Episode 4
Disinterested in Disability | Series 9.4
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
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
Voiceover Audio: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
Voiceover Audio:Joe's opinions and provided for general information purposes
Voiceover Audio:only. They do not constitute accounting, legal, tax, or other
Voiceover Audio:professional advice for your specific situation. You should
Voiceover Audio: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.