Enjoy More 30s: Family Finance

Receive a bonus every year? Be intentional with it! It could have a profound effect on your finances in either direction!

• Bonuses can be a great additional way to build wealth. (01:09)
• If you were to receive a $5,000 bonus every year for 35 years working, that is $175,000. If that were to be invested every year and receive 10% over those same 35 years, it would be worth a whopping 1.3 million. (01:21)
• As it is not money you depend on for bills, you can pretend it doesn't really exist and give your wealth a boost. Even if you just saved half, it would likely make a very clear and profound difference for you. (02:32)

Quote for the episode: "...saving your annual bonus is an excellent way to go about it. It could mean an extra 1 million or more like in our example, allowing you to be more comfortable on a monthly basis with your cash flow and reaching your goals much more quickly." (02:14)

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.

If you have a family, chances are, you need life insurance!

• To have the best chance of not being a millionaire then that would mean leaving this huge asset exposed by pretending death cannot happen to you. (01:48)
• Simply don't ask yourself questions like, "How would my family be able to stay in our home?" "How would my spouse be able to pay all the bills?" "How would my children pay for college?" "How would my spouse be able to stay on track for all the goals we laid out together?" (01:58)
• If you do want to have answers to all those questions, though, if you want protection for your spouse and your kids so that they wouldn't have to perhaps uproot their entire life because of financial deficiencies while simultaneously mourning your loss, then there is life insurance. (02:20)
• And if you are young and healthy, a fixed rate term policy is incredibly affordable. (02:48)

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.

"Paying yourself first" - look it up!

• The best way to avoid saving is to only save what is left at the end of the month. This way, you have a great chance of spending all of your income, leaving absolutely nothing left to save towards yourself. (01:13)
• If you are really committed to not being a millionaire, then you would take it a step even further and spend even more than you make every month, accumulating credit card debt and severely hampering your overall wealth ability. (01:26)
• Saving $500 a month for 30 years at 10% comes out to over $1.1 million. Someone who saves just $300 a month because they are spending first and saving last, would come out at over $450,000 less over those same 30 years and 10% rate. (01:50)

Quote for the episode: "Saving part of your income is one of the main drivers in building wealth." (01:02)

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.

Your future income potential is your greatest asset; protect it!

• To have the best chance of not being a millionaire, then that would mean leaving this huge asset exposed to one of the most likely occurrences; disability. (01:31)
• Getting to that roughly 60% of income protection to age 65 is most times considered a good level of protection. (02:24)
• ...if it does occur, it not only takes out your income, but it also may add on a huge amount of expenses to take care of the disability itself. (01:52)

Quote for the episode: "Disability is about three times as likely to occur as death while working so this exposure would be one of the most likely to be realized." (01:42)

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.

Roth IRAs grow tax-free! A great way to build your wealth!

• Roth retirement accounts, whether that be a Roth IRA, which would be a retirement account that you set up on your own, or a Roth 401(k), which would be a retirement account you set up through work, all grow completely tax free. (01:06)
• The more you pay in taxes, the more it will hamper your financial situation. Perfect for avoiding the building up of wealth. (01:32)
• While Roth IRAs always have income limits, if you make too much you are not eligible. (02:34)

Quote for the episode: "Now if you actually do want to be a millionaire and pay less in taxes on all that investment growth, a Roth account would likely be a great way to do that." (02:14)

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.

What is the best kind of money? Free money, of course!

• A matching component is where they will give you essentially free money, the match, up to a certain percent. (01:15)
• Some plans might have a vesting feature or having to work there aka for a certain amount of time before you get the match. But nonetheless, a path to free money, a 100% return on what you put in. (01:52)
• So for example, you are making $100,000 and your work has a 5% match. By putting in 5% of your own money, you get another free 5% from the company. (02:05)

Quote for the episode: "You are essentially doubling your money, which is not helpful if you again are wanting to avoid accumulating wealth. Now if you are wanting to try to accumulate wealth, this is obviously a great way to go about it." (01:36)

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.

Money needs time to grow, so the longer you wait to start saving, the better chance you have of NOT being a millionaire!

• Think of it like planting a fruit tree. Fruit trees can take three to five years before they start producing any fruit at all. And after that the production increases exponentially. (01:05)
• The longer you wait to plant those seeds, the longer it will take to have them grow into that wonderful fruit producing tree. (01:38)
• There is no growth on your money, no growth on the seed until you plant it. Not only that, it has a greater chance to now be spent so even better for trying to avoid getting anywhere close to millionaire-hood. (01:45)

Quote for the episode: "If you wait to plant that tree for 10 years, so now you only get 20 years to save or 20 years of growth, with those same exact rates of 10% and $500 a month, you will now only wind up with less than $400,000." (02:07)

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.

Recapping 12 financial concepts through the timeless medium of storytelling!

• You're not going to cover everything in this series tomorrow or maybe ever. But if you take even one step forward, you are better off than before. (01:20)
• So look at that gain, as opposed to just the gap that's still in front of you. (01:30)
• So as I run through a recap of our stories, think about which ones would be the most important for you to remember and hold on to those in the front of your mind. Take action on those specific stories. (01:33)

Quote for the episode: "I want you to have less anxiety, I want you to have less financial worry so you can just focus your energy on what matters most, which is enjoying more living with your family with your friends and doing real things in life." (0:54)

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.

Everyone has unique abilities. Is your advisor's unique ability financial planning?

• We are all well suited for very different things, we all have what some might call our unique abilities. (02:17)
• So when we talk about financial planning, if designing your own financial plan is something that is a unique ability of yours, that's fantastic. (03:07)
• If it is not, I would encourage you not to try to figure it out yourself or ask your accountant or worse even just ignore it altogether. (03:22)

Quote for the episode: "Find someone who specializes in financial planning, somebody that does hundreds of them every year, and let them help you get out of or preferably avoid any nets that may be in your way." (03:32)

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.

How sturdy is your three-legged stool of life?

• So it's easy to get caught up with all the fun or demanding elements of daily life. (02:19)
• Our goals for happiness sit on the top of these three legs, they're cashflow, insurance protection and investment strategy. (02:49)
• If one of them is neglected or not given the full attention as the others, we put ourselves in a position of having some potential problems. (02:57)

Quote of the episode: "So build yourself a proper stool, or find a mindful carpenter out there in the form of a financial advisor to build one for you." (03:28)

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.