How to Never Go Broke

ABOUT THIS EPISODE

On today's episode, Financial expert and Amazon best-selling author John Browning talks about how to never go broke. John shares his experience and "formula" that you should follow if you want to never go broke. Learn more when you Connect with John by texting "LIFE" to 21000 or GuardianRockWealth.com.

Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation with financial expert and number one Amazon bestselling author, John Browning. John is the founder of Guardian Rock Wealth and serves clients across the United States. John's 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 free copy mailed right to your door. I'm Michael Delon, your host for the next few minutes as we chat with financial expert and business owner John Browning. John Browning, it's a great day where I am, and how about where you are? It's a great day here too. We'll look out the window and sun is shining. It's a little war Michell. The guys are pretty hot. Well, that's good. Well, we're talking about a hot topic today, and that is...

...how to never go broke. Yes, okay, yes, that would be a good thing, right, it really? It really would be a good thing. Have you ever been broken? Um, probably when I was young. I remember. I remember my dad following me to the gas station one time when I was a teenager and I had like three dollars in my hand and I barely had enough gas to get to the gas stations on dead could you follow me there, because I'd paid for my own gas and everything, and so that was probably broke. Um, that's is probably as close as I've ever come. I've been broken a couple of times. It's not a fun feeling. It's not. It's not fun. Yeah, no, Um, it reminds me when, you know, I've got girls at home and things and I've got little kids in my community group of Church and they're climbing on all this stuff and they get scared. The moms get scared. So I look at the kid I say, Hey, you know the secret to not falling, and they looked at me. They don't know what I'm like, don't let go. So give us the secret of how can never go...

...broke. Oh, you know what, there's there's something that I say on a regular basis to my clients and potential clients is that you never go broke taking a profit, and it's kind of it's kind of that obvious right. You don't let go, right. But what I find is that many people don't like to take profits or they have a different view of taking profits. Well, Foma or fear of missing out. Well, it's gonna just gonna go higher. Well, how do you know that? You don't. You never know if he's gonna go high, right, and and Oh, I can't go any low. Yes, yes, they can, yes, it can. Last word, and and the other big one is, well, I don't want to pay tax. Okay, so I don't really like paying taxes either, Michael. It's nobody does, but we sure do like the...

...roads we drive on. We do. We like the roads we drive on, we like the protection of the military, all that kind of stuff. So it's it is a good thing, but it's did stop. You know, you never want to me and I made. I made so much money on that investment. or I mean it's always like the first time my kids got their first paycheck. They're like facts, thought I was getting paid, but I was getting eight thousand dollars, but I only got to paid eight hundred and seventy one dollars. Those are taxes. That's called adult thing, when you have to adult. Yeah, so think of it this way. You wouldn't have to pay taxes. If you had a loss. You'd rather have a loss or a game. Yeah, there you go, and I have had uh. I remember one in particular. They came in to Guardian rock wealth and we were looking at their portfolio and said you really overallocated to X Y Z sty and they said, yeah, that was, you know,...

...my dad. He willed that to me and it was where he worked. So he got all this stock and it's it's highly appreciated. So we don't want to sell it. So we actually see some problems with that particular company coming up down the road and we're really concerned that it's going to drop in value. No, I don't want to pay the text. I don't want to pay the text. He telled it for years and years and years, and I said, you know, you got to honor the client's wishes. You can give them as much advice as you possibly can, but if they don't want to do it, they okay. Document that. I would document that that we had a conversation and, Lo and behold, some of the things that we were concerned about happened and suddenly they didn't have to pay near as many taxes anymore. That's right, but they had lost much, much more than they would have paid in taxes by holding that and having to be such a big portion of their portfolio especially. So this idea of never going broke, take and profit. I use it on a regular basis because...

...as the way we manage portfolios is that as as certain positions in the portfolio gain and value and they get to a certain level, we say you're getting over allocated to this particular sector or this particular company and the risk is too great. I don't care how wonderful the company is. There's a couple of companies that I just love. I think they're going to be great, but I have to have that discipline and once they get to this certain spot, I don't necessarily sell the whole position, but I shave a little bit off and I reinvest that somewhere else and keep the portfolio diversified. And that's a little bit different for each individual because this is not investment advice and it depends on your personal situation what an overallocation is. But it's about that portion control that we've talked about before on the show and it's just like anything else,...

...dieting or anything else. The portion is not necessarily that ice cream is just the worst thing in the world. You can never have it. We all need a little ice cream every man. About portion control? Yeah, it is. And and style drift that we talked about recently is staying on track and not getting over you know, overdosing on one that would lean you in too much of a different direction, you know, being able to sell it off, take some profit, which is really why you're investing anyway in the first place, and and reallocate that in some other things. And now you might have two sources of income, right, or two stocks that are going well, and it keeps your portfolio there is a balanced inline on track in the direction you wanted to go. That's why investing, especially with guarding rock wealth, is not a set it and forget it mentality. It's an ongoing conversation with John and his team right, right and there there are ways to mitigate, not eliminate, those taxes and where and when you take those gains...

...matter, but paying a few taxes here and there just means you made money. That's right. Trying to what you're trying to do. That's right. Yeah, and it's it's keeping that mindset out front, because you're really building of a life and a portfolio. You're not necessarily just maintaining it. There might be a time for that, but you're trying to build and grow with safety, with protection, with understanding different things, and that's why John and his team, that Guardian Rockwealth, are so valuable because they they see all these things and they can inform you. It's your money, you, you make the ultimate decision and you live with the ultimate consequences, a bit or bad, but having them in your corner can can really benefit you because, yeah, you don't want to go broke, but we do want to take some profits and see how we can reinvest those. Think of it this way, Michael, can I let me ask you a question. If you were building a building, you're the construction you own everything, you own the business and your building a building. Would you get upset if, when you purchase...

...the building materials and you started building this building, if suddenly those building materials got a little bit bigger and added to themselves without you actually have to buy more materials to build your building? It would be a good thing. I'd like that. You'd like that right. So building your life is kind of like that. You're building materials should be growing in value and maybe you want to take that profit and lay it over here and build your building, build your best life, using what you had yesterday to get bigger and accomplish what you want with your life. That's a good analogy. I'm thinking. If I have my stockpile of stuff that I need and tomorrow come back and it's bigger, that means I can maybe build something else and rent it to somebody and build another source of income, and there's all kinds of things I can do. So, Um, I like it. How to never go broke.

That'd be a great title of a book, and so maybe John will write that book coming up, because he's so full of great information and knowledge and wisdom and just insights around all things financial, but all things. How do you build your life? How do you enjoy life now? How do you build up for the future, how do you stay on target and how do you never go broke? So reach out to him, John Browning, GUARDIAN ROCK WEALTH DOT COM, ask for a copy of his number one Amazon bestselling book and if you have one of those smartphone things, probably runs on AI. We did an episode on ai a couple of episodes ago. Probably has some AI and pull it out and text the word life to twenty one thousand and you'll get John's business card and all kinds of great information on ability to reach out to him have a conversation, because that's where it all begins with John Browning and Guardian Rockwell, so, John, thanks for sharing with us how to never go broke. All right, well, it's been fun. I'll see you next time. I look forward to my friend. Take care. Bye. Bye. 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 can help you build the life that you want. If you like, John Emeliu a free copy of his book build a life, not a portfolio, go to John's website, Guardian Rock Wealth Dot com, and click the contact to US link and send your request. John Will Mel 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 automatically when it's released. Have a terrific day. Nothing in this podcast should be construed as personal investment advice and past performance is no guarantee of future results. Investing is not appropriate for everyone. There is a risk of loss associated with investing in the markets. No representation or implication is being made that using any method, atology or system will generate profits or...

...insure freedom from losses. Please remember that investing carries risk. Guardian Rock Wealth LLC and its affiliates are fiduciary investment advisors. Please consult with US or another experienced qualified investment advisor before making any investment decisions and or trying to implement any of the strategies and tactics we may discuss in any of our publications or podcasts.

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