Enjoy More 30s: Family Finance

Joseph P. Okaly
  • 5.0 (13)
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  • UPDATED WEEKLY
Enjoy More 30s: Family Finance

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.

  1. Step Up! The Gain is Gone - REMIX | Series 10.6

    12/12/2022

    Step Up! The Gain is Gone - REMIX | Series 10.6

    Certain assets will now forgive all taxable gains, but what about losses? Now this original episode, we spoke about how if you inherit what they call taxable, so non IRA or annuity type assets, so really essentially, if money's in a joint account or an individual account, something like that, as of 2022, that entire gain would be forgiven. (01:06)So you would let's say inherit that $500 and that would be your kind of starting point. You wouldn't have to pay tax on that $450 growth that they experienced, that whole thing would kind of be thrown out and your new starting point would be the $500 value of where it is today. (03:10)So while avoiding gains is possible, so is missing out on losses. And for 2022 there may be losses all around to harvest, you know, that's what they call it, harvesting the losses, both for you and maybe your parents as well. (04:19) Quote for the episode: "So taking a look at what this is and if harvesting any losses makes sense for your situation, this would potentially be worth looking into for something to do before the end of the year with your advisor, most likely, if you're not capable of doing that on your own." (04:47) 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.

    7 min
  2. The Stock Market Doesn't Care About Political Parties - REMIX | Series 10.5

    12/05/2022

    The Stock Market Doesn't Care About Political Parties - REMIX | Series 10.5

    Overall, what the market tends to be influenced by is certainty vs uncertainty. Studies have been done on the president, the House, the Senate, combining all three of these in different ways to see which one of those has been the most favorable to the stock market in past history. And what they found after what I'm sure was a lot of work is that there is no strong correlation for any particular combination over the long term. (03:19)One strong positive indicator, however, is the midterm elections themselves. So not who wins the elections, but the elections themselves. (03:56)Going back even further to 1950, if we look at every 12 month period, immediately following the midterm election date, it has been positive. Every single one going back to 1950 with an average of 15.1%. (04:23) Quote for the episode: "Overall, what the stock market tends to be influenced by more than anything is certainty versus uncertainty." (05:01) 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.

    7 min
  3. How to Talk With Parents About Money - REMIX | Series 10.4

    11/28/2022

    How to Talk With Parents About Money - REMIX | Series 10.4

    Open communication with your parents about money may be more important than you think, especially now. So how much are our parents affected? Can they still recover their expenses long term, if they're in these heavily bond weighted portfolios? (03:11)They have a different perspective from us, they're a different generation. (05:37)But there are more and more products coming out that approach risk in different ways. You may come across terms such as buffered annuities or buffered ETFs for example. (07:20) Quote for the episode: "Just like you should at least be asking your advisor if you have concerns about your own portfolio, your parents really should be doing the same." (07:44) 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.

    9 min
  4. You May Already Be a Future Millionaire - REMIX | Series 10.3

    11/21/2022

    You May Already Be a Future Millionaire - REMIX | Series 10.3

    Keep a long term view, this might just be traffic on the road to your destination. ...what we can do is still pause and take a look when it comes to finances just like Lauren and I do with that last luggage check. You know, what do we actually need, keeping things in perspective. (02:14)Since it took a year to recover in our example now there's only 19 years left for that same $250,000 to grow during our total 20 year period of time that we set. So instead now we've arriving at $1 million with only 19 years to grow, we arrive at a lower number, obviously, around $940,000. (04:43)Yes, it's upsetting but it's upsetting because money is a tool that we're relying on to accomplish our goals. So let's frame it back into money being a tool back into the question of how will this ultimately impact us achieving our goals. (06:11) Quote for the episode: "So if we can still very reasonably expect to be on a substantially similar path for our goals, if we can frame our mindset as such, then we can really look at all of this a little bit more as perhaps traffic on the highway to our destination." (06:26) 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.

    8 min
  5. Stocks Lead, Don't Follow - REMIX | Series 10.2

    11/14/2022

    Stocks Lead, Don't Follow - REMIX | Series 10.2

    Reminding ourselves how the stock market tends to work, how it is a leading indicator, can be a helpful emotional refresher course. The stock market, if you remember is what they call a leading indicator. Basically, what that means is that it acts in advance of what people think is going to happen. (02:27)Think the 2008 mortgage crisis or 2020 COVID. There was very little clarity at the time on what was going to happen next. And that uncertainty is what drove the volatility. (03:12)So what you can do is really the hardest thing sometimes and that's just not touching it. You are probably reacting off of past information. (05:09) Quote for the episode: "So if we accept that things are going to move ahead of time, that leading indicator before we will have a chance to generally react, then we can potentially avoid some of the big mistakes that too many investors make by pulling out when things are already low, and generally not adding money back in until things have significantly rebounded, leaving them with much less than they ought to have had, if they just not touched it throughout the ride." (06:03) 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.

    8 min
  6. Unknowns Are Scary - REMIX | Series 10.1

    11/09/2022

    Unknowns Are Scary - REMIX | Series 10.1

    With more education, there's less fear. A lot of times when it comes to finances is we don't even know what we don't know. (03:19)When stocks sell down, though you have that other area of your portfolio, right? Bonds, fixed income, they are more conservative, they will help us balance out those losses. (05:28)In the 2008 financial crisis and the 2020 pandemic, bonds did hold up considerably better than stocks. However, this time around, the reason for the losses were rising interest rates. (05:49) Quote for the episode: Maybe now instead of saying "why is this happening to my portfolio", you can say, "I kind of get why this is now happening to my portfolio. (07:21) 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.

    9 min
  7. 10 Ways to NOT Be a Millionaire - Series Recap | Series 9.11

    10/24/2022

    10 Ways to NOT Be a Millionaire - Series Recap | Series 9.11

    Recapping easy traps people tend to fall into when it comes to money and saying good bye to Joe's game show voice! Someone who saves $500 a month at 10% for 30 years, winds up with over $1.1 million. Someone who waits 10 years and then starts the same exact program would wind up with less than $400,000. (01:44)For a young family, your future income potential is your greatest asset. If you make $100,000 now, then over the next 30 years at 2% wage growth, you would bring in over $4 million. A huge asset that is exposed by not having disability insurance protection. (03:18)Spending a greater percentage on our budget on cars and houses and other shiny objects can feel great and simultaneously, it can push us farther away from being millionaires. (07:14) Quote for the episode: "Wealth is what you have, what you save and grow, not what you make." (08:42) 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.

    12 min
  8. Living for Lifestyle | Series 9.10

    10/17/2022

    Living for Lifestyle | Series 9.10

    Spending money does not equal wealth. Let's say between a little bit of a fancier car, larger house and other great lifestyle items, we can increase our spending by $500 a month. (01:45)And so for example, we can help ourselves miss out on an extra $500 a month savings for say the next 30 years, which if it grew at an assumed 10% would come out to over $1.1 million. (02:08)Furthermore, if the $400,000 earner is saving $60,000, that means they are living on the other $340,000 a year. When they retire will they want to give up all those great lifestyle items they have grown accustomed to over the last 30 years? (03:25) Quote for the episode: "And so instead of believing spending money means that you have wealth, you can instead take on the mantra of "it is not about how much you make, it is about how much you save." (02:39) 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.

    5 min
See All (94)

5
out of 5
13 Ratings

About

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.

Information

  • Creator
    Joseph P. Okaly
  • Years Active
    2021 - 2022
  • Episodes
    94
  • Rating
    Clean
  • Copyright
    © Copyright 2021 All rights reserved.
  • Show Website
    Enjoy More 30s: Family Finance

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