Enjoy More 30s: Family Finance

Danger doesn't give advanced warning so sharpen your tusks with planning!

• So planning is what we can do to sharpen our tusks just like the boar. (02:18)
• "What if something happens to me?" We know how much money your spouse would need and we now have insurance to cover it. (02:34)
• Would you like to retire early or would you like to take more vacations with your family and retire at your original goal age? (02:47)

Quote for the episode: "If you worry about any financial 'what would happen ifs' in your own life, then your plan is still in need of some sharpening." ((03:04)

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.

Don't wait! Catch those small fish and watch them grow "in your own pond"!

• Just like how small fish grow over time to be big fish, seemingly small amounts of money can grow substantially over time as well. (02:08)
• Putting that fish into your own personal pond to grow would be like the first step in building wealth. (02:34)
• Or a 401(k) plan at work that may match what you put in up to a certain percent. So you throw in a fish and you get one free. (03:23)

Quote for the episode: "Grab those little fish, those small fish, they may not seem too important right now, and put them into your ponds when you're young and watch them grow." (03:37)

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.

Waiting for the perfect scenario can get in the way of making any progress at all!

• Now, right now, today is almost always better than perfect. (02:08)
• So get out there, get the insurance policy now and then when you get in better health, go get a new one to replace it. (03:14)
• Saving towards yourself can be another common example. "I just want to buy this or that first, then then I'll really start to save I'm still young, right?" Well, you put it off for a year and then two years and it could be a few $100,000 less you have now for retirement because this money has 30 to 40 years to be growing and building off of itself. (03:21)

Quote for the episode: "There's never going to be a perfect time because action today means that you're probably a little less likely to be eating that snail down the road." (03:50)

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.

Accidents will happen in life so captain your ship or at least hire one!

• "Yes", he replied, "the boat went past me first on its way towards you." "You were lucky it missed you. I wasn't so lucky." "Well," said the newcomer, "I saw that it might hit me so I moved out of the way." (01:51)
• Empty boats in the way of a job loss to a car accident to a house fire to a fall down the stairs, it can all hit us when we're unaware. (02:28)
• By planning for these occurrences though ahead of time, we can avoid our boat being wrecked, even if we can't always avoid it being hit. (02:38)

Quote for the episode: "And in all of it by having a plan we're picking up our heads and we're looking upstream and we're ready with an oar in our hand to try to get out of the way." (03:07)

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.

"Little by little, a little becomes a lot...plus compounding interest!" - paraphrasing a Tanzanian proverb

• You get your first 401(k) statement that you threw a couple pebbles into and it essentially says you know, "well thanks for playing, but you still have pretty much nothing", right? (02:19)
• And the great thing, unlike the crow with his little pebbles, the pebbles that we're using those amounts grow on themselves. (02:46)
• Every dollar that you put in grows on the next dollar and the next dollar. So every pebble, when you do it, is going to raise the water up faster to the surface than the one before it. (02:53)

Quote for the episode: "If you were wanting to retire tomorrow, it probably wouldn't matter if you threw in a couple more pebbles. It really wouldn't. If you're retiring 30 years from now though, it certainly does matter a lot." (03:29)

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.

New information can lead to making new and different decisions!

• Jimmy replied, "Well, I'm not going to have to sell for some time since I only put a small amount down, I still have plenty leftover to buy food and pay my taxes. In fact, the extra that I invested has actually done quite well." (2:00)
• Paying off your mortgage was taught to us as a positive going back to the Great Depression kind of mentality. (02:41)
• For most people though their home is one of their biggest, if not the biggest, asset that they have. And when you have a home that's paid off, that's a lot of money that you can no longer touch. (02:49)

Quote for the episode: "And depending on mortgage rates at any specific time, the last few decades have shown historically low interest rates, so funds invested outside the home may have the opportunity to grow much more than the interest rate being paid out on the mortgage..." (03:35)

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.

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.

Find balance between work (saving) and play (spending). The earlier you start, the easier it is!

• The traditional fable promotes working hard but did you know that most ants die within a few weeks to a few years? What a waste! (02:18)
• When you're young, saving early is like putting away a few pieces of food every day in early spring for the other grasshopper. (02:39)

Quote for the episode: "If you have a savings plan put together for you when you're young, you might be very pleasantly surprised what it projects to turn into." (03:10)

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.

Just because it made sense then, doesn't mean it makes sense now! Re-evaluate!

• So it's one thing to do something, and quite another to understand why you do it. (02:14)
• And while some of these actions may have made sense at some point in time, or were taught to us to make sense in some situations, that doesn't mean they necessarily still make sense for us today. (02:24)
• Regular evaluation is what makes us more intentional, what makes us more purposeful with our actions. (02:35)

Quote for the episode: "If we're regularly asking ourselves, 'will this make my life more or less enjoyable', then we can be more objective and intentional in deciding what actions we actually want to take." (02:58)

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.

It's one thing to say a task should be done but it's a different matter to actually do it!

• But in the midst of the rejoicing over the good fortune, an old mouse rose and said, "I will say that the plan of the young mouse is very good. But let me ask one question, who will bell the cat?" (02:59)
• "...if you actually go out with that bell, more times than not, it's not as hard or as scary as you may think." (04:13)

Quote for the episode: More times than not it's not a scary cat with giant claws, it's a little cute kitten, and you're gonna leave saying 'why didn't I do that earlier?' (04:20)

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.