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Blowing the Bonus | Series 9.7
Episode 726th September 2022 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:03:50

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Shownotes

Receive a bonus every year? Be intentional with it! It could have a profound effect on your finances in either direction!

  • Bonuses can be a great additional way to build wealth. (01:09)
  • If you were to receive a $5,000 bonus every year for 35 years working, that is $175,000. If that were to be invested every year and receive 10% over those same 35 years, it would be worth a whopping 1.3 million. (01:21)
  • As it is not money you depend on for bills, you can pretend it doesn't really exist and give your wealth a boost. Even if you just saved half, it would likely make a very clear and profound difference for you. (02:32)

Quote for the episode: "...saving your annual bonus is an excellent way to go about it. It could mean an extra 1 million or more like in our example, allowing you to be more comfortable on a monthly basis with your cash flow and reaching your goals much more quickly." (02:14)

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 their

Joseph Okaly:

best to avoid being financially secure. Well, we have our series

Joseph Okaly:

for you 10 Ways To Not Be a Millionaire. Now if you actually

Joseph Okaly:

do want to be a millionaire, not to worry. This series isn't just

Joseph Okaly:

for those people who are looking for some kind of financial ruin.

Joseph Okaly:

If you avoid doing these 10 things then you could be well on

Joseph Okaly:

your way to millionaire-hood as well. Each week I'll share a

Joseph Okaly:

quick step in this how to not be a millionaire process, so you

Joseph Okaly:

know what to do, or hopefully what to avoid at all costs. As

Joseph Okaly:

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

Joseph Okaly:

reviews. I'd love to reach and help as many young families out

Joseph Okaly:

there just like you.

Joseph Okaly:

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

Joseph Okaly:

Bonus. Bonuses can be a great additional way to build wealth.

Joseph Okaly:

And so it is something those of you who are not wanting to be

Joseph Okaly:

millionaires should be very aware of to avoid. If you were

Joseph Okaly:

to receive a $5,000 bonus every year for 35 years working, that

Joseph Okaly:

is $175,000. If that were to be invested every year and receive

Joseph Okaly:

10% over those same 35 years, it would be worth a whopping 1.3

Joseph Okaly:

million. Over 1 million more than what you actually received.

Joseph Okaly:

Clearly this is quite the dangerous trap to fall into if

Joseph Okaly:

you do not want to be a millionaire. Fortunately, there

is a great solution:

spend every single penny of it every year.

is a great solution:

It feels like free newfound money, so why not treat it that

is a great solution:

way. Your salary probably covers your normal monthly expenses so

is a great solution:

you can be as frivolous as you want and still pay all your

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bills on time. TVs, vacations, anything to blow that bonus. Now

is a great solution:

if you actually do want to be a millionaire, saving your annual

is a great solution:

bonus is an excellent way to go about it. It could mean an extra

is a great solution:

1 million or more like in our example, allowing you to be more

is a great solution:

comfortable on a monthly basis with your cash flow and reaching

is a great solution:

your goals much more quickly. As it is not money you depend on

is a great solution:

for bills, you can pretend it doesn't really exist and give

is a great solution:

your wealth a boost. Even if you just saved half, it would likely

is a great solution:

make a very clear and profound difference for you. Overall, I

is a great solution:

think it is more than clear, blowing the bonus is a fantastic

is a great solution:

way to not be a millionaire.

is a great solution:

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

is a great solution:

on how to not be a millionaire, Gettin' Good Debt Gone. As

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always, please remember to review and share for others. And

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if you need any help, don't hesitate in reaching out. I

is a great solution:

probably have helped someone just like you. Until next week.

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Thanks for joining me today and I look forward to connecting

is a great solution:

with you again soon.

Voiceover Audio:

The conversations on this show are

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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.

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