Artwork for podcast Enjoy More 30s: Family Finance
The Financial Parables of Your Life - Series 8 Recap
Episode 138th August 2022 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:09:33

Share Episode

Shownotes

Recapping 12 financial concepts through the timeless medium of storytelling!

  • You're not going to cover everything in this series tomorrow or maybe ever. But if you take even one step forward, you are better off than before. (01:20)
  • So look at that gain, as opposed to just the gap that's still in front of you. (01:30)
  • So as I run through a recap of our stories, think about which ones would be the most important for you to remember and hold on to those in the front of your mind. Take action on those specific stories. (01:33)

Quote for the episode: "I want you to have less anxiety, I want you to have less financial worry so you can just focus your energy on what matters most, which is enjoying more living with your family with your friends and doing real things in life." (0:54)

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 recap for you today of

Joseph Okaly:

The Financial Parables of Your Life series. As always, if you

Joseph Okaly:

like what you're hearing, which I hope you do, please make sure

Joseph Okaly:

to subscribe or follow us on Apple podcasts or wherever you

Joseph Okaly:

listen. Clicking the star, leaving the review, it really

Joseph Okaly:

really helps us reach the quite literally millions of other

Joseph Okaly:

young families out there that are just like you.

Joseph Okaly:

Now why I did this series was to help, hopefully help I guess I

Joseph Okaly:

should say, you to grasp onto more of these financial concepts

Joseph Okaly:

through the power of story. Storytelling is such a powerful

Joseph Okaly:

medium. It helps us remember. I want you to have less anxiety, I

Joseph Okaly:

want you to have less financial worry so you can just focus your

Joseph Okaly:

energy on what matters most, which is enjoying more living

Joseph Okaly:

with your family with your friends and doing real things in

Joseph Okaly:

life. You don't need to have anxiety when it comes to money.

Joseph Okaly:

I say this all the time because with the right mindset and a few

Joseph Okaly:

steps in the right direction, you can really really make huge

Joseph Okaly:

strides. It's not outside of your reach. Lastly, I always

Joseph Okaly:

want to remind you here to be proud of the steps as you take

Joseph Okaly:

them. You're not going to cover everything in this series

Joseph Okaly:

tomorrow, maybe maybe ever. But if you take even one step

Joseph Okaly:

forward, you are better off than before. So look at that gain, as

Joseph Okaly:

opposed to just the gap that's still in front of you. So as I

Joseph Okaly:

run through a recap of our stories, think about which ones

Joseph Okaly:

would be the most important for you to remember and hold on to

Joseph Okaly:

those in the front of your mind. Take action on those specific

Joseph Okaly:

stories.

Joseph Okaly:

So the first one that we did was called Belling the Kitten. You

Joseph Okaly:

have a problem, feel worried about some unknown? Take action.

Joseph Okaly:

Put a bell on that cat! Don't be afraid to improve more times

Joseph Okaly:

than not, it's going to turn out to be just as little kitten

Joseph Okaly:

problem instead of a big scary pet cat problem anyway. If you

Joseph Okaly:

cared enough to listen to these episodes, if you care enough to

Joseph Okaly:

The second episode we did was Great Grandma's Roast. So the

Joseph Okaly:

story there and the moral of that one was don't just keep

Joseph Okaly:

listen to this recap, you are capable enough to get that

Joseph Okaly:

cutting off the ends of the roast because that's how you

Joseph Okaly:

were taught. Question what will actually make you happy. It

Joseph Okaly:

doesn't have to be what everyone else thinks they should want to

Joseph Okaly:

clarity and confidence.

Joseph Okaly:

have. More clarity on where you want to go to be happy means

Joseph Okaly:

more chance you'll actually end up there, which would be fantastic.

Joseph Okaly:

Number three, The Ant and the Grasshopper... and the Other

Joseph Okaly:

Grasshopper. This one is easy. It's very straightforward. You

Joseph Okaly:

can't play all the time like the grasshopper, you also shouldn't

Joseph Okaly:

have to work all the time though, like the ant. If you

Joseph Okaly:

save early like the other grasshopper every morning, put a

Joseph Okaly:

little bit away every morning early on, early on in your life,

Joseph Okaly:

then you could play more without having to worry.

Joseph Okaly:

Fourth episode here The Turtle and the Hare REMIX. Here we

Joseph Okaly:

don't want to be the turtle. I know the turtle is traditionally

Joseph Okaly:

the hero of the story. Don't want to be the turtle. Be the

Joseph Okaly:

hare. He's way faster than the turtle he should win the race.

Joseph Okaly:

Just be smarter with how you run the race. When you start early

Joseph Okaly:

with a plan, you are a hare. If you stay on the path you are

Joseph Okaly:

very very likely to be where you want to be at the end of the day

Joseph Okaly:

at the end of the path. So be careful of taking any quick

Joseph Okaly:

shortcuts and investments or otherwise to try to get there

Joseph Okaly:

overnight. That's how the hare gets into trouble.

Joseph Okaly:

Number five Two Houses on Pleasantville Ave. There's a lot

Joseph Okaly:

to be said for having money working for you outside of your

Joseph Okaly:

home. Flexibility, financial flexibility. If you don't have a

Joseph Okaly:

job, will the bank give you a loan? Nope. Do you want to sell

Joseph Okaly:

your home to access the equity? Probably a nope to that one too.

Joseph Okaly:

So there's a lot to be said for maintaining financial

Joseph Okaly:

flexibility when it comes to the equity in your home.

Joseph Okaly:

Number six, The Crow and the Pitcher. One pebble is very,

Joseph Okaly:

very small. Pebble upon pebble upon pebble though, builds up so

Joseph Okaly:

you can drink out of that pitcher. And with compound

Joseph Okaly:

interest, those pebbles are more like little sponges, each

Joseph Okaly:

expanding more and more as the years go by. So start with that

Joseph Okaly:

one pebble, and then keep throwing them in the pitcher.

Joseph Okaly:

Number seven, The Empty Boat. There are boats everywhere along

Joseph Okaly:

the river of life that we lead. We'd really like to think that

Joseph Okaly:

they're all safely captained, well trained responsible

Joseph Okaly:

individuals but that isn't how life works. Protecting with the

Joseph Okaly:

right insurances and planning ahead of time is how we keep our

Joseph Okaly:

heads up as we look down the river to avoid the boats as much

Joseph Okaly:

as well as we can as we're coming down towards them.

Joseph Okaly:

Number eight, The Master Heron right now. Currently right now

Joseph Okaly:

is better than perfect. You don't need the big promotion to

Joseph Okaly:

start saving. It doesn't have to be $1,000 a month or nothing.

Joseph Okaly:

There's no minimum. Like the heron, if you wait too long,

Joseph Okaly:

you're gonna wind up eating the snail. Gross.

Joseph Okaly:

Number nine, The Fisherman and the Little Fish. Little fish

Joseph Okaly:

turn into big fish. So don't wait for the big one, grab the

Joseph Okaly:

little one, figure out what pond you want to throw him in:

Joseph Okaly:

intermediate kind of an account, an IRA, a 401(k), a Roth, and

Joseph Okaly:

let him grow into a bigger dinner down the road.

Joseph Okaly:

Number 10. The Wild Boar and the Fox. Here we talked about

Joseph Okaly:

sharpening your financial tusks ahead of time. When we know what

Joseph Okaly:

we're going to do through planning ahead of time, it

Joseph Okaly:

suddenly becomes less scary. If you know how the movie ends, not

Joseph Okaly:

so scary, right? What if they go to college? Well, here's the

Joseph Okaly:

plan. What if something happened to me? Well, here's the plan.

Joseph Okaly:

Will I even retire? Yes. Here's the plan. Here's the earliest,

Joseph Okaly:

here's the latest, here's the trade offs, what is important to

Joseph Okaly:

you? So not so scary anymore. Let's enjoy living. So get those

Joseph Okaly:

tusks nice and sharp ahead of time.

Joseph Okaly:

Next number 11 we had The Carpenter's Stool. A strong

Joseph Okaly:

stool means a healthy financial situation for your goals to sit

Joseph Okaly:

on. Cash flow, insurance protection, and investment

Joseph Okaly:

strategy working in conjunction together are the legs of a

Joseph Okaly:

stable financial foundation. If you only work on the investment

Joseph Okaly:

piece of it, then you are not sitting on that stable stool. So

Joseph Okaly:

don't get distracted. Make sure what you're sitting on is a

Joseph Okaly:

strong foundation first.

Joseph Okaly:

And finally, The Lion and the Mouse. So what are you an expert

Joseph Okaly:

on? Great! Do that, and seek help for all else. So that's

Joseph Okaly:

pretty much as straightforward as you can get for that one.

Joseph Okaly:

And that's it for the recap. Hopefully you connected with a

Joseph Okaly:

number of these stories. Who knows maybe you've already taken

Joseph Okaly:

a couple of these steps in a better direction. And yeah,

Joseph Okaly:

woohoo, if so that's a story I would love to hear.

Joseph Okaly:

Now for our next series to come. Who doesn't want to be a

Joseph Okaly:

millionaire? I'm guessing no one, but maybe there's a couple

Joseph Okaly:

of people out there. And that's why our next series is titled 10

Joseph Okaly:

Ways to NOT Be a Millionaire. So plenty of things not to do. So

Joseph Okaly:

you know what you do need to do in order to get there. Being a

Joseph Okaly:

millionaire isn't even a dream anymore. It's a necessity. The

Joseph Okaly:

rule of thumb distribution rate that is considered sustainable

Joseph Okaly:

is 4%. So on a million dollar portfolio that is only $40,000

Joseph Okaly:

per year. With pensions almost a thing of the past that only

Joseph Okaly:

leaves Social Security as a source of fixed income to be

Joseph Okaly:

able to be relied on. Even that could very well get played with.

Joseph Okaly:

So you may already want to be a millionaire but now you should

Joseph Okaly:

know you need to be one too. So let's get to it.

Joseph Okaly:

For today, though, that takes us to the end of our Financial

Joseph Okaly:

Parables of Your Life series. Take some time to review these

Joseph Okaly:

important areas, share the stories and make that one

Joseph Okaly:

positive change again to put yourself one step further along

Joseph Okaly:

in having life be more enjoyable for you and for your family. If

Joseph Okaly:

you can absorb and implement all these items. That is fantastic.

Joseph Okaly:

You are completely amazing and you have no idea how great it

Joseph Okaly:

makes me feel thinking I'm helping even one person out

Joseph Okaly:

there. We really live in just an amazing time where you know we

Joseph Okaly:

can all connect in this kind of a way with people we don't even

Joseph Okaly:

know, people we may never meet. So if it is overwhelming,

Joseph Okaly:

though, if you have questions or you just want someone else to

Joseph Okaly:

help you get all this stuff in order for you so you know

Joseph Okaly:

exactly where you're going and what path you're on. Head on

Joseph Okaly:

over to our website at www.EnjoyMore30s.com. That's

Joseph Okaly:

EnjoyMore30s.com. Click Ask Joe to connect or connect with me

Joseph Okaly:

directly by visiting my wealth management firm New Horizons

Joseph Okaly:

Wealth Management at nhwmllc.com. I probably have

Joseph Okaly:

helped someone just like you. Thanks so much for joining me

Joseph Okaly:

today. Thanks so much for joining me this entire series

Joseph Okaly:

and I can't wait to connect with you again soon in the series to

Joseph Okaly:

come.

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