In this episode of the One of a Kind Financial Show Daily, host Mike Milligan and co‑host Gary use a car‑building analogy to walk listeners through the core elements of a personalized financial plan. They compare the engine to earnings and investment power, the GPS to life goals, the steering wheel to budgeting and cash‑flow management, the brakes to risk management and insurance, the fuel tank to an emergency fund, and the frame to foundational retirement and investment accounts. Throughout the conversation they stress the importance of regular plan maintenance, customization for each individual, and the value of a "one‑of‑a‑kind" approach. The hosts repeatedly promote a free, no‑obligation consultation (phone 800‑748‑1838 or text IDEAS to 600‑700) and conclude with a compliance disclaimer outlining Mike Milligan’s CFP status, the advisory relationship with Advisory Alpha, LLC, and the separation of insurance services provided by Ideas by Mike.
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Be one of a kind with Mike's Plan.
Welcome back to the One of a Kind Financial Show Daily. This is your host, Mike Milligan. I'm here to help you realize that you are one of a kind, and being one of a kind deserves a one-of-a-kind financial plan. It's Tuesday, September 16th. Did you know on this day General Motors Corporation was founded in Flint, Michigan in 1908, launching an era of automotive innovation and business leadership? You know, what came after that was a time where we all got to connect to our country more. The idea of a long weekend on the beach or moving up to the mountains became part of our extended culture of who we are. See, without the car, would still be walking, which is not a bad thing because we all could stand to get our 10,000 steps a day. But let's be for real. Thanks to General Motors, we all can move around the country as free as we possibly can. Recently on the One of a Kind Financial Show, Gary and I spoke about the, how the parts of a car relate to financial planning. Enjoy that next.
Welcome back to the One of a Kind Financial Show. Today, let's shift gears, take a fresh look at financial planning through the analogy that many of us can relate to: building the car of your dreams. Now, think of financial planning as your own custom vehicle designed for your unique journey you called life. Now, every part matters. Just like no 2 cars are exactly alike, your plan should be truly fit just for you. You're a unique individual. Your plan should be just as unique as you. Let's talk about— I like this, Mike. This is going to be fun. Let's talk about the engine first.
Well, okay. The engine is your earning and investment power. Just like a car's engine drives you forward, your career and investments fuel your whole plan. A smooth, well-tuned engine means steady progress toward all of your life's goals.
All right. How about the GPS? We need the— you need the GPS these days. Can't use those printed maps anymore.
Oh my gosh. Do you remember those days where we used to like—
I do.
We used to stop and we get a map book and we had to try to figure out the best path. On our own, Gary.
Oh, I know.
And then, and then I remember when I got into the business 26 years ago, we used to print MapQuest from our computer and take them out to our meetings.
Yes, exactly right. Yeah. And my wife was a navigator, but she couldn't read the map very well. So there was always— there's always a problem there, Mike.
Now, now the GPS, like in this custom-built car, right, which is your custom-built financial plan, it's your goals and your vision. It's where do you want to go? Whether that's retirement, college funding, a vacation home, these are the destinations programmed into your financial GPS. Your plan maps the route and keeps you moving in the right direction.
Right, absolutely. Well, you do need a steering wheel, that's for sure.
Well, steering wheel is the budget and your cash flow. So it's how you manage every twist and turn, keeping your finances on track. A steady hand on the wheel Keeps you out of trouble. Trouble meaning no swerving into debt or dead ends.
No swerving into debt. Hands on the wheel unless you're driving a Tesla. My friend, a friend of mine has a Tesla and he uses the hands-free technology. Boy, that's, that's, that's exciting, but kind of scary to me. I don't get it.
Oh, it's 100% scary. And we don't want anybody to be hands-free on their financial plan.
No, not, not, not. You don't want to do that. The show is the One of a Kind Financial Show. With us is Mike Milligan each week at this time. Get you on Mike's calendar, all set up with that comprehensive plan. There's no cost, there's no obligation. 800-748-1838. 800-748-1838. Or text the word ideas to 600-700. Do it right now. Here's the deal, the slots do fill up quickly during the show, and there's no cost, there's no obligation to get a better handle on your financial situation. Had a senior moment there, Mike. Do you see that happen there?
I do. Maybe you should call into the show, Gary.
Yeah, I think I might have to.
Right.
Let's talk about the brakes.
Well, that's, uh, that's risk management and insurance. Uh, things don't always go to plan, so good insurance acts like strong brakes, stopping a crisis from turning into a crash and protecting your family along the way, whether that's long-term care insurance, homeowner's insurance, really good medical insurance. Uh, the brakes is really solid risk management and insurance.
Mm-hmm. Need a fuel tank, Mike.
Oh, every car needs fuel, right? Whether it's battery-powered or gas-powered or diesel-powered. See, the fuel tank that we build in your financial plan is your emergency fund. So when life throws you a flat tire or roadblock, your emergency savings can keep you going. A full tank gives you comfort on long trips, knowing you can keep moving no matter what.
You ever try to push it and keep going, keep going, and you see that and you watch that needle go down, and, and then sometimes you have a readout, it'll say, you know, 10, 10 more miles till you run out of gas, and it's 6 and 5 and 1, right?
I don't like, I don't like going to the gas station personally, so I try to get my miles as low as possible, right? When I'm, when I'm driving around Norfolk, right, I know where every gas station is. So like, I know by around the 10th mile I need to go get some gas.
Yeah, exactly. Gets down to around 10, you get a little, you know, and then it goes to zero and it's like, oh boy, now we're really in trouble. All right, let's talk about the frame.
Yeah, the frame of a car is your foundational accounts, like your IRAs, your 401s, your brokerage accounts. They're the structure holding everything together and supporting you across every stage of the journey.
All right, we got a few minutes left, Mike. Talk more about this. This is interesting about the engine, the GPS, the steering wheel, the brakes, the fuel tank, the frame, how it comes all together.
So just like when GM started producing cars back in 1908, you know, Henry Ford at one point said that, uh, or he's credited with saying, what the people really wanted was a better horse and he gave them a car. See, that's why, that's why what GM did, what Ford did, they changed our ability to move and have a better life, right? Just like any car needs regular maintenance, your financial plan performs best with checkups. Review your progress, make the occasional tune-up, and replace any worn parts or worn-out advisors as your life changes. And create new opportunities that come from that. The one-of-a-kind financial plan, just like your favorite car, ought to be— it should be built just for you and built to last. Many people who want guidance, getting yours— so if you want guidance with your financial plan, come to our garage and let us build the financial plan so that you can go live a one-of-a-kind life.
And it's customized, Mike. It's unique. It's an individual plan just for you, not for anybody else. If 10 people walked in your office, they'd walk out with 10 different plans. Am I right?
That's exactly right. And our plans are based on lowering the overall taxes you'll pay in your life. That's the first pillar. The second is building retirement income that you will never outlive, because income constantly coming into your checking account retirement reduces fear and anxiety. It takes investments. And we use, like we talked about Wade Pfau earlier in the show today, it builds factors into your plan that ultimately help you sleep better at night. Then we look at the long-term care and the legacy plan, because long-term care is the younger version of you taking care of the older version of you. And the legacy plan is the I love you letter. to the next generation because you leave something clean and organized. So just like building a custom car that gets you around the city is so important to meet your needs, having a custom one-of-a-kind financial plan is important for the one-of-a-kind life you want to live.
Folks, there's no cost, there's no obligation to get a better handle on your financial situation, find out what your investments are really costing you because of high fees or commissions, What future tax implications will be, and how much income you can securely generate from that once you do move into retirement. It starts by picking up the phone and dialing this number: 800-748-1838. 800-748-1838. Or text the word IDEAS to 600-700. Folks, you heard me say it before, so I'm going to say it again. Folks, there is no cost, there's no obligation to get a better handle on your financial situation. Nothing changes till you pick up the phone and dial this number. Mike and the team cannot help you unless you do that. That's it for today. I'd like to thank everyone for listening. Hope you found the information—
One last message from our compliance team. As a reminder, Mike Milligan, Certified Financial Planner, is an investment advisor representative of Advisory Alpha, LLC, an SEC-registered investment advisor. All opinions expressed by me, Mike, or any podcast guest are solely our opinions. And do not reflect the opinions of Advisory Alpha. This recording is for informational purposes only, should not be relied on solely for investment, tax, or legal decisions, and it's in no way intended to communicate or guarantee specific performance or suitability of any security instrument or product as we may have discussed. Investment advisory and financial planning services offered through Advisory Alpha LLC, a registered investment advisor. Insurance products are provided by Ideas by Mike, a licensed agency located in Norfolk, Virginia, and licensed to do business in all 50 states. While tax and legal issues may be discussed in the general course of financial and investment planning, Advisory Alpha does not provide tax or legal services. Please consult with your tax or legal professional prior to making decisions related to these issues. If you want us— an appointment with Ideas by Mike or One Oak Financial, please reach out via our website. This podcast is produced in conjunction with Mike Milligan, LLC.
