Pretending You Can't Die | Series 9.6

Voiceover Audio: 00:00:00

Welcome to the Enjoy More 30s Family Finance

Voiceover Audio: 00:00:03

podcast. The only podcast dedicated to making life more

Voiceover Audio: 00:00:06

enjoyable for young families by hitting on the financial topics

Voiceover Audio: 00:00:10

that tend to weigh on us, stress us out, and distract our focus

Voiceover Audio: 00:00:13

from simply enjoying life.

Joseph Okaly: 00:00:16

Hello, and welcome to the Enjoy More 30s Family

Joseph Okaly: 00:00:20

Finance podcast for all those people out there trying to avoid

Joseph Okaly: 00:00:24

being financially secure, well, we have our series for you the

Joseph Okaly: 00:00:28

10 Ways To Not Be a Millionaire. Now if you actually do want to

Joseph Okaly: 00:00:33

be a millionaire, not to worry, this series isn't just for those

Joseph Okaly: 00:00:36

people who are looking for financial ruin. If you avoid

Joseph Okaly: 00:00:40

doing these 10 things then you could be well on your way to

Joseph Okaly: 00:00:43

millionaire-hood as well. Each week I'll share a quick step in

Joseph Okaly: 00:00:47

this how to not be a millionaire process, so you know what to do,

Joseph Okaly: 00:00:52

or hopefully what to avoid. As always, before I begin, please

Joseph Okaly: 00:00:57

share and like please leave reviews. I'd love to reach and

Joseph Okaly: 00:01:00

help as many young families out there just like you.

Joseph Okaly: 00:01:03

Today's great tip on how to not be a millionaire is Pretending

Joseph Okaly: 00:01:08

You Can't Die. You are young, why should you worry about

Joseph Okaly: 00:01:12

death? That's not fun at all! As we covered in Disinterested In

Joseph Okaly: 00:01:17

Disability, as a young family, your future income potential is

Joseph Okaly: 00:01:21

your greatest asset, and so leaving it exposed and

Joseph Okaly: 00:01:25

unprotected is a great way to not be a millionaire. Pretending

Joseph Okaly: 00:01:30

you can't die is therefore yet another way to take advantage of

Joseph Okaly: 00:01:35

this concept. If you are earning $100,000 now, then with 2%

Joseph Okaly: 00:01:39

income growth over the next 30 years, your future income

Joseph Okaly: 00:01:43

potential is over $4 million dollars. A huge asset. To have

Joseph Okaly: 00:01:49

the best chance of not being a millionaire then that would mean

Joseph Okaly: 00:01:53

leaving this huge asset exposed by pretending death cannot

Joseph Okaly: 00:01:57

happen to you. Simply don't ask yourself questions like, "How

Joseph Okaly: 00:02:01

would my family be able to stay in our home?" "How would my

Joseph Okaly: 00:02:05

spouse be able to pay all the bills?" "How would my children

Joseph Okaly: 00:02:09

pay for college?" "How would my spouse be able to stay on track

Joseph Okaly: 00:02:13

for all the goals we laid out together?" Pretending you can't

Joseph Okaly: 00:02:17

die takes care of all of that for you. If you do want to have

Joseph Okaly: 00:02:22

answers to all those questions, though, if you want protection

Joseph Okaly: 00:02:25

for your spouse and your kids so that they wouldn't have to

Joseph Okaly: 00:02:29

perhaps uproot their entire life because of financial

Joseph Okaly: 00:02:32

deficiencies while simultaneously mourning your

Joseph Okaly: 00:02:35

loss, then there is life insurance. Life insurance can be

Joseph Okaly: 00:02:39

through work. Ideally, it can also be outside of work to

Joseph Okaly: 00:02:43

maintain direct control on this vitally important piece of your

Joseph Okaly: 00:02:47

plan. And if you are young and healthy, a fixed rate term

Joseph Okaly: 00:02:51

policy is incredibly affordable. A $1 million policy could come

Joseph Okaly: 00:02:56

in at over $100 a month for a healthy individual depending on

Joseph Okaly: 00:03:00

their situation. Overall, I think it is more than clear

Joseph Okaly: 00:03:05

pretending you can't die is a fantastic way to not be a

Joseph Okaly: 00:03:10

millionaire.

Joseph Okaly: 00:03:11

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

Joseph Okaly: 00:03:14

on how to not be a millionaire, Blowing the Bonus. As always,

Joseph Okaly: 00:03:20

please remember to review and share for others. And if you

Joseph Okaly: 00:03:23

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

Joseph Okaly: 00:03:26

helped someone just like you till next week. Thanks for

Joseph Okaly: 00:03:30

joining me today and I look forward to connecting with you

Joseph Okaly: 00:03:32

again soon.

Voiceover Audio: 00:03:34

The conversations on this show are

Voiceover Audio: 00:03:36

Joe's opinions and provided for general information purposes

Voiceover Audio: 00:03:39

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

Voiceover Audio: 00:03:42

professional advice for your specific situation. You should

Voiceover Audio: 00:03:45

always seek appropriate advice from a financial advisor,

Voiceover Audio: 00:03:48

accountant, lawyer, or other professional before acting upon

Voiceover Audio: 00:03:52

any content or information found here first. Joe is affiliated

Voiceover Audio: 00:03:56

with New Horizons Wealth Management LLC, a branch office

Voiceover Audio: 00:03:59

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

Voiceover Audio: 00:04:03

Registered Investment Advisor, Member FINRA/SIPC.