Trying to increase wealth rapidly may find you lost in the thicket. Take the time tested path!

• So if you are a hare, you likely don't need a shortcut to win the race. And if you're young, you are likely already a hare. (02:21)
• Trying rapidly to increase your wealth through market timing or dealing in some kind of a speculative security or things like maybe cryptocurrency, it may find you in the thicket just like the rabbit. (02:31)
• Being young means that you have time on your side. (02:45)

Quote for the episode: "Be the hare. Just stay on the more time tested path. Sometimes it's just about having someone show you what path you may be already running on." (03:13)

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Welcome to the Enjoy More 30s 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 back to the Enjoy More 30s

Family Finance podcast, and our current series The Financial

Parables of Your Life. Each week, I'm sharing what will

likely be a somewhat altered version of a story that you're

probably already familiar with. Because you know, stories are

way easier to remember. As always, before I begin, please

share and like and leave reviews. I'd love to reach and

help as many young families out there as I can that are just

like you and that will help me do it.

So today please join me for our story, The REMIX of the Turtle

and the Hare. A hare was making fun of the turtle one day for

being so slow. "Do you ever get anywhere?" he asked with a

mocking laugh. "Yes", replied the turtle, "and I get there

sooner than you think. I'll run you a race and prove it." The

hare was much amused at the idea of running a race with a turtle.

But for the fun of the thing he agreed. So the owl who had

consented to act as a judge marked the distance and started

the runners off. Despite being quite fast compared to the

turtle, the hare said to himself, "I know a shortcut that

will get me there in no time at all", and sawed off through the

woods only to get his fur caught in a thicket. "Oh no", he

thought, "I can't get beaten by a lowly turtle. I must make up

the time!" and took another shortcut through the bog, only

to find himself wallowing in the thick mud. "Oh no, this will not

do", said the hare, "I must not lose to that turtle." And pulled

himself out and took another shortcut through the meadow. The

tall grass blinded the hare and he could not easily determine

which way he was to go. "Oh dear", he said jumping up

frantically over the tall grass to see, "I've completely lost my

way." By the time the hare reached the finish line, the

hare was quite exhausted, his fur covered in thorns, mud, and

grass and the turtle relaxing having already won the race some

time ago.

So if you are a hare, you likely don't need a shortcut to win the

race. And if you're young, you are likely already a hare.

Trying rapidly to increase your wealth through market timing or

dealing in some kind of a speculative security or things

like maybe cryptocurrency, it may find you in the thicket just

like the rabbit. Being young means that you have time on your

side. So using a diversified or spread out portfolio likely

gives you a much better chance of winning the race of getting

to the goals that you actually want, the goals that would make

you happy. $150,000 today is roughly $300,000 in 10 years,

$600,000 in 20 years, and 1.2 million in 30 years using just

7% as a growth rate. So don't be the turtle. Be the hare. Just

stay on the more time tested path. Sometimes it's just about

having someone show you what path you may be already running

on.

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

The Two Houses on Pleasantville Avenue. I hope you enjoyed

today's story. Please remember to review and share for others.

And if you need any help, don't hesitate in reaching out because

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

Thanks for joining me today and I look forward to connecting

with you again soon.

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.