How did the rich manage their money? Like wouldn't you like to know that? I'll tell
you why you need to know that. Because if you actually do what the rich do, you can
get with the rich got. And it's actually just that simple.
For those of you that don't know me, my name is Kris Krohn. Welcome. I put out
videos every single day to financially elevate you and give you opportunities
to learn how to do things differently that can elevate your financial scenario.
I've done thousands of deals in the game of real estate investment. All sorts of
alternative investments. And I'm here to tell you that there's a better financial
life that awaits you. Today, I'm with John Spring, my business partner that's going to
break down financial planning the way that the rich do it.
Hey, what's up. Listen, we're talking about financial planning with John Spring, my
business partner. Listen, John. Thank you by the the way coming all the way out from the
other side of the country to be here today.
Sit here in my studio. Speaking on stage yesterday, dude, you slayed it. -Thank you.
Thank you. -Listen. We are having just a blast educating and training people on
what they need to know. Because listen, let's be honest man, in the game of
finance, financial planning; there's a lot of misconceptions and there's a there's
an approach to financial planning that just rubs me wrong. And it's what you sit
down with someone that has financial recommendations and yet they're not
asking this one question: Is it enough to get you where you want to be? And you
know, the rich they know how to create wealth and then they want it managed the
proper way. And John, you're one of those guys that both the wealthy go to. But
also those that want to become wealthy. And you've got a unique and different
approach to financial planning. That's what attracted me to your organization
and ultimately forming a partnership. So first of all, can you tell us a little
bit about you? -Well, I'm a financial planner, fiduciary. I've been in the
business over 20 years. I'm working with Kris. We're partners with epic wealth
management. We have a great organization and we're working with... Like you said,
wealthy people but also with people who want to be wealthy. That's who we welcome.
That's who we want to help. -Yeah. And guys, check it out. So, today what we're going to
do is we're gonna be sharing 3 things that the rich are doing to have
the money properly managed. But they're the same three things that the poor
should be doing or the middle-class. These are 3 things that everyone
should be doing but most people don't know about. And trust me, having had my
level of success in all these different businesses, it took me all of this time
and after all this success to finally get to a place like this where I could
like, "Oh, my gosh. We have got to get this information to the masses way sooner
than I got it." Because I would have been way better off if I got this. You know, 15
years ago as opposed to only a handful a years ago.That makes sense? -Of course. So,
John. Let's actually first of all like talk about this for just a second.
What is financial planning anyway? -Well, basically financial planning is setting
up for your life and you know putting money away in a way that you can live
your entire life and don't worry about retirement. Be able to set goals
and achieve them. So, they don't have to be all about retirement.
-So... Basically, bottom line is we got jobs or careers or we're investing or
whatever it is and we got money can begin. And you're saying that a part of
that money needs to be planning for the future. -Absolutely. -And if you don't put
enough there or if you don't do your planning correctly then when your future
arrives, you may not be where you want to be. -Absolutely. -So, super important
conversation. 3 things that you need to know that the wealthy are doing. The
first thing that the wealthy do in managing their money, what's most
important in this financial game, planning game? -The first thing is setting
the goal and looking at what the end game looks like. They want to know where
they want to be and what they want to achieve in the future.
-So, you get yourself by the way. I just... I want to interrupting but do you
know what you want? Do you know what your goal is? And do you know when you want to
actually get there? What else does that mean? -That's exactly what it means... It's
basically then what you have to do is say, "Alright. How do we get there?" So,
you need to set up a plan and implement the plan. A lot of people you know,
they're approached by an advisor. An advisor has a vested interest in selling
them one product and basically moving on. It's a transactional relationship. And
that doesn't get you where you need to be at the end of retirement. You bought
that one product on that guy that doesn't really see you anymore. You need
to implement the plan that it's going to get you to where your goals are. -Yeah. -And
then third, you need to monitor that all along the way and adjust. So, that you're
getting where you're going. It's just like you knew if you're in a sailboat.
And you've got tides going against you. You need to adjust the sails. You need to
make arrangements and make moves so that you can achieve your retirement. A lot of
people aren't doing that. They just think right I bought a couple of stocks I
bought this piece from that guy I bought something over here. Let's hope it all
works out in the end. -And there's no coordination and and they're not talking to each other.
-Yeah. Now, I know you have a specific approach to this. But I know some of you're
thinking, "Wait a second Kris, dude. You freaking became financially free at the
age of 26. You know, it's been all these years now, you've been building all this
wealth. Like why on earth are you aligning yourself with a financial
planner? Aren't you the financial planner?" Listen
carefully. You're in charge of financial destiny. Not these guys, not nobody. Only
you can be in charge of your financial future. However, with that being said, you
need to surround yourself with smart people experts that all they do is
specialize. In fact, I think the biggest thing that's helped me become successful
in my life is I'm always surrounding myself with people that have dedicated
their life to niches. And 20 people for 20 niches makes me...
Gives me access to the best and the brightest. And I'm telling you right now,
one of the reasons why I partnered with John Spring is because first and
foremost, he's what's called a fiduciary. A registered investment advisor. And
that's different than a financial planner. Because 95% of financial
planners are not fiduciaries. What's the distinction there?
-Well, if fiduciary has a legal requirement to put the clients best
interest above theirs. Put it first and foremost. Now, you would think that that's
common sense. And everybody has to act like.... -So, John what does it even mean to
be a fiduciary different than financial planners? Because 95% of financial
planners are not fiduciaries. What different standards do you have to
uphold? -Well, as a fiduciary I have a legal requirement to put the clients
best interest in front of my own. -Well, dude. Everyone shouldn't every financial
planner be doing that? -You would think. You would think. -But actually have like
legal requirements that are different that just... -Absolutely. As a fiduciary and
also as a certified financial planner, I've been held to that standard for over
a decade. -It comes naturally. And to me like... You know... And I know you. You
would think it would be common sense but it's not. But what does this actually
mean to like put their interests first? You know, it means that you have to come
to... That you have to come to the table with full integrity and honesty. And you
have to disclose any conflicts of interest. You have to disclose any
financial interests that you're going to make from the product that you're
selling. You also have to act in a manner of the clients best interests at all
times. -So, this is actually one of the things
that I really appreciate about you, John and your organization because a lot of
other financial planners over the years that I've met with, because they weren't
certified financial planners; because they weren't registered investment
advisors; because they weren't fiduciaries, it meant that they would
basically represent products that they thought would be good for you. I don't
know about you but when I'm planning my financial future. I want to keep anyone
else's agenda out of it that's a really big deal. Tony Robbins sort of gained a
book called Money Masks For The Game and a big part of the premise of that book
was all about the importance of picking someone in financial planning that is a
registered investment advisor and the fiduciary is opposed to you know,
otherwise, you could call me financial planner. I mean bottom line is I helped
make game plans for people. I show them how to do real estate build wealth. I'm
not a financial planner but I am helping you claim your financial destiny in
future. So I think that first part is a key distinction. I want you to go a
little bit deeper though on this idea of what does it mean to actually have a
holistic view. -Well, the holistic view is we sit down
with an individual. And just going back to other planners, they come at you. They're
not independent. They they have a proprietary product that they want to
sell and make commission on. -Okay. -What we do is we sit down and we look at your
whole financial world. It's like a doctor. But you don't go into a doctor's office
and he's waiting there with a prescription for you before you even saw
you. -Okay. -We need to look at you check your whole body. -That's a good really
good analogy. -Check out your whole financial world. -Yeah. And then based on that, we can
look at it and diagnose it and say, "Alright, this is how you're allocated
across all your products." All your.... Your 401k, your regular brokerage account. You
know, this is how you're allocated. This is your insurance, this is your
protection. And when you look at it, you can see the gaps, the opportunities and
you can see where I mean you may be over allocated. And we need to broke draw back
on it. -You know, let me kind of pull that in for a moment because that was a lot of
really big words right there. But I want to tell you that what a lot of adults do
is they'll put money. "I'm going to put this in a 401K, I'll put this in an IRA,
I'll put this in a stock market." You know, and then they'll say, "Alright, I hope
that this is going to be enough and over time will become what I need." What a real
financial planner should be doing is saying, "Well, okay. Let's look at how much
you're putting in each of those buckets. Look is look at how much you're putting
in real estate. And then, what are these actually producing it? And are there gaps?"
Do you a proper diversification? For example like, I remember I sat down for
the first time, it was like, "Kris, you need an umbrella policy."
What's that? And it was this idea that I had some exposure in my plant or if I
died was I giving my family proper coverage? Or did my estate have proper
planning? Here's some of your like, "Dude, I've got a family. Do I even need an
estate plan?" They're all really good questions. But one of the things that
John does is he actually says, "We got to look at everything." You see I come in and
I love the wealth building with real estate. But truth be told, that's not the
entire financial picture even if you're going to build your wealth all around, real
estate is one of your main pillars. There's still a number of other
considerations that need to be taken to account to say, "Hey, we created a complete
plan that you can actually sleep well at night and you feel confident in." -Absolutely. And
you bring up a great point. The real estate. Now, that's not my sector. That's
not my business. But I need to know about it. We need to integrate
and coordinate how it all works together. Whether it's real estate or whatever
other outside investments. Some people maybe or their businesses. We need to see
how it's all going to work and integrate and coordinate. -Dude it gets complicated though,
man. This gets too complicated. -It's not. -Because it's like wait a second, "I have to track
this thing that's over here. And then my other brokerage account is sitting over
here and then this things happening here. Who can even see it all? Do you know what
I mean?" Like, that's the problem. -That's why it's complicated because again, going
back to the financial junk drawer, people have products that they've got from this
guy, that guy. Yeah, well they get this famous and they throw them in a drawer.
They don't want... They don't want... They're just hoping and praying.
Hopefully it works. So ,what we look to do again. Not only do we look to
see the whole financial picture. But we want to talk to your accountant. We want
to talk to your attorney. We want to make sure we're all on the same page. We're
all rowing in the same direction to get where we need to go. -Now, you guys also
created this tool that is designed to kind of pull everything into a single
location. -Correct. You just talk about that for a moment? -It's basically our
epic wealth builder. So, it's a tool where we put in... We could put in your life
insurance policy. We put in your brokerage account. We put in your
annuities. We put in your cash balance. We put in your 401k. We put in all your
financial details. You could even budget through it. But once all your financial
world is up there... And we also have a vault where we put in your trust, real
estate, documents, passports. If you're overseas, you get caught we can send you
a copy of your passport, so make it easier. But it'll have your whole
financial world. Very robust, safe, secure. And based on that, that's where we're
able to diagnose and look. Well, you said it's kind of complicated. That's what
we're doing for you. -Right. -You know? But when you're dealing with 7-8
other people that just have one interest of selling you what product, nobody's
talking about it. When we do it, we're coordinating it and we're making sure on
a regular updates we're saying, "Here is where we are in our plan." -Yeah. -"Here's
where we're going. Are we getting there? Do we need to adjust?"
-So, let's actually then just bring it back. Number one, working with
fiduciaries that are registered investment advisors. Not just financial
planners. They're certified at the next level. They have to have your best
interests at heart and disclose everything. As a holistic view, you're
saying, "Wait a second." You can't just diagnose or play in certain sectors. Get
someone that can look at the whole picture and say, "Is this
Sufficient? Is this enough? Is this a good plan or a bad plan? Because I look at
most plans. I'm like, "That's a really crappy plan." So, you got to have someone
that can look at the entire plan. And then the last thing is somebody can have
it all organized and put together where it's like, "Wait a second. Now, I can
actually make decisions and also not have you look at the whole." I know, I'm
able to see the whole. So, I can make intelligent choice." I think the
last thing, John that I know that your team does is you go out there into the
world and you find an array of products and programs that can give a variety of
different ROIs and possibilities that are called alternative investments. And
some of you might be wondering, "Well, Kris. Do you only invest in real estate?"
The reality is I don't only invest in real estate. I'm invested in a number of
different companies. I'm in the tech sector. I'm in a number of different
spaces for diversification. Real estate has always been and will always be my
foundation. Because of how I know to invest in it. In addition to that however,
there are a number of other considerations. So, can you just for a
moment, speak the idea of the alternatives that can create a more
balanced portfolio? -Yeah. Well just and going back to what you said. We're
independent. So, the beauty of that is we go out and search for what's best for
your life. I'm not holding anybody. So... And we're constantly on the move,
searching. And and with our team, our investment team is very entrepreneurial
in the alternative investment arena. So, we're not going with just your
traditional alternative investments. You know, metals --MLPs, things like that. They
go out and search for products fully vetted.
I mean vetted. And we're always on the institutional side where we're protected.
To the degree, you can be protected. -Yeah. -But we basically search it out and we're
finding returns that aren't correlated to the market. So, if your
portfolio is going to be down we want, something alternative that's going to be up
to offset the law. So, you're not there as much as everybody else.
You're outperforming. We're staying on our market as far as going forward to the
goals. -There's so much more to this deep financial planning philosophy. And if you
want to learn more, there's a link below so that you can learn more about epic
wealth. You can learn more about John Spring, his team what they do. And John, I
want to thank you so much for being here today. Thank you for answering this
question. You've done a great job isolating. I think some of the most
critical points that the wealthier concern with that you also need to be
concerned with, if you want to become wealthy if you're not already. So, John.
Thank you for being here. -Thank you, .guys. -Links below in the description. And as always, if you
enjoyed this, share this with somebody. Subscribe and I will see you on
tomorrow's video.