The Financial Parables of Your Life - Series 8 Recap - Enjoy More 30s: Family Finance

Episode 13

The Financial Parables of Your Life - Series 8 Recap

Published on: 8th August, 2022

Recapping 12 financial concepts through the timeless medium of storytelling!

  • You're not going to cover everything in this series tomorrow or maybe ever. But if you take even one step forward, you are better off than before. (01:20)
  • So look at that gain, as opposed to just the gap that's still in front of you. (01:30)
  • So as I run through a recap of our stories, think about which ones would be the most important for you to remember and hold on to those in the front of your mind. Take action on those specific stories. (01:33)

Quote for the episode: "I want you to have less anxiety, I want you to have less financial worry so you can just focus your energy on what matters most, which is enjoying more living with your family with your friends and doing real things in life." (0:54)

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

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podcast. The only podcast dedicated to making life more

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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

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from simply enjoying life.

Joseph Okaly:

Hello and welcome once again to the Enjoy More 30s

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Family Finance podcast and our series recap for you today of

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The Financial Parables of Your Life series. As always, if you

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like what you're hearing, which I hope you do, please make sure

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to subscribe or follow us on Apple podcasts or wherever you

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listen. Clicking the star, leaving the review, it really

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really helps us reach the quite literally millions of other

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young families out there that are just like you.

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Now why I did this series was to help, hopefully help I guess I

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should say, you to grasp onto more of these financial concepts

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through the power of story. Storytelling is such a powerful

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medium. It helps us remember. I want you to have less anxiety, I

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want you to have less financial worry so you can just focus your

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energy on what matters most, which is enjoying more living

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with your family with your friends and doing real things in

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life. You don't need to have anxiety when it comes to money.

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I say this all the time because with the right mindset and a few

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steps in the right direction, you can really really make huge

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strides. It's not outside of your reach. Lastly, I always

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want to remind you here to be proud of the steps as you take

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them. You're not going to cover everything in this series

Joseph Okaly:

tomorrow, maybe maybe ever. But if you take even one step

Joseph Okaly:

forward, you are better off than before. So look at that gain, as

Joseph Okaly:

opposed to just the gap that's still in front of you. So as I

Joseph Okaly:

run through a recap of our stories, think about which ones

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would be the most important for you to remember and hold on to

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those in the front of your mind. Take action on those specific

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stories.

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So the first one that we did was called Belling the Kitten. You

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have a problem, feel worried about some unknown? Take action.

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Put a bell on that cat! Don't be afraid to improve more times

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than not, it's going to turn out to be just as little kitten

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problem instead of a big scary pet cat problem anyway. If you

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cared enough to listen to these episodes, if you care enough to

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The second episode we did was Great Grandma's Roast. So the

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story there and the moral of that one was don't just keep

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listen to this recap, you are capable enough to get that

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cutting off the ends of the roast because that's how you

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were taught. Question what will actually make you happy. It

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doesn't have to be what everyone else thinks they should want to

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clarity and confidence.

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have. More clarity on where you want to go to be happy means

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more chance you'll actually end up there, which would be fantastic.

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Number three, The Ant and the Grasshopper... and the Other

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Grasshopper. This one is easy. It's very straightforward. You

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can't play all the time like the grasshopper, you also shouldn't

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have to work all the time though, like the ant. If you

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save early like the other grasshopper every morning, put a

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little bit away every morning early on, early on in your life,

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then you could play more without having to worry.

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Fourth episode here The Turtle and the Hare REMIX. Here we

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don't want to be the turtle. I know the turtle is traditionally

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the hero of the story. Don't want to be the turtle. Be the

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hare. He's way faster than the turtle he should win the race.

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Just be smarter with how you run the race. When you start early

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with a plan, you are a hare. If you stay on the path you are

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very very likely to be where you want to be at the end of the day

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at the end of the path. So be careful of taking any quick

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shortcuts and investments or otherwise to try to get there

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overnight. That's how the hare gets into trouble.

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Number five Two Houses on Pleasantville Ave. There's a lot

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to be said for having money working for you outside of your

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home. Flexibility, financial flexibility. If you don't have a

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job, will the bank give you a loan? Nope. Do you want to sell

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your home to access the equity? Probably a nope to that one too.

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So there's a lot to be said for maintaining financial

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flexibility when it comes to the equity in your home.

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Number six, The Crow and the Pitcher. One pebble is very,

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very small. Pebble upon pebble upon pebble though, builds up so

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you can drink out of that pitcher. And with compound

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interest, those pebbles are more like little sponges, each

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expanding more and more as the years go by. So start with that

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one pebble, and then keep throwing them in the pitcher.

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Number seven, The Empty Boat. There are boats everywhere along

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the river of life that we lead. We'd really like to think that

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they're all safely captained, well trained responsible

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individuals but that isn't how life works. Protecting with the

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right insurances and planning ahead of time is how we keep our

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heads up as we look down the river to avoid the boats as much

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as well as we can as we're coming down towards them.

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Number eight, The Master Heron right now. Currently right now

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is better than perfect. You don't need the big promotion to

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start saving. It doesn't have to be $1,000 a month or nothing.

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There's no minimum. Like the heron, if you wait too long,

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you're gonna wind up eating the snail. Gross.

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Number nine, The Fisherman and the Little Fish. Little fish

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turn into big fish. So don't wait for the big one, grab the

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little one, figure out what pond you want to throw him in:

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intermediate kind of an account, an IRA, a 401(k), a Roth, and

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let him grow into a bigger dinner down the road.

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Number 10. The Wild Boar and the Fox. Here we talked about

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sharpening your financial tusks ahead of time. When we know what

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we're going to do through planning ahead of time, it

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suddenly becomes less scary. If you know how the movie ends, not

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so scary, right? What if they go to college? Well, here's the

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plan. What if something happened to me? Well, here's the plan.

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Will I even retire? Yes. Here's the plan. Here's the earliest,

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here's the latest, here's the trade offs, what is important to

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you? So not so scary anymore. Let's enjoy living. So get those

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tusks nice and sharp ahead of time.

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Next number 11 we had The Carpenter's Stool. A strong

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stool means a healthy financial situation for your goals to sit

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on. Cash flow, insurance protection, and investment

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strategy working in conjunction together are the legs of a

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stable financial foundation. If you only work on the investment

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piece of it, then you are not sitting on that stable stool. So

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don't get distracted. Make sure what you're sitting on is a

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strong foundation first.

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And finally, The Lion and the Mouse. So what are you an expert

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on? Great! Do that, and seek help for all else. So that's

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pretty much as straightforward as you can get for that one.

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And that's it for the recap. Hopefully you connected with a

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number of these stories. Who knows maybe you've already taken

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a couple of these steps in a better direction. And yeah,

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woohoo, if so that's a story I would love to hear.

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Now for our next series to come. Who doesn't want to be a

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millionaire? I'm guessing no one, but maybe there's a couple

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of people out there. And that's why our next series is titled 10

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Ways to NOT Be a Millionaire. So plenty of things not to do. So

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you know what you do need to do in order to get there. Being a

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millionaire isn't even a dream anymore. It's a necessity. The

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rule of thumb distribution rate that is considered sustainable

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is 4%. So on a million dollar portfolio that is only $40,000

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per year. With pensions almost a thing of the past that only

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leaves Social Security as a source of fixed income to be

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able to be relied on. Even that could very well get played with.

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So you may already want to be a millionaire but now you should

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know you need to be one too. So let's get to it.

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For today, though, that takes us to the end of our Financial

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Parables of Your Life series. Take some time to review these

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important areas, share the stories and make that one

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positive change again to put yourself one step further along

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in having life be more enjoyable for you and for your family. If

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you can absorb and implement all these items. That is fantastic.

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You are completely amazing and you have no idea how great it

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makes me feel thinking I'm helping even one person out

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there. We really live in just an amazing time where you know we

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can all connect in this kind of a way with people we don't even

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know, people we may never meet. So if it is overwhelming,

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though, if you have questions or you just want someone else to

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help you get all this stuff in order for you so you know

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exactly where you're going and what path you're on. Head on

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over to our website at www.EnjoyMore30s.com. That's

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EnjoyMore30s.com. Click Ask Joe to connect or connect with me

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directly by visiting my wealth management firm New Horizons

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Wealth Management at nhwmllc.com. I probably have

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helped someone just like you. Thanks so much for joining me

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today. Thanks so much for joining me this entire series

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and I can't wait to connect with you again soon in the series to

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come.

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,

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accountant, lawyer, or other professional before acting upon

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any content or information found here first. Joe is affiliated

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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.