Enjoy More 30s: Family Finance

Getting married? Important topics to cover during the engagement phase!

• So you both need to have some idea goals wise of what direction that you're going in. (07:45)
• Going deeper into that about how you're looking at your finances, when you guys are, you know, starting on your journey to have a life together, you're one family, and you know, having one family, it's important to look at things and goals jointly because they are joint. (12:59)
• You know there are things that money has touched already in your life, that if you have discussions on like, why you wound up where you are with some of those things, you can start to piece together a little bit of what their baseline personality might be when it comes to money. (18:19)
• ...when you're young, the most important thing is just make sure that you're saving some part towards yourself. (22:47)
• And one of the biggest mistakes that they make is not having enough protection for themselves. (41:30)

Quote of the episode: "...wherever you are right now you're starting off in your life, just forgive yourself for anything you may not know, you're not uncommon, you know, most people were not taught anything. So what you can do today, wherever you may be, is take that step forward." (43:07)

ℹ️ All about Dave here: https://linktr.ee/chaplaindave

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 all 7 ways to Set Your Compass for the New Year - you've learned the ropes, now set sail!

• If we just have one giant, 'I want to build a ship' bucket, it's hard to see where all that money is going to for the various elements we're going to need. (06:31)
• If you are more intentional about setting money aside ahead of time, you can add a lot more happiness to your life on a daily basis as well. (09:17)
• What parts are worth insuring? Hull of the ship, very very important. One of the nails the ship, really not so much. (11:43)

Quote for the episode: "But the end result of any goal is for more overall happiness, either through addition of happiness, or subtraction of anxiety." (03:08)

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.

Spoiler alert: it doesn't mean having a bunch of accounts in a bunch of different places, making your life really difficult.

• So diversifying means that you're using a variety of different holdings across a variety of different areas. (04:24)
• ...this is why when we spread things out, we're doing this because we don't want all of our investments to be dependent on how one area of the market happens to perform. (06:22)
• If you have two people putting together separate first aid kits, "Hey, Bob, and hey, Jane, each of you guys design your own first aid kit and bring it on the ship with us", they're going to have no idea what the other person has already packed. (08:07)

Quote for the episode: "Do you have one advisor with a unified diversified strategy? Or do you have a lot of random first aid kits that may all just be packed with different brands of the same gauze?" (08:56)

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 parts of this ship are actually worth insuring?

• ...from what I've many times seen, people tend to not insure for all the catastrophes that they should. They may insure their iPhone, but not their lives, for example. (05:29)
• Disability insurance on the other hand, because you are actually much more likely to be disabled than you are to die as a young person, it can be a little bit more [expensive]. But again, you can kind of tailor it any way you want. (06:38)
• And the line that I always share with young people is, and this is the one that motivated me, if I was to die today, is the relative that would be the loudest and the most convincing in a courtroom, would that be the person I would actually want to raise my child? (07:55)

Quote for the episode: "Understand that there is insurance for almost anything, but this general concept of catastrophe versus inconvenience, can help you know what is worth insuring what you have absolutely have to insure like your life, or your income potential." (08:40)

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.

When to be more conservative, when to be more aggressive, and how to do so in a more balanced spread out way.

• Paying yourself first and separating out your goals is all well and good but if you're using inappropriate types of investments for certain goals, they may take much longer to achieve or even worse, perhaps you may never achieve them at all. (01:41)
• Sure, we don't want to be reckless in the ocean and sink to the bottom of the sea but at the end of the day, we also have to get to where we're going before we run out of food and supplies. (02:50)
• Using a bank or cash type savings vehicles for goals that are for 5, 10, 20, 30 years out is almost certainly not appropriate. (03:40)

Quote for the episode: "It's so important to be using the right bucket for the right goal and the right risk tolerance for the right timeline." (06:26)

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.

Intentionally setting money aside for things you love ahead of time, can add a lot more happiness to your life!

• The goal really for today's episode is for you to think of ways to easily do more of the things you love without the anxiety that tends to come with it. (01:36)
• Money blocking is basically a term I came up with to describe intentionally setting aside or blocking money for certain items that make your life more enjoyable on a more daily basis. (02:25)
• With money blocking, what you could do is say take a piece of this bonus and buy four gift cards for that massage place that you love. You now have one guilt free massage every single quarter. (03:21)

Quote for the episode: "If money blocking every year allows you two extra massages, an extra let's say hockey game, make sure you take a vacation and let's say an extra daily shot of espresso in your coffee for the next 30 years, that's a lot of extra happiness that I don't want to be missing out on." (04:46)

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.

A favorite concept on organizing where you're saving to make goals easier to see and even more importantly, easier to achieve!

• If we have just one giant, 'I want to build a ship bucket', it's hard to see where all that money's actually going to go for the various elements that we're going to need. (02:09)
• The goal for this bucket [short term] is to keep what you have more than anything else, including growth or interest. (02:56)
• The next bucket is an intermediate term bucket. And for young people, this is generally a what you would call a general or non-retirement investment account. (03:08)
• The last bucket is your longer term bucket, which often includes things such as retirement, which may be 401(k)s, IRAs, things like that 529 plans for college savings specifically. (04:07)

Quote for the episode: "The separate buckets will make sure I have a stable account, some money was there for my next car for the next year, make sure I take those important annual vacations that are really important to stop and breathe and have fun with every year." (05:03)

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.

We need our ship to actually sail us to where we want it to go; the thing is, ships aren't free!

• So the goal for today's episode then is for you to be inspired to see how much you're currently saving towards you, towards yourself and if needed or possible, increase it so you can be on a faster pace to reach those goals. (01:33)
• So how much should you pay yourself every month? "How much am I worth?" I'd say the minimum is 5% of your gross income. (02:39)
• So what this says is that 36% of your gross monthly income, so before taxes, can be used for items specifically to you. (03:40)

Quote for the episode: "Pay towards you first, because you're important!" (06:14)

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.

Get your list of goals for this New Year to find out where you both want your ship to sail.

• Goals are to give you a better chance of achieving something more quickly than you otherwise would have without goals. (04:50)
• What makes each of you happy now? (06:04)
• What would make you happier? (07:15)
• What keeps you up at night? (08:41)

Quote for the episode: "So goals overall can be things to add to your happiness, or things that can also stop detracting from your happiness." (10:08)

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.

Approach this holiday with a healthy mindset, gain financial tips on what to look for, and set goals to make the most of 2022!

• [future you] Looking back on this holiday season that just passed. So what would have to have happened for you to say that you had a wonderful holiday season? (18:05)
• I'm a big fan of time blocking, of money blocking and basically, those are just terms of being more intentional with your time, being more intentional with your money at a time kind of separate, you know, ahead of time advance planning, so that you don't get tied up in the emotions of the moment. (27:44)
• Goal setting is a means for helping us achieve things more quickly than we otherwise would have if we didn't set those goals.

Quote for the episode. "Be intentional about what would make you the happiest this holiday season. What would have to happen when you're looking back in January to say wow, that was a really great holiday. Focus on those things for the end of the year to make sure that you get them done and have those experiences. And then for the new year, I really cannot highly enough recommend setting goals for yourself." (56:18)

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.