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The REMIX of the Turtle and the Hare | Series 8.4
Episode 46th June 2022 • Enjoy More 30s: Family Finance • Joseph P. Okaly
00:00:00 00:17:39

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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)

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 back to the Enjoy More 30s

Joseph Okaly:

Family Finance podcast, and our current series The Financial

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

probably already familiar with. Because you know, stories are

Joseph Okaly:

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

Joseph Okaly:

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

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

Joseph Okaly:

like you and that will help me do it.

Joseph Okaly:

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

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

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

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

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consented to act as a judge marked the distance and started

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the runners off. Despite being quite fast compared to the

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

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

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

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

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

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

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

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himself out and took another shortcut through the meadow. The

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tall grass blinded the hare and he could not easily determine

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

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

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

Joseph Okaly:

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

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grass and the turtle relaxing having already won the race some

Joseph Okaly:

time ago.

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

Trying rapidly to increase your wealth through market timing or

Joseph Okaly:

dealing in some kind of a speculative security or things

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

side. So using a diversified or spread out portfolio likely

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

having someone show you what path you may be already running

Joseph Okaly:

on.

Joseph Okaly:

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

Joseph Okaly:

The Two Houses on Pleasantville Avenue. I hope you enjoyed

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

Thanks for joining me today and I look forward to connecting

Joseph Okaly:

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

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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,

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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