Rethinking Traditional Budgeting Methods with John Crane

John Crane is an author, financial advisor, retirement income planner, and registered representative and financial advisor at Park Avenues Securities LLC. Before serving in the financial services industry, John held several posts at Sprint, including a Senior Government Account Executive role. In his book, The One-Number Budget, he helps readers with staying on track with a budget, simplifies the budgeting process, and explains lifetime cash flow. John holds a Master of Business Administration degree from George Mason University and received his Chartered Financial Consultant, Chartered Life Underwriter, and Retirement Income Certified Professional designations from The American College.

John joins me today to discuss The One-Number Budget and how financial advisors can help clients shift their perspectives on budgeting for retirement. He describes his background and his path to the financial services industry. He details the disadvantages of traditional budgeting. John also highlights the lifetime perspective on cash flow to keep in mind when budgeting and underscores the power of serving others as your authentic self.

“Traditional budgeting is a snapshot in time that only addresses the month, but there’s a lifetime perspective on cash flow you need to take into account.” - John Crane

This week on The Model FA Podcast:

• The beginning stages of Crane Financial
• What made John look at budgeting from a different perspective
• How traditional budgeting elicits the feeling of scarcity from clients
• Executing the One-Number Budget in reality
• Why financial advisors are like psychologists
• How John guides clients who are unsure about the One-Number Budget
• The disadvantages of traditional budgeting
• The 30-year earning time
• Helping clients who have not or can’t save 20% of their income
• Working with the One-Number Budget worksheet
• Serving as your authentic self

Resources Mentioned:

• Book: Relentless: From Good to Great to Unstoppable by Tim S. Grover
• Book: Winning: The Unforgiving Race to Greatness by Tim S. Grover
• One-Number Budget Worksheet

Our Favorite Quotes:

• “I’m turning 33 shortly, and it’s like I’m so young and I’ve got plenty of time; but no, I’m 3 years into my ‘true’ earning years and I need to ensure I’m planning for the last 30 years of my life.” - David DeCelle
• “Advisors look for tips, tricks, and tactics, but often the biggest breakthroughs come when there’s a shift in mindset as opposed to using a new tool.” - David DeCelle
• “Once I got that permission slip to be myself and focus on helping people the way I think it should be done, my business started growing quickly. I started having more fun and became more effective.” - John Crane

Connect with John Crane:

• Crane Financial
• Book: The One-Number Budget: Why Traditional Budgets Fail and What to Do About It
• Crane Financial on LinkedIn
• John Crane on LinkedIn
• Email: [e-mail]

About the Model FA Podcast

The Model FA podcast is a show for fiduciary financial advisors. In each episode, our h