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)

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Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

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

from simply enjoying life.

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

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

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

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

am sharing what may be a somewhat altered version of a

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

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

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

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

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

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

there just like you.

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

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

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

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

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

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

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

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

too long after the fish felt himself slipped back into the

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

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

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

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

clever fisherman.

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

seemingly small amounts of money can grow substantially over time

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

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

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

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

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

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

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

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

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

Something that I often refer to as an intermediate term or

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

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

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

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

IRAs that give us a tax deduction. Another even smaller

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

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

grows completely tax free. 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. What's better than that? So

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

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.

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

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

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

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

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

joining me today and I look forward to connecting with you

again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

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

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer, or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

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

Registered Investment Advisor, Member FINRA/SIPC.