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Your Money Mindset Series Recap | Series 1.8
Episode 88th March 2021 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:06:25

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A quick review of all 7 Your Mindset Episodes to help you take positive action.

  • Enjoying life is the ultimate goal (00:27)
  • Removing financial anxiety (01:15)
  • Income potential: your biggest asset (03:16)

Quote for the episode: "Overall money is a tool, not a goal in itself."

Securities offered through TFS Securities, Inc., Advisory Services through TFS Advisory Services, a SEC Registered Investment Advisor Member FINRA / SIPC.  TFS Securities, Inc. 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

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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 Enjoy More 30s: Family

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Finance podcast. This is the last kind of summation episode

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for the initial "Your Money Mindset" series. I hope you've

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enjoyed it so far. And more importantly, I hope this has

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helped to remove some of the anxiety items that kind of hold

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us back and stress us out, and kind of keep us from enjoying

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life as much as we should be. And that's really the point of

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all of this. Finance, remember, insurance, investments, all this

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kind of stuff, they are just tools. We are here to really

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enjoy ourselves and try to make the most out of our lives. And

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we need to use these tools to kind of help get us there, but

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having big numbers on a piece of paper is not a goal in and of

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itself.

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Now I'm going to go through all seven episodes here, just bullet

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point kind of format. This way I'm thinking, you know, you have

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one episode, you can even sit down with your spouse for 10

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minutes, recap all seven of these, hit on the major points

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and take some positive steps forward. The first point here is

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from episode one, "Unknowns Are Scary", is the importance to

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clarify unknowns. If we clarify the unknowns, we remove the

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anxiety. When we just check off boxes: I have a 401k- check; I

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have life insurance- check; whatever that checkbox may be,

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that doesn't often remove the anxiety because we're not really

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confident that we have that issue covered. So better

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questions we should be asking ourselves: number one, what do

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we want to do? What actually makes us happy and gives us

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enjoyment in life? Let's try to focus our energy on doing more

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of that. The second question is, where are we going? Having an

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idea of where we're projecting to gives us a better idea of

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what we can afford more to do today. The third item is what do

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we need to protect? What scenario do we want to protect

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for and what amount of coverage do we need to have that level of

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security for that situation? Again, overall money is a tool,

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not a goal in itself.

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So episode two was "Like Super Gymnast Flexible", and really

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the biggest takeaway from that is flexibility is very, very

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important because we don't know what's going to happen down the

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road. 20-30 years is a long time, we want to make sure that

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we have the flexibility to adapt as we need to. One of the best

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ways to adapt, and stay flexible, is not having all of

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our money tied into just a bank, or just retirement accounts,

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because each one of those accounts have a specific

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purpose. Not saying you shouldn't have those accounts,

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however, a taxable investment account can sit between those

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two, and takes the accessibility of a bank account (you can get

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to it whenever you want to without a penalty), but also

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allows you to invest the money and have it in a position where

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it has a much higher potential for growth than a bank account

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The third episode, "Sur ivors Don't Complain About Too

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would.

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uch Life Insurance", and it' pretty much a simple theme her

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. Way better to have too much li e insurance than not enough. If

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you're young and healthy, it s very cost effective- it's no

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really going to affect your st ndard of living if you go fro

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a $1.5 million dollar policy to a $2 million policy. Again

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young and healthy equates to ve y affordable coverages. An

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remember, again, your biggest sset as a young family is you

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income potential. So protecting that biggest asset, that i

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come potential, is really impor ant.

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Episode four was "You Already May Be a Future Millionaire",

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and it's all focused on getting an idea of what path you're

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already on. And you may be better off than you otherwise

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may think. And if you are better off, well now you have a good

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idea of how much extra could I potentially have for today, and

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enjoy more for today.

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Episode five, make a kid experience bucket list. We have

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18 summers with our kids, they go very quickly. Let's make sure

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that we're not missing those opportunities, and we are making

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those moments that when we look back we say, "You know what,

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thank God I did a, b and c because that was one of the most

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enjoyable family events that I've ever had."

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Number six, "Investments Should Be Boring". Again, they are our

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tool, they're not a toy. Diversify or spread out, fancy

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for saying spread out your money, and don't let emotion

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dictate your decisions.

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Lastly, advisors are not just for old people. If you want an

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advisor, great. If not, that's cool too. Just don't have the

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mentality that you should be waiting until you're in your 50s

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to have one. It is available for you if you are wanting. Lastly,

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remember the most powerful tool you have is time, money loves

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time to grow. So if you have, whether you have an advisor or

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not, that's really the focus that you don't want to lose

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sight of.

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Again, as always, thanks so much for tuning in. If you did enjoy

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this episode, please make sure to review us on Apple podcasts

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or wherever you listen. There are literally millions of young

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American families out there I'm trying to reach and help just

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like you. The last point I'll leave you with is our next

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series will be coming up shortly, and it's going to be

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called "The Money Multiplier" series. So it's going to go more

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in depth on specific topics with actionable items, that you can

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take in those specific topics to make the most out of your

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situation. And again, making the most out of your situation with

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the intent so that allows you to enjoy living more today with

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your family and the things that make you happy. Thanks very much

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and look forward to connecting with you in the next series to

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come.

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The conversations on this show are

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Joe's opinions are 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

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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 and sec

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registered investment advisor member FINRA/SIPC.

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