A recap of all 8 episodes from this Your Major Money Misnomers series to help avoid some pitfalls Joe has seen personally.

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 EnjoyMore30s 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 to the series for Your Major Money Misnomers

Series recap. This series, we took a look at some of those

really common questions and many times misunderstandings that I

commonly see as an advisor. So trying to make you aware, so you

have the opportunity to make a different decision than what we

unfortunately see a lot of people make. We covered tax

refunds, goal setting, crypto, what's actually worse than death

financially, and even candy bars. So I hope you enjoyed what

was a kind of unique lot of topics that we put together for

you. The goal here though, of this series was exactly the same

as all the other ones. And we want to make sure that we're

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removing anxiety and financial

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worries, so we can focus our energy on what matters most. And

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what matters most is enjoying more living with our family,

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with our friends, and just overall making life as enjoyable

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as possible. So you don't need to have anxiety when it comes to

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money. And with the right mindset and a few steps in the

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right direction, you can make really huge strides for

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yourself. So whenever you do make a stride forward, be proud

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of those steps as you take them. You're making life more

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enjoyable than for you and by a natural consequence for your

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loved ones as well. Lastly, stay tuned to the end, we're going to

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be releasing the focus of the next series to come, which is

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very exciting. It's going to be the best one yet. So without

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further ado, get together with your spouse and let's review.

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Number one was Crypto, Crypto, Crypto. I pushed this episode

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all the way to the top of the season because we saw such a

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growing trend of similar questions from clients if you

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remember. And we saw a lot of them not necessarily taking the

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best actions in regard to cryptocurrency. We've covered

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how there are a wide range of opinions out there on what

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cryptocurrency may turn into, from the very future of how we

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conduct business to just the passing fad. But most

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importantly, you learned about its origins, which was out of

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the financial crisis, the reasoning for its creation to

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remove banks from being required intermediaries and potentially

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avoid government based currency inflation. Also, when you hear

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about it in the headlines today for completely different reasons

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with these huge booms and busts, you have a better point of

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reference in evaluating what you want to do. Overall, remember

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why the cryptocurrency founders even created it to begin with.

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It was as an alternative means to the traditional banking

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system, not as a means of extreme speculation and quick

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wealth creation.

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Number two Packing For The Right Financial Trip, 3 Basic

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Filtering Questions. In this episode, we focused on how

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there's a lot in the way of financial advice and

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recommendations out there. Know that it's not all going to fit

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your situation, it's not all going to fit the goals that you

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have laid out for yourself. That doesn't mean it's bad advice,

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just that it's not a good fit for you for your advice, your

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situation, what would make life most enjoyable to you. So we

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went through an example about a small car versus a pickup truck,

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cross country trip probably better a small car, picking up a

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big thing a mulch while we probably want the pickup truck

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for that. So what you need the vehicle for determines which is

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the best fit. Finally use the three basic filtering questions

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provided to help them determine what may be most applicable to

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you. Would it get you closer to making your life more enjoyable?

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However you define it. Yes or no? Is it implementable in a

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sustainable, easy to follow away? Easy to follow is really

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important and may be the best idea in the world but if you

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can't easily follow it and do it long term, then it's probably

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not implementable in a material way. Lastly, what is the source

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of the information where you're finding this information and why

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they put it out there and maybe what their agenda is with that

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is all important to take into account before you make a

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decision off of it.

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Number three, Tax Refunds Are Bad...Whaaat?! Perhaps the most

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shocking for some, tax refunds are not necessarily a good

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thing. First, we covered how while some refund is okay, too

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much is definitely not recommended. A refund remember

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is simply the government giving you your own money back that you

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essentially just loaned them at a 0% interest rate. Two is that

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a refund is simply an accountant calculating if you overpaid or

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underpaid during the year. They're just solving the

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equation not finding some hidden money if they're all following

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the same rules. Number three is if you do make some adjustments

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to your situation, make sure at least a portion of that extra

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money is saved, with even possibly moving some pre tax

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contributions to Roth contributions to maximize what

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you may be saving long term tax free. So that last part is a

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little bit more complicated so I definitely recommend to go back

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and listen to that whole strategy on that last step for

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the full episode.

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Number four, Schedule Goals, Achieved Goals. Here, we perhaps

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redefined for many what a goal even is. Goals are to help you

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make improvements more quickly than you otherwise would have.

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There is no failure. Set a goal, any goal and you're now more

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likely to achieve it than you were before. All of this is

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about moving in the right direction. That's what goals are

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trying to help us do, take steps in that right direction. So

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really remember that any step in the right direction is a good

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thing. Don't let say the possibility of not taking all 10

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steps forward, let's say stop you from using goals to still

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help you maybe take five steps forward in that right direction.

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Number five, Your Home Isn't an Investment. This was one of

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those episodes again, that was probably a bit of a shock. As we

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covered how it's important to mentally separate out a property

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that is your home from one that is an investment property. They

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are two different things. A home is where you choose to live with

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your family for that lifestyle. That's 99% of the reason you're

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buying. A real estate investment property is different in that

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you're buying it specifically to make a profit. The goal is

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appreciation to receive a profit. So when dealing with

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decisions for your home, make the primary focus on if it would

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make you happy, if you can afford to do it, and if it will

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cause you to have to adjust any of your other goals by doing so.

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So not investment profits. Finally, be careful when making

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decisions and dealing with homes to not overextend yourself based

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on it, quote, unquote, you know, being a good investment and up

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and coming area. If it just makes you feel financially

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stretched or unstable, then it's actually a bad investment.

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Number six Long Term Disability, More Likely to Happen. More

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likely to happen and worse financially than death,

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disability isn't a pleasant topic exactly but it's really,

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really important. That's why I shared it with you here. First,

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we covered that disability may be much more statistically

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likely than you realize. And you need to protect for that

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scenario. Two is that your employer may provide or offer

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options to get some kind of coverage but obtaining a policy

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outside of work can provide you with that full control if that's

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what you're looking for. Next, make sure to check out your

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state what your state provides coverage wise, but understand

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you're not going to find some full income comparable

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disability coverage at a federal level that you're going to be

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able to rely on. Lastly, in obtaining a policy, make sure

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that coverage is correct, your own occupation is covered, so

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what you actually do, the coverage period extends long

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term for you and the elimination period, or basically how long

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you have to wait is all within what you're comfortable with.

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Number seven, Don't Worry, We Are All Emotional Investors.

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Thought you were alone having emotional difficulty when it

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comes to investments? Well, that was really not so as hopefully

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you learned. Here we tried to help you realize that you're not

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at all alone when it comes to mixing emotions and investing

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together. Everybody out there is doing it to some degree. It's

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really those who are able to manage it successfully, though,

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that are doing so by setting up a proper system and a proper

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mindset to enable themselves. They acknowledge that drops are

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almost certainly going to happen in the market multiple times

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over. They only invest in funds they're not going to need for

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the next few years. They use outside resources whether

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through an allocation fund or diversified program through an

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advisor. So they're not in direct control for emotional

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decision making want to avoid emotional decision making.

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Finally they realize that uncertainty tends to be the

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biggest market driver. And as that changes so as uncertainty

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declines, we have more certainty out there. Likely the direction

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of the market is also going to change so they can prepare

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emotionally ahead of time by doing all of these things.

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The last episode we hear had here in the series number eight

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was Advisors Aren't Candy Bars. In this final episode, we

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covered how some things in life like candy bars are the same

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wherever you go. So if I buy it in the grocery store, I buy in

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the pharmacy that candy bar is exactly the same. While other

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things like movie theaters can come with very different

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experiences, a big screen or nicer seats or food service,

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lower cost. So all of those different variables come into

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play for how our experience is. So as I said, I'm certainly

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biased that having an advisor is a benefit to most people. You

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know, I'm an advisor. I tend to think that I should probably

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have a different job, but it needs to be the right one in the

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right fit. Most importantly, you need to be clear on who you're

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working with, though, and if they're a good fit for you, and

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what you're looking for. The biggest takeaway from this

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episode was for you to ask questions, ask what they're

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licensed to do, ask if they're a fiduciary, ask what type of

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people they work with, ask if they do comprehensive planning,

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ask how many clients they have, asked how often they're going to

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talk to you. Every advisor is totally different in what they

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offer, who they serve, how they go about doing things. If you

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don't want an advisor, that's fine, too, of course but

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hopefully, you at least walked away from this last episode,

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knowing that, hey, there are a lot of different types of

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advisors out there. They're not all candy bars and if I ever

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wanted one for specifically what I wanted to do that you could

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probably find one that fits that.

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And there you go, that takes us to the end of our recap for our

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Major Money Misnomers series. So really take some time to review

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these important areas. And remember, again, you make one

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positive change, you take one step forward, you're farther

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along in having life be more enjoyable for you and your

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family. If you can absorb, implement all these items,

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that's fantastic. I'm just happy to be able to help in any way.

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As you know, I say all the time, if it's overwhelming, you have

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questions, want someone to help you please of course, then reach

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out. If you go to our show's website, www.enjoymore30s.com

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and click on Ask Joe to connect, I'd be happy to help.

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Now to finish off today, I still need to share our next series.

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And this one, I think will be about as close to home as anyone

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could really pick or feel. And that's why I decided to focus

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this upcoming series on our kids. And so our series is going

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to be titled Your Money Mindset For Kids. And this podcast is

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for young families. I mean, that's why you're listening to

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it. And if you're a young family, that means you have

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kids. And I'm guessing just like me, you care more about your

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kids than you do yourself about anything else in this world. And

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so what I'm going to do in this series is I'm going to share

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with you about different ways to save for your children. I'm

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going to share with you different ways about how to

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teach your children about money, and how to have a better money

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mindset for them. And so overall, we'll be removing the

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confusion around words like 529 plans and UGMAs and trusts that

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I'm sure you've kind of heard of before. So my goal is for you to

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leave this next series with the confidence for you to take care

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of your children's financial needs, but also the confidence

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to be able to have your children get on a path to be able to take

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care of their own financial needs. If removing anxiety

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around our kids well being doesn't free us up to make life

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more enjoyable as a parent, I'm really not sure what will. So

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thanks so much for joining me today and I really can't wait to

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connect with you again in this next series to come.

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.