#25 - Removing the Pressure Around Financial Independence with Justin Krane

Chelsea Williams and Justin Krane challenge the traditional views of money and financial independence. Dive into an eye-opening conversation about what it truly means to be financially free. They explore how understanding your personal desires and taking small, intentional steps can unlock a path to financial independence.
 
From shifting your money mindset to trusting yourself through failure, this episode will inspire you to rethink the pressure around financial goals and embrace the journey.

Key Highlights:

1. Explore how your upbringing and beliefs shape your financial habits.
2. Learn why clarity about your goals is crucial for financial growth.
3. Discover the power of reframing your mindset from scarcity to abundance.
4. Understand the importance of small, calculated steps toward financial freedom.
5. Embrace mistakes as part of the process and learn to trust yourself on the journey.

Tune in and start removing the pressure around achieving financial independence!

Justin Krane, a CERTIFIED FINANCIAL PLANNER (TM) professional, is the founder of Krane Financial Solutions. Known for his savvy, holistic approach to financial planning, he advises his clients on how to unite their money with their lives and businesses. Justin received his Certified Investment Management Analyst SM (CIMA®) designation from Investment Management Consultants Association and in conjunction with The Wharton School of Business at the University of Pennsylvania. Using a unique system developed from his studies of financial psychology, Justin partners with his clients to identify and clarify their true life goals. He designs and manages investment portfolios that align with his clients’ goals and objectives. Justin also works with entrepreneurs to create a bigger vision for their business with education and financial modeling.

Follow Justin on LinkedIn

Always and Never About Money Episode Links:
Video Podcast: https://www.youtube.com/@MoneyMasteryWithChelsea
Socials: https://linktr.ee/the_money_whisper
Money Mastery Website: www.moneymastery.work
Reddit: https://www.reddit.com/r/AlwaysandNeverMoney/

Transcript

Welcome to Always and Never About the Money. Are you ready to embark on a journey that will forever change the way you perceive money? We'll get ready because we're about to dive deep into the fascinating world of finances and human behavior.
I'm your host, Chelsea Williams and Money Whisperer. I'm here to help you realize what your money story is telling you and how you can change it. But hold on tight because this is not the dull black and white talk about money. We're gonna splash all the color into this typical nap inducing conversation on Always and Never About the Money. We're gonna explore the intricate relationship between money and our daily lives from the impact history has left on us, and how we still manage it. How your habits shape your money, and what beliefs are driving your habits, choices, and relationships to the deeper values and emotions we've come to attach to it.
We are going to unravel it all through insightful conversation and personal anecdotes. We'll bring you the expert insights, real life stories and meaningful thought provoking ideas that will inspire you, educate you, and initiate some serious perspective change when it comes to your money. Remember, money is just a tool. Together we'll untangle the web of emotions, beliefs, and values. We've come to attach to it and find a new perspective on how it can enhance our lives. So whether you're looking for motivation, practical advice, or a good laugh always and never about, the money's got you covered. Thank you for joining us in this transformative journey.
Get ready to challenge your beliefs and embark on a financial exploration like no other. Without further ado, let's kick off the episode of Always and Never About the Money.
Speaker 2

Do you wanna start the show like
Speaker 1

This? Look at this. Yes. Everybody. Justin Crane, here we are. Okay. So our audience on Always and Never About the Money are a mix of people. And the purpose of the podcast is to speak to everyone about money, but also help them understand why it's always and never about the money. Yes. Right. And so Justin, when I was told to look you up by Steve Freson, I landed on your website and I did not even scroll far past the fold before I was like, oh, this is my people. Like I really, I really like what you're doing here. And the reason is because folks, if you go to Justin's website and you hardly scroll down, here's what you're gonna read.
What makes Crane Financial Solutions different is that they ask the questions, where are you going? And if you don't know where you're going, you're gonna drift through life, which is so true.
We believe in the power of clarity coupled with intention. Oh, these are all like the words, the words that I love. We help you uncover what you really want for your life, not just in 20 years, but right now. And that's a lot to unpack. I feel like we could just have a conversation around that, that, because when I work with people and their money, one of my first questions is, well, what do you want? Where are you going? Yeah. And it sounds like that's where you start too.
Speaker 3

Yeah.
Speaker 1

And why is that important?
Speaker 3

Yeah, I, well, first of all, let's just start off with the fact that your nails still look great and your zoom background is good and everything is put together. Like what a shock.
Yeah. No, I think it's funny. I was just talking with a client that started working with me and she's like, I gotta get prepared. I gotta get all my financial information in a row. And like I'll set up and like, I gotta prep for the big meeting. And it's kind of like when you check into a hotel room and you leave and you clean up the room before you leave so that housekeeping comes in and it's not a mess. Or you clean up your house before the housekeeper comes in. Yep. So, so many times people think that they have to like, have everything figured out before they work with someone like you or I, when in fact, they don't even really understand that us the advisor or the teacher, we are facilitating our client's own self-exploration about money, about their financial life and helping them get clarity about who they really are, what they really want, and where they want to go.
And that's not easy because a lot of times we just go through life and we don't really think, okay, how do I want to be intentional because I'm 52 and for my first like 40, 45 years, I, I was, had no idea what was going on. I was like an aunt marching.
Speaker 1

No, I, I completely, I, I completely agree. And what I have found is, so number one, I feel like that gives people permission and a sense of relief. Like, okay, I'm, I'm 37 years old, I have no idea, you know, where I wanna go or what I wanna do with this thing. And that's why I am waiting to work with somebody like you. Yeah. And in, in my opinion, and what I tell people is, look, you don't have to have it completely mapped out, but at least start getting an idea. At least start thinking about it and figure out what it is that you like. Do you wanna travel? Do you wanna do Disney World every year?
Like at least start thinking about it and continue to dial in that vision.
Speaker 3

Can I ask you a few of these questions?
Speaker 1

Let's do it. Alright.
Speaker 3

So look, if you had like $80 billion, like crazy money, what would you be doing?
Speaker 1

Yes. I love that question. Are you asking me personally? But that is a great question for everybody
Speaker 3

Too. I'm, I'm asking you.
Speaker 1

Yeah. I'm traveling. I'm traveling one country a month and finding the country that suits me. 'cause I don't think red, white, and blue is where it's at for me.
Speaker 3

Wow. What would the first country be?
Speaker 1

New Zealand.
Speaker 3

Okay. Yeah. And are you staying in like a, like a, a bigger hotel or is it like a boutique hotel or are you, are you staying in a house that you own? Are you in an Airbnb? Where are you?
Speaker 1

I want an Airbnb and I wanna blend in because I wanna absorb the culture and feel, know what it feels like to actually live there.
Speaker 3

Okay. And are you cooking there or are you like ordering in? Are you going to restaurants? What are you doing?
Speaker 1

You don't know me at all. I wish I could cook. I wish I could cook. So I, I would probably have that goal. But eating out would be a thing too. Or
Speaker 3

Would you bring in like a whole staff and have them cook for you and your friends in New Zealand?
Speaker 1

That would be fun every once in a while.
Speaker 3

Yeah. What do you
Speaker 1

Eat? Yeah, I would add that.
Speaker 3

What are you eating?
Speaker 1

Healthy food.
Speaker 3

Like what?
Speaker 1

Like, well, I need to learn what foods they have there that are native. Yeah. Right. But the healthy things, earthy foods, salads, food, that looks like food.
Speaker 3

Got it. Got it. And who's with you for this dinner that you're having the earthy healthy food in New Zealand at a house that you're renting?
Speaker 1

Family and friends. Right. So I wanna go there for a whole month and anybody that wants to come, just let me know. I'll book the flights, come for a week, two weeks.
Speaker 3

Got it. Are you drinking wine? Are you having cocktails? Are you just having water? Like what are you having?
Speaker 1

All of the above.
Speaker 3

What's your favorite out of those three?
Speaker 1

Tito's and soda water.
Speaker 3

Tito's and soda water. Okay. So you're in New Zealand with your really, really good friends, completely blending in. You have a staff, you're in this cool house, you're about to eat your healthy salad, and you're starting off with a Titos, that's pretty cool, right?
Speaker 1

I I, yes.
Speaker 3

So do you think you could actually get there like soon? Do you think you could do that soon?
Speaker 1

Next year is the goal.
Speaker 3

That's awesome.
Speaker 1

Yes.
Speaker 3

So how cool is that when you begin to really feel and see and imagine something that you can have or get soon? Not when you're 85?
Speaker 1

That is a great question. Yeah. Yeah. So listeners definitely think about that. And I, I like how you put that. 'cause when you remove the, the money from the equation and talk about just, okay, forget about money, like what are you gonna do? Yes. Who are you gonna be with? Yes. What are, I love these questions and it's such a good example. And so, and what we've talked about is like, this is why people put it off, right? Because you asked me that question and I'm like, you know what, that's a good idea. I wanna add that to my vision board. I'm gonna calculate the cost of that and see what that is.
Right? Yeah. And so even just having these types of conversations are incredibly helpful for the people that you spoke towards that, that keep pushing it off, right? Like, I'm not ready, I have to have all my ducks in a row. I have to do all of these things. What would you say to them and what are the things that people tend to hold onto that stop them from approaching someone like you to work with you?
Speaker 3

I think it's poverty thinking versus prosperity thinking, thinking that the glass is half empty and they don't think they can create and manifest their own financial life. And I'd say a fair amount of that is their upbringing as a kid. Like how were they raised with money as a kid with their parents? What kind of influence did their parents have?
Do they feel like they deserve it? And on the other hand, for the person listening, that's like, there's no way I'm going to New Zealand and you know, having my Tito's with my healthy salad and my friends like, I could never have that. You gotta do a reframe. It's like, how can I have that? Like what, what is it that I can do to get there? And it's progress. It's not necessarily just like you have to have it all at once, but you really have to get yourself to a position that you believe that you deserve to have it and that you can get there. And it's not for the business owners listening. It's not, you're not gonna get there by not going to Starbucks and not and canceling Netflix and you know, all of that.
Like, it's it that it's, it's, it's not how you need to think about it. It's more about how can you make the money to get what you want, not how can you cut back to save that $30 to compound and all. That's not the way that it's gonna work for you. It's too hard that way.
Speaker 1

Yes. And so first we have to make that perspective shift. Yeah. And how would you recommend people start to do that? Do you have any good books or courses or do you work with people on that?
Speaker 3

No, but I'll tell you what I have done as an experience share. I started going to therapy. I got divorced when I was about 40 and it completely rocked my world. I'm 52, I'm married again and all of that.
But I really worked on myself major and completely owned my stuff, got my head out of the sand. So I'm a big believer in therapy. It may not be for everyone. So that's one thing. The second thing is, is for me was meditation. I still meditate like 20 years meditating. And I'm gonna go on a small rant on something that
Speaker 1

Let's do it.
Speaker 3

That, that I see, I see just a lot of people doing, and I did it and, and it, it's, it's searching external of you for some course or some book or something to read or something. When really I believe that it actually is already inside you and you already know what to do and you're too scared and don't know the how and you feel like if you put it externally and higher, you know, I believe in accountability for like hiring people for that. But like you so many, we, we know what we need to do. You can google it, you're done in two minutes. So I'd rather have it come from, for me what's worked, again, this is just my story is more coming from within, praying to God and talking to him or her or you, the universe or whatever, and be like, okay, look, I can't figure this out.
Can you download some wisdom to me so I can figure this out on my own and talk it through? So that's tough. I mean there's a lot of assumptions there. You have to believe in God. You have to believe that it's already inside you. You have to believe that. Like it's not from some book or course that you're going to buy. And as you get older, you get wiser and you see that you actually knew kind of what to do, but you were too scared and you didn't have the confidence in yourself to do it. That's where a therapist can come in or meditation can come in.
Speaker 1

Yeah. I have to agree with you even in my own journey and what I see with other people. And so, you know, it sounds like the first step to that is like, we have to become enlightened. We have to become aware, we have to stop, pause and really consult with ourself and take into account. You made a really good point earlier.
Your background comes into play here. Your ethnicity, how you were raised, all of those core values and beliefs, the story that you tell yourself about money in your life and your capabilities, using it as a tool can limit you.
Speaker 3

Yeah, for sure.
Speaker 1

Severely. Yeah. And then so part of that is also creating that new story which we talked about. Yeah. Like how, how are we gonna overcome this? How are we gonna do this? So let's say we have someone, they're like, you know what? I can see it. I'm gonna, I'm gonna change my beliefs. I'm gonna change my story and my perspective. I'm gonna find ways to make money because there is so much proof out there, especially in 2024, in as many ways as we have to make more money. If you need proof that it's possible, like you said, just go to Google for five minutes and you'll see all of these stories about all of these ways that people are making money. So then at that point, once somebody's like, you know what? I can do this, I can plan for retirement or financial freedom is the buzzword now, right? Instead of retirement.
But the, the goal is financial freedom. How does somebody start?
Speaker 3

I love that question. Okay. So this is the way that I think people should think about financial freedom and financial independence. And the first thing is, is just, let's just talk about the math of like, what does that really mean? So financial freedom is, let's say you need $20,000 a month to live financial freedom or financial independence means you have to have the money coming from some other source income or an asset that gives you the money to live so that you can do what you, you do, you can do what you want without having to do anything. That's really true financial freedom.
Okay? So like if you do the math and you want $20,000 a month or okay, $10,000 a month. So that's 120 grand, right? That means you, if you had 5 million bucks making 4%, that's 200 after taxes, it's 120 grand. Okay?
So everyone listening with, just with that simple example, how do you just get $5 million? Like, that's ridiculous. But that's what financial independence is. Oh, you have real estate that pays you 200 grand, whatever, whatever. But the concept is you take someone listening to this and they're like, okay, Justin, I get the math. You get 5 million bucks at 4%, 200 with taxes, whatever you're at one 20 or whatever the number is. That is insane. That's, but that's what financial independence is. Or you have a business that pays you something. But most people that have a business have to work in the business.
Hmm. So that's not financial independence that that's working for money. So how do you deal with this? So instead of being a hundred percent financially independent to give you that $10,000 a month, what if you could be 36% financially independent instead of 10 grand a month?
What if it was $3,600 a month? Now all of a sudden you don't need $5 million. Maybe you need, I'm making it up again. 1.8 million. Now your brain is like, okay, that might be a little bit more achievable with investing money and compounding and all of that. That's how people need to think about it. It's not black or white. And the other thing that I think you need to think about is, would you rather be a hundred percent financially independent at 79 or 45% financially independent for the next 30 years?
I'd rather be 45%, not a hundred percent. 'cause like how do I know if I'm gonna be able to enjoy my money the way that I can enjoy it Now how do I know I'm not gonna live that long? And what if I want to do other things? So it's a sexy buzzword. You know, financial independence retire early or like fire, right? Or that's, you know, financial freedom. It's very, very hard to do. How do you just get $5 million? So what I think we need to do, and by the way, I'm not financially independent. I have to do things to get paid money. I I, i, believe me, I'm not, but I'm on the path of being X percent financially independent. That's what people need to do.
Speaker 1

Oh, I appreciate how you framed that. 'cause that, you know, like you say on your website, not just in 20 years, but right now and just like people are waiting to figure out how can I start investing, even if it's small things here or getting, you know, 10% financially independent, right? At the same time, we don't want to wait to be happy or wait to enjoy life until we reach this milestone 20 years down the road.
Speaker 3

Yeah. Yeah. Like, let me ask you this. Let's say you go to the doctor and he says, Chelsea, you have five to 10 years to live and you don't know when you're gonna die. I mean, that's a serious thought. It's pretty big.
What would you do and who would you be? And then like, maybe you go back and he's like, you have one day to live, and then you're like, Hmm, what did I not get to do? And who did I not get to be? So that's where the balance between a hundred percent financial independence, you know, at age 82 versus doing some of this stuff today. So it's almost like we need permission to spend money as long as we know that we have a plan for our future. And that's where financial planning and retirement planning come in. But all of these questions that I'm asking really if you're being present, should make you feel somewhat uncomfortable.
And that's a good thing.
Speaker 1

Yes. I love it. We've got two really good questions that I wanna cap it off with here. But first we ask everybody what your favorite quote is. And I have never heard the one that you put on here, so I'm gonna pivot a little bit before we wrap up and ask you about this quote. More of the same equals more of the same.
Speaker 3

Totally. If you want the same result, keep doing the same thing. And by the way, I I, for me, I've tried to reinvent the wheel, like my business is doing good and I tried to do something different and I'm like, why am I not just doing the same thing if it's giving me a result? And on the opposite side, all right, I'm gonna come clean on the, on your interview last night I had like 23 Swedish fish, like those little mini Swedish fish. Yeah. And I'm like, I'm so mad at myself that I ate these Swedish fish and I'm like, okay, I know I need to lose like two or three pounds, but if I keep eating 23 Swedish fish every night, I'm not gonna lose the two or three pounds. So like, dude, get right with yourself.
Stop eating the Swedish fish. More of the same equals more of the same. You have to do something different if you want a different result.
Speaker 1

Ugh. And that's coming from the man himself, Justin Crane, right? Yep. So even, even we who are X percentage financially free and on our way towards more have these, these struggles
Speaker 3

We're we're human. Yeah, totally. Like I'm fully human. I am not a guru. I have really have no idea what's going on. I'm just going with intuition and that's it.
Speaker 1

Yes. I love this. I feel like this really takes the pressure off. 'cause the expectation when people hear the idea of financial freedom is so overwhelming and so long term that that I believe it's why a lot of people never get started. And so two questions that you pose to us today that I wanna leave all the listeners with to really dig deep on. And I even encourage you to journal, write it down, draw a picture, meditate, whatever, however you consult yourself. Do that. And your questions were, if you had $80 million today, what would you be doing? And if you were told that you had five years to live, what would you wanna do? And the first step can be small and that's okay.
We're looking for just a little bit percentage of increase here.
Speaker 3

Love it.
Speaker 1

Awesome. Any last words then, Justin?
Speaker 3

No, I think it's, it's you have to trust yourself and you have to have faith in yourself that you'll figure it out and it's okay to make mistakes.
Speaker 1

100%. I love that. If you liked this episode, be sure to show us some love by subscribing and turning on those notifications. You can find me on Instagram under the Money Whisper, and also where we encourage you to contribute to join the conversation, ask questions and share your thoughts so we can create more episodes tailored exactly to what you wanna know about Money. I'm your host and your personal money whisperer. Until next time, remember, it is always and never about the money.