LIVE! How to Excel in Your Financial Mindset | Fishbowl - Enjoy More 30s: Family Finance

Episode 1

LIVE! How to Excel in Your Financial Mindset | Fishbowl

Published on: 16th November, 2021

Excelling in your money mindset doesn't mean a big net worth. It means putting yourself in a position to make life most enjoyable to you, however you define that.

  • The goal for today is really just for you to walk away from tonight with a better understanding of your current money mindset, and what you can change to better excel when it comes to that mindset. (03:23)
  • I would say a lot of the finance stuff that's the loudest like if somebody is shouting at you through the TV and hitting a buzzer, they're probably not the person you want to be taking advice from. (13:56)
  • So if you're wanting to be in a good place down the road, you're probably wanting to save, I would say at least 10% of your gross income. (29:59)

Quote for the event. "So excelling in your money mindset doesn't mean a big net worth. Excelling in your money mindset means putting yourself in a position to make life most enjoyable to you. However, you may individually define that." (19:32)

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Transcript
Voiceover Audio:

Welcome to the EnjoyMore30s 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 EnjoyMore30s Family

Joseph Okaly:

Finance podcast. Today we have a special live recording that

Joseph Okaly:

we're going to share with you called How To Excel In Your

Joseph Okaly:

Financial Mindset, which was broadcast live across the

Joseph Okaly:

Fishbowl app. So instead of a normal episode today, you can

Joseph Okaly:

hear this recording. It has a great Q&A, a lot of back and

Joseph Okaly:

forth. So I thought it would have a lot of valuable

Joseph Okaly:

information in it that I wanted to share. I must apologize a

Joseph Okaly:

little bit for the audio, with the back and forth between both

Joseph Okaly:

of the co-hosts, myself, and Jade Rose, it does get a little

Joseph Okaly:

choppy at times, but I tried to smooth it out as much as

Joseph Okaly:

possible. So without further ado, enjoy, and I hope you very

Joseph Okaly:

much get something out of this episode.

Jade Rose:

Great. So we've got a good crowd here. So I think

Jade Rose:

let's get started. So thank you, everyone for joining us this

Jade Rose:

evening for the How To Excel In Your Financial Mindset Live. My

Jade Rose:

name is Jade Rose, and I run the financial advisor Fishbowl all

Jade Rose:

the way from the other side of the pond. And we're very lucky

Jade Rose:

to have Joe Okaly with us this evening. So Joe is a financial

Jade Rose:

advisor, CFP holder, podcaster, and father of two children. As I

Jade Rose:

said, we'll be opening up the floor to questions in the second

Jade Rose:

half of the Live, which will run for 60 minutes. And if you'd

Jade Rose:

like to ask any questions, use the button in the bottom right.

Joseph Okaly:

So Joe, thank you so much for joining us this

Joseph Okaly:

evening before we jump into the topics, could you just tell us a

Joseph Okaly:

bit more about yourself? Yeah, absolutely Jade, thank you so

Joseph Okaly:

much for being here. First off, for taking the time to to be

Joseph Okaly:

involved in this event today. I have a lot of faith in in

Joseph Okaly:

spreading this message. And I really appreciate you being a

Joseph Okaly:

part of it. And as I kind of mentioned to you before

Joseph Okaly:

everybody here jumped on, you just have the most beautiful

Joseph Okaly:

accent I've ever heard. And unfortunately, they're gonna

Joseph Okaly:

have to listen to my North Jersey coffee accent for the

Joseph Okaly:

majority of today. But I definitely appreciate everything

Joseph Okaly:

that that you're contributing. Like Jade said, my name is Joe

Joseph Okaly:

Okaly, I'm a certified financial planner CFP. For those of you

Joseph Okaly:

out here who may have heard of a CPA designation, that's, that's

Joseph Okaly:

more well known for accountants. This is kind of like the highest

Joseph Okaly:

equivalent designation that I can receive in my own personal

Joseph Okaly:

field. I'm 35 years old. I've been an advisor, though, for 14

Joseph Okaly:

years already. So basically my entire adult life. I run the

Joseph Okaly:

wealth management firm that I'm associated with. And I also have

Joseph Okaly:

a podcast trying to help young families specifically with their

Joseph Okaly:

money. And that's called EnjoyMore30s Family Finance. So

Joseph Okaly:

this is by far my biggest professional passion is getting

Joseph Okaly:

this message out there to people out like you that can help, you

Joseph Okaly:

know be helped by this. And, you know, so that's really where I

Joseph Okaly:

focus more most of my professional energy. I've been a

Joseph Okaly:

guest on a number of other podcasts, a couple in the UK, a

Joseph Okaly:

number of other ones here in the US. As Jade did mention, I am

Joseph Okaly:

married. And I have two just fantastic kids. My wife, Lauren

Joseph Okaly:

was a teacher. She changed careers, to focus more on her

Joseph Okaly:

passion. So we're gonna definitely talk more about that

Joseph Okaly:

later on today. And yeah, so like Jade said that the goal for

Joseph Okaly:

today is really just to, you know, for you to walk away from

Joseph Okaly:

tonight with a better understanding of your current

Joseph Okaly:

money mindset, and what you can change to better excel when it

Joseph Okaly:

comes to that mindset. And it may sound weird, like we have a

Joseph Okaly:

relationship with money, but money really greatly affects so

Joseph Okaly:

many aspects of our lives. We literally have this weird

Joseph Okaly:

relationship with it that just kind of forms. And for some

Joseph Okaly:

people money can mean freedom, but to most people really the

Joseph Okaly:

vast majority of people that I come across and it's really even

Joseph Okaly:

the people that have money, which is the funniest thing, it

Joseph Okaly:

can mean anxiety. It affects what job you decide to take,

Joseph Okaly:

what goals you set for yourself, so you know in many ways, the

Joseph Okaly:

way you're you live your life and the happiness that you're

Joseph Okaly:

ultimately able to derive from it. So needless to say this

Joseph Okaly:

money mindset is, is super, super important. So Jade, if you

Joseph Okaly:

wouldn't mind if you could run through kind of how we're set up

Joseph Okaly:

to do this for today, the sections that we kind of have

Joseph Okaly:

organized tonight's session into?

Jade Rose:

Yeah, absolutely. So while there are so many things

Jade Rose:

that that I have just picked out from, from your introduction

Jade Rose:

that I'll definitely touch on later. Such an interesting

Jade Rose:

background. So how this is gonna work. We have three main topics

Jade Rose:

we're going to discuss with you tonight. It's how your money

Jade Rose:

mindset got you to where you are. It's where your mindset can

Jade Rose:

take you. And then three questions that our audience can

Jade Rose:

use to start excelling in their own money mindset. Before we

Jade Rose:

jump into the first one, there's something I wanted to ask you so

Jade Rose:

something I've seen on your socials on your website is

Jade Rose:

"making life more enjoyable". And I think it'd be quite

Jade Rose:

interesting to explain what you mean by that, before we dive

Jade Rose:

into the practical steps of building a healthy mindset.

Joseph Okaly:

Sure, yeah, absolutely. And this is really

Joseph Okaly:

the the focus of how we try to, you know, put our all of our

Joseph Okaly:

energies when we're working with people, as advisors. And a lot

Joseph Okaly:

of this we're actually going to touch on touch on as, as the

Joseph Okaly:

conversation goes. But essentially, you know, money is

Joseph Okaly:

something that a lot of people focus on the specific

Joseph Okaly:

investments or the specific insurance, all these very

Joseph Okaly:

specific details, but the whole point of all of that is for us

Joseph Okaly:

to really, if all that's where it needs to be, then we don't

Joseph Okaly:

have to worry about that anymore. And we can just focus

Joseph Okaly:

on making life as enjoyable as possible. So you know, I think

Joseph Okaly:

that leads perfectly into kind of how we got our mindset here

Joseph Okaly:

to where it is today. And for me, the fact that I know

Joseph Okaly:

anything when it comes to finances was completely just

Joseph Okaly:

dumb luck. A professor in college brought in this person

Joseph Okaly:

called a financial planner, which I had never heard of, to

Joseph Okaly:

any extent before. And I became interested and wound up pursuing

Joseph Okaly:

that kind of a career. And because of that these financial

Joseph Okaly:

planning methods and resources that we're going to talk to you

Joseph Okaly:

tonight about, were always accessible to me. What I used

Joseph Okaly:

for other people in their planning, their retirement,

Joseph Okaly:

their investments, their insurance, whatever, whatever it

Joseph Okaly:

may have been, I just naturally did that for myself. And when I

Joseph Okaly:

spoke to, you know, other people, especially young

Joseph Okaly:

families out there, I became readily conscious of this

Joseph Okaly:

complete dumb luck that I had received and started to value it

Joseph Okaly:

a lot more highly, because I didn't feel anxiety around money

Joseph Okaly:

or anything, because my job literally trained me to handle

Joseph Okaly:

it myself. And without that, I would have just been lost. So

Joseph Okaly:

when I when I saw that, and you know, when everybody's growing

Joseph Okaly:

up or going through school, and I'm guessing nobody out there

Joseph Okaly:

had a comprehensive financial literacy coursework in school.

Joseph Okaly:

I'm guessing that no one even had an in comprehensive

Joseph Okaly:

financial literacy coursework in school. And, you know, that's

Joseph Okaly:

the norm from everyone. I've spoken to Jade, I don't know

Joseph Okaly:

about you over over in the UK. But certainly in the US, there's

Joseph Okaly:

there's almost no financial literacy that's taught in any of

Joseph Okaly:

the schools.

Jade Rose:

Yeah, it's the same over here. It's non existent.

Joseph Okaly:

Yeah, I mean, the line I always say is, you know,

Joseph Okaly:

Shakespeare is well and good, but to be or, you know, not to

Joseph Okaly:

be doesn't really help to buy or not to pay or to spend or not to

Joseph Okaly:

spend, or to save or not to save. And, you know, the truth

Joseph Okaly:

of it all is that you were everybody listening here was

Joseph Okaly:

probably unprepared coming out of school when it came to your

Joseph Okaly:

money mindset. I was unprepared coming out of school when it

Joseph Okaly:

came to my money mindset. You know, essentially everybody out

Joseph Okaly:

there is unprepared when it comes to the money mindset. And

Joseph Okaly:

society for some reason says we can't talk about money, it's too

Joseph Okaly:

taboo. So I can go online and go on Facebook and for some reason,

Joseph Okaly:

posting pictures of yourself in your bathing suit on the beach

Joseph Okaly:

is perfectly acceptable all the time. But asking someone

Joseph Okaly:

publicly on social media, "hey, I got a raise, what should I do

Joseph Okaly:

with this money? Or I just had a second kid, how do I know if I

Joseph Okaly:

have enough life insurance?", that seems to be you know, too

Joseph Okaly:

taboo, that has to be, you know, kept behind locked doors. And so

Joseph Okaly:

we're in a position where we're not really educated at all, we

Joseph Okaly:

can't really publicly ask about it. And so the last resource

Joseph Okaly:

resource is going to the industry that specializes it so,

Joseph Okaly:

you know, Jade and myself, you know, we're in this industry,

Joseph Okaly:

that is, you know, somewhat confusing, intimidating. We seem

Joseph Okaly:

to like to build these jargon walls to make it as

Joseph Okaly:

uncomfortable as possible for people, you know, like wealth

Joseph Okaly:

management, for instance, is the easy one. Wealth Management

Joseph Okaly:

implies you already have wealth, to manage, which most people

Joseph Okaly:

don't, and people who actually do have wealth probably had

Joseph Okaly:

someone help them get that wealth at some point in their

Joseph Okaly:

lives. So you know, more appropriate titling would be,

Joseph Okaly:

you know, I want to have wealth management, or I don't want to

Joseph Okaly:

be poor management. Unfortunately, I don't have the

Joseph Okaly:

power to change those social norms. But that seems to be the

Joseph Okaly:

case. So you know, most people come out of school with 1, not

Joseph Okaly:

having likely said any financial education, and 2, feeling like

Joseph Okaly:

they really have no comfortable resources, at least to reach out

Joseph Okaly:

to. And despite all that, though, we all stumble into our

Joseph Okaly:

own mindsets about money. We come out of school, and we have

Joseph Okaly:

you know, some form of relationship with it at this

Joseph Okaly:

point. We weren't taught it but it just kind of subconsciously

Joseph Okaly:

developed and maybe some of that we pick up from looking at our

Joseph Okaly:

parents we either say "hey, wow their mom and dad pretty smart.

Joseph Okaly:

I'm going to do that too". Or maybe like "Oh, mom and dad

Joseph Okaly:

seemed like they're really struggling. I'm gonna do the

Joseph Okaly:

opposite of what they're doing here". Or even you know, music

Joseph Okaly:

videos with you know, Bentleys, gold chains, and making it rain

Joseph Okaly:

dollar bills, all really not great resources for for

Joseph Okaly:

developing a great money mindset. So what I'd like

Joseph Okaly:

everyone to do to kind of finish off this first section, I guess,

Joseph Okaly:

is let's all visualize if you close your eyes and you think of

Joseph Okaly:

all your kind of close family and friends. So you know, 10-15

Joseph Okaly:

people, something like that. Visualize them in your head. And

Joseph Okaly:

below that, I want you to put three different boxes below

Joseph Okaly:

them. So first, let's think about those people that you're

Joseph Okaly:

that you're visualizing right now that have a mindset of a

Joseph Okaly:

spender. So we all know spenders, every time we see

Joseph Okaly:

them, they seem to have something new or cool to show

Joseph Okaly:

you. So grab all those people that you're visualizing right

Joseph Okaly:

now that are spenders, and let's put them in that first box. Now,

Joseph Okaly:

let's move on to the second mindset, a saver. So you know,

Joseph Okaly:

everybody knows people that are good at saving, you don't really

Joseph Okaly:

see them save, you kind of you know that they seem to be

Joseph Okaly:

putting away enough. They seem to always have money for what

Joseph Okaly:

they need to have money for. So all those people that you're

Joseph Okaly:

visualizing that are savers, grab them, and let's visually

Joseph Okaly:

put them into that second box. Now, there's the last box here,

Joseph Okaly:

which I'm guessing should be most of the other people that

Joseph Okaly:

that you have left, I find to be just the people that that hate

Joseph Okaly:

spending. They don't, they don't spend money, they don't really

Joseph Okaly:

seem to have it when they need it either. So you kind of you

Joseph Okaly:

know, the people were that when the bill comes out at dinner,

Joseph Okaly:

they kind of cringe thinking about having to put anything

Joseph Okaly:

into the pot there. But let's grab the rest of those people

Joseph Okaly:

and put them into that last box. So you visualize all these

Joseph Okaly:

family and friends. And we have them in these three different

Joseph Okaly:

boxes now. So let's say now that those people that you just put

Joseph Okaly:

into those three boxes, were doing this same exact exercise

Joseph Okaly:

and you were one of the people that they visualized. What which

Joseph Okaly:

one of those three boxes do you think that they would be placing

Joseph Okaly:

you in right now? Where do you think they put you from your

Joseph Okaly:

money mindset standpoint, right now.

Joseph Okaly:

And the point of going through kind of this visualization, what

Joseph Okaly:

I find this to be helpful to do is 1, show like everybody that

Joseph Okaly:

you visualized, you could put them in some box, they all have

Joseph Okaly:

some kind of a money mindset that they all develop despite

Joseph Okaly:

having no education, despite maybe having no resources to

Joseph Okaly:

talk to other people. And the second part that I find really

Joseph Okaly:

interesting about this exercise is that when we think about what

Joseph Okaly:

other people would think about our money mindset, what what

Joseph Okaly:

box, they would put us and it kind of quickly brings anxiety,

Joseph Okaly:

it shows like, you know what other people think of how we

Joseph Okaly:

handle money is kind of stressful for us. It's kind of,

Joseph Okaly:

you know, important to us that they think of us in a certain

Joseph Okaly:

way. And what I want to kind of start off here with is, you

Joseph Okaly:

know, the there is no blame, there's no shame or anything for

Joseph Okaly:

where everyone is at this point in time. Again, we didn't get

Joseph Okaly:

the education, you didn't get the resources but now that we

Joseph Okaly:

start building up this mindset, we're aware that we do have a

Joseph Okaly:

mindset, we do have a relationship with money at this

Joseph Okaly:

point in time, that now allows us a starting point that we can

Joseph Okaly:

make decisions on from where that mindset goes from here and

Joseph Okaly:

how much it excels from here. So Jade anything from I guess that

Joseph Okaly:

first section that you know, any reflections that you had, or

Joseph Okaly:

anything that you kind of connected with?

Unknown:

Yeah, first of all, I'd like to know if I want wealth

Unknown:

management as trademarks, because if it isn't, I'll be

Unknown:

using that for myself. It's so true. I think the jargon is an

Unknown:

unnecessary barrier to entry. So if anyone has been considering

Unknown:

seeking financial advice or embarking on their own journey,

Unknown:

but feel they're not wealthy enough, or they don't have

Unknown:

enough knowledge, please do reach out and ask for help and

Unknown:

support because it's there for you if you need it. The other

Unknown:

thing I wanted to ask you to share with us is where can

Unknown:

people go then but as you mentioned, it's not taught on a

Unknown:

curriculum, you were very lucky to come across good financial

Unknown:

advice and support. What resources do you suggest people

Unknown:

can go to be it YouTubers, books, any other resources?

Joseph Okaly:

Sure. Yeah. So there's a lot of finance stuff

Joseph Okaly:

out there. And I would say a lot of the finance stuff that's the

Joseph Okaly:

loudest like if somebody is shouting at you through the TV

Joseph Okaly:

and hitting a buzzer, they're probably not the person you want

Joseph Okaly:

to be taking advice from. When it comes to to real you know

Joseph Okaly:

financial planning to try to get you on a path and a journey if

Joseph Okaly:

you picture kind of a point you know, a dot of where you are now

Joseph Okaly:

and a second dot you know, further on you know, down on a

Joseph Okaly:

piece of paper. We wanted to have like the smoothest

Joseph Okaly:

straightest line to get you from from where you are here to where

Joseph Okaly:

you are down there. So when you go through a lot of that

Joseph Okaly:

financial stuff that you see out there, if any that has like a

Joseph Okaly:

feeling of like get rich quick, I would definitely tell you to

Joseph Okaly:

really look at that closely. Really look at that with a with

Joseph Okaly:

a cautious eye and financial resources that you come across

Joseph Okaly:

that kind of say, you know, save, save more than you spend.

Joseph Okaly:

You know, here's some smart stuff to protect yourself.

Joseph Okaly:

Anything like that. There's a lot of podcasts out there.

Joseph Okaly:

There's you know, there's a lot of different books out there.

Joseph Okaly:

The Millionaire Next Door is one that I thought was fantastic for

Joseph Okaly:

you don't have To be flashy to accumulate wealth. So that would

Joseph Okaly:

be the overarching kind of theme that I would say to look for and

Joseph Okaly:

to avoid. I don't know, Jade, if you've had personal experience

Joseph Okaly:

in any of those kind of areas for you meeting, people looking

Joseph Okaly:

at things that they shouldn't necessarily be focusing on to,

Joseph Okaly:

to try to gain some of that financial knowledge.

Jade Rose:

Yeah, I completely agree. There are a lot of

Jade Rose:

questionable resources out there. But like you said, the

Jade Rose:

obvious ones that scream, paid course or get rich quick, I, I

Jade Rose:

would steer clear from another question on your mindset, then.

Jade Rose:

So you graduated college in well, when when the financial

Jade Rose:

crisis was happening, which is quite a pivotal point in your

Jade Rose:

life and your career. And now you said you never had anxiety

Jade Rose:

around money because of the education that you'd received?

Jade Rose:

To have how did that play out during 2008? When you're just

Jade Rose:

embarking on your own career?

Joseph Okaly:

Yeah, so I mean, one of the coaching programs

Jade Rose:

Yeah, I love that. That's such a great attitude to

Jade Rose:

that I use, I don't know if anybody out there has heard of

Jade Rose:

Strategic Coach before. But that's a phenomenal resource, a

Jade Rose:

phenomenal program, and one of the things that they teach is,

Jade Rose:

you know, there's no, there's no real negative, there's no,

Jade Rose:

there's always opportunity within there. So, you know, in

Jade Rose:

2008, everything's dropping, that also means a lot of people

Jade Rose:

are looking for financial advice, because the things that

Jade Rose:

they've been doing probably aren't working. It also

Jade Rose:

corresponded with mortgage rates here dropping down, and people

Jade Rose:

needing to refinance, to be able to still keep their bills the

Jade Rose:

way they were. So refinancing was a big part of what I did in

Jade Rose:

2008. You know, even in COVID, this last year, it gave us the

Jade Rose:

opportunity to really greatly expand our resources with

Jade Rose:

jumping into zoom, like so many other companies did, focusing

Jade Rose:

more on making videos and media content that a lot of people out

Jade Rose:

have. So for anyone who's just joined us, we are chatting with

Jade Rose:

there could consume. So, you know, it there's, there's always

Jade Rose:

hurdles no matter where, where you are, and, you know, even in

Jade Rose:

our industry, when everything is, is going up, you know,

Jade Rose:

convincing someone to to work with you, instead of someone

Jade Rose:

else I would say is probably even harder, because

Jade Rose:

everything's just going straight up. It's the times that are

Jade Rose:

difficult, that, that I think, have way more opportunity in

Jade Rose:

them for you to shine if you're willing to do it and, you know,

Jade Rose:

Joe Okaly, financial advisor and podcaster. Joe is discussing how

Jade Rose:

n a unique way. Like 2008, the dvisors that just put their

Jade Rose:

ead in the sand and tried to ide from their clients, because

Jade Rose:

hey were so afraid of what they ight say, those are the ones

Jade Rose:

hat probably lost more clients t an they gain as opposed to the

Jade Rose:

dvisors that really stepped up he opportunity and tried to

Jade Rose:

ngage even more with their lients, I think did a lot

Jade Rose:

etter. And that was at least my ersonal experience back when I

Jade Rose:

tarted in 2008.

Jade Rose:

to excel in your financial mindset and is answering any

Jade Rose:

questions you guys may have. If you'd like to ask a question,

Jade Rose:

please use the button in the bottom right hand corner, and

Jade Rose:

then you can join the stage there. So our next section, then

Jade Rose:

we're going to discuss where your mindset can take

Joseph Okaly:

Yeah, thank you so much Jade. So we kind of set

Joseph Okaly:

that stage through this early part of the conversation to

Joseph Okaly:

hopefully get everybody on the same page of you do have a

Joseph Okaly:

mindset when it comes to money already, you have a relationship

Joseph Okaly:

with money already and you know, despite any conscious effort,

Joseph Okaly:

perhaps or any intentional schooling, we all kind of wound

Joseph Okaly:

up in this spot. So this next section, my daughter, Avery,

Joseph Okaly:

she's almost five, she's a huge fan of the Frozen movies,

Joseph Okaly:

obviously being Elsa for Halloween. So this is kind of

Joseph Okaly:

like the Into The Unknown section of the presentation, if

Joseph Okaly:

you will. So going back to that visualization exercise that we

Joseph Okaly:

did before where we're picturing all of our family and our

Joseph Okaly:

friends and you know the mindsets they might have as

Joseph Okaly:

spenders or savers or anything else. You know, one of the

Joseph Okaly:

things that you'll notice is that there really is there's no

Joseph Okaly:

inherent right or wrong that I at least intentionally tried to

Joseph Okaly:

point out, you know, because the default that you may think that

Joseph Okaly:

a lot of people think or like, you know savers are good and

Joseph Okaly:

spenders are bad. And the goal in life though and is not to

Joseph Okaly:

accumulate as much money as possible, not to have a really

Joseph Okaly:

large number on a piece of paper, which is what you would

Joseph Okaly:

expect an advisor to tell you like save, save, save, just get

Joseph Okaly:

this this investment value as big as it possibly can be. But

Joseph Okaly:

certainly to me, that's not the case. It's to make life most

Joseph Okaly:

enjoyable to you, however you may define it. So that's

Joseph Okaly:

something that Jade brought up kind of earlier in the

Joseph Okaly:

presentation. And this is really the heart of what I'm hoping to

Joseph Okaly:

get across to everybody today. So excelling in your money

Joseph Okaly:

mindset doesn't mean a big net worth. Excelling in your money

Joseph Okaly:

mindset means putting yourself in a position to make life most

Joseph Okaly:

enjoyable to you. However, you may individually define that. So

Joseph Okaly:

if you're a saver mindset, let's say and you're not experiencing

Joseph Okaly:

life as much as you could be, because you're just trying to

Joseph Okaly:

save every penny, you're afraid of what the future may be

Joseph Okaly:

because it's unknown. To me, that's a huge problem as an

Joseph Okaly:

advisor. You're missing out on those trips to Disney World.

Joseph Okaly:

You're missing out on maybe that nicer house that you could enjoy

Joseph Okaly:

more with your kids or whatever else it might be. If you're a

Joseph Okaly:

spender mindset, you're obviously not putting away, you

Joseph Okaly:

know enough money for the future, you have other goals,

Joseph Okaly:

probably long term that are really important, you know, down

Joseph Okaly:

the road. So that's obviously a problem as well. But either one

Joseph Okaly:

of these can be a problem. So neither one of those I would

Joseph Okaly:

define as really excelling in their financial mindset. And the

Joseph Okaly:

trick here with all of this really is having some idea of

Joseph Okaly:

where you're going. Having that plan so that you're freer to

Joseph Okaly:

spend whatever is excess on living and not have that guilt,

Joseph Okaly:

that that tends to kind of tack along with the process. So like,

Joseph Okaly:

you know, if you're going to the ice cream shop to buy an ice

Joseph Okaly:

cream cone, and you don't know how much money is in your

Joseph Okaly:

pocket, that's a problem. You walk up to the register, and

Joseph Okaly:

maybe I don't know how much I have on the order of the small

Joseph Okaly:

ice cream cone. And then you pull $100 bill out of your

Joseph Okaly:

pocket, you're gonna be kicking yourself! Who wants a small ice

Joseph Okaly:

cream cone? And the complete reverse of that if you walk up

Joseph Okaly:

to the counter, and you order the large and then you pull out

Joseph Okaly:

a $1 bill, and you have to ask the guy to scrape a scoop off

Joseph Okaly:

the top, you look like a fool. So we don't want that either.

Joseph Okaly:

The mindset shift, though, that this allows us to make is

Joseph Okaly:

everybody seems to work off of educated guesses. And we want to

Joseph Okaly:

get that closer at, you know, as close as we can to making that

Joseph Okaly:

educated decisions instead. Because people that again, excel

Joseph Okaly:

in their financial mindset are those that see money as a tool,

Joseph Okaly:

instead of a goal in of itself. The money is not the goal, the

Joseph Okaly:

ice cream is the goal. The vacations are the goal. The

Joseph Okaly:

happiness is the goal. So people that excel in their financial

Joseph Okaly:

mindset are the people who really recognize that end goal.

Joseph Okaly:

And it may seem like a no brainer, you know, we all want

Joseph Okaly:

to be happy. But there's really a huge mindset difference here

Joseph Okaly:

when you look at possible actions that you can make and

Joseph Okaly:

what seemingly could be very easy scenarios that could be

Joseph Okaly:

overlooked.

Joseph Okaly:

So like as an example, let's say that you're working right now,

Joseph Okaly:

someone comes to you, and they offer you a job for $25,000 or

Joseph Okaly:

more per year. The conventional wisdom automatically is that you

Joseph Okaly:

take it. More money equals better, you know? When you have

Joseph Okaly:

a mindset of money, though, as a tool, we can reframe that whole

Joseph Okaly:

scenario. We can instead say, what can more of this tool allow

Joseph Okaly:

me to do that I can't already do to make my life happier. So if

Joseph Okaly:

this new job comes a longer commute, seeing my family less,

Joseph Okaly:

and you're not clear on how you can use this extra tool from a

Joseph Okaly:

happiness standpoint, then I'd have to kind of ask you, you

Joseph Okaly:

know, why are you doing this? Do you need more of this tool for

Joseph Okaly:

what you have to give up? And if your answer is like, well, you

Joseph Okaly:

know, I have relatives overseas, more of this tool, will allow me

Joseph Okaly:

to now give my kids that experience to connect more with

Joseph Okaly:

family. That's fantastic. Your your mindset now is in a place

Joseph Okaly:

where it's allowing you to make an educated decision. Or maybe

Joseph Okaly:

you know, you want a house with a really big backyard, because

Joseph Okaly:

you always pictured yourself playing, you know, back there on

Joseph Okaly:

weekends with your kids. You know, again, that mindset is

Joseph Okaly:

allowing you to make an educated decision. You know, specifically

Joseph Okaly:

what more of this tool will allow you to do.

Joseph Okaly:

So I had brought up my wife, Lauren, earlier in this

Joseph Okaly:

presentation. Why she is so awesome, is she used to be a

Joseph Okaly:

teacher. And now she's a social media marketer for a competitive

Joseph Okaly:

cheerleading gym. And this whole money as a tool was was a real

Joseph Okaly:

life thing that we that we went through that we had to evaluate.

Joseph Okaly:

And cheerleading, competitive cheerleading is her passion. I

Joseph Okaly:

need to definitely define competitive cheerleading, it is

Joseph Okaly:

not the pom poms on the side of the football game, but rather

Joseph Okaly:

the giant pyramids of human beings that are flipping on each

Joseph Okaly:

other heads. So that that's the competitive cheerleading that

Joseph Okaly:

she loves. Now, when you when you're a teacher here in New

Joseph Okaly:

Jersey, you go from having a pension, this very secure

Joseph Okaly:

position. And now the pensions gone, the salary gets cut, but

Joseph Okaly:

overall for our family, it was an exponential leap in

Joseph Okaly:

happiness. And so I don't want this to turn into you know,

Joseph Okaly:

willy nilly follow your dreams, chase rainbows, not telling you

Joseph Okaly:

not to like money. I very much like money. I'm saying that when

Joseph Okaly:

we looked at where we wanted to go, and how many tools we needed

Joseph Okaly:

to do that, actually, we still had enough tools for our

Joseph Okaly:

adjusted plan. We didn't follow the plan that would allow us to

Joseph Okaly:

accumulate the most tools. Our money mindset actually allowed

Joseph Okaly:

us to pick the one that would allow us to have the most

Joseph Okaly:

happiness. So excelling in this financial mindset, to me really

Joseph Okaly:

means understanding this as a goal. So does any of that

Joseph Okaly:

connect with you Jade or any reflections that you have kind

Joseph Okaly:

of bouncing that back off of you?

Jade Rose:

Yeah, for sure. I think what's really interesting

Jade Rose:

is this great resignation that we're going through off the back

Jade Rose:

of COVID. Just in August this year, over 4 million Americans

Jade Rose:

quit their jobs. And I wonder if that is due to a shift in maybe

Jade Rose:

if people don't recognize it as money mindset but more of the

Jade Rose:

happiness mindset and COVID really got people thinking about

Jade Rose:

their priorities. I mean, have you? Is that being reflected in

Jade Rose:

your clients people's change of priorities?

Joseph Okaly:

I think that's a fantastic point to bring up.

Joseph Okaly:

Because you're right, they're probably not doing it because

Joseph Okaly:

they think, Oh, my money mindset has changed. So now I'm going

Joseph Okaly:

about it this way. But money is part of it. They're saying, you

Joseph Okaly:

know, I don't want to go back to work, and commute and spend you

Joseph Okaly:

know, two hours and on the train going into New York City

Joseph Okaly:

anymore. I don't want to do that anymore because that didn't make

Joseph Okaly:

me happy. I see how much happier I am not doing that. So I think

Joseph Okaly:

that's just a fantastic example, Jade of maybe that being

Joseph Okaly:

reflected and seen publicly without maybe being directly

Joseph Okaly:

connected to money mindset, as you said.

Jade Rose:

Yeah, for sure. And I just want to share a very quick

Jade Rose:

story. Just to back up Joe's points. I had a conversation

Jade Rose:

with a young client, she's only 23, who outright said to me,

Jade Rose:

Jade, I don't want to buy a house. That is not something

Jade Rose:

that is in my life plan. And I really commended her for that.

Jade Rose:

Because a lot of people think property is the right thing for

Jade Rose:

them. Or, you know, there's a certain prescriptive way to live

Jade Rose:

your life. But like Joe said, if that doesn't make sense for you,

Jade Rose:

and your life and your family, then you know, wealth and

Jade Rose:

success is really subjective. So really drill down on what it is

Jade Rose:

that you guys want, and not what society says that you should

Jade Rose:

want. We had a question, I can't remember who it was from, but it

Jade Rose:

will let me add you to the stage. If that was you do raise

Jade Rose:

your hand again and I will invite you up to ask your

Jade Rose:

question to Joe. Okay, so the next section, we're going to

Jade Rose:

talk about three questions that people can ask themselves to

Jade Rose:

start excelling in their mindset.

Joseph Okaly:

Great, yeah. Thank you, Jade. Yeah, so I'm a big

Joseph Okaly:

visualization kind of a person. So let's do another exercise

Joseph Okaly:

here. So visually, picture a blank map in your mind. And in

Joseph Okaly:

the middle of this map, I want you to put a You Are Here

Joseph Okaly:

sticker. So my map always seems to come out like a pirate map.

Joseph Okaly:

But maybe yours is more like the one you see on the subway or

Joseph Okaly:

what you pull out of your your glove compartment. But that

Joseph Okaly:

sticker that You Are Here sticker in the blank map is

Joseph Okaly:

where you are today. So as with any map, the whole purpose of

Joseph Okaly:

maps is to help you get to where you're actually wanting to go.

Joseph Okaly:

Blank maps are not helpful to anyone. So you know, the first

Joseph Okaly:

question is, it sounds crazy. But the first question is

Joseph Okaly:

literally asking yourself, what would make you happy. And if you

Joseph Okaly:

have a spouse or significant other, what jointly would make

Joseph Okaly:

you happy. And I thought that this was crazy the first time I

Joseph Okaly:

did it 100%. Before I was taught to stop and be more intentional

Joseph Okaly:

about this so you know, I was really just going day to day,

Joseph Okaly:

week to week, month to month, you know, even from a young age,

Joseph Okaly:

you know, you want to get good grades, get into a good school,

Joseph Okaly:

get a good job, make a lot of money, get married, etc, etc.

Joseph Okaly:

And when I actually stopped with this intentionality of my

Joseph Okaly:

mindset, and Lauren and I sat down and kind of went over what

Joseph Okaly:

would actually make us happy, I was surprised with what came

Joseph Okaly:

out. I was surprised that by far what I valued more than

Joseph Okaly:

anything, were more vacations and experiences. Taking my kids

Joseph Okaly:

to Disney World, visiting new states around the US. I hadn't

Joseph Okaly:

seen most of the states, that wasn't something that we did as

Joseph Okaly:

a kid. Staying in interesting and unique Airbnb, you know, we

Joseph Okaly:

went to like a upstate New York old school kind of place for

Joseph Okaly:

Thanksgiving last year. For my wife, she wanted a pool, that

Joseph Okaly:

was pretty straightforward. She grew up with one, she wanted to

Joseph Okaly:

give that same experience to our kids. And for us, at least we

Joseph Okaly:

both love our jobs. So retiring early, like that's a goal for

Joseph Okaly:

someone that some people that would make people happy. For us

Joseph Okaly:

that's not really on the top of our list, but it helped us

Joseph Okaly:

organize this list. So it's really whatever would make you

Joseph Okaly:

happy. You need to know this first because those are the

Joseph Okaly:

destinations you're now putting on that blank map. Any map

Joseph Okaly:

around the edges is where you're putting these destinations. And

Joseph Okaly:

to Jade's point for her story with the young lady that she was

Joseph Okaly:

working with. It doesn't have to be you know, buying a house that

Joseph Okaly:

seems like it should be on your map but it doesn't have to be.

Joseph Okaly:

It should be whoever whatever you want to put on your map,

Joseph Okaly:

what would actually make you happy. So that's really the the

Joseph Okaly:

first the first question that I always try to help people answer

Joseph Okaly:

because you'd be surprised how often if you really stopped to

Joseph Okaly:

think about it, you come up with this scale that's completely

Joseph Okaly:

different than what you might, you know, just willy nilly kind

Joseph Okaly:

of pull out of your pocket. If somebody asks you if you really

Joseph Okaly:

give it the intentionality of your thought.

Joseph Okaly:

The next question is, how much am I saving now? So you may have

Joseph Okaly:

heard the phrase, you know, pay yourself first. And essentially

Joseph Okaly:

everybody out here works really hard for their money. And then

Joseph Okaly:

you take that money and you give it to the mortgage company. You

Joseph Okaly:

take that money you give it to the grocery store or the car

Joseph Okaly:

dealership or whatever else. But many people don't know how much

Joseph Okaly:

they pay themselves first, every month. And from all the clients

Joseph Okaly:

that we work with the ones that are the wealthiest and the

Joseph Okaly:

happiest, it's not really about how much you make many times but

Joseph Okaly:

how much you keep. So if you're wanting to be in a good place

Joseph Okaly:

down the road, you're probably wanting to save, I would say at

Joseph Okaly:

least 10% of your gross income. So if I make $100,000 a year,

Joseph Okaly:

that'd be $10,000. A year that I'm saving, at least, if not

Joseph Okaly:

more. So really, everybody out here should be looking to see

Joseph Okaly:

how much am I saving now, because that's what leads to

Joseph Okaly:

filling in these roads. So we have you here, you are here

Joseph Okaly:

sticker in the middle, we now start building out some of these

Joseph Okaly:

destinations on the outskirts of the map, but how far are our

Joseph Okaly:

roads going out there. So if you haven't saved anything to this

Joseph Okaly:

point, that that's fine. But your roads aren't very far right

Joseph Okaly:

now we need to work on building those up. If you have been an

Joseph Okaly:

avid saver for most of your life, up into this point, your

Joseph Okaly:

roads might be like really well developed and might be really

Joseph Okaly:

close to where those destinations are, if you stop

Joseph Okaly:

and look at them, which then can free you up to live more in the

Joseph Okaly:

present today.

Joseph Okaly:

The last question is involving rituals or habits. Conversations

Joseph Okaly:

like this are all well and good. You know, you watch that

Joseph Okaly:

inspirational TED talk, you read that book that leaves you, you

Joseph Okaly:

know, feeling on on a whole different level for a week or

Joseph Okaly:

two. But all of this stuff tends to kind of fade if it's not

Joseph Okaly:

right in front of you, if it's not top of mind. So the rituals

Joseph Okaly:

or habits that I find to help it stay more top of mind, is the

Joseph Okaly:

first thing is always asking myself why I'm doing something,

Joseph Okaly:

especially when it comes to money. Is it because it would

Joseph Okaly:

make me happy or because I'm supposed to do that. So again,

Joseph Okaly:

the you know, am I wanting to buy a house because everyone in

Joseph Okaly:

America is supposed to own their own house, or am I wanting to

Joseph Okaly:

buy a house because it would actually make me happy. You

Joseph Okaly:

know, again, to Jade's point buying houses, not for anyone,

Joseph Okaly:

for everyone. It's your know, renting has a lot of really good

Joseph Okaly:

perks to it, you know. And if that's what makes you happy, no

Joseph Okaly:

maintenance or anything like that, then renting could be a

Joseph Okaly:

great option.

Joseph Okaly:

The second is what I'll call is money blocking, or what I call

Joseph Okaly:

money blocking. So money blocking is basically setting

Joseph Okaly:

blocks of your money to decide ahead of time, so that you free

Joseph Okaly:

up everything else to not feel guilty about. So for example,

Joseph Okaly:

let's say that you get a bonus every year. Ahead of time

Joseph Okaly:

saying, I'm going to save half and spend half every year on a

Joseph Okaly:

great vacation. That's cool, you're you're putting away half

Joseph Okaly:

of your bonus towards yourself, and the remaining half you're

Joseph Okaly:

actually using to live life. And now you could do a guilt free

Joseph Okaly:

because you know, hey, I save this huge amount, now I get to

Joseph Okaly:

spend this big amount. And it could be the same thing when you

Joseph Okaly:

like get a raise. So we tell clients, okay, you know, if

Joseph Okaly:

there's a let's, let's see, next time around, you want a little

Joseph Okaly:

bit nicer car lease, that's fine. But let's save the other

Joseph Okaly:

75% of that so you keep advancing towards those long

Joseph Okaly:

term goals. Or, you know, take the first two paychecks and go

Joseph Okaly:

on a nice vacation but blocking these these money items to the

Joseph Okaly:

side and now that you could see what's left "I blocked away my

Joseph Okaly:

savings. Now here's what's left, and I am freer in, you know, to

Joseph Okaly:

use it for those things without feeling guilty". And you know, I

Joseph Okaly:

encourage people to use this on a smaller level too. If you buy

Joseph Okaly:

a $50 gift card every month for Starbucks, then every time you

Joseph Okaly:

want an extra shot of espresso, great go for it, you don't have

Joseph Okaly:

to feel guilty about that. Buy a package of you know, 4 massages

Joseph Okaly:

after every bonus. So you know, every year I have one massage a

Joseph Okaly:

quarter, whatever it might be. But when you block these things

Joseph Okaly:

away, you know, to the side, then you don't get into like,

Joseph Okaly:

"Oh, I really feel like I could use a massage. But you know, I

Joseph Okaly:

just spent money on this over here" that it's like, "I already

Joseph Okaly:

bought that massage, I can use it, it's I haven't used any of

Joseph Okaly:

this quarter, I'm going to go for it". And that frees you up

Joseph Okaly:

again to just make life as enjoyable as possible. That's

Joseph Okaly:

really what we're trying to help, you know, reframing things

Joseph Okaly:

to get you to that end goal. So you know, Jade, how do those

Joseph Okaly:

three questions I guess hit you? Are those any you know that

Joseph Okaly:

you've asked yourself before that you kind of work on and

Joseph Okaly:

directly or another way with the clients that you have?

Jade Rose:

Yeah, I mean, you know, I do this with my clients

Jade Rose:

but equally, I do my own visualizations, my own mind

Jade Rose:

mapping. And I think the biggest takeaway from you, Joe, is to

Jade Rose:

really set a goal because, you know, if you don't know where

Jade Rose:

you're aiming, then you're never going to get to it. What I

Jade Rose:

wanted to say to the audience is if any of you are struggling

Jade Rose:

with your money mindset, or perhaps you're not struggling,

Jade Rose:

but you just feel a bit stuck, do come up to the stage and chat

Jade Rose:

with Joe. And we'll see what we can do what we can help and

Jade Rose:

maybe talk through some blocks that you may have yourself. So I

Jade Rose:

wanted to ask Joe, they say you are the average of the five

Jade Rose:

people closest to you. Do you think that applies for money

Jade Rose:

habits as well?

Joseph Okaly:

Wow, that's a really interesting question. So

Joseph Okaly:

yeah, I would say that probably is more true than not. I would

Joseph Okaly:

find it very surprising to, you know, get along well with you

Joseph Okaly:

know, 4 people that go on lavish vacations and you never go on

Joseph Okaly:

them at all, it'd be hard to kind of to be in that that

Joseph Okaly:

social, that social group if they're going all over the place

Joseph Okaly:

and you're not so I would say that that definitely has a fair

Joseph Okaly:

amount of validity to it not that it's every time across the

Joseph Okaly:

board. But yeah, I mean, if you have people, you know, I've

Joseph Okaly:

heard that there are different types of mentors. So you can

Joseph Okaly:

have a specific area kind of mentor, or you could have kind

Joseph Okaly:

of a soul or a spiritual mentor. So for people that you know,

Joseph Okaly:

that have somebody that when we're going through these

Joseph Okaly:

exercises, they're like, you know, what, my father in law,

Joseph Okaly:

you know, I feel like he really excels in his money mindset, or,

Joseph Okaly:

you know, my cousin Johnny, like, he really excels in his

Joseph Okaly:

money mindset based on what we went through today. You know,

Joseph Okaly:

look for why you think that is like, why did they jump into

Joseph Okaly:

your mind in that way? And maybe now, you know, relate to them a

Joseph Okaly:

little bit more to see kind of what what are they doing that

Joseph Okaly:

maybe I could reflect for myself, and kind of use, like

Joseph Okaly:

you said, maybe they're not, you know, the five people you spend

Joseph Okaly:

the most time with, but we all are around a lot of people and

Joseph Okaly:

you know, some people just kind of give that vibe that they

Joseph Okaly:

really seem happy, they really seem to have it together, and

Joseph Okaly:

pay attention to that, again, be intentional of trying to look to

Joseph Okaly:

see, you know, what are the some of the things that they might be

Joseph Okaly:

doing, that I can emulate? Or what are some of the things that

Joseph Okaly:

they might be willing to share with me? That might help me

Joseph Okaly:

along in my own journey?

Jade Rose:

Hmm, yeah. Awesome. So thinking about emulating good

Jade Rose:

habits? And what can you tell us about the differences between

Jade Rose:

regular people and wealthy people in terms of their money

Jade Rose:

mindsets, and that?

Joseph Okaly:

Yeah, so I mean, for me, the word wealth, I feel

Joseph Okaly:

like always just ties directly in with money. And to me, wealth

Joseph Okaly:

is really just like, a freedom to work on the things that you

Joseph Okaly:

want to work on. And almost equally as important not have to

Joseph Okaly:

work on things that you don't want to work on. So you know, we

Joseph Okaly:

have people that that have, you know, huge net worths that we

Joseph Okaly:

work with, and yet they like, can't wait to retire, because

Joseph Okaly:

they just, they just don't like their day to day. So I would

Joseph Okaly:

really try, you know, for the people that are not wealthy,

Joseph Okaly:

those are usually the people that have I would say, have a

Joseph Okaly:

poor mindset about it, not, you know, people that have a small

Joseph Okaly:

net worth kind of a thing. So wealth, I really, I think it

Joseph Okaly:

should be tied more much more into again, like I said, the,

Joseph Okaly:

you know, are you free to spend time in the things you want to

Joseph Okaly:

spend time on, and also not having to spend time on the

Joseph Okaly:

things that you really don't want to spend time on?

Jade Rose:

Yeah, so so wealth isn't necessarily the finer

Jade Rose:

lifestyle and saving 60% of your income, but actually being

Jade Rose:

miserable. Okay, so what are some of the common money mindset

Jade Rose:

blocks that you come across, then?

Joseph Okaly:

Yeah, so I think one of the biggest things for

Joseph Okaly:

people especially that don't want that feel afraid to ask for

Joseph Okaly:

help, is, you know, we have a lot of, especially young people

Joseph Okaly:

that come in, and they say, you know, well, here's what we have,

Joseph Okaly:

you know, I'm sorry, and it's not a lot, it's, you know, it's

Joseph Okaly:

probably not as much as what a lot of your other clients have.

Joseph Okaly:

And, and that mentality really holds so many people back from,

Joseph Okaly:

from getting help and advice. Like, I know, for us, like, even

Joseph Okaly:

if it's not a good fit for someone that we can work with,

Joseph Okaly:

maybe you know, they're not at a phase in their life, where we

Joseph Okaly:

really are able to jump in and help them in all the ways that

Joseph Okaly:

we help some of our other people. But we always leave them

Joseph Okaly:

with advice, we always say, you know, here work on ABC and D,

Joseph Okaly:

and here's why. And then when these are completed, like, then

Joseph Okaly:

you probably wouldn't be a fit, and they can come back to us. So

Joseph Okaly:

even if you reach out to somebody, and it doesn't seem

Joseph Okaly:

like a long term relationship for the next 30 years is in the

Joseph Okaly:

cards, you're probably going to leave with some good piece of

Joseph Okaly:

information. I mean, anybody that's just a nice human being,

Joseph Okaly:

is going to try to help you. I mean, like, think of your own

Joseph Okaly:

jobs, if somebody called you up in your own job, and they they

Joseph Okaly:

had a question for you. And it wasn't really, you know, a good

Joseph Okaly:

fit for someone you could work with but they had a question

Joseph Okaly:

that you could give them some advice for, you'd probably give

Joseph Okaly:

it to them. So the same thing goes with, you know, with that

Joseph Okaly:

kind of stuff, you know. I really would encourage people

Joseph Okaly:

to, to reach out to somebody and just get, you know, one or two

Joseph Okaly:

pieces of information or advice, any of that goes a really long

Joseph Okaly:

way, especially if you're young. And these decisions have time to

Joseph Okaly:

compound and grow on each other. It can really just mean you

Joseph Okaly:

know, all the difference in the world. So that's the biggest

Joseph Okaly:

thing that just jumped out for me that that I wanted to touch

Joseph Okaly:

on from that part, Jade.

Jade Rose:

Great, thank you. We've just had a great question

Jade Rose:

come in from an audience member. They said, "How do I set money

Jade Rose:

boundaries when I have friends earning a lot more and a lot

Jade Rose:

less than me?"

Joseph Okaly:

Yeah, so I think the best way to set the money

Joseph Okaly:

boundaries would be as long as you're always paying yourself

Joseph Okaly:

that percent first, right? So like, if you're already putting

Joseph Okaly:

away let's say, 10% every month, and you've looked at it enough

Joseph Okaly:

where that seems like it's going to get you on the on the path

Joseph Okaly:

that you want to be in, then that frees you up to know what's

Joseph Okaly:

left. So you could say like, you know, for my friends that spend

Joseph Okaly:

more well, you know, I don't have that. I don't have that

Joseph Okaly:

piece. You know, I put away the money towards myself. This is

Joseph Okaly:

what I have left. And that's just not going to work. So I'll

Joseph Okaly:

connect with you guys next time. And the same thing for the

Joseph Okaly:

people that maybe you know, aren't at that position where

Joseph Okaly:

you are, you know, you're putting away what you can put

Joseph Okaly:

away. And then the rest of it is just that guilt free thing that

Joseph Okaly:

you want to want to do something with. So, you know, it's not

Joseph Okaly:

trying to like match somebody's level. But once you get the

Joseph Okaly:

paying yourself first part out of it, then you really can see

Joseph Okaly:

okay, this is what's left to be free in and really, you know,

Joseph Okaly:

guilt free anxiety free to go out and spend in the way that

Joseph Okaly:

you want to spend it.

Jade Rose:

But were you always guilt free around money, Joe? Or

Jade Rose:

did was that something you had to work towards?

Joseph Okaly:

Oh, absolutely. When I remember when I first got

Joseph Okaly:

out of college, it was something that I really had to strive for.

Joseph Okaly:

So my, my I remember my mom and sister laughing at me, because I

Joseph Okaly:

got out of college, I was living at home at first as I was trying

Joseph Okaly:

to kick start as an advisor. And there was like a super Friday

Joseph Okaly:

sale or something like that on the you know, at the day after

Joseph Okaly:

Thanksgiving here is a big, you know, holiday where you go out

Joseph Okaly:

and you like, buy a lot of stuff Black Friday, and I spent like,

Joseph Okaly:

I don't $500 on a TV, and I want to like throw up because I never

Joseph Okaly:

spent money on anything. And you know, I just in high school, I

Joseph Okaly:

would work I was a waiter. And you know, I had enough money to

Joseph Okaly:

do some things. But like, I was definitely the type that did not

Joseph Okaly:

want to spend my money. Like I cringed at the thought of

Joseph Okaly:

spending money. So when I first went and just like, bought a TV

Joseph Okaly:

with money I could fully afford I was paying no rent or anything

Joseph Okaly:

living at home, that $500 I like wanted to throw up over. So

Joseph Okaly:

it's, it's something that is learned, whatever money mindset

Joseph Okaly:

you are at today, like anything else, you're you're still

Joseph Okaly:

learning, I'm still learning, I'm sure you're still learning

Joseph Okaly:

Jade. So it's something that's constantly changing and

Joseph Okaly:

evolving. Nobody's just born with this perfect money mindset.

Joseph Okaly:

They have to go out and they have to make mistakes. And you

Joseph Okaly:

know, I wouldn't throw up if I had to buy a new TV anymore. But

Joseph Okaly:

that is definitely something that you have to work your way

Joseph Okaly:

into. And that's a you know, kind of a muscle that you have

Joseph Okaly:

to flex. And you know, you don't want to overdo it and strain it.

Joseph Okaly:

But you have to find that happy medium. So it's definitely

Joseph Okaly:

something that you have to work on to get to the right spot.

Jade Rose:

Wow, that's a great story. Joe, thanks for sharing

Jade Rose:

that with us. Harry, I'm not sure if I'm able to allow you to

Jade Rose:

speak but

Joseph Okaly:

Let me see if I can do it here Jade, I pressed

Joseph Okaly:

the button. I don't know if they're coming through.

Jade Rose:

If not Harry dm your question, and I'll read it out

Jade Rose:

for you. Okay, so another question I wanted to ask then.

Jade Rose:

You said you have two children. I'm interested to know what

Jade Rose:

lessons you try to teach them? And how can parents teach their

Jade Rose:

children about money in an engaging way?

Joseph Okaly:

Yeah, so the first thing about parents with their

Joseph Okaly:

kids is my kids are a little too young for this right now. But I

Joseph Okaly:

would really, really encourage parents to just be open about

Joseph Okaly:

some some degree of money or finances like that they, they

Joseph Okaly:

hiding it kind of like after the kids go to bed kind of thing,

Joseph Okaly:

paying the bills when they're not around. I think that really

Joseph Okaly:

is handicapping the kid, your children more than anything. The

Joseph Okaly:

story that I always bring up is my grandfather, my Grandpa Joe,

Joseph Okaly:

he used to make envelopes every month. So he would have 10

Joseph Okaly:

envelopes. You know, one was electric one was groceries one

Joseph Okaly:

was, you know, whatever else, and he put the cash in each

Joseph Okaly:

individual envelope. And that was the money that he had for

Joseph Okaly:

that month. So you know, the grocery envelope is empty, you

Joseph Okaly:

know, they're eating very meagerly through the end of the

Joseph Okaly:

month. And so his daughters all five of them, they remember that

Joseph Okaly:

system. They remember him doing that. And now like with Excel,

Joseph Okaly:

and online payments, like kids kind of don't get to see that.

Joseph Okaly:

But when it's out there, and it's open, and it's visual for

Joseph Okaly:

them to see to some degree, they can really learn from that. I

Joseph Okaly:

mean, like when I you know, when you have young kids, you don't

Joseph Okaly:

say any swear words at all, because you know, they're gonna

Joseph Okaly:

repeat them kind of a thing they pick up on all those things. The

Joseph Okaly:

same thing is true with money. And you know, when you have it

Joseph Okaly:

out to some degree, like, Oh, this is why I you know, I use a

Joseph Okaly:

credit card at the grocery store instead of cash or, you know,

Joseph Okaly:

vice versa, or, you know, oh, yeah, I just, you know, I got a

Joseph Okaly:

raise and so you know, part of that, you know, we're going to

Joseph Okaly:

go on vacation, and I'm also putting away some more to your

Joseph Okaly:

college education, but just have it out there. Don't have it be

Joseph Okaly:

taboo in your house, because you are literally the only resource

Joseph Okaly:

that they can go to. They're not going to learn it in school

Joseph Okaly:

unless things drastically changed from where they are

Joseph Okaly:

today. They're, they're just going to pick up this mindset on

Joseph Okaly:

their own naturally. And so you are the best resource that they

Joseph Okaly:

could have. You don't have to like show them your pay stubs,

Joseph Okaly:

but just anything that you could do around money to just be open

Joseph Okaly:

a little bit about it will allow them to pick up on more than you

Joseph Okaly:

realize and learn more than you realize. When you have really

Joseph Okaly:

really little kids like I do I've a five and two year old.

Joseph Okaly:

Just simple stuff like you know we have a grocery store, kind of

Joseph Okaly:

a a game that we play Oh, how much is this? How much is this?

Joseph Okaly:

Oh, I only have this much, oh, I have to put this back. And just

Joseph Okaly:

little things like this, they at least learn the concept when

Joseph Okaly:

they're really young, that money is this intangible thing that it

Joseph Okaly:

can run out. It's not infinite. And if they can learn just that,

Joseph Okaly:

when they're really little, that money exists one, and that two,

Joseph Okaly:

it has limits, then they're going to be much more advanced

Joseph Okaly:

when it comes to money than most every other young kid out there.

Jade Rose:

Yeah, that I completely agree. I think the

Jade Rose:

culture is a little different in the States, but in the UK

Jade Rose:

talking about money is a huge no, no. But what I'm hearing is

Jade Rose:

actually we should be getting children involved in the

Jade Rose:

conversation as soon as we can. Like you said, not showing them

Jade Rose:

the pay stubs, but teaching them the concepts of what it is. So

Jade Rose:

if anyone is just joins, we are chatting with Joe Okaly,

Jade Rose:

financial advisor, I'm podcaster. We're discussing how

Jade Rose:

to excel in your financial mindset. And you can DM any

Jade Rose:

questions you have to me, and I'll read them out for you.

Joseph Okaly:

I hope you don't mind me asking, is there. Do you

Joseph Okaly:

have any background like in the UK? How it's such a no, no. Is

Joseph Okaly:

there anything more that you could share that I find that

Joseph Okaly:

really interesting?

Jade Rose:

It's just you know, I don't have an answer for you.

Jade Rose:

It's, it's just uncouth. It's just not the British way. We

Jade Rose:

would rather talk about the weather and the commute, then

Jade Rose:

then talk about money. And the thing I say to people is, that

Jade Rose:

doesn't benefit anyone but the system. It doesn't benefit you

Jade Rose:

when you're negotiating salary to not know what your peers are

Jade Rose:

earning. It doesn't benefit you to know that actually your

Jade Rose:

neighbor with the Bentley and a lot of debt. You know, I think

Jade Rose:

transparency is the way forward. So yeah, it's it's just not the

Jade Rose:

British way. It's just a cultural thing. Yeah. So I also

Jade Rose:

a lot of people say to me, you know, you're telling me to dream

Jade Rose:

big and to make vision boards and these things, but I don't

Jade Rose:

know what I can have. So what what would you say to someone

Jade Rose:

who says they don't know what they can aim for?

Joseph Okaly:

Yeah, I mean, when we work with clients, we're

Joseph Okaly:

doing a lot of planning. So we can say like, if you save, you

Joseph Okaly:

know what you're saving now and you already have what you have

Joseph Okaly:

now, we can say okay, so this is what it looks like in 10 years,

Joseph Okaly:

or this is what it looks like in 20 years. And that's the one

Joseph Okaly:

thing that that's it's more difficult to kind of do on your

Joseph Okaly:

own, because you can't build in like inflation rates and you

Joseph Okaly:

know, compounding interest easily, online yourself from

Joseph Okaly:

what I've seen at least. So that's the part that's a little

Joseph Okaly:

bit more difficult. But when you when we're able to show people

Joseph Okaly:

that, then it really just kind of it opens them up to what's

Joseph Okaly:

possible. And when we tell people to dream big, we don't

Joseph Okaly:

tell them that it's definitely going to happen. We say like,

Joseph Okaly:

like you start with what you would ideally like to do. And I

Joseph Okaly:

promise you, if you can't do that, we'll back it down to what

Joseph Okaly:

you can do. But start with tell me your ideal situation first,

Joseph Okaly:

because that's what I'd love to hit. And then if we have to move

Joseph Okaly:

down from that, I'm not going to bankrupt you in the process, I'm

Joseph Okaly:

definitely going to tell you, Hey, let's step this down a

Joseph Okaly:

couple notches. But you know, starting there, and again, I

Joseph Okaly:

mean, I'm completely biased. And I don't want to pretend I'm not

Joseph Okaly:

being an advisor. But that's why I see such value in going and

Joseph Okaly:

talking to someone and working with someone, because you can

Joseph Okaly:

see more more clearly where you're going, that that map that

Joseph Okaly:

we visualized before, it has more definitive roads in it. And

Joseph Okaly:

that way it frees you have to make those decisions. So like,

Joseph Okaly:

like, I've had young clients who they were great, great savers,

Joseph Okaly:

excuse me. And when I showed them like, Hey, you're already

Joseph Okaly:

on a path to like retire, and probably a little bit early, not

Joseph Okaly:

even including, like salary raises and stuff like that, that

Joseph Okaly:

you're going to get. Because if you if you think about if you're

Joseph Okaly:

30 years old, and you have already saved, let's say, you

Joseph Okaly:

know, $200,000, you know, every 10 years, there's this thing

Joseph Okaly:

called the rule of 72. So if you assume a 7% return every 10

Joseph Okaly:

years, that would double in that case, so you know, $200,000 at

Joseph Okaly:

30 is $400,000 at 40 is $800,000 at 50 and is $1.6 million at 60.

Joseph Okaly:

So when you start extrapolating out, you can see like, oh, wow,

Joseph Okaly:

I may not have a million dollars now, but I'm already on that

Joseph Okaly:

path based on what I've put away. And that frees you up to

Joseph Okaly:

do things like that, that couples instance, they decided

Joseph Okaly:

like I want to put in a pool in my backyard, because I want my

Joseph Okaly:

kids to have that experience and we only get 18 summers with our

Joseph Okaly:

kids. I want to make the most of those 18 summers. So yeah, I

Joseph Okaly:

mean having some path or some direction and then just working

Joseph Okaly:

with someone that wants you to dream big but will tell you you

Joseph Okaly:

know, this is what you have to do to get to those dreams are

Joseph Okaly:

like we're gonna have to back it down a little bit. But you know,

Joseph Okaly:

absolutely start at the top to me my opinion and then let's

Joseph Okaly:

work our way back down to anything that we have to but

Joseph Okaly:

let's start at the top for sure.

Jade Rose:

Yeah, I agree. And just to add to that, a lot of

Jade Rose:

people think financial goals are material, tangible goals, cars,

Jade Rose:

homes, the rest of it. What I would say to that is, it's also

Jade Rose:

about lifestyle, you know, what type of life do you want to

Jade Rose:

live? Is that staying home with the children? Is that working

Jade Rose:

part time? Is it relocation? You know, it doesn't have to be

Jade Rose:

material things. So just something to bear in mind. We've

Jade Rose:

had another audience question. And that is, do you have any

Jade Rose:

tips for people that want to save up for the holidays and not

Jade Rose:

get into debt?

Joseph Okaly:

Yeah, so saving up for the holidays, the holidays

Joseph Okaly:

are always a more difficult time, what we tend to, you know,

Joseph Okaly:

you're going to spend more on the holidays. So if you back off

Joseph Okaly:

your savings a little bit leading up to the holidays, when

Joseph Okaly:

you're dealing with credit cards, and things of that

Joseph Okaly:

nature, you know, might be 10, 15, 20% interest rates, that if

Joseph Okaly:

you're not able to pay that off, that's a lot worse than saving

Joseph Okaly:

money into your retirement account as well in December. So

Joseph Okaly:

you know, what we have some people do is they actually time

Joseph Okaly:

in the US, you have limits on how much you can put in your

Joseph Okaly:

401k. So they'll max out their 401k, or they'll do all their

Joseph Okaly:

contributions that they're planning on doing to their 401k

Joseph Okaly:

and have them end in like November. And then that way,

Joseph Okaly:

December, they have a little extra money to do whatever they

Joseph Okaly:

they need to do in the holiday. So they adjust their savings a

Joseph Okaly:

little bit in that month. The other thing that some people do

Joseph Okaly:

is, again, with bonuses, bonuses are great, because it's this one

Joseph Okaly:

time, you know, lump sum kind of a thing. And you can use it in a

Joseph Okaly:

completely separate way than how you handle the rest of your

Joseph Okaly:

income. So what a lot of people do with their bonuses, when we

Joseph Okaly:

help them be intentional about it is I mentioned before, like,

Joseph Okaly:

Okay, you save half you go on vacation for half, we have some

Joseph Okaly:

people that say like, I want to save, you know, 10% of every

Joseph Okaly:

bonus and use it during the holidays. So you could do that,

Joseph Okaly:

too. So it's, you know, be intentional about it. But

Joseph Okaly:

there's no investment out there that I would recommend to, you

Joseph Okaly:

know, to keep investing into at the expense of having debt build

Joseph Okaly:

up on a you know, on a credit card during the holidays.

Jade Rose:

Hmm, yeah, absolutely. But we've had

Jade Rose:

another question, which is, what can I start doing tomorrow to

Jade Rose:

make better money decisions?

Joseph Okaly:

I mean, for me, I would say start with those those

Joseph Okaly:

three questions. I mean, being you know, what would actually

Joseph Okaly:

make you happy like Jade said to me, as well, it's much more of a

Joseph Okaly:

lifestyle thing than a material kind of thing. I don't know

Joseph Okaly:

anybody that is like on their deathbed that saying I'm really

Joseph Okaly:

happy that I got that, you know, X series car lease kind of a

Joseph Okaly:

thing. So yeah, what you could start doing tomorrow is just

Joseph Okaly:

being more intentional about what would make you happy, and

Joseph Okaly:

start asking yourself as you go through the day, like does this

Joseph Okaly:

make me happy? Or does this not make me happy? What my would I

Joseph Okaly:

be happier if I was working from home still, would I be happier,

Joseph Okaly:

you start questioning things and start kind of figuring out what

Joseph Okaly:

make you happy. It's not a lot of times an overnight exercise.

Joseph Okaly:

It's it's hard to think about some of that stuff. So, you

Joseph Okaly:

know, being more intentional and definitely, you know, looking at

Joseph Okaly:

what you're paying yourself right now. You know, I think

Joseph Okaly:

most people if I asked them like, oh, what percent of your

Joseph Okaly:

of your monthly income do you pay to yourself? Most people

Joseph Okaly:

wouldn't be able to answer that question. So that's an easy one

Joseph Okaly:

that like by tomorrow, you could say like, Okay, here's how much

Joseph Okaly:

I get, and here's how much I'm saving. So right now I'm paying

Joseph Okaly:

you know, 4.2% towards myself, and you know, what, Hey, that

Joseph Okaly:

sounds a little bit low from from the conversation last

Joseph Okaly:

night. You know, maybe I should look for ways to increase that a

Joseph Okaly:

little bit more. So I would say those are the two two things

Joseph Okaly:

that jumped in my mind.

Jade Rose:

That's great. And I'm wondering if you have an opinion

Jade Rose:

on manifestations, affirmations, the kind of spiritual side of

Jade Rose:

money mindset, do you have any, any opinions?

Joseph Okaly:

I mean, when you talk about money itself, like,

Joseph Okaly:

or more of just like, like to me because like when money I when I

Joseph Okaly:

start looking at money as a tool, that kind of like frees me

Joseph Okaly:

up into like the, the spiritual kind of thing. Like if I'm going

Joseph Okaly:

to be freeing myself up lifestyle wise to do the things

Joseph Okaly:

that I really enjoy doing, as opposed to wasting all my time

Joseph Okaly:

on things that I really don't like doing it all. To me that

Joseph Okaly:

it's like, if you get past money sometimes, then that frees you

Joseph Okaly:

up to kind of live in what I would define more as that space

Joseph Okaly:

but I'm not sure if that's if that was the exact direction

Joseph Okaly:

that you were going with that Jade.

Jade Rose:

Well, that was a great answer. But I'm thinking

Jade Rose:

more of along the lines of generational trauma around money

Jade Rose:

that's been inherited and people who genuinely feel stuck and

Jade Rose:

blocked using things like affirmations to to enhance their

Jade Rose:

money mindset and get out of that space. Do you believe those

Jade Rose:

works, morning affirmations?

Joseph Okaly:

I mean, honestly, I have not dealt with those

Joseph Okaly:

specifically around money mindsets before if I'm being

Joseph Okaly:

perfectly honest. I meditate every night. So I'm a big, I'm a

Joseph Okaly:

big being the right mindset, being thankful for where you are

Joseph Okaly:

today kind of a person. But I've never honestly used those tools

Joseph Okaly:

specifically to try to help somebody get out of a poor money

Joseph Okaly:

mindset into a better one. Do you have any experience that

Joseph Okaly:

you'd be able to share with that though?

Jade Rose:

I don't in my professional life with clients,

Jade Rose:

but I do personally. So I was just intrigued if you did, you

Jade Rose:

know, telling myself, you know, particular goals that I want to

Jade Rose:

achieve or particular milestones. Yeah, I did the

Jade Rose:

modules enough off off the record question that I was

Jade Rose:

interested in asking you. So just to wrap up for the last few

Jade Rose:

minutes, going back to making life more enjoyable, I'm

Jade Rose:

wondering what that means for you and what plans you have for

Jade Rose:

the future?

Joseph Okaly:

Sure, yeah. So for me, I want I feel incredibly

Joseph Okaly:

blessed and fortunate that I wound up in the situation that

Joseph Okaly:

I'm in. We didn't get into too much today. But you know, I have

Joseph Okaly:

not one but two fathers that are like fathers to me, neither one

Joseph Okaly:

of them are my biological father. But they both, you know,

Joseph Okaly:

have been guiding me for the last 10 years. And so you know,

Joseph Okaly:

having the opportunity to be in the position that I am to have

Joseph Okaly:

this kind of awareness at a younger age, when it comes to

Joseph Okaly:

money, like I just want to share that with with everybody,

Joseph Okaly:

really. I feel blessed that we live in an age where we have

Joseph Okaly:

podcasts and Fishbowl and, and everything else. So I mean, I'm

Joseph Okaly:

just so excited to to be able to share this with everybody out

Joseph Okaly:

there and just think of new ways that I could do that. You know,

Joseph Okaly:

one of those Strategic Coach things, again, the coaching

Joseph Okaly:

program that they go through is, is you know, when you're an

Joseph Okaly:

entrepreneur, one of the things that you could free yourself up

Joseph Okaly:

for is purpose. And I had the hardest time coming up with

Joseph Okaly:

like, what is my, what is my purpose? What is my purpose?

Joseph Okaly:

What should I do? You know, I'm helping these people with money.

Joseph Okaly:

And then for me, it just clicked when I thought about young

Joseph Okaly:

people, because we help, you know, most wealth management

Joseph Okaly:

firms, I'm assuming this is similar over there, Jade as

Joseph Okaly:

well, we work with mostly an older demographic, because they

Joseph Okaly:

have more money built up, they're closer to retirement,

Joseph Okaly:

they're asking for help now. But these younger people, younger

Joseph Okaly:

families, if they could just do like, you know, anything like

Joseph Okaly:

10% of the best advice out there, they would be in such an

Joseph Okaly:

exponentially better position long term. So that was what just

Joseph Okaly:

like kind of clicked in for me like, this is my purpose. I'm

Joseph Okaly:

going to get the word out to as many young families as I

Joseph Okaly:

possibly can in this world, because if I can help them with

Joseph Okaly:

one thing or two things, like their life could be

Joseph Okaly:

exponentially just that much greater the time they spend with

Joseph Okaly:

their kids could be just that much greater exponentially. So

Joseph Okaly:

I'm just happy. I feel like I found my purpose of what I

Joseph Okaly:

should keep shouting at everybody about and I'm just

Joseph Okaly:

gonna keep going with that.

Jade Rose:

Joe that's awesome and your enthusiasm is

Jade Rose:

infectious. Thank you so much for joining us this evening. I

Jade Rose:

think it'd be great if we could get you back and talk more about

Jade Rose:

that purpose, both yours and how people can really drill down

Jade Rose:

into their own as well. Joe, can people reach out to you if they

Jade Rose:

have any questions or would like financial advice? And if so,

Jade Rose:

where can they find you?

Joseph Okaly:

Oh, yeah, absolutely. If anybody has

Joseph Okaly:

questions on anything, you can find me on all the you know,

Joseph Okaly:

normal social media places here Fishbowl, LinkedIn, anything

Joseph Okaly:

that I could do to help anybody out there. I put out different

Joseph Okaly:

new episodes every week for my podcast, EnjoyMore30s Family

Joseph Okaly:

Finance. So if anything out there is something that can help

Joseph Okaly:

anybody that's that's just fantastic. That's what I'm

Joseph Okaly:

trying to do. So those are the great ways to connect with me.

Joseph Okaly:

Jade you were fantastic tonight, I want to thank you again, so

Joseph Okaly:

much for for being here. And all those thoughtful questions that

Joseph Okaly:

you put together to contribute to tonight. It was it was really

Joseph Okaly:

just wonderful.

Jade Rose:

Thank you. Well it was great to have you. Thanks

Jade Rose:

again. And thank you all for joining us this evening. If you

Jade Rose:

have any questions for Joe do reach out and if there are any

Jade Rose:

finance topics you'd like us to discuss in the future, do reach

Jade Rose:

out to myself or the Fishbowl team and we'll try and make that

Jade Rose:

happen for you guys. Awesome. All right. Well, thank you

Jade Rose:

everyone and have a wonderful evening.

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.