Disinterested in Disability | Series 9.4 - Enjoy More 30s: Family Finance

Episode 4

Disinterested in Disability | Series 9.4

Published on: 7th September, 2022

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.

Transcript
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

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that tend to weigh on us, stress us out, and distract our focus

Voiceover Audio:

from simply enjoying life.

Joseph Okaly:

Hello, and welcome to the Enjoy More 30s Family

Joseph Okaly:

Finance podcast for all those people out there trying to avoid

Joseph Okaly:

being financially secure. Well, we have our series 10 Ways To

Joseph Okaly:

Not Be a Millionaire. Now if you actually do want to be a

Joseph Okaly:

millionaire not to worry, this series isn't just for those

Joseph Okaly:

people who are looking for financial ruin. If you avoid

Joseph Okaly:

doing these 10 things then you could be well on your way to

Joseph Okaly:

millionaire-hood as well. Each week I'll share a quick step in

Joseph Okaly:

this how to not be a millionaire process, so you know what to do

Joseph Okaly:

or hopefully what to avoid. As always, before I begin, please

Joseph Okaly:

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

Joseph Okaly:

help as many young families out there just like you.

Joseph Okaly:

Today's great tip on how to not be a millionaire is being

Joseph Okaly:

Disinterested in Disability. As a young family, your future

Joseph Okaly:

income potential is your greatest asset. And so leaving

Joseph Okaly:

it exposed and unprotected is a great way to not be a

Joseph Okaly:

millionaire. If you are earning $100,000 right now, then with 2%

Joseph Okaly:

income growth over the next 30 years, your future income

Joseph Okaly:

potential is over $4 million dollars. A huge asset. To have

Joseph Okaly:

the best chance of not being a millionaire, then that would

Joseph Okaly:

mean leaving this huge asset exposed to one of the most

Joseph Okaly:

likely occurrences; disability. Disability is about three times

Joseph Okaly:

as likely to occur as death while working so this exposure

Joseph Okaly:

would be one of the most likely to be realized. Furthermore, if

Joseph Okaly:

it does occur, it not only takes out your income, but it also may

Joseph Okaly:

add on a huge amount of expenses to take care of the disability

Joseph Okaly:

itself. You could argue that this is one of the best and

Joseph Okaly:

easiest ways to achieve financial ruin. Now if you

Joseph Okaly:

actually do want to protect yourself and not leave what

Joseph Okaly:

could be millions in future income potential exposed, there

Joseph Okaly:

is disability insurance. Most employers provided as an

Joseph Okaly:

optional benefit, or you can even obtain a policy outside of

Joseph Okaly:

work on your own. Getting to that roughly 60% of income

Joseph Okaly:

protection to age 65 is most times considered a good level of

Joseph Okaly:

protection. Overall, I think it is more than clear being

Joseph Okaly:

disinterested in disability is a fantastic way to not be a

Joseph Okaly:

millionaire.

Joseph Okaly:

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

Joseph Okaly:

on how to not be a millionaire, Budgeting Backwards. As always,

Joseph Okaly:

please remember to review and share for others and if you need

Joseph Okaly:

any help, don't hesitate in reaching out. I probably have

Joseph Okaly:

helped someone just like you. Until next week. Thanks for

Joseph Okaly:

joining me today and I look forward to connecting with you

Joseph Okaly:

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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About the Podcast

Enjoy More 30s: Family Finance
Family Finance for Young Professionals.
Young families receive little to no personal finance help. We all grow up to have jobs and money, yet our education system focuses on Shakespeare and Algebra. Even professional advice can be hard to come by, with the majority of the industry chasing retirees and existing wealth.

Joe Okaly's podcast is aiming to change this, providing personal financial advice geared specifically to professionals with young families. This podcast is dedicated to making life more enjoyable for young families, by hitting on the financial topics that tend to weigh on us, stress us out, and distract our focus from simply enjoying life.

Joseph P Okaly is a CFP Certified Financial Advisor who fits directly in with who this podcast is focused on - a young professional with a family. With over a decade of experience as an advisor, there is passion and knowledge to make a difference.

Securities offered through TFS Securities, Inc., Advisory Services through TFS Advisory Services, a SEC Registered Investment Advisor Member FINRA / SIPC. TFS Securities, Inc. located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.