Anticipating the "What-if" scenarios of Life

ABOUT THIS EPISODE

The future is unpredictable. Although you cannot predict what's going to happen, you can create a plan that will help you mitigate and endure whatever the future brings. Listen and learn what you can do to anticipate the "What-if" scenarios of life.

And welcome to the putting your retirement interest for podcast with financial expert and number one Amazon best selling author Robert Cannon. Each episode features helpful, inside practical tips and reliable strategies to help make your retirement as enjoyable as possible. For the next few minutes, enjoyed listening as co host Bethany Bilson talks with Robert Cannon about putting your retirement interests first. Well, once again I am joined by Robert Cannon. Robert is the author of putting your retirement interests first. It's a prioritized approach to protect your future and turn your dreams into a reality. Robert, thanks again for joining me. Thank you, I appreciate it so this year that we are recording this has been quite the year, and it's two thousand and twenty, which a lot of people will remember as the year of Covid Nineteen, the year of quarantine, the year of lockdown,...

...and it was something that I don't think anyone really saw coming how drastic this pandemic would be and how much it would really impact people. I know, for you especially, you're close to New York City, so I'm sure you have felt it in extreme ways and I know, I know that you know as you deal with clients and talk about retirement and finances, you're not a mind reader. You don't know the future and you definitely couldn't have predicted this pandemic. But how can people prepare for kind of the what if in life, things like covid nineteen that can take people off guard and impact and financially. What are some some steps that people can take to prepare for something like this? For the point is interesting because I actually lived near the round zero we're all started in. Ended up contracting covid myself. Wow me by surprise because you know, I was in a hospital. You know I recovered,...

...but it qut me by surprise. So I also have a plan. So I have a plan in terms of insurance. I got a plan for my family that you know, obviously we don't want to happen, but if I passed away, my family would be now, even though you know when you're in the hospital you feel that way. I oh, but I'm not ready to go yet. So so people need to understand that. You may want it or you may not want it. You know, things happen. So you have to be prepared. And what we do. You know, we have a clear plan for you as also. It's sort of like a GPS. So you see, you know if you were going to travel, let's say you were going to drive to New York. You know, Robert, I'm going to come see you in New York. You have no idea right how to get here, but you're going to put it on your GPS. You can listen to the radio, you can listen to podcast, you can...

...do whatever and you're going to get here to New York because you have a plan. You have that GPS, you have a clear plan, so you don't have to be concerned. That's what you're doing with us now. Covid hit. You know, the market went down, the the government basically shut down the economy, but because you have a plan, you're going to be okay. You're going to be okay, and the people who set that up with us now they feel great because they're not concerned about what's going on in the market. Is the market up, is the market down? You know, they're going to be okay, but the people who are scrambling and calling us and all want to retire. My money went down. I took money at the market. You know I timed it incorrectly. They didn't have a plan, and those are the ones that are concerned. So what we do? We sit down with you and come up with a plan. Well,...

...you don't have to worry about whatever it is is nowhere. Like I said, it's impossible to predict. You know, I don't care if it's presidential pandemic, you know, whatever it is, taxes, we come up with a plan. It will shield you from those things. Yeah, and then you feel comfortable going forward. So for you personally, you know, since you were very affected by this pandemic, did you feel kind of like a light bulk click on, even though you do this every day? What did it become that much more real to you? I Oh, it's so important to have a plan, because something like this can happen. Yes, I'll say something or reveal something, which is ridiculous, but you know, you have to you have a trust and you have to fund certain things. The one thing in my trust I didn't fund what you have to, and I'm sitting there thinking, Oh my God, I'm the Dvisor who preaches this to the world and I need to fund it. You know, I've been putting...

...this off like two, three weeks and now this virus tip and I didn't fund it myself and I'm like, I have to make sure that my kids are going to be okay. So so yes, it was very surprising to me that you have to you have to prepare for anything. Right, obviously, you know, live a healthy livestyle. I'm, you know, super healthy. So I was a concerned, but that procrastination for two to three weeks even me. I was able to realize that that was a mistake. So there's no procrastination. You can't procrastinate, you just have to do it. Yeah, well, and that brings up a great point that even if you're healthy and you're young and you know you take care of yourself, life can still happen, things can still take you off guard, even if it's something like a medical bill just popping up that you didn't really expect. So there's lots of different things in life that just happened and and that's why it is so important to be prepared. I'm reminded you mentioned the last time that we spoke that your dad was a police officer growing up. So He,...

I'm assuming, had a pension once he retired and it can be a little tricky. Even though pensions are kind of going out, is it still kind of hard to plan a retirement around a pension or maybe around social security? What are some some smart moves that someone could take if they are planning retirement around a pension? You know, around a pension is a little bit easier than the people that are putting money in there, for one case, and they're financing at themselves, because with the pension you realize, okay, at sixty seven or sixty eight, I'm going to get, you know, four thousand dollars social security and we end up at twenty five hundreds. Is a little bit easier to plan in terms of knowing approximately. You know what you're going to happen, how much you're going to need right right. Without the pension, it's really difficult and I think that's what really throws people for a curveball. So you have to be really careful on planning for your retirement.

I've seen people, even with the pension, still make mistakes. So you have to figure out what your lifestyle is going to be in the future right and plan accordingly and understand there's a thing that's called inflation. People think that you know, cost me a dollar for bread is always going to cost me a dollar for right now, right up and when you're eighty years old and right now you sixty five. You have to account for that and sometimes people just don't do that. So if somebody decided to sit down with you, I'm assuming you're not doing it in person because, like we mentioned, we are in the middle of the pandemic. But if they wanted to have a zoom call like this week, you or something over the phone, what could they expect from that first appointment when they sleep with you? So I have a little bit different in take form then most people. You know, most people just look at your rest tolerance and you know they have this cookie cutter system. Your aggressive, your conservative, you know your moderate, and we'll...

...put you in a platform, we put you on an allocation that's best for you. My intake form is you know what's really important for you. I want to know you, I want to know your family, I want to understand your dynamic over noble what's really important for you, and we're going to align together and I'm basically going to be your partner for life. So it's a little bit different. Process is very custom customized specifically for you, so I get to understand what's really important for you. So we will guide the process together and you know it takes a it takes time, obviously, to know me, but that process, I think, is a million times better than the traditional advisor who just basically has you fill out of form and say, okay, here's our plan and you know, here's how we going to invest a few million dollars. You know, our totally geared towards you and...

...your goals and your legacy and it's just different, different process. Well, that's what's so important is that it is a plan that is customizable to each person, because everybody's story and goals and dreams and hopes are all different, and so I think what you brought up is really important that you do get to there the person, not just the portfolio. You get to know them as a whole and I think a great first step for somebody to get to know you a little bit is to pick up a copy of your book. You can do that on Amazon. It's available there. It's called putting your retirement interests first, a prioritized approach to protect your future and turn your dreams into a reality. It's by Robert Cannon. Robert, thank you so much for speaking with me. Thank you for sure. Thanks for listening to the putting your retirement interests first podcast with financial expert and number one Amazon best selling author Robert Cannon. To request a copy of Robert's best selling book or to have a conversation with him a about your financial future, connect with Robert through...

...his website, cannon wealth solutionscom.

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