Paycheck Protection Program

ABOUT THIS EPISODE

Listen to learn how you can design your own Paycheck Protection Plan so that you can be fully prepared in case of an emergency or unforeseen disaster? John explains how to create this for yourself and why you need to start today.  

Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation with financial expert in number one Amazon bestselling author, John Browning Jones, 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 to lawn, your host for the next few minutes as we chat with financial expert and business owner John Browning. Well, John Browning, welcome back to your podcast. How are you today, sir? I'm doing well, doing good. How about you? You know I'm well, things are good and I just I love spring. I've been saying down on my...

...back deck. It's just great and it's a phenomenal day. So and I get to talk to you today and learn something, because I always learned something fucking so today I want to talk about some I want to talk about protection. Okay, so my daughters, great or Needia. They should found down and scrape your name. We had but bandaids on her to protect her knee while it healed. Right. What the what? What? How do you help people as we plan for retirement with specific as were my head is, how do you help them protect that paycheck that they've gotten for the last thirty years or forty years, right when you retire, that that company stops paying your paycheck? That's right. How do you protect that? I guess the income is where I'm going right. MMM, how do you do that? Well, you know, it's something we talked about a lock. We call it our paycheck protection program that you design rather than the government. Yeah, and we actually we think about it in terms of retirement, but we actually...

...talk to people about well, what if the unexpected happens? What if there's a worldwide virus that sweeps through and you lose your job and the government doesn't have a paycheck protection program? And how do you prepare for that, as well as preparing for the PAYCHECK, personal paycheck protection program in retirement? And the answers really the same, because you're using those that same portfolio that you're using to build your life and to build your personal paycheck protection program to do both of those things, but you also want to keep in mind that unexpected things happen. It's very rare these days that you work at the same company and get a pension at the end of thirty or forty years plush your gold watch. That just doesn't happen anymore. Right, something happens along the way...

...and it's generally you don't expect it. I just I just talking. You get an apple watch now instead of a gold watch. But Oh yeah, that's right. Nobody looks joy my age. That's right. I don't know. Yeah, most people hop around two different jobs all the time. So yeah, that probably doesn't happen. And pensions rarely have a school teachers maybe, but outside of that, not many. Not many, if you have one, hold on to that thing for all its work. Yeah, yes, because they're unbelievable. So talk to us about protecting that. I mean, how do you create a personal pension plan or a personal pension protection plane? How did how do you do that? Well, you know my one word, because I've talked about it before, and that is consistency. Yes, my one word. If you have to, if you pinned me to the wall and say come up with your one most important word word in the world, I would say consistency, and that's how you do it. You consistently plan, you consistently execute on the plan. You do it every day,...

...you do it every week, you do it every month. So that's number one. And I hear all the time that's impossible. I can't save that much money. There's no such thing as fixed income anymore. And you know what, fuck up, buttercup, get to work. You can do it. That's right. As I tell my kids, can't, never could do anything and they if they listen to this podcast, they're going to roll their eyes. So, because I say that all the time, I love it. So step number one, set up your budget. Got It. Even than that. Very few people actually have a budget. You know, I've got it in my head. Yeah, now you know, mark set up that budget. So I know this is a whole you know, podcasting it up up how to set up a budget actually be too long even for...

...that, but that could be a white paper right, and there's lots of budgeting systems out there. There's free stuff on the Internet. You can do this. So you can absolutely do it if you if you don't feel like it and you feel like having some coaching. That's why you give me a call, and that's something. Something else that we do is will help you with that budget. That's that's number one. And if you just want to quick back of the envelope because you're impatient, you never read the directions when you get the kids toy right before Christmas and you try and put things together yourself, this is what you do. You sit down, you take your paycheck that you're getting right now and you, assuming that you're living on your pay check and you're not living paycheck to paycheck, you take what your netting on that, you add back end healthcare costs that an other company sponsored, things that are on there, and then you add back in the income tax...

...portion on that. Not The payroll tax, not so security tax, not not that stuff, but but you add back in the income tax. And that's a general, general rule of thumb. And if I always get well, why, when I had back in taxes, that's going to make it harder to meet. Well, guess what. The government takes their cut, whether you're getting paid by from yourself or whether you're getting paid by a company, and whether that's capital gains tax or if it's you know, you know, tax on interest or tax on qualified dividend or unculled tied unqualified dividends or all sorts of things that go into it when you're living off your own personal paycheck protection program and that's something we can we can explain and help you with if you want to give us a call. But that's a general rule of thumb of where to start. So now we've got your baseline. What is it that I'm aiming for? So what's what's the end goal on my road map? It's my destination. You've got that now. So next you want...

...to understand that in inflation is a very real thing. So remember that. We all look forward to, even though some of us don't always get it, that cost of living wage increase. That feels really good, but it's there for a reason, because inflation is real. It happens. Ask anyone who was around during the say, the S S, even well, yeah, even some of the s right. There was definitely inflation and we haven't seen it for a while, but it's I'm afraid it's going to come back with a vengeance here and a few years from now, but we'll see. That's a that's a WHO knows. Maybe I'm maybe I'm wrong, but but it's never wrong to plan for it. Should it happen or not, you've got a good plan in place. That's right. That's right, and it has throughout history. It's happened. It's always happened and it's tended to happen...

...when a lot of money gets pushed into the system all at once, after World War Two and several other different thing after the new deal, all of that that is triggered inflation. You think about what we're going through right now, possibly after the pandemic, when we've had three stimulus checks. MMM, right. Doesn't mean it's good happen. Doesn't mean it's going to happen this year, but think you need to think, okay, I'm planning. What how can I plan in case that does happen? What's my plan be? In a sense, right in inserts there, and that's what John that's what you help people with, because I can't think that I don't you know what a plan I would be, let alone plan be. That's right, but that it's having that mentality and having the plan so that you're not scared, I guess, or anxious when you hear that Oh, the inflation index went up ten percent or whatever it does. Right, right, I'm okay because...

...if I get panicky I'd called John and then he talks me off the cliff and we adjust your portfolil right to better match you're your personal risk parameters, which is kind of the next step. It is you discover, you talk about with somebody independent third party. Is Very important here, is to talk about what your risk parameters really are, and we have questionnaires that help get to that. But nothing is better than giving very specific real life examples and watching the other person's face when you talker start taring. What if this was your situation? Yeah, and you give him a real world situation. You had a hundred thousand dollars at the beginning of March, two thousand and twenty, or, say, being in February. Say Yeah, you know, February two thousand and twenty, and that turned into, say, seven thousand dollars by the end of March. How do you feel exactly? People kind...

...of choked. Yeah, right. So you know, that's another way in an independent third party, because it's easy to look things said, oh, I would have doubted not a problem because it's two thousand and twenty nine sight, but how you really feel as completely different. So you need that independent third party talk the talk you through that. Yeah, and that's an important part of how to create this personal paycheck protection program because you don't want to get out of balance, which we've also talked about, and then up taking more risk than you should for your own psychological wellbeing, because that's I've seen that happening and it's just no fun. Losing sleep is not part of your life' skulls and plans now. So that's why John and a Guardian Rock with you. Guys help people build a life, not just the portfoliocause you've got a portfolio that's out of balance, out of whack and you're not sleeping at night, something needs to change right. So you help people figure out what...

...their goals are, figure out what their lifestyle is, rebalanced portfolios and put things in place so they can live a life. They don't have to be anxious because they've got the right balance. They've thought through the well, you thought through all these things and you're asking the right questions to help them have the type of portfolio that they they want, and that's different for every one of your clients. Right, it really is. That's right, and that's why we do this podcast, to encourage people to reach out and call you. To go it's yeah, it's too complex to do over a podcast. Sit Down and talk with John, have a zoom call, get a copy of his book and talk about these things in asking questions about how do I create my own paycheck protection plan, how do I mitigate debt risks? How do I all these things? And then I'm sure he has about twenty questions he lash you as well, most of which you've never thought of if you're like me, and that's good because it's those thinking exercises and understanding who you...

...are that makes all the difference in the world. So, Guardian rockwealthcom John Browning as for a copy of his number one Amazon best selling book and let him help you build a life, not just a portfolio. John, thanks for helping us understand there are ways to have a paycheck protection program in place when you do it properly. So hope somebody reaches out and talk to you and has that conversation, because that's a really, really cool thing to have as you're planning your investment portfolio and your retirement to know that you're going to have income that's protected. bellieve it or not, it actually can be fun. I'm bet yeah, will it? I'm sure it is. You know, it's kind of like putting a bandaid on a on a scratch. It feels better and I'm sure it feels better to happen to know that you have a paycheck protection plan. So reach out to John. John, thank you so much for another great episode. I appreciate it. Always enjoy talking with you. Sir, I always enjoy talking with you as well, and thanks...

...for helping me out. All right, take every buddy. All right, we'll see you. 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 Emilie a free copy of his book build a life, not a portfolio. Go to John's website, Guardian rockwealthcom, and click the contact to 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 to subscribe to this podcast so each new episode will be sent to you automatically when it's released. Have a terrific day.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (134)