Personal Paycheck Protection Program

ABOUT THIS EPISODE

How can you keep your paychecks coming even when life throws you a curveball? That's what financial planning expert John Browning shares on today's episode.

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, 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 freak copy mild right to your door. I'm Michael D Lan, your host for the next few minutes as we chat with financial expert, business owner and author John Browning. Hi, John Browning. How is your day today? Sir, my day's going well, going well, nothing disasters has happened. Then a few good things along the way to so hey, that's good. We love it when no disasters happen. That's right, that's a good thing. So let's let's talk protection. When disasters happen, you need to be protected. You help people protect themselves financially in how you...

...set things up, and one of the one of the programs you have, or the concepts that you talk about, is a see if I can get this a personal paycheck protection program right. He then five times fast. And but I want to know what that is because that would be really interesting. How to just explain it, because I don't even guess what that thing is. Well, it's just a concept. Right, earlier, during earlier this year, into this two thousand and twenty, right now and earlier this year, we had from the SBA, small business administration, what they called their paycheck protection program and and from that what we learned is that it's really any a lot of people were able to stay employed because the small business administration would issue what, if it was used correctly, would be a forgivable loan and certainly a low interest rate loan. They only charge two percent on it,...

...even if it's not forgiven. If that was used to help keep people employed during that time, then they could take out this loan as very handy with a lot of people kept their jobs strictly because of that. Yeah, now that ran out in two thousand and eight. Are, I'm sorry, in August two thousand and twenty, so as actually August eight, two thousand and twenty, sort of trying to say and yeah, so when that ran out, a lot of these businesses still weren't able to keep up and people started to started to lose their jobs. Maybe they kept it for another month or whatever. So what do people do at that point? And what do people do if this type of thing happens again in the future, because it does, right, I don't know about you if you've ever been not self employee. I know your self employed now, but yeah, have you ever been like laid off from a job? Well, almost people these days have to...

...answer. Yeah, I have been laid off or or right sized, or whatever the buzz word is on that particular day at or furloughed. That's a new one that we've heard a lot about during the pandemic. And so what do you do? You've lost your income. You have an emergency fund, hopefully if you've done some financial planning. Well, do you have three months? Oh, do you have a year? I mean this is gone on for about a year now. Yeah, most, if not not all, but a lot of people run out of their emergency fund. What's what's the answer that? Yeah, and so what we do is we help people see how it's possible to have your own personal paycheck protection program so you take control yourself because you can't count on the government, can't count on social security. Trust me, when you go out to the Social Security Administration website, you find out how much you're going to get every month, it's probably not enough...

...to keep you going at your current that's right to spend or in retirement. So having that, having planned to reply lease your paycheck, is what a lot of people like to build their plans around, and that's what we do. And the question then becomes, well, fixed income is and fixed income anymore. What do I do? And there are there are many ways around that if you're innovative and you think through how to do that. And that's where, that's why you go to financially. But who knows and understands has the right experience to kind of guide you through that process to create your personal pay check action program in retirement or when you get, for a little laid off, that type of thing. Yeah, and that's really cool because I've always you know, that's a great concept. I've thought about how does that happen in retirement? I've never really thought about it during life. You know, what's going to happen to me if I get hit by truck and I'm in the hospital for six months or something which you could happen. What's going...

...to happen to my paycheck? Is there a way for a self employed business owner to put something like this in place during my earning ears, because I'll definitely want something like that in place during my retirement years, right, but during the earning years? Are you saying that there's a way to utilize this concept for that? There is. It doesn't happen overnight. It requires planning and execution and a lot of people will look at it as this big goal and say, well, I I could never do that, and then they never start. Yeah, so I I tell people the first thing you have to get is your mindset right. Yeah, is mindset matters. You gotta believe that it's possible and beginning takes the most effort and discipline. But there's a power in the compounding of consistent effort. You know, consistent consistency is...

...my keyword. I talk about that all the time. And consistency over time. You absolutely can. I'm convinced that almost anyone can. In the US, where there's opportunity and all that, you can create this for yourself, but at the sake time and takes planning and it's very unique to each individual, just like any financial plan is. Well and the other aspect is if for a regular podcast listeners are for New People. Go back a couple episodes and we were talking about debt and credit cards and debit cards. If you're carrying a big credit card bill and that true, that you have a paid off, that's going to impact your paycheck protection plan right and you've got to be able to make sure that your whole financial picture is lined up and that you're making great investments like paying off your credit cards. Go back and listen to that a couple a couple episodes ago, but it just struck me that yeah, you can, you need to start early. So again, John...

...is a financial advisor for all types of people, not just retirement people. So if you're young, you need to reach out and talk to John Because for you to create this paycheck, personal paycheck protection program you need to start now, and you're right done. To me, people just delay and procrastinate because they, I think many times they don't have the right mindset and they don't have somebody like you who's like no, no, let's take it right, let's just take step one. You may have John. You probably do in your mind step one through twenty four them, but you're just going to give him step one and help guide them down a process to help them build the life they want and have a portfolio over here and in the financial resources to do the right things. That's that's right. That's cool. So you talk about this a lot and I totally steal it, so sorry, but you talk about positioning yourself to profit. One of the first things they teach you, and it almost any sport, is that being where you need to...

...be when it's time to be there is just the key thing, right. It's the same way with financial planning. You've got a position yourself to profit. I did. Yeah, yeah, I've read that somewhere before. It might have been from you. Yeah, yeah, it's on my email signature. Position yourself to profit. You have to take action. That's right. Well, let me encourage our listeners John to take action, and that action be go to Guardian rockwealthcom, ask for a copy of John's book, read some blog articles, find out more about who they are and how they work and the relationship aspect of what they do, because there they really are interested in helping you build the life that you want and build the portfolio that's going to sustain you for the rest of your life. And they just have so many strategies and a personal paycheck protection program is just one and I figure anybody can come up with a concept like that probably has a lot of other things up their sleeves that's going to really, really help John. So thanks for...

...helping me understand a little bit about that and hopefully your listeners are going to enjoy that. Reach out to you, Guardian Rock wealthcom. Schedule A zoom call with John and see how he can help you build a life and not just a portfolio. John. Thanks man. Appreciate it all right. Thank you. We'll see you next time. Money really is a big part of our life 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 Rock wealthcom, 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 automagically when it's released. Have a terrific day.

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