[Top Giver Series] Tips for Effective and Efficient Financial Planning With Justin Krane

Justin Krane is the Founder and President of Krane Financial Solutions, a financial planning and investment management firm. Thanks to his background as Certified Financial Planner (CFP), Justin offers actionable advice to his clients for financial planning that leads to a better life. Justin also manages investment portfolios on behalf of his clients. Before founding Krane Financial Solutions, he was a Vice President, Investments at UBS Wealth Management. He has a BA in finance from the University of Colorado, Boulder.

Here’s a glimpse of what you’ll learn:

• [03:22] What does return on life mean?
• [08:23] Justin Krane talks about the common mistakes people make with their money
• [10:41] Financial mistakes entrepreneurs make
• [12:50] Tips for structuring a growth plan for your employees
• [19:27] Financial advice for when your business is ready to hire
• [24:25] How do you create a structure to share profits with your employees?
• [26:04] Justin’s experience as a fractional CFO
• [30:53] Managing Cash Flow
• [34:55] Ways to navigate finances for couples

In this episode…

Are you an entrepreneur struggling to plan for your financial future? Where can you get the support you need to make financial decisions that align with your goals and are congruent with your values?

Financial planning is challenging, especially for many entrepreneurs. That’s why Justin Krane recommends hiring a certified financial planner, an expert who gives you clarity into your finances and advises you on how to move forward, both personally and professionally. Tune in to learn how to “unite” your money with your life and business.

Listen to this episode of the Inspired Insider Podcast with Dr. Jeremy Weisz as he welcomes Justin Krane, Founder and President of Krane Financial Solutions. Justin talks about the financial mistakes people and entrepreneurs make, tips for hiring and structuring a growth plan for your employees, and ways to navigate finances as a couple.

Resources mentioned in this episode:

• Krane Financial Solutions
• Justin Krane on LinkedIn

Related episode(s):

• “What Inspires Brian Kurtz, VP at Boardroom Inc.?”
• “[Top Giver Series] Doing Business Beyond Self with David Gonzalez of Simply The Coolest”
• “[Top Giver Series] The Power of Video Storytelling to Transform Your Business with Ian Garlic of StoryCrews”
• “[Top Giver Series] How to Create Strategic Partnerships to Leverage Old Relationships and Unlock New Opportunities with Kevin Thompson”

Episode Transcript

Intro  0:01 

You are listening to Inspired Insider with your host, Dr. Jeremy Weisz.

Jeremy Weisz  0:22 

Dr. Jeremy Weisz here founder of inspiredinsider.com where I talk with inspirational entrepreneurs and leaders today is no different. I’ve Justin Krane, you could check them out at kranefinancialsolutions.com and intentionmoney.com. Justin, before I formally introduce you, I always like to point out other guests of the podcast I should mention. And Justin is one of those people it’s like just an amazing human being business person. And so, I have done a top giver series like someone just givers like they just in your world and universe, they just want to help and Justin is one of those people. Past episodes include Brian Kurtz, David Gonzalez, Ian Garlic, Kevin Thompson, just some of the givers I know out there. So thank you check out those episodes and how they think about relationships, how they think about the world is always interesting for people and myself. And this episode is brought to you by Rise25. At Rise25 we help businesses give to and connect to their dream 100 relationships. And how do we do that we actually help you run your podcast, we are an easy button for a company to launch and run your podcast we do Strategy, the accountability and the full execution for your podcast. And I’ve known Justin for a while and Justin, you know this, the number one thing in my life is relationships, I’m always looking at ways to give to my best relationships. And I found no better way to do that over the past decade to profile people in companies I most admire and share with the world what they’re working on and what they’re about. So if you’ve thought about podcasting, you should if you have questions, go to rise25.com. I’m actually shocked of how long it’s taken me to get Justin on the podcast is not by my lack of trying. But I’m excited to introduce today’s guest, Justin Krane. He’s a Certified Financial Planner and founder of Krane Financial Solutions. And Justin, I would say you take a very holistic approach to financial planning, and you advise clients on how to kind of unite their business and personal money with their lives. And you work with clients to create a purpose-driven financial plan. And you say it and we’ll have you break it down a little bit more about aiming for a return on life. Right. And he manages his clients investment portfolios for long-term goals and retirement. Justin, thanks for joining me.

Justin Krane  2:44 

Jeremy, thank you. I’ve known Jeremy everybody listening since I was in like eighth grade, he is my best. He’s so cool. He’s smart. He’s a giver. And he’s just the best. And for those of you on the fence, not knowing whether you need to work with Jeremy or not, I’ve worked with him. The guy’s amazing. And his junior partner, John Corcoran is even better shooting.

Jeremy Weisz  3:12 

I’ll give you a 20 after this, I appreciate it. What does it mean? When I say return on life? Like what does that mean?

Justin Krane  3:22 

I think it’s making financial decisions that are congruent with your values and make you feel like you’re not just investing money to get like ROI, like a return on investment. But if it really means a lot to take the entire family on a vacation, like your parents, your kids, your grandkids, whatever, all in one and you’re going to do it and you’ve saved up for it, then that’s an intentional decision that you’ve made, which is going to give you happiness, satisfaction, meaning and purpose. So at the end of the day, when we’re no longer here, we can’t take all the possessions but we can take our experiences and memories with us. And the people that are still alive are going to benefit from that. And that’s our legacy. And that’s just an example. But it’s about meaning it’s about purpose. It’s about just using money that aligns with your values when you feel good about it.

Jeremy Weisz  4:13 

I’d love to hear because I like getting ideas you hear a lot about people’s fight your their goals, right that return on life goal. Now it’d be one someone who wants to take whatever their entire family to Hawaii or something. What are some other interesting goals that maybe you they gave you ideas of what you want to do with your family?

Justin Krane  4:33 

Well, I never thought I’d spend like a lot of money on a vacation. And I did like pre-COVID. And I went to Israel, London in Italy in two different trips. And the trips were broken down because my dad passed away like I think a year earlier. And I had to just set up the trips differently. And going into the trips. I was like, oh my god, I’m spending all this money like what am I doing like this is redic crazy. And I did it anyways. And I felt weird and uncomfortable to do it. But then I looked back during COVID. I’m like, thank God I did that. Thank God, I did something like that, because I had nothing going on for two years during COVID. So looking back, it was a great decision. But going into it, I was freaking out. Like goosebumps, like it was weird.

Jeremy Weisz  5:25 

Are there any other interesting goals people have? Maybe, I don’t know, whether it’s an experience that they wanted, or something they’ve always strive to do in there. Maybe they didn’t wait for retirement.

Justin Krane  5:40 

Yeah. Well, Jeremy, you live in Chicago, right. What is the average? The average low during the winter there?

Jeremy Weisz  5:50 

Well, it’s funny, you should never live in a place where it says, here’s the temperature is 10 degrees. Feels like negative 20. Yeah, right. If you are in a place as feels like, and it’s much lower. It’s a sad day.

Justin Krane  6:03 

Yeah. The Windy City.

Jeremy Weisz  6:06 

Very cold. Last week. I didn’t right now, whenever wherever people are listening, but like we’re in March, mid-March, it was like 16 degrees at one point. And I was thinking, why do I live here? Feels like zero.

Justin Krane  6:21 

I had these clients that lived in Chicago, and they were like, we got to get out of here. Like, we got to get out. And I say that every day. Like, what are we doing here, they’re like, We need to go. So they told me they’re big into skiing. And they’re like, we got to go you know, we’re gonna go to like, I don’t know Breckinridge or steamboat or whatever. So we came up with a plan for them to retire in Steamboat, but what they did is they speeded up their process. So instead of, let’s say retiring at 65, they would move there at age 58, and then work their remote and then ease into their retirement. So it was an example of something that they could work towards. And it’s hard to cold turkey retire actually write a lot about like, financial independence and cold turkey retiring. But if you can retire earlier and work part time, it eases that transition, especially financially. So we came up with this plan of building a house in Steamboat, and now they’re not freezing. It’s 35, and steamboat and it feels like 35.

Jeremy Weisz  7:32 

So what do you write about and talk about when you talk about cold turkey retire?

Justin Krane  7:37 

That’s like, a lot of people are like, okay, at age 63, I’m done. Like, I don’t want to work anymore. And really, what people mean by that is I want to have the option to not work anymore. Because a lot of people don’t just stop immediately and like sail off into the sunset and play golf every day. Usually they’re doing something a few times a week, they can make money doing it. But a lot of us just want to know that like, okay, when I have 10 million or 4 million or whatever it is, I’m done. But it’s some weird, arbitrary funky number that has no relevance on anything.

Jeremy Weisz  8:11 

What are some mistakes people make? I mean, a lot of times who are asking you advice around finances, what are mistakes people make around when they’re dealing with money?

Justin Krane  8:23 

I think we all want everything right now. Like we want it in five seconds. And one of the biggest things with money is compounding of interest. So when you invest, your money grows, and it compounds but it really, really grows in years 20 and 30. Not from years one to 10. I mean, I think, I missed this quote is right. But like, Warren Buffett made like a ton of his wealth after age 65 It wasn’t until the money compound and got to some level and then it really started going. So my kids are like, okay, like, how they make a post on Instagram. How many likes do I have within 10 seconds? It’s like, what’s up with that? That scene an SNL? What’s up with that? What’s up with that? I mean, really, so like, compounding of interest takes time people gaining wealth takes time. You can get some results quickly. And I know you deal with a lot of players that like make $4 billion in 12 seconds, but really gaining wealth. It really just takes time and working it. And let me ask you a question. I’ve never seen you in a white shirt before. Is this your first white shirt? That’s is my first white shirt. Okay, everyone listening Jeremy has the best white shirts. I think I need to get one.

Jeremy Weisz  9:48 

I like yours. They’re more, more your style.

Justin Krane  9:51 

Thank you. Okay, where were we?

Jeremy Weisz  9:54 

So instant gratification? Yes. Right. So that’s a mistake people make they instantly You want that? And then it takes time for it to grow and compound. What’s another? And I don’t know, if you’re in a comedy, I can’t remember. But like, Ronny Chang, has a great bit about this about Amazon and Amazon Prime. So for people who like comedy, check that out, I’m not gonna butcher it. So I would just say go watch it. But it’s about Amazon now, not Amazon Prime and Amazon now where you push a button, and then it just shows up in your hand. And he goes into it, he goes, he’s a whole bit around it. So check it out. I think it’s at Netflix. What else mistakes people make when they’re dealing or thinking about money.