Voiceover Audio: Welcome to the Enjoy More 30s Family Finance podcast.

The only podcast 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 Okaly: Welcome once again to the Enjoy More 30s Family Finance podcast in our series recap of 10 Ways To Not Be a Millionaire.

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Now if you actually do want to be a millionaire, you do not have to worry, this series wasn't just for those people who are looking for financial ruin.

If you avoid doing these 10 things then you could be well on your way to millionaire-hood as well.

Why I did this series, other than enjoying doing my game show or announcer voice, was to highlight some easy traps people tend to fall into when it comes to money.

As I've said for a very long time now you don't need to have anxiety when it comes to money.

And with the right mindset and a few steps in the right direction, you can make really huge strides.

So every stride you take every step you take be proud of yourself as you take them.

If you take even one step forward as a result of listening, you're better off than you were before.

So I'm going to run through a recap of all of our 10 Ways To Not Be a Millionaire.

Think about which ones would be most important for you to take action on today.

And back to my game show voice.

First up is Saving Late.

Saving late is a great way to not be a millionaire.

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.

Over 60% less saved up.

So saving late is obviously a great way to not be a millionaire.

The second great tip was on Missing the Match.

Your company may try to give you free money, a 100% return through a company match on your 401(k) or other work plan.

If you do not want to be a millionaire, this is obviously critical to avoid.

Free money is going to double what you'd otherwise have saved up.

Again one of the largest traps when trying to not be a millionaire.

Number three was Rushing Past the Roth.

Roth IRAs and Roth 401(k)s grow completely tax free.

What a disaster.

What better way to not be a millionaire then by paying as much tax as you possibly can.

The growth will likely be much more long term than your actual contributions so by avoiding the Roth we can ensure all of this growth can be fully taxable.

Disinterested In Disability came in at number four.

Who wants to think about becoming disabled?

That's no fun.

While avoiding thinking about something unpleasant, we can also help ourselves to not be a millionaire.

For a young family, your future income potential is your greatest asset.

If you make $100,000 now, then over the next 30 years at 2% wage growth, you would bring in over $4 million.

A huge asset that is exposed by not having disability insurance protection.

Being more likely to occur during your working years then death, being disinterested in disability can certainly be a great way to not be a millionaire.

Next step was Budgeting Backwards at number five.

By only saving what may be left at the end of the month, you can put yourself in a great position to have nothing left at all to save, pushing you further away from millionaire-hood and overall wealth.

If you were to actually save first when getting your paycheck and then only spend what was left you would put yourself in a position of excellent consistent savings.

Certainly something you want to avoid if you do not want to be a millionaire.

Piggybacking on number four Pretending You Can't Die is another great way to risk your largest asset as a young person.

That future income earning potential by not having proper life insurance coverage.

Who cares if your family may have to sell their home and miss out on their goals?

Certainly not someone who does not want to be a millionaire that too.

Blowing the Bonus comes in at number seven.

This is another great way to not to be a millionaire because it pushes down your wealth in two ways simultaneously.

By treating your bonus or tax refund for that matter as free found money that you can spend guilt free, you can not only avoid potentially huge long term future investment growth and wealth creation, but you can also raise up your standard of living, making it more difficult to retire down the road.

A $5,000 bonus for 35 years is $175,000.

A saved $5,000 a year bonus growing at 10% for those same 35 years is over $1.3 million.

Over a $1 million difference that any person who does not want to be a millionaire should certainly want to avoid.

Number eight is Getting Good Debt Gone.

By paying down lower interest rates, student loans or mortgage debt, we can shun the opportunity cost of investing that money instead.

If an investment makes 7% long term and your mortgage is at 3%, saving 3% instead of making, in this example, 7% can potentially be a great way of not being a millionaire.

Furthermore, by putting more money into an illiquid assets, such as a home, if we were to lose our job or have some other financial hardship, we would be more likely to have to immediately sell our home with more money tied up in this illiquid asset.

Again, likely a great way to maybe not be a millionaire.

Almost rounding us out here at number nine, Saving For College Over Retirement can be an especially clever way of helping us to not be a millionaire.

We love our kids and want to help so there are great emotional ties that can help us save for something like college, which loans are available for end which we can help our children instead make more manageable payments down the road versus saving more for retirement, which loans are not available for at all, potentially putting ourselves in a much more difficult position where college is paid for and we do not have enough to meet our own retirement needs.

Last on our list number 10 is Living For Lifestyle.

Why this is such a great way to help you to not be a millionaire is that it's so much fun!

Spending a greater percentage on our budget on cars and houses and other shiny objects can feel great and simultaneously, it can push us farther away from being millionaires.

Spending just an extra $500 a month on lifestyle items or saving that same $500 a month towards ourselves for 30 years would grow to over $1.1 million, assuming a 10% example rate of return.

Once again, if you do not want to be a millionaire something again to be avoiding.

So that is it for our recap.

Hopefully you can connect with a number of these items because you know, obviously no one really wants to be financially insecure.

So ask yourself, do you save everything that you can?

A few $100 can mean hundreds of 1000s of dollars down the road.

Do you have sufficient life and disability insurance?

If not, you have millions of dollars in future income earnings unprotected along with your family's welfare.

What do you do with your tax refund or your bonus every year?

Do you treat it as free money or do you treat it as a way to supercharge your wealth?

Do you take advantage of your company's match?

How about the tax free growth of a Roth IRA or Roth 401(k)?

Do you focus on saving interest on your loans by trying to pay them off early, regardless if they're a mortgage or a student loan or something that has a tax advantaged interest rate to it?

Or do you focus your extra money on actually creating new wealth?

Wealth is what you have what you save and grow not what you make.

A $1 million portfolio generates $40,000 a year using the rule of thumb 4% in retirement.

Those are the rule of thumb what I can withdraw from my retirement portfolio.

Are you on track when you look at $1 million equates to $40,000 a year?

Are you on track to have enough for your own retirement needs?

For our next series to come, I'm jumping back into the more serious side of things.

No more stories, no more game show announcer voice.

2022 has been one of the most tumultuous years on record with the main driver being sharply rising interest rates.

As of the time of this recording both the global equity market so the MSCI ACWI IMI not for you, but specifically for compliance purposes, and the global bond market, Barclays Multiverse again specifically for those great folks over at compliance.

So both the global equity and global bond market are down over 20% on the year.

An unheard of occurrence really in our lifetimes.

So I'm going to remix a number of my past episodes that may be particularly helpful with what is going on right now.

Episodes to help keep us all on the right track with a healthy mindset and perspective.

We're going to call it the REMIX For Rising Rates series.

So make sure to check it out.

We really live in just a completely amazing time where I can jump on here, grab a microphone and connect with you in this way.

So if you can take it and run with it, great, fantastic.

If you take one step forward and feel good about it, then I'm happy.

This is what I'm doing here.

This is why I'm here to record all these to help you guys out there.

If it feels overwhelming, though, if you have questions or just want someone else to kind of help you get all this stuff in order, so you don't have to know exactly where you're going and what path you're on by yourself.

Head on over to our website at enjoymore30s.com.

That's enjoymore30s.com.

Click Ask Joe to connect or you can just reach out to me directly using my wealth management firm New Horizons Wealth Management at nhwmllc.com.

I probably have helped someone just like you.

So thanks so much for joining me today and I cannot wait to connect with you again in the series to come.

Voiceover Audio: The conversations on this show are Joe's opinions and provided for general information purposes only.

They do not constitute accounting, legal, tax, or other professional advice for your specific situation.

You should always seek appropriate advice from a financial advisor, accountant, lawyer, or other professional before acting upon any content or information found here first.

Joe is affiliated with New Horizons Wealth Management LLC, a branch office of TFS Securities, Inc., and TFS Advisory Services an SEC Registered Investment Advisor, Member FINRA/SIPC.