The Financial Parables of Your Life - Series 8 Recap

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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.

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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

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

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

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

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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.

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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

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

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Registered Investment Advisor, Member FINRA/SIPC.