Artwork for podcast Enjoy More 30s: Family Finance
The Fisherman and the Little Fish | Series 8.9
Episode 911th July 2022 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:04:39

Share Episode

Shownotes

Don't wait! Catch those small fish and watch them grow "in your own pond"!

  • Just like how small fish grow over time to be big fish, seemingly small amounts of money can grow substantially over time as well. (02:08)
  • Putting that fish into your own personal pond to grow would be like the first step in building wealth. (02:34)
  • Or a 401(k) plan at work that may match what you put in up to a certain percent. So you throw in a fish and you get one free. (03:23)

Quote for the episode: "Grab those little fish, those small fish, they may not seem too important right now, and put them into your ponds when you're young and watch them grow." (03:37)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Transcripts

Voiceover Audio:

Welcome to the Enjoy More 30s Family Finance

Voiceover Audio:

podcast. The only podcast dedicated to making life more

Voiceover Audio:

enjoyable for young families by hitting on the financial topics

Voiceover Audio:

that tend to weigh on us, stress us out, and distract our focus

Voiceover Audio:

from simply enjoying life.

Joseph Okaly:

Hello, and welcome once again to the Enjoy More 30s

Joseph Okaly:

Family Finance podcast, and our series that we're working our

Joseph Okaly:

way through here The Financial Parables of Your Life. As you

Joseph Okaly:

are probably accustomed to by now each week and every week, I

Joseph Okaly:

am sharing what may be a somewhat altered version of a

Joseph Okaly:

story, a fable, a parable that you're already familiar with

Joseph Okaly:

because stories are just a better way to learn. They're a

Joseph Okaly:

better way to remember information, so let's use them

Joseph Okaly:

for our financial advantage too. As always, before I begin,

Joseph Okaly:

please share please like please leave reviews. I'd really really

Joseph Okaly:

love to reach and help as many young families as I can out

Joseph Okaly:

there just like you.

Joseph Okaly:

So today please join me for our story, The Fishermen and the

Joseph Okaly:

Little Fish. A poor fisherman who lived on the fish he caught,

Joseph Okaly:

had bad luck one day and caught nothing but a very small fry.

Joseph Okaly:

The fisherman was about to put it in his basket when the little

Joseph Okaly:

fish said, "Please spare me Mr. Fisherman. I am so small, it is

Joseph Okaly:

not worthwhile to carry me home. When I am bigger, I shall make

Joseph Okaly:

you a much better meal." "That is true", said the fisherman

Joseph Okaly:

with a smile as he slipped him into his bag nonetheless. Not

Joseph Okaly:

too long after the fish felt himself slipped back into the

Joseph Okaly:

water though. "Ha!" said the fish to himself, "That fool

Joseph Okaly:

won't ever see me again." What the fish did not realize is that

Joseph Okaly:

the fisherman slipped him into a small pond by his house, where

Joseph Okaly:

the small fish could grow into a much larger future meal for the

Joseph Okaly:

clever fisherman.

Joseph Okaly:

Just like how small fish grow over time to be big fish,

Joseph Okaly:

seemingly small amounts of money can grow substantially over time

Joseph Okaly:

as well. If the fishermen simply eating the small fish would be

Joseph Okaly:

like we many times do in just spending or consuming the money

Joseph Okaly:

we have and throwing that fish back would be like saying "Eh,

Joseph Okaly:

you know, I'll think about saving more when I'm older. Put

Joseph Okaly:

him back in the water." Putting that fish into your own personal

Joseph Okaly:

pond to grow would be like the first step in building wealth.

Joseph Okaly:

The really cool thing here though, is that there are a lot

Joseph Okaly:

of different types of ponds that we can choose from. We can use a

Joseph Okaly:

general investment account that we can touch at any time pond.

Joseph Okaly:

Something that I often refer to as an intermediate term or

Joseph Okaly:

buffer type of an account. So it's sitting between your bank

Joseph Okaly:

and your retirement accounts. This would be for goals like a

Joseph Okaly:

house in 5 years, a second house in 10 years down the road,

Joseph Okaly:

whatever it might be. We also have ponds, like traditional

Joseph Okaly:

IRAs that give us a tax deduction. Another even smaller

Joseph Okaly:

fish, if you will, in the form of a tax refund that you're

Joseph Okaly:

gonna get to throw into the pond with it. Or a Roth IRA pond that

Joseph Okaly:

grows completely tax free. Or a 401(k) plan at work that may

Joseph Okaly:

match what you put in up to a certain percent. So you throw in

Joseph Okaly:

a fish and you get one free. What's better than that? So

Joseph Okaly:

overall, don't wait until you can start catching big fish.

Joseph Okaly:

Grab those little fish, those small fish they may not seem too

Joseph Okaly:

important right now, and put them into your ponds when you're

Joseph Okaly:

young and watch them grow.

Joseph Okaly:

Thanks for tuning in today and join us for next week's story,

Joseph Okaly:

The Wild Boar and the Fox. I hope you enjoyed today's story.

Joseph Okaly:

Please remember to review and share for others and if you need

Joseph Okaly:

any help, don't hesitate and reaching out. I probably have

Joseph Okaly:

helped someone just like you. Until next week. Thanks for

Joseph Okaly:

joining me today and I look forward to connecting with you

Joseph Okaly:

again soon.

Voiceover Audio:

The conversations on this show are

Voiceover Audio:

Joe's opinions and provided for general information purposes

Voiceover Audio:

only. They do not constitute accounting, legal, tax, or other

Voiceover Audio:

professional advice for your specific situation. You should

Voiceover Audio:

always seek appropriate advice from a financial advisor,

Voiceover Audio:

accountant, lawyer, or other professional before acting upon

Voiceover Audio:

any content or information found here first. Joe is affiliated

Voiceover Audio:

with New Horizons Wealth Management LLC, a branch office

Voiceover Audio:

of TFS Securities, Inc., and TFS Advisory Services an SEC

Voiceover Audio:

Registered Investment Advisor, Member FINRA/SIPC.

Links