Hey! Peace. What's up guys? Listen up. Kris Krohn here. And today, we're going to be
jamming on financial planning. There are in fact 7 components of financial
planning. And I want you to know that. Because most people are like I thought
there was only one or 2 or 3. There are in fact seven all of them are keen
important. Today, I want to break that down for you. I'm bringing on a special
guest. Welcome back, Rob Gill.
Hey, what's up guys? Kris Krohn here. And listen, like I promised, Mr. Rob Gill in
the house. They call them Big Sugar. -And Ambassador Result. -The Ambassador Results
as well, right? So, now you know some of his dietary requirements as
well. As the fact that when it comes to production, the man is amazing. And listen,
today's video is really dedicated towards this conversation of financial
planning. And the fact that most people don't know that there's actually 7
different components. -Absolutely. -And so, I want to jump into this and I want you to
get this, right? Like so I'm all about the real estate investing and and really
manifesting destiny. I'm in charge of my financial future and that's the
important thing for you to understand. But you got to surround yourself with a
team of people that can do some of the other aspects of the planning so that
you have everything in place. And the time for you to start that is when your
crazy young. It's not for when you got money. Everyone's got to start right out
of the gate. So that's why I bought Rob on because Rob understands these 7
components and he's going to be breaking it down for you. So Rob, step 1, financial
planning, real quick. What is it? -The first step is retirement planning. And in the
space of retirement planning, it's important to understand your goals and
objectives and make sure that your financial planner understand your goals
and objectives. So when you create a model on a methodology,
there's a thought process behind it. So you could withstand the slings and
arrows that happen in everyday markets. With that being said, you want to be able
to have a strategy on exactly what that's going to look like. And that's
where you talk to your planners to really get a better clear picture. -This
is actually the thing that I really appreciate about your company --EPIC is
that you guys understand that it's actually not about just saying, "Hey, let's
work on retirement." You should actually know, "Hey, what do you actually need for
retirement? What's the goal and are you making choices that will actually get
you there?" That's something that very few people actually do. So, I love that that's
something that occurs with you guys. What's number 2? -Well, awesome. And just
just if I could kind of touch on that a little bit. One of the things that we
create is models that are flexible. So sometimes we might think retirement
planning. "I can't touch my money till I'm older." In retirement planning, we want to
create strategies that allow you to access your money as you're in the
wealth accumulation or the working years of your life. So, I just wanted to kind
of add to that a little bit. So you might want to be able to invest another
alternative opportunities that can come your way as a result of it. -Yeah.
Right. -Absolutely. So, step number two is education. So, education. The more educated
we get financially on all the products that are out there today the advantages
of every product and the disadvantages. There's not one great product. So we
focus on an overall process and the strategy that once again sits and fits
with what your goals and objectives are. So, from an education standpoint, if you
understand how a product may or may not be taxed in the future or may or may not
be subject to changes that happen out of our control, that could lead you down to
the path a better decision making. -Excellent. And guys you know I'm all
about education. That's why every single day I come out with a brand new video on
this channel. And by the way, if you really have a commitment to financially
educating yourself, make sure that you subscribe and ring that bell. When the
video comes out, I want you to get that education and understand how do
millionaires think, how do other people think. How can I gather and more of this
information that will help me become who I want? And ultimately drive that end
financial goal. -Yes. Absolutely. So, and one of the things I love about you is what a
saver you are. Right? You're a saver. And and I could say that as you be in one of
my classes well. -I think I'm more of an investor than a saver. -Yeah. Well to the
point of the 7 components, you want to be able to save an X amount of money each
month. -Yes. -Right? So, it allows you to invest in other areas. -We call that P-Y-F.
Pay Yourself First. -Yes. -Which basically means there's a lot of people that
actually go to work for their bills. They're going to work so they can just
pay for all their past obligations and what their current needs are. Instead
it's like, "Wait a second. Don't forget why you're here in the first place." -Yes. -First
and foremost is to make sure that you're taking in some money that you can save
and then invest and create some new opportunities with as opposed to just
kind of that's how a lot of people get in a check to check space. And so a lot
of people I mean for me the first priority is you should be trying to save
10 if not 20 percent of the money that you make so that you have some other
alternatives rather than just servicing debts and and prior decisions and
current needs. -Absolutely. And we know that the thought of savings is sometimes
challenging. If you get past that mental hump and understand the importance of
making that your number one priority,
good things begin to really happen.
And then that's that leads us to protection, right? -Okay. Number 4. -So, we
want to be able to go down the path of every dollar that we make, we want to be
able to protect it. Now, there's certain ways you could protect the... You know, once
you save it and then put it to alternatives strategies.
And understand the protection component is very important because it allows you
to make sound decisions so you want to be able to have models and... You know, we
have a what we call the epic wealth builder which allows everyone to measure
all of their different financial activities that are out there today. And
as a result, they could stress test investment choices that they're going to
make versus their current investments to see what it would look like in the
future in a hypothetical scenario. So that's natural protection. -I love that.
Actually, it's amazing that when I got in the game of real estate, for me was all
about creating wealth, creating passive residual income. And now, I'm in a point
my laughter I'm like, "Wow, I've had now some experiences that it taught me how
important it is to actually make sure that what you're creating, you're
protecting." And so... I've been able to witness that you guys have a number of
options when it comes to how do you actually create
proper protection for all the different choices that you're making. Whether it's
real estate investing or money that you're putting in different alternatives
or different things. -Yeah. You want to be able to protect... You want to have a
financial motive on your Castle. If you think about it, 5, 6 hundred years
ago, people had their wealth inside of a castle so they built a moat and inside
the moat was alligators in hot oil. So the invading forces couldn't come in. In
today's where all this taxes, inflation, lost, opportunity cost and bad financial
decisions, right? So, we want to protect our money from disability. We want to
protect life insurance to protect wealth and create generational wealth. nd
obviously if you own home do you want the proper kind of you know home and car
protection as well. Policies and everything else. So, listen guys. We've
given you already the first 4. We got 3 more to go but I want to ask you
if you're watching this video, how are you doing on your checkoff list? Do you
already have these first 4 things in place? If not, I do want you to know
there's actually a link in the description below. Where you have a
chance to actually talk with Rob and his team and learn more about making sure
that you can check off all 7 of those boxes. I've had an opportunity over
the years to get to know you can imagine a lot of people in the financial space.
And at the end of the day, this is a company that I think has really good
sound practices as a company that personally I'm really comfortable with
their practices and how they build business which is why I personally work
with them. Okay, what's number 5? -Okay, Kris. Number 5 is estate planning. -Okay.
-And you know, we talked about if you leave this mortal coil (by
Shakespeare, by the way) -Okay. That's pretty poetic. -Yeah. -I mean, I was at one
of your events. -Yeah. -Someone came up and asked me if I'm a Shakespeare fan. And I
said, "No. I'm just Rob from they own. -Okay. -Because I said mortal coil when I
was on stage. Anyway, so estate planning is important. Number 1, when you talk
with your estate attorney and/or your tax attorney, the rules are constantly
changing. So, it's always important to be able to make sure that that stuff is
always updated and you want to get with the right teams to get that done. With
that being said, some of the strategies that are keen to estate planning are
being able to pass on your wealth with as much tax avoidance strategies as you
possibly can within the legal rights and the legal legalities of the tax law
which is constantly changing. So, when state planning is your wills your trusts,
you want to once again be able to put that on the epic wealth builder which
has its own online vault so you have all your data financially organized. Once
again, everything is that the speed of light and all your decision making could
be done at the snap of the finger. -Yeah, I love that. Now, I'm impressed with your
organization. So, I'm very familiar now with these 7 things.
Number 6 is actually one of my favorites. Please reveal. -So number 6 is
residual income and cash flow. -Boom! Does that get anyone else like excited?
Like that's that's the journey of freedom. It's like at some point maybe I
don't have to have a job or I can do a job that I love because I want to do it.
So, number 6, that's.... Dude that's mic drop. -That's what I'm saying. It's cash
flow, right? -Yeah. So, when it comes... Once again, to proper planning and
understanding the advantages and disadvantage of the the products that
are presented to us through media on a daily basis versus truly thinking
outside of the box. Humming your own entrepreneur and understanding how to
buy real estate at levels that you do which yeah incredible. -Right.
-So, that's where when you tie that into the overall mix. You now get a different
way to return on your world that could complement your rate of return. Rate of
return inside the stock market. -One of the things that's been really important
for me in all these years of finding a company that I'm comfortable with
EPIC is that they have a philosophy that says, "Hey, we understand that alternative
investments or things like real estate investing can be incredible sources of
producing that residual income." And I think you'll find when you get out there
that there's a number of companies that have a very narrow concept of what that
means. And a lot of people out there are actually
suggesting products that don't actually have any kind of income at all. And at
some point, that can become at some point that will be problematic. And I think
there's no time like the present to start actually evaluating through a new
filter something that says, "Hey, when I'm looking at my options, I'm learning what
they are. Then residual income is actually a consideration. It's something
that I actually need to be looking at." For me, that is what led me to where I'm
at today. So, I think that's something important to be aware of. -Yes, that's
incredible and just watching how you enter that space and the greatness of
that space. I love the videos and I love exactly that you constantly
educating people in that world. Number 7 is tax planning. So, tax
planning...-Wait, pause. I think everyone just went to sleep for a moment. But I
promise especially if you're young, at some point if you're having higher
levels of success, what he just said is actually important than the time to be
thinking about that as when Rob? -Today. -Yeah. Tax planning, it's
important. What are the decisions that you're making, what impact is it going to
have on your taxes. -Yeah. And more importantly, the tax law constantly
changes. No matter what... Whoever's in office, there's going to be a different
tax law. And by the way the financial institutions are going to bring out
different products for that tax law. So, you have to understand once again,
advantages-disadvantage. If I'm going to purchase something today, how do I stress
that stress test that out in the future. What does that look like,
right? Because you want to be able to figure out other ways to save money and
deductions that are once again, in rules and in compliant and in the tax law but
also be able to maximize what you could save and also take care of your
employees in ways that is non-traditional. Tax planning is very
important. -And we got through all 7 dude. Pound. -BAM!
-Way to go. Listen. How did you do on all 7 of those. And if you have some of
them that are missing or if you have half of them that are missing or more, if
if something isn't there, I think that the most well-rounded and balanced
financial individuals have paid attention and create a plan on all 7
of these. And I certainly know that Rob's team are capable of running
through those and actually helping you understand a variety of options so that
you can make sure that your financial planning looks the way that you want it
to. So Rob, thank you for being out here today. -Thank you so much I appreciate it.
-For those of you that are looking for a great team that you can be working with,
there is a link in the description below and
contact with them. There's a reason why I've picked them actually for my own
personal financial planning and I think you can find out how obvious that isn't
what that might look like for you you click the link and actually have a
chance to say, "Hey, where are my gaps and how can we fill those in?" So, take care of
that. Subscribe and we'll see you on tomorrow's video.