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Save Late | Series 9.1
Episode 115th August 2022 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:03:23

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Money needs time to grow, so the longer you wait to start saving, the better chance you have of NOT being a millionaire!

  • Think of it like planting a fruit tree. Fruit trees can take three to five years before they start producing any fruit at all. And after that the production increases exponentially. (01:05)
  • The longer you wait to plant those seeds, the longer it will take to have them grow into that wonderful fruit producing tree. (01:38)
  • There is no growth on your money, no growth on the seed until you plant it. Not only that, it has a greater chance to now be spent so even better for trying to avoid getting anywhere close to millionaire-hood. (01:45)

Quote for the episode: "If you wait to plant that tree for 10 years, so now you only get 20 years to save or 20 years of growth, with those same exact rates of 10% and $500 a month, you will now only wind up with less than $400,000." (02:07)

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

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podcast. The only podcast dedicated to making life more

Voiceover Audio:

enjoyable for young families by hitting on the financial topics

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

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from simply enjoying life.

Joseph Okaly:

Hello and welcome to the next series here on the

Joseph Okaly:

Enjoy More 30s Family Finance podcast, 10 Ways to NOT Be a

Joseph Okaly:

Millionaire. Now if you actually do want to be a millionaire, not

Joseph Okaly:

to worry, this series isn't just for those people who are looking

Joseph Okaly:

to maybe shoot themselves in the foot. If you avoid doing these

Joseph Okaly:

10 things then you could also be well on your way to

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millionaire-hood. Each week I will be sharing 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.

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As always, before I begin, please share and like please

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leave reviews, I'd love to reach and help as many young families

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out there just like you.

Joseph Okaly:

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

Joseph Okaly:

late. The longer you wait to start saving, the better chance

Joseph Okaly:

you have of not being a millionaire. Think of it like

Joseph Okaly:

planting a fruit tree. Fruit trees can take three to five

Joseph Okaly:

years before they start producing any fruit at all. And

Joseph Okaly:

after that the production increases exponentially. A few

Joseph Okaly:

apples in year five might turn into a few dozen apples in year

Joseph Okaly:

six. And pretty soon by year seven, eight and nine you have

Joseph Okaly:

more fruit than you can handle. So the old saying goes when is

Joseph Okaly:

the best time to plant a fruit tree? And the answer is 10 years

Joseph Okaly:

ago. The second best time to plant a fruit tree is today. So

Joseph Okaly:

saving late is a great way to slow yourself down. The longer

Joseph Okaly:

you wait to plant those seeds, the longer it will take to have

Joseph Okaly:

them grow into that wonderful fruit producing tree. There is

Joseph Okaly:

no growth on your money, no growth on the seed until you

Joseph Okaly:

plant it. Not only that, it has a greater chance to now be spent

Joseph Okaly:

so even better for trying to avoid getting anywhere close to

Joseph Okaly:

millionaire-hood. If you save $500 a month for 30 years and

Joseph Okaly:

get 10% growth, you wind up with over $1.1 million. If you wait

Joseph Okaly:

to plant that tree for 10 years, so now you only get 20 years to

Joseph Okaly:

save or 20 years of growth. With those same exact rates of 10%

Joseph Okaly:

and $500 a month, you will now only wind up with less than

Joseph Okaly:

$400,000. So overall, I think it is more than clear. Saving late

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is a fantastic way to not be a millionaire.

Joseph Okaly:

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

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on how to not be a millionaire, Missing the Match. As always,

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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,

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accountant, lawyer, or other professional before acting upon

Voiceover Audio:

any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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

Voiceover Audio:

Registered Investment Advisor, Member FINRA/SIPC.

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