually brought it back recently with with celebrities, though I think, oh well, there you go. That's probably cost. Are All broke because they don't have somebody like you helping them with their friends. That's right. Yeah, well, let's talk about that topic. Done that game shows. But who wants to be a millionaire? What does it mean to be a millionaire? And can can people today, I actually achieve it in is that the right objective? That's a it's a phenomenal question and one that we we still get is like, how do I get to be a millionaire? Well, first of all, back up the truck a little bit. Why do you want to be a millionaire? Great, great, and and and you can all sorts of answers from with that. And and then you get to thinking a little bit deeper and it's really what we're all about, is...

...not building just a portfolio, but building a life. It's the name of the PODCAST, in the name name of name of the book. That's why do you want to be a millionaire? And is being a millionaire in today's dollars enough right? But you know what is a millionaire. A millionaire is two different really definitions. One is easier to achieve than the other. One is are all your assets put together? Less all of your liabilities, all your debt and all that kind of stuff, your mortgage, your car payment, in credit card bills, less all of that. Does that equal a million dollars? So that's the that's the easier target. Another target might be, do I have a million dollars in liquid assets that could be easily liquidated at any given point in time? Is that worth a million dollars? Also, less your less you are a liability. So that's a little bit tougher to get to, but it's attainable and it's attainable for I'm not going to say for everyone, because that would be true, but it's attainable for a lot more people than than thinks that it is. Like so many, especially if you're younger, you see that as such a such a far off goal, I could never get there, and and we see that here in the state that I'm currently in. Right now I'm in our Honolulu office and the real estate prices are sky high in Honolulu in particular Hawaii in general, and I actually was listening to a group of young people and I've kind of got this new found passion to help people get started, as well as, Uh Huh, you know, dealing with the folks that are maybe in the midpoint of their lives or older and in retirement. Helping people get started off right.

So we've got a new program where we do some coaching. Maybe they don't need us full time, but they do some coaching and I've been encouraging these guys because they all say, well, there's no way I could ever afford my own house and Huai Line. It's just never going to happen. I was like, why not? If you do the right planning and take the right financial steps now, you're not going to stay at that low level job forever. As long as you can, you know, you do a good job and move out there. So I don't know if I got off on a rabbit trail there, but that's what a millionaire is and and we talk a lot about why you want to get there and do you need? Do you really need a million dollars or do you need less than that or more than that? And that's a very individual question and discussion to have. Yeah, and I love where you're going with that, John, because it's funny. What hit me when you were talking there is is there. So, how do I become a millionaire? What is that like? And then let's say you you do your magic and your expertise and you get to that point where I would have liquid assets of a million dollars. Well, am I going to go out to my neighbors as a hey, I'm a millionaire, I'm a make well, no, you're probably not going to do that because you're probably going to feel weird about promoting that. And so it's just weird thing that our culture has kind of indoctrinated us that that's the standard of success when in reality, and tell me if I'm wrong, but this is how I think about financial planning things. Is I have an objective of what I look at for retirement, my retirement years or what I call my years of passive income, when I'm not actively working to generate revenue, I'm living off my investments or whatever that you put in place. Right. Yeah, what what does it feel like there? And the reality is I may not need a million dollars based on my lifestyle or I'm a but it's really going back to what you just said, it's it's building the life that I want and then letting you do do you'R. I keep calling it magic, I don't know what else to call it, to help get me there so that...

I have the life that I want. And Really, at the end of the day, it doesn't really matter if I've a million dollars or ten million dollars or five hundredzero dollars, if I have the life I want. Is that I mean? Is that accurate? I think that's really, really very accurate. Is it really does depend on you. And there was a great book. I don't know if you've ever read this or not, but it's called a millionaire next door. I've heard of it, I don't know if I've ever read it. So it's it goes through what your typical millionaire looks like and contrary to popular belief, and it's out a date now. Right, if you listen to it now, it's going to be like wait, they're talking about way, way, way back. But the they redid some of the studies not that long ago and they kept keep finding the same thing holds true, and what they found is that your next door neighbor may very well be a millionaire. And doesn't necessarily show it. Maybe he drives, you know, a forward escort or, you know probe or or whatever, but he or she is actually a millionaire, but they don't flaunt it. And and actually what you find many times is that the guys driving the maybe the Rolls Royce or or the core of that, is not a millionaire and they might just have a lot of debt. Yeah, go and because of that they're not they maybe not even ever going to get to be a millionaire because they're just spending a little bit too much in the here and now. And all that goes to the idea that there's a balance, yes, and finding that balance is what we are all about. It's our passion, about building the life that you want now and merging that in with the life that you want in the future and understanding how you're getting a building, building that road map to get to where you want to go without sacrificing your joy that you have now. Does that make sense? It does make sense, and...

I love the fact that you brought in the cars. You know, I live in a little Rock Arkansas. It's not the richest place in the world, but there are segments right, every city has its segments of those really, really wealthy people. But there are a lot of people driving really nice cars and it struck me a while back to go, yeah, they're driving really nice cars, but I bet they have a really high payment for that car. I I driver really old cars are paid for and it was nothing wrong with driving a nice car, but it's a value decision that my wife and I have decided that we want to buy use cars and driving for a really long time because we have other things we want to do with the resources God's given us. But we're building that life right, but we have to fight against that temptation. I do anyway, seeing that new Tesla or the new Audi or the new whatever, to go wow, that you know, why don't I have that? And it dawned on me, well, I really could have that if I chose to, but I'm choosing different values and that's what you do with your clients. has helped them really understand their values, their life and to say well, if you if you want x, here's the pathway to get there. Might mean you're not going to get why, but that's okay because you want x and let's keep X in mine right. That's right. That's right. And you know what, if having that Nice car is totally for worth thing that brings you joy. You know, I'm not going to say don't go out and do that because, hey, we don't know what tomorrow was going to bring. That's right, and what I encourage people to do is just try not to be that way with everything in your life. Yeah, yeah, I don't also need the mansion and the Horse and whatever is this that sucks up all those resources in the here and now. You know, pick one or two things. Maybe it see that I always, you know, Make Fun of the folks, and I shouldn't, but that they saw, Oh, just skip that, you know, starbucks Latte and you'll save yourself five bucks a day. And you five...

Bucks Times three hundred sixty five, and you know, they do the math on all that and it's very impressive and it's really cool and it's all true. If you did that. Well, I know some people that that would just suck the life out of there whole day if they didn't stop by the starbucks and vironry six dollar thing a coffee. And Yeah, Hey, it's not worth that, right, but they say money somewhere else. Yeah, yeah, and I think that's the deal. Is Understanding again. Where can you say? Work can you spend? It's all okay, right, it's, at the end of the day, just money. But you don't want to be enslaved to your money. And if you really want to be a millionaire, which is what we're talking about on this specific episode, okay, there's a plan that has to take place and that means that you're going to make some sacrifices and you're going to be on that pathway and it's probably going to take some time. I was reading a book this weekend and he was just talking about most wealth is created little by little over a long period of time. It's discipline it, but it's having that vision of wow, maybe it's possible for me to own a property in Hawaii. Really, John, how would I do that? And then you could work with them and say, well, here's some here's a pathway that you can walk down that's going to help you achieve that lifestyle, which is what you're all about. Yes, and and and the other thing just to mention, and if you don't have time to get into all this, but this really goes back to the core of what we're talking about, about build a life, not a portfolio, and financial planning and Conference of Financial Planning, because whether or not you need a million dollars depends on a myriad tons of different things, everything from what kind of insurance that you might carry, what kind of car you might drive, to what kind of investments that you maken, how much risk that you're willing to take and what happens later on in life. Would do you need to plan for long Term Care Insurance, to what about taxes? How...

To taxes change once you get into your retirement years? There's just so many things to consider. You mean, may need a million dollars, you may need two or three million dollars, you may need a five hundredzero dollars. It all depends on your personal situation. And that's a great, great place to Segue here into a next episode really, because you mentioned taxes and you know, taxes don't really affect anybody, John. So we're not even probably going to talk about Texas and like maybe the next episode, maybe that, except so we can talk about taxes and and that's interesting how you phrase it, how taxes affect you and retire fernament, because there are some some things that people may not even think about. So I do want to talk about that. But yeah, being a millionaire, being a double millionaire, two, three millionaire, it all depends on what do you really want, and I think a lot of people have this idea that once you hit that while you're on easy street. Well, not necessarily, because you talk to some really wealthy people and they have other issues that you don't have right now. Because creating wealth and having that, once people, once your relatives, understand that you've got two or three million dollars, guess who's coming knocking out of the door, all the more reason you need to have a will and in a great estate, which we talked about last time, and probably why you need to understand the tax ramifications of that, which we might talk about next time. So, at the end of the day, what people need to be doing, John, is listening to this podcast and calling you to say, John, help me navigate life and create a what do you call a comprehensive financial plan, so that you can build a life, not just a portfolio. Right. Yeah, I couldn't have said it better myself. Yeah, and that's, you know, just enclosing. Another thing that you are right. You just said something that's really interesting is when you have see a million dollars and certain people maybe find out about that or they notice and it's just human nature just start coming to you for you know, you got plenty...

...of money, I don't have any money. Well, maybe they haven't planned as well as you have. And you know, frankly, why should you support you know? But like, what was it that my mom always used to say? Poor planning on your part does not constitute an emergency on my part. My mom used to say that to me all the time and right, right, very wise woman. But with a financial advisor where there's a couple of our clients that I use this for exactly that, and we get to be the no guy. Yeah, they say, you know, somebody comes to you. Hey, you know what? I've outsourced this, these decisionmaking pre us. You know, is is all outsources of my financial advisor and and I can very truthfully talk to the individual myself or give the person my answer, which is, you know, we're fully invested right now and this is just not a good time to liquidate assets. So, you know, I we just don't have the money available right now. And you know what, having a third party to say that is miracle working. It is, it is and and number one, they usually don't have the guts to call a third party, but if they do, you can just mix it right there and now everybody, well, I was gonna say everybody's happy, but the relative isn't happy because he loves money. But that's great, and having a third party like that is great for conversations like that. But it's also great to be able to get to your objective of being a millionaire or not, but really building the life that you really desire. And John has his team in place to help you create that life you want by asking some really good questions and getting to know you. And I love what you said, either in this case this podcast or the last one. You like to meet with your clients and talk with them four times a year. That's like every ninety days. Yeah, that's pretty impressive, John, so, and you do that not to sell me more things, but to make sure that when life happens, I've planned for it and and I'm staying on track and...

...if I have questions then I can ask because you're there all the time. So let me just encourage people, John, reach out to you. Guardian Rock wealthcom is where you can find John, you can request a copy of his book, or you can just reach out and have a zoom called just like this with John, and he'll talk to you about how you can build a life, not just a portfolio. So, John, thanks again for being with US and elaborating a little bit more on becoming building wealth, becoming a millionaire or really just having the life that we want. Thanks for spending some time. Today's all right, great, we'll see you next time. So thanks for listening to the building your life podcast was John Browning. 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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