The Fisherman and the Little Fish | Series 8.9

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: 00:00:16

Hello, and welcome once again to the Enjoy More 30s

Joseph Okaly: 00:00:20

Family Finance podcast, and our series that we're working our

Joseph Okaly: 00:00:24

way through here The Financial Parables of Your Life. As you

Joseph Okaly: 00:00:28

are probably accustomed to by now each week and every week, I

Joseph Okaly: 00:00:32

am sharing what may be a somewhat altered version of a

Joseph Okaly: 00:00:36

story, a fable, a parable that you're already familiar with

Joseph Okaly: 00:00:40

because stories are just a better way to learn. They're a

Joseph Okaly: 00:00:43

better way to remember information, so let's use them

Joseph Okaly: 00:00:45

for our financial advantage too. As always, before I begin,

Joseph Okaly: 00:00:50

please share please like please leave reviews. I'd really really

Joseph Okaly: 00:00:54

love to reach and help as many young families as I can out

Joseph Okaly: 00:00:57

there just like you.

Joseph Okaly: 00:00:59

So today please join me for our story, The Fishermen and the

Joseph Okaly: 00:01:03

Little Fish. A poor fisherman who lived on the fish he caught,

Joseph Okaly: 00:01:14

had bad luck one day and caught nothing but a very small fry.

Joseph Okaly: 00:01:19

The fisherman was about to put it in his basket when the little

Joseph Okaly: 00:01:22

fish said, "Please spare me Mr. Fisherman. I am so small, it is

Joseph Okaly: 00:01:27

not worthwhile to carry me home. When I am bigger, I shall make

Joseph Okaly: 00:01:31

you a much better meal." "That is true", said the fisherman

Joseph Okaly: 00:01:36

with a smile as he slipped him into his bag nonetheless. Not

Joseph Okaly: 00:01:41

too long after the fish felt himself slipped back into the

Joseph Okaly: 00:01:44

water though. "Ha!" said the fish to himself, "That fool

Joseph Okaly: 00:01:48

won't ever see me again." What the fish did not realize is that

Joseph Okaly: 00:01:53

the fisherman slipped him into a small pond by his house, where

Joseph Okaly: 00:01:57

the small fish could grow into a much larger future meal for the

Joseph Okaly: 00:02:02

clever fisherman.

Joseph Okaly: 00:02:08

Just like how small fish grow over time to be big fish,

Joseph Okaly: 00:02:13

seemingly small amounts of money can grow substantially over time

Joseph Okaly: 00:02:17

as well. If the fishermen simply eating the small fish would be

Joseph Okaly: 00:02:21

like we many times do in just spending or consuming the money

Joseph Okaly: 00:02:26

we have and throwing that fish back would be like saying "Eh,

Joseph Okaly: 00:02:30

you know, I'll think about saving more when I'm older. Put

Joseph Okaly: 00:02:32

him back in the water." Putting that fish into your own personal

Joseph Okaly: 00:02:36

pond to grow would be like the first step in building wealth.

Joseph Okaly: 00:02:41

The really cool thing here though, is that there are a lot

Joseph Okaly: 00:02:45

of different types of ponds that we can choose from. We can use a

Joseph Okaly: 00:02:49

general investment account that we can touch at any time pond.

Joseph Okaly: 00:02:53

Something that I often refer to as an intermediate term or

Joseph Okaly: 00:02:56

buffer type of an account. So it's sitting between your bank

Joseph Okaly: 00:02:59

and your retirement accounts. This would be for goals like a

Joseph Okaly: 00:03:02

house in 5 years, a second house in 10 years down the road,

Joseph Okaly: 00:03:07

whatever it might be. We also have ponds, like traditional

Joseph Okaly: 00:03:11

IRAs that give us a tax deduction. Another even smaller

Joseph Okaly: 00:03:14

fish, if you will, in the form of a tax refund that you're

Joseph Okaly: 00:03:17

gonna get to throw into the pond with it. Or a Roth IRA pond that

Joseph Okaly: 00:03:21

grows completely tax free. Or a 401(k) plan at work that may

Joseph Okaly: 00:03:26

match what you put in up to a certain percent. So you throw in

Joseph Okaly: 00:03:30

a fish and you get one free. What's better than that? So

Joseph Okaly: 00:03:33

overall, don't wait until you can start catching big fish.

Joseph Okaly: 00:03:37

Grab those little fish, those small fish they may not seem too

Joseph Okaly: 00:03:40

important right now, and put them into your ponds when you're

Joseph Okaly: 00:03:43

young and watch them grow.

Joseph Okaly: 00:03:45

Thanks for tuning in today and join us for next week's story,

Joseph Okaly: 00:03:49

The Wild Boar and the Fox. I hope you enjoyed today's story.

Joseph Okaly: 00:03:53

Please remember to review and share for others and if you need

Joseph Okaly: 00:03:56

any help, don't hesitate and reaching out. I probably have

Joseph Okaly: 00:03:59

helped someone just like you. Until next week. Thanks for

Joseph Okaly: 00:04:02

joining me today and I look forward to connecting with you

Joseph Okaly: 00:04:04

again soon.

Voiceover Audio: 00:04:06

The conversations on this show are

Voiceover Audio: 00:04:08

Joe's opinions and provided for general information purposes

Voiceover Audio: 00:04:11

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

Voiceover Audio: 00:04:14

professional advice for your specific situation. You should

Voiceover Audio: 00:04:17

always seek appropriate advice from a financial advisor,

Voiceover Audio: 00:04:20

accountant, lawyer, or other professional before acting upon

Voiceover Audio: 00:04:24

any content or information found here first. Joe is affiliated

Voiceover Audio: 00:04:28

with New Horizons Wealth Management LLC, a branch office

Voiceover Audio: 00:04:31

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

Voiceover Audio: 00:04:35

Registered Investment Advisor, Member FINRA/SIPC.