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Disinterested in Disability | Series 9.4
Episode 47th September 2022 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:03:37

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Shownotes

Your future income potential is your greatest asset; protect it!

  • To have the best chance of not being a millionaire, then that would mean leaving this huge asset exposed to one of the most likely occurrences; disability. (01:31)
  • Getting to that roughly 60% of income protection to age 65 is most times considered a good level of protection. (02:24)
  • ...if it does occur, it not only takes out your income, but it also may add on a huge amount of expenses to take care of the disability itself. (01:52)

Quote for the episode: "Disability is about three times as likely to occur as death while working so this exposure would be one of the most likely to be realized." (01:42)

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 to the Enjoy More 30s Family

Joseph Okaly:

Finance podcast for all those people out there trying to avoid

Joseph Okaly:

being financially secure. Well, we have our series 10 Ways To

Joseph Okaly:

Not Be a Millionaire. Now if you actually do want to be a

Joseph Okaly:

millionaire not to worry, this series isn't just for those

Joseph Okaly:

people who are looking for financial ruin. If you avoid

Joseph Okaly:

doing these 10 things then you could be well on your way to

Joseph Okaly:

millionaire-hood as well. Each week I'll share a quick step in

Joseph Okaly:

this how to not be a millionaire process, so you know what to do

Joseph Okaly:

or hopefully what to avoid. As always, before I begin, please

Joseph Okaly:

share and like, please leave reviews. I'd love to reach and

Joseph Okaly:

help as many young families out there just like you.

Joseph Okaly:

Today's great tip on how to not be a millionaire is being

Joseph Okaly:

Disinterested in Disability. As a young family, your future

Joseph Okaly:

income potential is your greatest asset. And so leaving

Joseph Okaly:

it exposed and unprotected is a great way to not be a

Joseph Okaly:

millionaire. If you are earning $100,000 right now, then with 2%

Joseph Okaly:

income growth over the next 30 years, your future income

Joseph Okaly:

potential is over $4 million dollars. A huge asset. To have

Joseph Okaly:

the best chance of not being a millionaire, then that would

Joseph Okaly:

mean leaving this huge asset exposed to one of the most

Joseph Okaly:

likely occurrences; disability. Disability is about three times

Joseph Okaly:

as likely to occur as death while working so this exposure

Joseph Okaly:

would be one of the most likely to be realized. Furthermore, if

Joseph Okaly:

it does occur, it not only takes out your income, but it also may

Joseph Okaly:

add on a huge amount of expenses to take care of the disability

Joseph Okaly:

itself. You could argue that this is one of the best and

Joseph Okaly:

easiest ways to achieve financial ruin. Now if you

Joseph Okaly:

actually do want to protect yourself and not leave what

Joseph Okaly:

could be millions in future income potential exposed, there

Joseph Okaly:

is disability insurance. Most employers provided as an

Joseph Okaly:

optional benefit, or you can even obtain a policy outside of

Joseph Okaly:

work on your own. Getting to that roughly 60% of income

Joseph Okaly:

protection to age 65 is most times considered a good level of

Joseph Okaly:

protection. Overall, I think it is more than clear being

Joseph Okaly:

disinterested in disability is a fantastic way to not be a

Joseph Okaly:

millionaire.

Joseph Okaly:

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

Joseph Okaly:

on how to not be a millionaire, Budgeting Backwards. As always,

Joseph Okaly:

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

Joseph Okaly:

any help, don't hesitate in 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

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Joe's opinions and provided for general information purposes

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

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professional advice for your specific situation. You should

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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.

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