Best Joseph P Okaly Podcasts (2024)

1
Step Up! The Gain is Gone - REMIX | Series 10.6 7:23

2y ago7:23

7:23

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) …

1
The Stock Market Doesn't Care About Political Parties - REMIX | Series 10.5 7:22

2y ago7:22

7:22

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 th…

1
How to Talk With Parents About Money - REMIX | Series 10.4 9:06

2y ago9:06

9:06

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 m…

1
You May Already Be a Future Millionaire - REMIX | Series 10.3 8:01

2y ago8:01

8:01

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 on…

1
Stocks Lead, Don't Follow - REMIX | Series 10.2 8:21

2y ago8:21

8:21

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 COV…

1
Unknowns Are Scary - REMIX | Series 10.1 9:08

2y ago9:08

9:08

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 …

1
10 Ways to NOT Be a Millionaire - Series Recap | Series 9.11 11:34

2y ago11:34

11:34

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 incom…

1
Living for Lifestyle | Series 9.10 5:26

2y ago5:26

5:26

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…

1
Saving for School Over Retirement | Series 9.9 4:36

2y ago4:36

4:36

Why do flight attendants say to put your oxygen mask on first, before helping others? Instead of utilizing the ample college loan opportunities, we can instead try and pay for college as much as possible out of our own pockets. (01:42) If we spend $250,000 today that we can't afford on their education, then 10 years later, when we go to retire, tha…

1
Getting Good Debt Gone | Series 9.8 4:03

2y ago4:03

4:03

If you had the option to either save 4% or make 7%, which would you choose? Certain debts are regarded as good and so getting rid of something good would have to then generally be regarded as a bad thing to do. (01:07) If you had the option to save 4% or make 7%, the best answer for those who do not want to be a millionaire would be to save 4%. Sav…

1
Blowing the Bonus | Series 9.7 3:50

2y ago3:50

3:50

Receive a bonus every year? Be intentional with it! It could have a profound effect on your finances in either direction! Bonuses can be a great additional way to build wealth. (01:09) If you were to receive a $5,000 bonus every year for 35 years working, that is $175,000. If that were to be invested every year and receive 10% over those same 35 ye…

1
Pretending You Can't Die | Series 9.6 4:08

2y ago4:08

4:08

If you have a family, chances are, you need life insurance! To have the best chance of not being a millionaire then that would mean leaving this huge asset exposed by pretending death cannot happen to you. (01:48) Simply don't ask yourself questions like, "How would my family be able to stay in our home?" "How would my spouse be able to pay all the…

1
Budgeting Backwards | Series 9.5 3:11

2y ago3:11

3:11

"Paying yourself first" - look it up! The best way to avoid saving is to only save what is left at the end of the month. This way, you have a great chance of spending all of your income, leaving absolutely nothing left to save towards yourself. (01:13) If you are really committed to not being a millionaire, then you would take it a step even furthe…

1
Disinterested in Disability | Series 9.4 3:37

2y ago3:37

3:37

Your future income potential is your greatest asset; protect it! To have the best chance of not being a millionaire, then that would mean leaving this huge asset exposed to one of the most likely occurrences; disability. (01:31) Getting to that roughly 60% of income protection to age 65 is most times considered a good level of protection. (02:24) .…

1
Rushing Past the Roth | Series 9.3 3:46

2y ago3:46

3:46

Roth IRAs grow tax-free! A great way to build your wealth! Roth retirement accounts, whether that be a Roth IRA, which would be a retirement account that you set up on your own, or a Roth 401(k), which would be a retirement account you set up through work, all grow completely tax free. (01:06) The more you pay in taxes, the more it will hamper your…

1
Missing the Match | Series 9.2 3:48

2y ago3:48

3:48

What is the best kind of money? Free money, of course! A matching component is where they will give you essentially free money, the match, up to a certain percent. (01:15) Some plans might have a vesting feature or having to work there aka for a certain amount of time before you get the match. But nonetheless, a path to free money, a 100% return on…

1
Save Late | Series 9.1 3:24

2y ago3:24

3:24

Money needs time to grow, so the longer you wait to start saving, the better chance you have of NOT being a millionaire! Think of it like planting a fruit tree. Fruit trees can take three to five years before they start producing any fruit at all. And after that the production increases exponentially. (01:05) The longer you wait to plant those seed…

1
The Financial Parables of Your Life - Series 8 Recap 9:34

2y ago9:34

9:34

Recapping 12 financial concepts through the timeless medium of storytelling! You're not going to cover everything in this series tomorrow or maybe ever. But if you take even one step forward, you are better off than before. (01:20) So look at that gain, as opposed to just the gap that's still in front of you. (01:30) So as I run through a recap of …

1
The Lion and the Mouse | Series 8.12 4:41

2y ago4:41

4:41

Everyone has unique abilities. Is your advisor's unique ability financial planning? We are all well suited for very different things, we all have what some might call our unique abilities. (02:17) So when we talk about financial planning, if designing your own financial plan is something that is a unique ability of yours, that's fantastic. (03:07) …

1
The Carpenter's Stool | Series 8.11 4:36

2y ago4:36

4:36

How sturdy is your three-legged stool of life? So it's easy to get caught up with all the fun or demanding elements of daily life. (02:19) Our goals for happiness sit on the top of these three legs, they're cashflow, insurance protection and investment strategy. (02:49) If one of them is neglected or not given the full attention as the others, we p…

1
The Wild Boar and the Fox | Series 8.10 4:19

2y ago4:19

4:19

Danger doesn't give advanced warning so sharpen your tusks with planning! So planning is what we can do to sharpen our tusks just like the boar. (02:18) "What if something happens to me?" We know how much money your spouse would need and we now have insurance to cover it. (02:34) Would you like to retire early or would you like to take more vacatio…

1
The Fisherman and the Little Fish | Series 8.9 4:40

2y ago4:40

4:40

Don't wait! Catch those small fish and watch them grow "in your own pond"! Just like how small fish grow over time to be big fish, seemingly small amounts of money can grow substantially over time as well. (02:08) Putting that fish into your own personal pond to grow would be like the first step in building wealth. (02:34) Or a 401(k) plan at work …

1
The Master Heron | Series 8.8 5:00

2+ y ago5:00

5:00

Waiting for the perfect scenario can get in the way of making any progress at all! Now, right now, today is almost always better than perfect. (02:08) So get out there, get the insurance policy now and then when you get in better health, go get a new one to replace it. (03:14) Saving towards yourself can be another common example. "I just want to b…

1
The Empty Boat | Series 8.7 4:23

2+ y ago4:23

4:23

Accidents will happen in life so captain your ship or at least hire one! "Yes", he replied, "the boat went past me first on its way towards you." "You were lucky it missed you. I wasn't so lucky." "Well," said the newcomer, "I saw that it might hit me so I moved out of the way." (01:51) Empty boats in the way of a job loss to a car accident to a ho…

1
The Crow and the Pitcher | Series 8.6 4:37

2+ y ago4:37

4:37

"Little by little, a little becomes a lot...plus compounding interest!" - paraphrasing a Tanzanian proverb You get your first 401(k) statement that you threw a couple pebbles into and it essentially says you know, "well thanks for playing, but you still have pretty much nothing", right? (02:19) And the great thing, unlike the crow with his little p…

1
The Two Houses on Pleasantville Avenue | Series 8.5 4:58

2+ y ago4:58

4:58

New information can lead to making new and different decisions! Jimmy replied, "Well, I'm not going to have to sell for some time since I only put a small amount down, I still have plenty leftover to buy food and pay my taxes. In fact, the extra that I invested has actually done quite well." (2:00) Paying off your mortgage was taught to us as a pos…

1
The REMIX of the Turtle and the Hare | Series 8.4 17:40

2+ y ago17:40

17:40

Trying to increase wealth rapidly may find you lost in the thicket. Take the time tested path! So if you are a hare, you likely don't need a shortcut to win the race. And if you're young, you are likely already a hare. (02:21) Trying rapidly to increase your wealth through market timing or dealing in some kind of a speculative security or things li…

1
The Ant and the Grasshopper...and the Other Grasshopper | Series 8.3 4:14

2+ y ago4:14

4:14

Find balance between work (saving) and play (spending). The earlier you start, the easier it is! The traditional fable promotes working hard but did you know that most ants die within a few weeks to a few years? What a waste! (02:18) When you're young, saving early is like putting away a few pieces of food every day in early spring for the other gr…

1
Great Grandma's Roast | Series 8.2 4:06

2+ y ago4:06

4:06

Just because it made sense then, doesn't mean it makes sense now! Re-evaluate! So it's one thing to do something, and quite another to understand why you do it. (02:14) And while some of these actions may have made sense at some point in time, or were taught to us to make sense in some situations, that doesn't mean they necessarily still make sense…

1
Belling the Kitten | Series 8.1 5:24

2+ y ago5:24

5:24

It's one thing to say a task should be done but it's a different matter to actually do it! But in the midst of the rejoicing over the good fortune, an old mouse rose and said, "I will say that the plan of the young mouse is very good. But let me ask one question, who will bell the cat?" (02:59) "...if you actually go out with that bell, more times …

1
Raising Your Investment Mindset - Series Recap | 7.10 20:30

2+ y ago20:30

20:30

Recapping the 9 episodes that reframe our investment mindset to ease financial anxiety! The worst 15 year period in the market over that same period of time going back to 1970, positive 3.7%, same exact index, different time period, very different result. (06:04) Uncertainty on the other hand, we talked about how it does historically show a high co…

1
Advice Should Trump Fees - The 3% Study | Series 7.9 16:09

2+ y ago16:09

16:09

Is the financial advice you're receiving worth it? Goal statement: I now better understand how advice versus fees for that advice can separately affect my situation. (02:13) Pensions are mostly a thing of the past and Social Security is not going to replace your six figure salary that you and your spouse have. You are now responsible for your own r…

1
Emotionally Abnormal, Statistically Normal, and Healthy Cookies | Series 7.8 12:01

2+ y ago12:01

12:01

If we learn about normal fluctuations ahead of time, then we'll be better prepared to cope with those inevitable market downs. Goal statement: "I now better understand how much up and down is normal for investments so I'm better prepared to not freak out when it does." (01:50) ...he [Dr. Markowitz] could now mathematically mix together what should …

1
Bingo! You Probably Own More Than the Market | Series 7.7 8:43

2+ y ago8:43

8:43

When you hear news about "the market", how much is actually applicable to your investments? Goal statement: I better understand what they mean when they say 'the market', and how that actually relates to my investments. (01:42) When you hear about the market on TV, most people's reaction is either "Oh no", when it does, something bad when it goes d…

1
We Can All Save Another $100 | Series 7.6 11:18

2+ y ago11:18

11:18

A bit more savings is almost always possible and what that means for your future self! Goal statement: I better understand how impactful it can be to consistently push my savings just a little bit further. (01:58) If your kid gets sick and needed a medicine costing $100 a month, you would figure out a way to afford that right? That means that you c…

1
Winners and Losers Are Temporary | Series 7.5 11:33

2+ y ago11:33

11:33

Just how "every dog has its day", every area of the market has its time in the lead, and how to emotionally deal. So one thing to remember is that most returns are due to what area of the market, what box, so to speak, your fund may be in. (06:10) Rebalancing is basically taking the areas that did well, and selling them, and putting those funds int…

1
Hollywood's Stock Market | Series 7.4 8:02

2+ y ago8:02

8:02

How TV and movies give us negative perceptions about advisors and investments. Goal statements: "I recognize what can greatly affect many people's perceptions of investments." (01:33) They've heard of people losing everything in the movies. They haven't heard of people missing out on retirement by being too conservative in the movies, though. (04:4…

1
The Stock Market Doesn't Care About Political Parties | Series 7.3 9:04

2+ y ago9:04

9:04

How could these diametrically opposed groups that are influencing basically every aspect of public policy not cause the stock market to play favorites? When it comes to the stock market, though it historically doesn't really care one way or another what political party is in office. (03:33) What the stock market tends to be influenced by more than …

1
Buy High, Sell Low? | Series 7.2 7:41

2+ y ago7:41

7:41

Set your expectations for how often downs do occur and hold it together when emotions run high. ...declines are normal and you should absolutely expect them to happen and mentality and emotionally prepare for that to occur. (02:55) Remember recoveries whether they take six months, 12 months, 18 months, that's also normal. (04:55) Finally, this is w…

1
Investments Don't Do Good | Series 7.1 10:33

2+ y ago10:33

10:33

What do you want your investments to do for you and are they on track to do it? So if my investments are doing good, that means they're on track to having the fuel that I need to get me to the goal that I'm trying to reach. (05:47) This is why I say investments are far less important in the grand scheme of things than planning. The planning is what…

1
Special! The Wedding Chaplain 44:34

2+ y ago44:34

44:34

Getting married? Important topics to cover during the engagement phase! So you both need to have some idea goals wise of what direction that you're going in. (07:45) Going deeper into that about how you're looking at your finances, when you guys are, you know, starting on your journey to have a life together, you're one family, and you know, having…

1
Setting Your Compass for the New Year - Series Recap! | Series 6.8 17:27

2+ y ago17:27

17:27

Recapping all 7 ways to Set Your Compass for the New Year - you've learned the ropes, now set sail! If we just have one giant, 'I want to build a ship' bucket, it's hard to see where all that money is going to for the various elements we're going to need. (06:31) If you are more intentional about setting money aside ahead of time, you can add a lot…

1
Diversify, But With One Advisor! | Series 6.7 10:32

2+ y ago10:32

10:32

Spoiler alert: it doesn't mean having a bunch of accounts in a bunch of different places, making your life really difficult. So diversifying means that you're using a variety of different holdings across a variety of different areas. (04:24) ...this is why when we spread things out, we're doing this because we don't want all of our investments to b…

1
Insure for Catastrophe, Not Inconvenience! | Series 6.6 10:35

2+ y ago10:35

10:35

What parts of this ship are actually worth insuring? ...from what I've many times seen, people tend to not insure for all the catastrophes that they should. They may insure their iPhone, but not their lives, for example. (05:29) Disability insurance on the other hand, because you are actually much more likely to be disabled than you are to die as a…

1
Yes, There Can Be TOO Conservative! | Series 6.5 11:52

2+ y ago11:52

11:52

When to be more conservative, when to be more aggressive, and how to do so in a more balanced spread out way. Paying yourself first and separating out your goals is all well and good but if you're using inappropriate types of investments for certain goals, they may take much longer to achieve or even worse, perhaps you may never achieve them at all…

1
Money Blocking for Fun! | Series 6.4 6:28

2+ y ago6:28

6:28

Intentionally setting money aside for things you love ahead of time, can add a lot more happiness to your life! The goal really for today's episode is for you to think of ways to easily do more of the things you love without the anxiety that tends to come with it. (01:36) Money blocking is basically a term I came up with to describe intentionally s…

1
Use Lots of Buckets! | Series 6.3 7:19

2+ y ago7:19

7:19

A favorite concept on organizing where you're saving to make goals easier to see and even more importantly, easier to achieve! If we have just one giant, 'I want to build a ship bucket', it's hard to see where all that money's actually going to go for the various elements that we're going to need. (02:09) The goal for this bucket [short term] is to…

1
Pay Yourself First! | Series 6.2 7:42

2+ y ago7:42

7:42

We need our ship to actually sail us to where we want it to go; the thing is, ships aren't free! So the goal for today's episode then is for you to be inspired to see how much you're currently saving towards you, towards yourself and if needed or possible, increase it so you can be on a faster pace to reach those goals. (01:33) So how much should y…

1
Goal Setting Is a Two Spouse Exercise! | Series 6.1 12:57

3y ago12:57

12:57

Get your list of goals for this New Year to find out where you both want your ship to sail. Goals are to give you a better chance of achieving something more quickly than you otherwise would have without goals. (04:50) What makes each of you happy now? (06:04) What would make you happier? (07:15) What keeps you up at night? (08:41) Quote for the ep…

1
LIVE! Holiday Cheer and Financial New Year | Fishbowl 59:12

3y ago59:12

59:12

Approach this holiday with a healthy mindset, gain financial tips on what to look for, and set goals to make the most of 2022! [future you] Looking back on this holiday season that just passed. So what would have to have happened for you to say that you had a wonderful holiday season? (18:05) I'm a big fan of time blocking, of money blocking and ba…

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Joseph P Okaly Podcasts

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