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
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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 back to the Enjoy More 30s
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Family Finance podcast, and our current series The Financial
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Parables of Your Life. Each week, I'm sharing what will
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likely be a somewhat altered version of a story that you're
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probably already familiar with. Because you know, stories are
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way easier to remember. As always, before I begin, please
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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
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like you and that will help me do it.
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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
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sooner than you think. I'll run you a race and prove it." The
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hare was much amused at the idea of running a race with a turtle.
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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
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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
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time ago.
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So if you are a hare, you likely don't need a shortcut to win the
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race. And if you're young, you are likely already a hare.
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Trying rapidly to increase your wealth through market timing or
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dealing in some kind of a speculative security or things
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like maybe cryptocurrency, it may find you in the thicket just
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like the rabbit. Being young means that you have time on your
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side. So using a diversified or spread out portfolio likely
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gives you a much better chance of winning the race of getting
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to the goals that you actually want, the goals that would make
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you happy. $150,000 today is roughly $300,000 in 10 years,
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$600,000 in 20 years, and 1.2 million in 30 years using just
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7% as a growth rate. So don't be the turtle. Be the hare. Just
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stay on the more time tested path. Sometimes it's just about
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having someone show you what path you may be already running
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on.
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Thanks for tuning in today and join us for next week's story,
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The Two Houses on Pleasantville Avenue. I hope you enjoyed
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today's story. Please remember to review and share for others.
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And if you need any help, don't hesitate in reaching out because
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I probably have helped someone just like you. Until next week.
Joseph Okaly:
Thanks for joining me today and I look forward to connecting
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with you again soon.
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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,
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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 an SEC