A bit more savings is almost always possible and what that means for your future self!

• Goal statement: I better understand how impactful it can be to consistently push my savings just a little bit further. (01:58)
• If your kid gets sick and needed a medicine costing $100 a month, you would figure out a way to afford that right? That means that you can also figure out a way to pay yourself another $100 a month. (06:43)
• So when we take that original $100 a month scenario, and we do the same thing, but assume that you increase your payments every year because you make more every year so it should go somewhere towards you. (08:39)

Quote for the episode: "The more you can keep pushing that upwards in small incremental feasible amounts, the greater that exponential long term number can grow to. Do that for yourself." (09:17)

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.

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. We're talking to you today about the

next episode of this Raising Your Investment Mindset series

that we've been focusing on. Now, if you remember, this is

not about how to pick stocks better. This is not about how to

do any specific you know trading or timing. This is about trying

to help you reframe how you may view the scary unknown that is

investments as a whole and therefore be able to utilize

them in a more constructive way, better reach your goals, and

make life more enjoyable because of it.

As always, if you like what you're hearing, please make sure

to subscribe, follow us on Apple podcasts wherever you listen.

Star clicking, review leaving, it really really helps us reach

all those other young families out there that are just like you

that need help just like you.

Last week, we discussed how winners and losers so to speak

in our portfolios, so the pieces or funds that do really well or

do really poorly, are temporary more times than not. So "every

dog has its day" kind of thing. And so how to best emotionally

and more importantly practically deal with that. So if you

haven't checked that out yet that episode, definitely do that

soon.

Today's episode though, is titled We Can All Save Another

$100. Me too. Everybody out there can do that. Where we're

going to discuss how a little bit more is almost always

possible and just how far that little bit extra just a little

bit can take us. So the goal for today's episode, so the if you

can say this by the end of the episode, then you have succeeded

statement is "I better understand how impactful it can

be to consistently push my savings just a little bit

further." So "I better understand how impactful it can

be to consistently push my savings just a little bit

further."

For those people out there just like me who have ever tried

getting into a new exercise routine, pushing yourself

consistently could sometimes be let's say a bit of a challenge.

Maybe a lot, a lot of a challenge more times than not.

Getting up early to exercise, it seems like such a great idea the

night before, right? "I'm going to wake up. I'm going to feel

great. I'm going to get into it." But that's nighttime Joe

speaking and nighttime Joe doesn't have to worry about

getting up. Morning Joe makes quite the convincing argument

every single morning it seems like you just sleep, you know, a

little little bit longer.

In January 2018 though, my sister Lauryn passed away just

29 years old. During that year, I stopped playing soccer. That

was my lifelong thing and for basically how I got the majority

of my exercise was through soccer. And just injuries

building up so it felt like it was no longer fit for me. And so

I was looking for a new challenge. So I came across the

runs that take place in physically in Disney World. Run

Disney. And saw that there was a half marathon set up through the

parks that happened to be the day before my sister Lauryn's

one year anniversary of her passing. So to me, it seemed

like a sign from Heaven. This is clear confirmation that this is

the next thing that I should take on. Now I researched of

course what it took. I'm very organized in that way. I spoke

to other people I knew who had done it, and I set a schedule to

make sure I would reach that required 13.1 miles of distance,

ya know, physically be able to complete that. Now while I

didn't exactly spring out of bed every morning, I wasn't super

pumped and excited the way nighttime Joe would make me feel

like I was going to be the next day. The race was in January. So

training in New Jersey during November and December. Those

weren't too pleasant. But overall, I was able to get up

the majority of the time because I had a clear goal of what I

wanted to accomplish and knew that the feeling of completing

that goal would just be tremendous right? Now when I hit

the mileage for the first time when I was practicing, I mean I

When it comes to investments, pushing yourself just a little

still remember rounding that that last corner. I felt like

Lauryn was with me. I was actually looking up speaking to

her that I was doing it rounding that last leg of the run. So

January comes, I completed the run in Disney. I got injured so

I was a little bit slower than I was anticipating but I did

complete it and having my wife Lauren and my daughter Avery

there to greet me at the end was just this fantastic, you know

momentous like indescribable type feeling.

bit more can make all the difference. It can lead us to

the end, where we feel fantastic, where we feel

tremendous. If I had not kept to my schedule training for the

run, I wouldn't have been able to make the distance required

for the race. There's no way I would have been able to do it.

There was a goal date, though. So I had, you know, a time

period, I knew what was at stake, if I didn't do it, you

know? Many of us out there would like to retire early. Some

people just love their jobs. I'm one of those people, I love my

job. And that may not be the goal. But all of us definitely

want to have that flexibility down the road, to choose our

options, whether it's early retirement or something else. We

want our options to be open to us as early as we can. We want

to feel that tremendous feeling of having the freedom to do what

will make us happy as early as possible. And saving just a

little bit more, that can do a lot more than you think to get

into that goal that we all have.

First, if you think of your credit card statement, does it

vary every month? Is your credit card statement exactly 100% the

same every single month? Of course not right? Nobody's is.

Some months, it may be a few 100 or even more higher or lower.

This means that your budget has some flexibility built into it.

There's some amount of flexibility in your plan. If

your kid gets sick, your dog has to go to the vet, you handle it

right? You don't take out a second mortgage. You figure out

how to get that extra $100 out of your budget. Now, most people

use this flexibility to allow for additional spending, not for

additional savings. A vet bill, a doctor bill, those are

additional spending that we're being flexible about. If your

kid gets sick and needed a medicine costing $100 a month,

you would figure out a way to afford that right? That would

not even be a question, it wouldn't be a problem. That

means that you can also figure out a way to pay yourself

another $100 a month. If you saved an extra $100 a month for

the next 30 years until retirement at just 8% growth,

you'd be at almost an extra $150,000. Money that you

probably wouldn't even miss $100 a month, you probably would not

even miss it but you're definitely going to be super

grateful for an extra $150,000 down the road. Would an extra

$150,000 allow you to do what at retirement? Retire a few years

earlier? Take a dream vacation around the world? Buy a sports

car that you've always wanted to have? You know it'd be something

significant though, right? And that math is linear. If you can

come up with an extra $200 a month, now that's an extra

$300,000 extra in 30 years with those same assumptions. Again,

money that you probably wouldn't even notice.

Again, credit card, my bill goes up and down by more than $200 a

month. If your car lease went up by 100 bucks, you probably

wouldn't lose too much sleep over that right? You need a car.

This is the new model. Three years later, okay, it costs a

little bit more, that's how it goes, I'll figure it out. How

about you need to pay yourself. You need to treat yourself with

that same high level of respect, that same high level of need

that same high level of attention. You need to give that

to yourself too.

This doesn't even count the fact that your income goes up over

time. So let's go back to those same examples. Let's say every

year your income goes up 5%, on average. So right now, let's say

you can afford $100 a month. Next year, it should be $105 a

month. The year after that would be like $111 a month, and so on

and so forth. So when we take that original $100 a month

scenario, and we do the same thing, but assume that you

increase your payments every year because you make more every

year so it should go somewhere towards you. Now that comes out

instead of to about $150,000. It's over or almost I should say

$260,000. So same $100 a month just growing a little bit every

year 5% like you do. $260,000 now after 30 years with those

same assumptions. So if you can do $100 a month now, don't stop

there. $105 a month is even better. $115 a month, the year

after that even better. The more you can keep pushing that

upwards in small incremental feasible amounts, the greater

that exponential long term number can grow to. Do that for

yourself. If you could afford $100 a month I'm guessing $105

is not going to break the bank.

So as we get to the end of this episode, let's circle back

around to the goal statement for today. If you can say now "I

better understand how impactful it can be to consistently push

my savings just a little bit further" then you have succeeded

in the main point of this episode. So congrats. Now get

out there, myself included and just save a little bit more

towards you.

Thanks as always for tuning in today and join us for next

week's episode called Bingo, You Probably Own More Than the

Market, where we're going to cover how what you see on TV

described as the market very likely isn't what you actually

own in your entire portfolio.

So overall if you're able to implement what we covered today,

then that's just fantastic. Less to worry about is great. More

focus on enjoying life, also great. If you're wanting help

with these things, though, or you have questions you need help

in clarifying, check out the ASK JOE section on the show's

website. EnjoyMore30s.com that's EnjoyMore30s.com. 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.