Hollywood's Stock Market | Series 7.4

Voiceover Audio: 00:00:00

Welcome to the Enjoy More 30s Family Finance

Voiceover Audio: 00:00:03

podcast. The only podcast dedicated to making life more

Voiceover Audio: 00:00:06

enjoyable for young families by hitting on the financial topics

Voiceover Audio: 00:00:10

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

Voiceover Audio: 00:00:13

from simply enjoying life.

Joseph Okaly: 00:00:17

Hello, and welcome to the next episode of this

Joseph Okaly: 00:00:20

Raising Your Investment Mindset series. This series we're trying

Joseph Okaly: 00:00:24

to help reframe how you may view the scary word out there called

Joseph Okaly: 00:00:27

investments, and therefore be able to utilize them in a more

Joseph Okaly: 00:00:31

constructive way, better reach your goals, and make life more

Joseph Okaly: 00:00:34

enjoyable.

Joseph Okaly: 00:00:35

As always, if you like what you're hearing, please make sure

Joseph Okaly: 00:00:38

to subscribe or follow us on Apple podcasts or really

Joseph Okaly: 00:00:41

wherever you listen. Clicking stars, leaving reviews, it helps

Joseph Okaly: 00:00:44

us reach the millions of other young families out there that

Joseph Okaly: 00:00:47

are just like you.

Joseph Okaly: 00:00:48

Last week we discuss how what political party happens to be in

Joseph Okaly: 00:00:52

power across the different Congress or President tends to

Joseph Okaly: 00:00:57

have very little correlation to how the stock market performs,

Joseph Okaly: 00:01:01

as well as the certainty versus uncertainty elements that most

Joseph Okaly: 00:01:04

certainly do. So if you haven't checked out that episode yet,

Joseph Okaly: 00:01:07

definitely do that soon.

Joseph Okaly: 00:01:09

Today's episode is titled Hollywood's Stock Market, where

Joseph Okaly: 00:01:13

we're going to break down how what you are shown in movies and

Joseph Okaly: 00:01:16

TV can really contribute a big part to the negative

Joseph Okaly: 00:01:19

perceptions, the uneasiness that many people wind up having

Joseph Okaly: 00:01:23

towards investments. The goal for today's episode, so the if

Joseph Okaly: 00:01:28

you can say this at the end of the episode, then you have

Joseph Okaly: 00:01:31

succeeded statement is "I recognize what can greatly

Joseph Okaly: 00:01:35

affect many people's perceptions of investments. I recognize what

Joseph Okaly: 00:01:41

can greatly affect many people's perceptions of investments." Now

Joseph Okaly: 00:01:46

when I see a fishing boat, I see fun, I see adventure. I see

Joseph Okaly: 00:01:52

camaraderie, excitement, challenge. When my wife Lauren

Joseph Okaly: 00:01:56

sees a fishing boat, she sees stinky, smelly fish. So

Joseph Okaly: 00:02:01

perceptions can certainly be different. Hollywood is amazing

Joseph Okaly: 00:02:06

at exasperating these perceptions that we have in

Joseph Okaly: 00:02:09

whatever direction they want. If you watch The Perfect Storm, you

Joseph Okaly: 00:02:13

see the valor, the courage, the determination of the fisherman.

Joseph Okaly: 00:02:18

If you watch Sea Piracy, you see the greed, waste, the atrocities

Joseph Okaly: 00:02:23

of the fishing industry. So both can have you leaving with a very

Joseph Okaly: 00:02:27

strong, but somewhat opposite in this case perceptions that you

Joseph Okaly: 00:02:30

take with you. The thing is for the investment industry, they

Joseph Okaly: 00:02:35

only make movies about stinky, smelly fish.

Joseph Okaly: 00:02:38

If you Google top stock or investment movies, you'll see

Joseph Okaly: 00:02:41

things like Wall Street, Boiler Room, Wolf of Wall Street, maybe

Joseph Okaly: 00:02:46

The Big Short, you know, what do all of these movies have in

Joseph Okaly: 00:02:49

common? They all involve people stealing, swindling, and doing

Joseph Okaly: 00:02:55

otherwise quite unscrupulous things to other unsuspecting

Joseph Okaly: 00:02:59

investors. None are about great people, you know, helping other

Joseph Okaly: 00:03:03

people reach their goals, not Hollywood worthy. I guess you

Joseph Okaly: 00:03:07

know, I guess I wasn't I wouldn't sell positivity. But,

Joseph Okaly: 00:03:10

you know, so I get that 'there's no news like bad news', you

Joseph Okaly: 00:03:14

know, but this is the only reference point that many people

Joseph Okaly: 00:03:17

receive. If finances are not being taught in school, and

Joseph Okaly: 00:03:21

money is taboo to discuss at home and you're really in

Joseph Okaly: 00:03:24

society at large, these types of movies are the main reference

Joseph Okaly: 00:03:28

point, again that many people have. Perhaps even more

Joseph Okaly: 00:03:32

concerning, it can be a point of inspiration for some individuals

Joseph Okaly: 00:03:36

out there to get involved in the industry in the first place.

Joseph Okaly: 00:03:39

I've actually interviewed candidates before, for my firm,

Joseph Okaly: 00:03:43

that have expressed that movies like Wall Street, were really

Joseph Okaly: 00:03:46

the starting point of their inspiration to want to get

Joseph Okaly: 00:03:49

involved in stocks and you know, this this investing world.

Joseph Okaly: 00:03:54

"Gordon Gekko is your inspiration? The guy who tries

Joseph Okaly: 00:03:58

to strip down blue sky airlines?" Anybody out there who

Joseph Okaly: 00:04:02

wants to be in this industry do not use that as a conversation

Joseph Okaly: 00:04:05

point. Stealing money from other people is not what we're looking

Joseph Okaly: 00:04:08

for in this industry.

Joseph Okaly: 00:04:10

So why I find this so bothersome is that I've seen this kind of

Joseph Okaly: 00:04:15

concept put people off from using investments. If you just

Joseph Okaly: 00:04:19

park all the money under your mattress, it's going to take you

Joseph Okaly: 00:04:22

substantially longer to say the least to reach your goals, or

Joseph Okaly: 00:04:26

even worse, and probably more likely, cause you to never reach

Joseph Okaly: 00:04:29

them at all. I've shared before how we've had clients come in at

Joseph Okaly: 00:04:34

retirement, and all their money is just sitting in cash because

Joseph Okaly: 00:04:37

they were afraid of investments. Stable value just sounded safer.

Joseph Okaly: 00:04:42

They've heard of people losing everything in the movies. They

Joseph Okaly: 00:04:45

haven't heard of people missing out on retirement by being too

Joseph Okaly: 00:04:50

conservative in the movies, though. And they will wonder you

Joseph Okaly: 00:04:53

know, "hey, why does my friend my co worker have five times

Joseph Okaly: 00:04:58

more than I do even though we started at the same time?" They

Joseph Okaly: 00:05:02

now can either not retire, or they have to retire in a very

Joseph Okaly: 00:05:06

stripped down way. And I hate the thought of that happening to

Joseph Okaly: 00:05:10

other people out there, even though I know it must that it

Joseph Okaly: 00:05:14

does, but I hate the thought of it nonetheless. It also puts

Joseph Okaly: 00:05:18

people off from having an advisor altogether. Now, I

Joseph Okaly: 00:05:22

absolutely love my job. I love it. I love helping people. I

Joseph Okaly: 00:05:26

know a lot of other advisors out there who do as well. Are there

Joseph Okaly: 00:05:30

bad advisors out there? Absolutely. 100%. Just like

Joseph Okaly: 00:05:35

there are bad accountants, bad doctors and everything else.

Joseph Okaly: 00:05:38

Look for someone who is comprehensive, though. Look who

Joseph Okaly: 00:05:42

you know, for someone who focuses on planning, more than

Joseph Okaly: 00:05:45

anything else, though, not investments, but planning and

Joseph Okaly: 00:05:48

you're likely to wind up in very good hands with more clarity and

Joseph Okaly: 00:05:52

greater chance to reach your goals and making life more

Joseph Okaly: 00:05:55

enjoyable.

Joseph Okaly: 00:05:56

As we get to the end of this episode, I want you to think

Joseph Okaly: 00:05:59

about what your views may be about investments right now. Are

Joseph Okaly: 00:06:03

they positive? Are they negative? Are they maybe

Joseph Okaly: 00:06:07

opportunistic? Are they fearful? And think about how you may have

Joseph Okaly: 00:06:12

gotten to where your mindset is today. It didn't just pop up out

Joseph Okaly: 00:06:15

of the blue, it developed to where it is today. And then

Joseph Okaly: 00:06:18

think about what mindset you might want your kids to have

Joseph Okaly: 00:06:21

about it. So if we circle back around to the gold statement for

Joseph Okaly: 00:06:24

today, if you can say "I recognize what can greatly

Joseph Okaly: 00:06:28

affect many people's perceptions of investments", then you've

Joseph Okaly: 00:06:32

succeeded in the main takeaway from today.

Joseph Okaly: 00:06:36

So thanks, as always for tuning in. Join us for next week's

Joseph Okaly: 00:06:39

episode called Winners and Losers Are Temporary, where

Joseph Okaly: 00:06:43

we're going to cover how just like every dog has its day,

Joseph Okaly: 00:06:46

every area of the market tends to have it's time to lead and

Joseph Okaly: 00:06:50

how to emotionally make the most of that fact.

Joseph Okaly: 00:06:52

So overall, if you're able to implement what we covered today,

Joseph Okaly: 00:06:56

that's fantastic as always. You have less to worry about them

Joseph Okaly: 00:06:59

before and you can focus more on enjoying life. If you are

Joseph Okaly: 00:07:03

wanting help with these things, though, have questions, need

Joseph Okaly: 00:07:06

something clarified, check out the ASK JOE section on the

Joseph Okaly: 00:07:09

show's website EnjoyMore30s, EnjoyMore30s.com and you can

Joseph Okaly: 00:07:14

also connect with me directly by visiting my wealth management

Joseph Okaly: 00:07:16

firm's site. New Horizons Wealth Management at nhwmllc.com. Until

Joseph Okaly: 00:07:24

next week, thanks for joining me today and I look forward to

Joseph Okaly: 00:07:26

connecting with you again soon.

Voiceover Audio: 00:07:28

The conversations on this show are

Voiceover Audio: 00:07:30

Joe's opinions are provided for general information purposes

Voiceover Audio: 00:07:33

only. They do not constitute accounting, legal, tax, or other

Voiceover Audio: 00:07:36

professional advice for your specific situation. You should

Voiceover Audio: 00:07:40

always seek appropriate advice from a financial advisor,

Voiceover Audio: 00:07:42

accountant, lawyer, or other professional before acting upon

Voiceover Audio: 00:07:46

any content or information found here first. Joe is affiliated

Voiceover Audio: 00:07:50

with New Horizons Wealth Management LLC, a branch office

Voiceover Audio: 00:07:53

of TFS Securities, Inc., and TFS Advisory Services an SEC

Voiceover Audio: 00:07:57

Registered Investment Advisor, Member FINRA/SIPC.