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Episode · 3 months ago
Skimpy Bikinis and Other Unmentionables
ABOUT THIS EPISODE
Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation your financial expert in number one Amazon best selling author, John Browning. John's 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. Hey, John Browning, good to have you back on another podcast. How is your week going for you? Well, the week so far. That hasn't been that long in this week, so this is early on in a week and so far so good that we haven't had any major disasters. and well, there's good. You know, Hey, I can't complain about anything. That's good. Well, let's keep it that way. No disasters this week. Okay, at disaster read week. Who could you know that that they'd be? That be mindboggling. To have to comprehend. Right, I'm a disaster free week. That'd be great, great, yeah, speaking of comprehending things, I want to talk today about a tongue twisting thing is you've talked in the past about comprehensive wealth planning, right, and every time you do that I scraped my head. Going on, really have a blue what's talking about. So today I want to talk about comprehending comprehensive wealth planning. How do you help you understand when the world is comprehensive wealth planning? Can you help us understand that or comprehend what you're talking about? Well, I hope I don't make it incomprehensible. I love it, Douche. No, that's I think a lot of people will really understand what that means. When they go to a ...
...financial advisor, they're expecting to be talked about, you know what our stocks, bonds, mutual funds, exchange trade of funds and and how to invest. Their mind right, right, and what they don't realize is that comprehensive wealth management. There, I don't have wealth everywhere was I don't have wealth. Wealth. So well, how do you to find wealth? All Right, is it? That's right. You know, it's like, first of all, wealth. To me, it's not just money, it's it's about the line your best life. That's true wealth, right, and and that's what we're doing. We're trying to help you build your best not my best life, not my cavlad's best life, but the client's best life, as they define it. And what all of that means is that comprehensive idea is that we look at your insurance. We're not insurance agents, though we know enough to look at things and understand if you might be over under, over under insure or maybe have completely missed out on a risk that you should be looking at. And we have a part of our team, extended team, are really good quality insurance agents that can help you not be over insured but also not be under insured as well. Super important to protecting the wealth and protecting your assets, because those can go away really quick, no matter how hard long that you have saved, no matter how well you've invested, you can lose it like that. Yeah, because you were UN you're insured or not insured at all. Yeah, that's more. That is one of the fastest ways to lose wealth is to get in an accident or something and then you get sued or whatever and they just they they suck you dry, right, and you're sitting there gone, when some simple planning could protect some of...
...that, if not all of that, right, or even just be or just get sick, just gets it. Yeah, doesn't have to be an act. And, by the way, accents long to be your fault. Right, sometimes they are, but that don't have to be your fault. And it's still cost money. Yeah, and I'll whole lot of money sometimes. And those that health insurance here is what your employers providing. Is that enough? If your self employed, do you have it even close to enough, because that's will is and are you paying way too much for it? I one of so we did episode one of six on Insurance Planning and Bruce Weinstein explain to us the story about an individual who had overpaid by over fortyzero dollars. was able to get him almost the exact, seem slightly better, insurance for that much less, and he had no idea he was over paying for his health insurance. Wow, family of for by the way, you think about that. If you overpaid by Fortyzero over a few years, how much were you? Hey, right. So, wow, insurance review is sort of step number one in the financial conference of wealth management. Yeah, but the next thing that we talked about generally, I will maybe even the first thing right. I'm not sure these are in any particular order, but the idea of this, this whole subject of his State Planning. Even if you are a young couple and you think you don't really have enough assets to matter, do you really want the State of Illinois, Florida, California, wherever you are, deciding what happens to you if you are in an accident and you are incapacity and kept mat cannot make decisions for yourself? Yep, I don't want them to it. I don't either. I would rather have...
...that first of all written down. I would rather have my spouse. But if you're eighteen, your parents are not even allowed to make that decision for you. That goes to the state and your parents to be no, this is not what they would want and doesn't matter if you don't have that power of attorney in place and it's not that expensive, not that difficult, just do it right and that's just a little teeny bit of a state plan. You know, you do get some assets and that's also part of the protection. So much of what we do is is more about protecting the assets that you've built up and that you've planned for and the you have. Yeah, building hedges and walls around that to protect that, because there's a lot of things that can just smash down all those plans right away. If you're under insured, you don't have a good estate plan, you will not in place. You don't have a trust when you should have a trust. More people than you would think should have a trust. Absolutely, absolutely, yeah, so things like that. That's that's kind of another thing that is involved in in proper and we talked about this in the future, proper tax planning. Okay, in most people want to talk to them that. They think. Well, you have to be Walter. That fact plan you and I were talking offline. Is a couple that we know in our community group. They they're getting ready to get a big tax refund from the government and they're excited and my wife and I are like, yeah, what are your exemptions and are not a they need more money every month, not at the end of the year, and so we're talking with them about possibly making some modification so they'll have more cash flow. Well, that's a tax implement in thing, right, so taxes have to fly. I think that's probably a whole podcast just around the taxes and and how do you plan properly? But it's all this is this is what you mean by comprehensive. Right, it is.
You know, there are such dispirit views on taxes, you know, that being one of that one of them is that whole idea. Oh Yay, I got using sort of your refund as a tax saving plan. Really bad idea. And you're giving the government at tax free loan. Right. I just don't call it. I can't quite fathom that. I don't emage. I can't imagine where that would be a good idea. But you have that mentality where there's, Oh yeah, I'm really excited to getting this big refund. I get it. The very upset if I get a big refund. I mean I don't like paying a lot of the end of the year either, right, and the government will get upset if you pay too much. So you know there is some planning that goes into that. But the other thing, and this happened to us, such a sad story. We tried and trying to explain to a particular client, new client that had come in and had all this they had. We've had several like this this right, they come in and they are their emotionally attached to a position in their portfolio. Usually it's like my dad worked at Xyz Company and he had these shares any any you know, I they were willed to me Ye, and they just can't part with them and it's this big chunk and it's highly appreciated and well, if I sell it, I'm going to have to pay taxes on it. We had this. We have this one particular client and it was used to be a great company, right, it can't mention the name right, but used to be a great, solid company and they've run into some issues of late, some legal issues and all sorts of issues and we said really need to get to, you know, some of the soul all of this sold, preferably, but let's no, no, I can't do it. I don't want to pay taxes. Don't want to pay taxes over the course of the next six months. It just tank. The stocks, praite gies tanked way more than the taxes that they would have paid on it.
So putting too much emphasis, you know, taxes are a thing, they're not the only thing. Absolutely got a plan for them and I just and there's even times, Michael, where we will go in like early two thousand and twenty two. The market is headed down right. Has Been a horrible time period to be looking at your stock portfolio. Just don't look right now. But here's the deal. If you kind of see this continuing, you can do a couple different things. You can what we call, if it's tax will accounts. You can harvest tax losses off set games later on with that and it's not like, well, we don't think this particular position is ever going to be good. You can sell it, wait for thirty days, buy it back and you still get you have to wait a certain period of time. But there's whole strategies are involved around the whole tax planning idea. And then you've got other people want to trade all the time. You know, Oh, we gotta try and time the market, which you know, I am completely against the idea that anybody can do that on a on a regular basis. Maybe once or twice, but certainly not a regular basis. So they try and time the market with individual stocks or whatever, and they're in. They're out there, in there, out what they hold. Well, now I've got a whole different tax situation if I've been doing a lot of trading in the account. Yeah, so a tax review, right, not just your tax filing, but how are you planning for taxes now and going down the road? Right, I say that in January I start talking about tax planning for December and all the period of between their most financial advisors will start talking about all, let's see if you can find some tax losses in December or November maybe, like yeah, that may be too late, right, I'm any the right. We were rallied. Since that you...
...don't have that opportunity anymore. you start thinking about this stuff early on. So you know, that's another thing that we talked about. And then we talked about the other things, like goal setting and why things are, things that you think might be important are important. And then it's the nitty gritty daily, Professional, daily, consistent portfolio and asset management and also that consistent, daily, weekly, monthly, whatever it is, savings on the part of the client. And what are you prepared to do and what's not going to make your life bad now but really will make your life better in the future and what needs to be there what doesn't. And then the final thing is follow up, follow up, follow up, follow up, follow up. Just keep doing it, making sure that everybody on the team knows and understands the changes that are going on in life, because if anybody's taking along road trip, rarely do you get there without a traffic jam. It's right already time. Well, and the the thing that just came to me with comprehensive wealth finding is if they're having you help them with this, John, you're there their coaching. You're the you're the hub of the wheel. Think bicycle wheel, right, you're the hub and then the spokes are okay. Well, I have a home insurance guy. He might have my car insurance too. You can speak into that as far as coverage as thanks, because if I go to him he might tell me something, but he doesn't understand the rest of my wheel. You're sitting here talking to the owner, the your client, saying, okay, we've got life insurance over here, we've got home insurance over here, we've got investments over here, we got and and that's how it's comprehensive because instead of going and talking to seven different people. They can talk with you. You can help them understand how those seven...
...different areas keep that wheel rolling in the direction they want to go there. That's right. And who controls the direction that that whe'll goes? Yeah, I do quiet. Absolutely, yeah, absolutely, yeah, and so, but it's conversations and it's like, okay, we need to go this direction. Awesome, let's go. Oh, by the way, you're paying forty percent too much on this right what? That's crazy, but that's that's where, Johnny, because of your perspective over things that you do all day, every day. That's why people should should reach out to you. I think so, John Browning, reach out to him. Take your phone out, text the word life to twenty one tho. So I think they pull out the phone, they go to the texting thing, they hit twenty one tho and type in the word life. Hit's in. That's great, pretty simple. Your back a link and it's guys, there's a little video there and it talks about the book, the whole life, not a portfolio, and then down the bottom there are links and he will get to I can go to my linkedin page, you go to a youtube, you can schedule a meeting down there that. I think it's at the lower right. You can schedule meeting to talk to me, and that's all of this. By the way, he's talking. Yep, if you think it's a good idea, hope I will provide some value to you. But if you think it's a good idea that we work together, great, then we'll have another conversation. Well, another conversation. That's great. So text the Word Life Alife to twenty one tho to start that process, or go to guarding rock wellscom or wherever, but take out your phone right now. Text the Word Life Alifa to twenty Onezero and connect with John Browning, Amazon number one, Amazon best on an author, all around great guy and just a financial guru who can really today he helped us comprehend comprehensive wealth management, which was something I never did comprehend before John. So thanks, I appreciate you. Man. Thanks for another great podcasts. You're awesome and we will talk to you next week.
All right, sounds great. 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 Emil, you 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, absolute, slotely 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 a 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 methodology or system will generate profits or ensure freedom from losses. Please remember that investing carries risk. Guardian Rock Wealth LLLC 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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