Hollywood's Stock Market | Series 7.4 - Enjoy More 30s: Family Finance

Episode 4

Hollywood's Stock Market | Series 7.4

Published on: 28th March, 2022

How TV and movies give us negative perceptions about advisors and investments.

  • Goal statements: "I recognize what can greatly affect many people's perceptions of investments." (01:33)
  • They've heard of people losing everything in the movies. They haven't heard of people missing out on retirement by being too conservative in the movies, though. (04:42)
  • And think about how you may have gotten to where your mindset is today. It didn't just pop up out of the blue, it developed to where it is today. And then think about what mindset you might want your kids to have about it. (06:10)

Quote for the episode: "Look for someone who is comprehensive, though. Look for someone who focuses on planning, more than anything else, though, not investments, but planning and you're likely to wind up in very good hands with more clarity and greater chance to reach your goals and making life more enjoyable." (05:38)

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

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 next episode of this

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

enjoyable.

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

Joseph Okaly:

to subscribe or follow us on Apple podcasts or really

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

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us reach the millions of other young families out there that

Joseph Okaly:

are just like you.

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

Joseph Okaly:

power across the different Congress or President tends to

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have very little correlation to how the stock market performs,

Joseph Okaly:

as well as the certainty versus uncertainty elements that most

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

Joseph Okaly:

definitely do that soon.

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

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

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TV can really contribute a big part to the negative

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perceptions, the uneasiness that many people wind up having

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

Joseph Okaly:

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

Joseph Okaly:

succeeded statement is "I recognize what can greatly

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

camaraderie, excitement, challenge. When my wife Lauren

Joseph Okaly:

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

Joseph Okaly:

perceptions can certainly be different. Hollywood is amazing

Joseph Okaly:

at exasperating these perceptions that we have in

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

strong, but somewhat opposite in this case perceptions that you

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

Joseph Okaly:

only make movies about stinky, smelly fish.

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

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

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

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

Joseph Okaly:

otherwise quite unscrupulous things to other unsuspecting

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

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

Joseph Okaly:

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

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point, again that many people have. Perhaps even more

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

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

Joseph Okaly:

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

Joseph Okaly:

that have expressed that movies like Wall Street, were really

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the starting point of their inspiration to want to get

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

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"Gordon Gekko is your inspiration? The guy who tries

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

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

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

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for in this industry.

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

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concept put people off from using investments. If you just

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

people off from having an advisor altogether. Now, I

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

there are bad accountants, bad doctors and everything else.

Joseph Okaly:

Look for someone who is comprehensive, though. Look who

Joseph Okaly:

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

Joseph Okaly:

anything else, though, not investments, but planning and

Joseph Okaly:

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

Joseph Okaly:

greater chance to reach your goals and making life more

Joseph Okaly:

enjoyable.

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

they positive? Are they negative? Are they maybe

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

think about what mindset you might want your kids to have

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

succeeded in the main takeaway from today.

Joseph Okaly:

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

Joseph Okaly:

episode called Winners and Losers Are Temporary, where

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

how to emotionally make the most of that fact.

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

something clarified, check out the ASK JOE section on the

Joseph Okaly:

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

Joseph Okaly:

also connect with me directly by visiting my wealth management

Joseph Okaly:

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

Joseph Okaly:

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

Joseph Okaly:

connecting with you again soon.

Voiceover Audio:

The conversations on this show are

Voiceover Audio:

Joe's opinions are 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.

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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.