Die With Zero | This Book Changed How I View Life
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- Опубликовано: 20 окт 2024
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Reason #1 - Your Life Occurs in Time Buckets (01:00)
Reason #2 - Don't Overaccumulate and Lose Time (03:01)
Reason #3 - Spend Intentionally and Efficiently (04:18)
Reason #4 - Be Generous Now, Not After Death (06:06)
DISCLAIMER: I am not a financial adviser. The content on this RUclips video is for educational purposes only and merely cite my own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!
Feel free to use this simple early retirement calculator I made: docs.google.com/spreadsheets/d/1f7OOXNh062P65FU2yhumbz35vTKvkLs1/edit?usp=share_link&ouid=104431445261985294494&rtpof=true&sd=true
DISCLAIMER: I am not a financial adviser. This file and the content on this RUclips video is for educational purposes only and merely cite my own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!
Life is unpredictable. Protect your health. Then work a job you don't mind doing indefinitely, but maybe with scale back hours. Then save and spend as you go! I'm a divorced MD. The divorce ruined me financially but it sent my life to a much more satisfying trajectory.
Thanks for sharing your perspective. That is true, I’ve had a few close friends get cancer at a relatively young age. Tomorrow is not guaranteed. The more knowledge you have, the better equipped you will be in making right decisions for your own life. Glad you’re on a better path now!
Superb comment, divorce decimated my wealth 10 years ago with the uk divorce laws I only got 30% of assets . I agree with you though , nothing wrong with putting fitness first and living a minimal lifestyle.
Nurse here. I agree with this. I used to work 40-50 hours a week but as I paid off my home, investments, etc and I realize time is running out. Cut my hours and even if I’m just relaxing a day or two at home… I’m much more happy and can end up working more years.
@@2legit2Kwit excellent instead of burn out in 5 yrs you can work for next 10 yrs with proper rest and health attention. Still you make good money and same time enjoy life. stay blessed
As an immigrant Asian parent, we were wired to work and save. We were fortunate to be able to pay for our two kids undergrad and law school then sell our business to retire in our 50s. I completely agree with you about helping your kids when they need it the most but also giving them room to fail and learn from life.
Hey Paul! I love your message, and that you were able to help your kids avoid crippling high interest debt, while giving them the wiggle room to figure out what a fulfilling and rewarding life would mean for themselves. As I highlighted in this video, I am not a huge fan of unearned generational wealth, that fungible asset can do a lot of good in our world now and it really doesn't take much to lift up the lives of others.
That is where we are at. Finding a balance in how much to give so they have joy vs giving too much .
@@thefinancialneurologist Of course it depends on the child, but the fear of having crippling debt should be felt by the child so that they make smarter decisions in what they study and to respect the dangers of debt.
Here is the deal: I don't have a car. I don't have cable or any streaming services or subscriptions. I never eat out -- breakfast, lunch, or dinner. I don't drink anything but water --- ever. I don't gamble, smoke, or do any drugs. I don't go on vacations. No coffee or booze, as noted earlier. I don't use the internet to buy anything -- ever. Practice this and you can easily live off of about 20k a year. Practice this, and truly retire early or retire stress free. What I do: Library, outdoor exploring/hiking, Reading, Exercise, Cook, Love, and Tennis.
You’ve built some good habits, but avoiding vacations, e-commerce, and social activities like eating out seems a bit too extreme. Life isn’t just about health and productivity, it’s also about connection. Meals are often about the social aspect, not just nutrition. Still, if this works for you, more power to you!
You've scaled minimalism to about 95/100, I think aiming for 80/100 makes saving easy and your current life still fun. I think living frugally is not just a great way to save, it also builds these habits you'll still have once retired, hence you'll need less money to be happy. Oh and yes, using public pools and libraries do feel like using a cheat code. I use my tax money to the full extent.
@@souslesbombes - Fantastic work by you.
I live on $20k and I go out to eat once a week, have cable, cell phone, a car and go on 2 vacations a year. I also have savings and pension that I haven't touched yet.
@@laurievanzon2126 - Great work, Laurie.
I read this book and I thought it was excellent. So many great points. As a 57 year old ER doctor who has been working a very stressful job for 20 years, I cannot wait to retire and really start enjoying the financial resources that I have accumulated. And even though I am fit, workout regularly, have never smoked, I see the changes in my body. My knees and other joints are just not the same. My energy levels less. What will I be like after another decade passes? I’m giving myself one or two more years of working in the ER, and that’s it. Retire by 60. Absolutely. Thank you for this great video.
Right there with you regarding feeling the changes in my body since I turned 50 (55 now). I exercise every day but can only fight time so much. Made/make a lot of $ as an investment advisor/financial planner but burned out as well and don't enjoy the work anymore. Two young kids (9 and 11) as well and want to be around for as long as possible for their benefit. Retiring next year.
@@Matthew-ym2bb Ooh, 55 years old and still with a 9 yr old and an 11 year old. Just saying that is causing me stress and fatigue! Wishing you strength, energy, and a good retirement my friend. All the best.
hello sir, same here I am 53 , working last 22 yrs in IT company. I had medium severity accident and injured my right knee I get pain now every now and then. I want to retire for sure in next 3 yrs
Yes! Good luck!
@@TylerG7777 1 or 2 years until retirement sounds OK but today would be perfect. Tomorrow is not guaranteed for anyone. Since it’s sounds like you are financially secure, retire now. You must see critical patients in the ER all the time. Any one of us could be that patient. I feel like retiring early gives us the best chance at living out our dreams before we die, which can be any day.
I love your content! Please keep it up. And thank you for helping me rationalize all my Black Friday purchases. Carpe diem!
Thanks for watching! A lot of effort goes into these videos so it’s nice to hear back. My goal was to use the skills I’ve learned from medicine to provide an evidence based approach to how we view our life and finances, I have a huge backlog of ideas for future videos so hope ya stick around!
Health is wealth! Money without health is misery. Focus on your health first. If need be spend money on maintaining your physical, emotional and mental health!
Yep!
I wouldn't say this book changed my life but it definitely changed my outlook on money. Like you, I am an Asian American physician. There are many good things about our upbringing but one major negative is many of us were taught to hoard money and thus a bigger bank account directly equates to more happiness. After reading the book, I realized I should retire earlier rather than later and use my resources now to translate into experiences while my wife and I are young enough to do them. Having said that, I am still holding on to my license just in case!
Ive been building & remodeling homes for the last 25 yrs. Approaching retirement age & hoping to do so at 62 in 5 yrs. In my wk history Ive had slow times & very busy. The busy times were very lucrative & the slow were times of tightening the belt. What I learned - you either have the money or the time to spend it never both. Im amazed at how little Ive spent in those slower times. Osessing over money is a waste of time as life is way too short.
Thanks for the wisdom!
Great video! I have no intention of dying with zero but this book really helped me view spending differently. I have been in the heavy savings mode and rarely treat myself. I've raised my kids well with fully funded college funds and this was the push I needed to start being intentional to enjoy what I've worked hard to build.
Thanks Melissa! Kudos goes to the author, but great job taking care of your kids and yourself! Enjoy your reward
It’s important that kids dont expect, money, or plan on getting it from their parents, either during their lives or after death, it’s imperative that they know that the only way to be successful in life is to do it themselves. If they think they are going to get a big payout someday, they may not try as hard or be as ambitious, or plan for a financial future. In my case that big payoff never came, thankfully i had a good career on my own, but if i thought there was no payoff coming I would have planned better. Great video, thanks, excellent YouTubing here. Larry
Thanks Larry! Yep in my culture, it's actually expected for the children to take care of their parents financially, and not the other way around. So this is baked into my DNA, thanks for watching!
Well said. Give $ while you’re still alive, help pay for good schools and life improvements for Grandchildren and children while they’re young; so many families break apart fighting over inheritance and some young people waste their inheritance. Die 0, makes it easier for loved ones and easier on self while living.
Yep, build your own future so you don't have to fight for someone else's money.
Very interesting concept! Thanks for sharing :)
Thanks! Give it a read
Thank you, agree totally with you. I also think of my life in terms of buckets, or rather in ten year increments. Also, very interesting that most people don’t use most of their money in retirement. Again, loved your content and presentation. Look forward to more videos.
Thanks man! I think that research outcome had the most change on my perspective, and that’s why it’s the first sentence I put in this video. I wanted to spread that knowledge. I came from a mindset of hyper-optimization, and this let me let go of the reigns a bit to live life a bit more intentionally. Thanks for watching, more content about the psychology behind a meaningful life is coming next!
23 days before I retire... 2/15/2024! @58... Should have done it at 55. However, never late!
Congrats! Amazing job, what are your plans for this next phase of your life?
@@thefinancialneurologisttravelling to South/Southeast Asia for a year and figure out from there. May end up moving somewhere there. Thailand and Philippines high on the list. Also focus on physical and mental health!
I'm so jealous haha! Keep me updated on your adventures.
why do u regret not doing it at 55 and why didn't you?
how are you doing ? how you spend your time
I just turned 54 and I’m definitely retiring early. I was in a high pressure gig economy career and I downshifted to a w2 job, less money but much much less stress. I can definitely ride this out a few years and then call it a day. My dad says may the last check I write, bounce! Ha! ❤
Yes always go the sustainable route
Great video, very much align with your views. Thank you!
Thanks Dennis!
Im 53 and starting a new career in another country. LFG!
Nice!
Good video, I enjoyed it.
Subscribed
Thanks! This video was really fun to make. There should be an alternative perspective to the hustle and grind until retirement culture we have in America.
At 67 my biggest concern with my portfolio is addressing the probability of my adult children needing funds to help pay for my care during my last 2-5 years
My recommendation would be to have long term care insurance. My grandfather passed recently but we didn't need to touch his assets or ours because the insurance covered it.
How did you go about addressing this?
I generally agree and have not skipped on enrichment through travel .. .ie: backpacked through Europe in my 30s and have kept at it…however having later children and one with some disabilities I look at this differently now-so the bottom line is that everyone has own circumstances
Yep!
Leave Nothing to No one !! Spend it while you can. And Enjoy it !!!
Before you expired unexpectedly, be sure to set up a beneficiary of your money to a charity. I would not want to leave money to the government for wars.
ha!
Excellent, thank you! Fellow MD with the same basic thought--enjoy life as you go, don't wait for "later." It has definitely shaped my career and things I've said no to in the typical medical career progression/grind. Thank you for the well-done and researched summary and your insights.
Thanks brother
Love those bookshelves !
Haha books are all virtual now! Thanks for watching!
I'm in my 30s and I constantly think about money because as an only child, I'm starting my family while worrying about my parents who have poor health, little savings and no insurance.
I know I should live life, and I'm always angry because I'm not.
Life comes in stages, identify what you need to address to get your career to a point where you can take care of your family, set a plan. The anger feels good for now, but won't bring you any closer to your goals.
I peaked in my career early then retired early and now I train for marathons and go on extended hiking adventures in Europe in my late 50s. My life has improved since retiring and I’m much healthier and happier. I encourage everyone to retire asap.
Yes! I'm also getting into running and fitness, it's the best!
I agree completely with giving to your kids while they are young and needed the money for education, or 1st home. It’s more valuable to have your tuition paid or a substantial down payment on the house. Also, give equal amounts, no favoritisms.
Yep! Delayed gratification is a skill that extends to more than buying things, it's helpful for planning and executing those plans.
I spent most of my money on women and beer. The rest I just wasted.
Nothing wrong with that! You live your life on your own terms. Unless it leads you into debt, then I would try to take a step back and reevaluate your priorities. It’s never too late to take a step in a different direction.
Hahaha!!!!
😂
I’m still spending most of my money on wine, women and song, and at 72y/o , I’m loving it !
😂😂😂
People are frightened of running out of money in retirement. I am.
Meh. You don’t need millions to enjoy peace and a good meal or a walk in the park. Money doesn’t buy happiness but it does buy comfort. If you have a paid off home and alittle retirement… you’ll be fine
Yes! A valid concern to not run out of money before the end.
Great job on this video. Merging medical & financial wisdom 😄👏👍
Great summary of an outstanding book. Thank you!
Thanks for sharing.
Good opinion on inheritance. I like your metaphor relating it to cheat codes in video games! Thankfully I’m a bit a ways away from making these decisions. But something for me to think about
Thanks man! Yeah smarter people than me call it the arrival fallacy. The journey towards creating and achieving something on your own is definitely the rewarding aspect, rather than just having the money to buy your dreams, aside from of course covering your basic needs.
Agree - this is wisdom - I retired at 49 and live amazing with on my investments alone + now I have pensions. But I planned well when in my thirties. Planning is everything
You are set! With a pension, you can be so much more aggressive with your other investments because you have that guaranteed income. Hope to reach your stage at one point.
@@thefinancialneurologist Thank you for your reply. Financial momentum takes time and endurance. If you can get your little money in with the big money then it really takes off. Otherwise you spend your life punching the clock. Love your perspective.
Thanks for this, I feel I have heard of this book, but definitely want to read it now! Love the Red Pill - Blue Pill reference at the end, and the video game references ;-)
Haha thanks! I try to incorporate my own experiences into these videos
@@thefinancialneurologist LOVE IT!!
One of the better holistic financial planning channels! Think I've just tipped you over 1000 subs
Sweet haha did not expect that
This applies more to people with good paying careers, own their own home, and are pretty comfortable by retirement. These people can afford the occasional hospital bill and not be worried. Most of us aren’t in this boat.
Try to have the best health insurance plan you can possibly afford-even if you have to change jobs to get it. Over the long run, insurance with the lowest deductibles & copays will pay for itself! And take care of your body, as the good doctor says.
Yes I do agree there is a discrepancy, but life comes in stages, you may not be where you're at right now, but you could chart a path towards your goals
I've seen so many people live a frugal life and die within 5 years of retirement. What's the point? Enjoy your life today and enjoy the journey!
Nothing but truth. Definitely enjoy the journey!
How many ?
I tell you what’s the point: because it is better to die rich, than run out of money while still alive. Best is obviously to die with zero but how to calculate this if you don’t know the date you die.
I went through the same realisation when I found out about Roms and emulators I felt like I had hit the jackpot but then after a week I was bored of playing video games. The idea of waiting till my birthday or Xmas for that one special game meant more than having all the games at my fingertips.
Yesss haha the flashbacks!
After 30 years in the financial industry I can tell you with no reservation in order to have financial stability when you retire you will need discipline and deferred gratification..if you are a majority wage earner do not get married and above all as he says protect your health because additional lifetime cannot be bought with any amount of money !
This!
We must also factor in the cost of care in our last years.
I am not going into a nursing home. I rather die.
@@sct4040 Totally agree. That’s why we need to save for some at home help if needed.
@@sct4040 Yes that's good. I am from India and in our jain culture many people decide to die by fasting indefinitely until you pass away especially in old age when spending on health care is bound to give you more suffering. We even have specific word for this concept. It's called Santharo
@@hatebreeder999fascinating!
Yes!
I remember Diablo!!!
Great video since I’m facing this very same questions at this stage of life.
The chart is showing people that had social security that wasn’t taxed. It very hard to live in America because things that used to be free now cost money like tv, telephone, utilities were much lower so was banking and housing. If we didn’t have so much greed it would be much easier to live a good happy life for retired and people straight out of college with debt that can almost never be paid off.
Yes I do agree that this is a problem. I graduated with six figures of debt, during the post-COVID era of hyper inflation. It's doable, but you have to be intentional about your spending and your career choices.
Man, I took the advice to give while we're alive. Pushed sent in Zelle, then you mentioned don't provide cheat codes, make up your mind. JK, it's a fine line to walk with how much to give without taking away the recipient's drive and motivation. I give experiences and memories with an occasional big ticket like an EV 🙂
I go by the adage "don't tell me how to live my life", you do you man, this is one perspective
Great video. I love your philosophy on life and its meaning .thank you
Thanks!
well-said, doc. I like your style so I subscribed
Thanks!
CALPERS pension-100K w COLA-worked 30 years) moved to 🇹🇭-$400 new condo -10 minutes to 🏖️-swim-gym-steam-sauna daily-pretty young thin gf-healthy food-invest online
Nice!
Curious about the % you referenced. #s are always complicated I guess. Thoughts on reports on medical and long term care expenses on savings?
Hey! Thanks for watching. So I referenced data from the 2018 paper by Banerjee et al on "Asset Decumulation..." So the purpose of their paper, aside from doing a retrospective analysis of retiree non-housing asset spending over a 20 year period post-retirement, was to speculate why that was the case. One of the discussion points for future studies would be if the fears of "uncertain medical expenses [...] might cause many to spend their retirement assets more slowly". It is a common concern, unfortunately their data does not subcategorize expenses, just the % of preserved assets over a period of 20 years after retirement, it would be a great point for a future study! Other perspective are that retirement expenses follows a U-curve, with initial high expenses due to traveling, a deceleration due to decreasing health, then an increase in spending due to increased medical costs. The interesting aspect of this paper's results was that asset decumulation was so conservative, that retirees still had 73 to 89% of their non-housing assets left after 20 years of retirement. Whether or not we will need 73 to 89% of our assets to pay for medical expenses, will need to be studied, but personally it implies our fears are holding us back from living our rich life.
Great 👍 work doc
Thanks!
I like the cheat code analogy.
I do too
Very nice video. Informative. Thank you
Thanks!
Great perspective keep em coming 🍻
Thanks!
What are the drawbacks of investing in stocks through robinhood rather than fidelity or vanguard?
So Robinhood doesn't offer mutual funds, you could buy Vanguard ETFs on Robinhood though. I do encourage people to stick to low fee broadly diversified mutual funds and hold it for the long term, instead of trading individual stocks, as that's what the data has shown to have the most consistent as well as best performance. Whatever medium you choose, they are probably fairly similar, as long as you're aware of the fee structure and restrictions. In the end, I do believe the best performance comes from your own savings rate, rather than any particular nuanced strategy, as long as you avoid market timing and emotional investing.
@@thefinancialneurologist which are the low fee diversified mutual funds you advice?
Long term care costs are big unknown.............
Absolutely, there are projections, but you can never predict the future
Do you have a consultation? I am confused what to do with my financial due to my neurological issues popping up.
I don't address medical issues in this channel, hopefully you find a good neurologist in your area!
Excellent secular commentary !!!!
Thanks!
Research is always a research...important on what you do and you want.....its up to you....
Yup!
@@thefinancialneurologist add to that ..lifestyle and wrong intake...forget all breaktime..focus on 3 meals daily...
I completely agree with you on helping your kids sooner rather than later if you have the means to do so. But at the same time, don't give them God Mode cheat code. I plan on giving them a jumpstart in life akin to extra resources and maybe a level up, but they will still need to work hard to become successful. I intend to pay for their college and match their downpayment savings for their first house. This should be a big enough jumpstart for them. More importantly, I hope to successful teach them financial literacy skills. Life is a struggle and if you give them too much, they won't feel the financial squeeze, and they'll never learn to live within their means.
Yes Dr. Stanley writes about this issue in another great book, The Millionaire Next Door
If, on average, the retiree spends only 11% of his retirement account, can't he pass the rest on to his heirs? Or will the government take it all? I still think having some buffer savings is still important, given our recent experience with the pandemic.
That figure was more to highlight that we spend too little after we've saved too much, and don't take full advantage of our lives as a result.
I’ll take that billion dollars if you don’t want it
Now I want it.
He mentioned The research paper shows people only spent less than 11% of their asset in retirement 20 years. The paper was published in 2018 before inflation took off. Is it still a reasonable number?
Inflation was much higher decades ago.
Hasn't been adjusted to reflect present day, but inflation existed prior to 2018 I'm sure.
Choose ur own path and make a journey filled with love peace health and money. Stay blessed fit and happy and successful 😊
Die Broke was written many years ago. Same message.
Good book.
I agree
I read the book. Definitely made me think.
I’ll consider that book.
The highest praise KEv
Interesting video, but have you considered that America in your children's life time will look nothing like America that we have known for past 100 years? Presuming future looks like the past could be greatest mistake.
You're right, we may be servants to aliens in 100 years
Do you have kids? That's a big deal when thinking about retirement. Not all of us have/had a lucrative career. I worked my S off to get my son through college and now he's doing very well. I've spent my share of money to enjoy my retirement but at the same time, I'm thinking of my son's future in this stupid inflationary period. I hope to leave him a good chunk of change.
There is no one size fits all.
Yes I have a few kids, and absolutely you travel your own path, this is just one perspective.
"Die getting all you can with from your money zero and your life"
- Bill Perkins
I'm sure Perkins said something along those lines
I can do it! Hold my of-brand cheap beer, watch me I’ll die with 0!
hahahha
I say do what you want when you want, and don’t identify as someone whose health is declining, know the power of your mind!!! And don’t beat yourself up if you haven’t done what you should have done if you’re 40 plus- do it now instead, it’s never too late!! And invest as soon as you can, to give you returns :)
You're right, I run with a group of 60 yo and they're more fit than me!
I think the idea of not spending your savings is counterproductive as a general American. So many people already yolo their money away anyway, they don’t need more reason.
True
But what if i want to be a musician but not good enough yo get paid for it? Money can buy you yhe freedom to indulge in these passions.
Agree with both. I play a few instruments and sing, but I'm definitely not good enough to get paid for it, but who knows =)
What happened to people from 55-75? In the chart at called Filling Your Time Buckets? For a financial nerd and a neurologist . . . .someone seems to have missed something?
Hey Steven, I never claimed to be perfect, just reflecting what's in the book =)
Retirement is overrated. I’ve decided I will work until I no longer enjoy it. I agree with the content. Why wait until we are old seniors to enjoy our earnings or death Itself to be generous.
It's good to prepare, in case that time comes sooner than you think, then you have options to cut back or quit altogether to pursue something else. Thanks for watching Eva!
The future is leaning towards more people not being able to afford retirement. If you have children and grandchildren it is selfish and irresponsible to not leave your dependents what you are able to in order to minimize or eliminate their need for public assistance in retirement. The old saying " charity begins at home" is about taking care of your own. Family legacies are built and sustained upon this doctrine. WE are responsible for our offspring and subsequent generations not the government!!! When did sacrifice and due diligence become a problem and not a priority???
This really depends on the reality that you surround yourself with and accept. It is entirely possible to have a retirement, but you'd have to make the difficult choices to get there.
So, if I run out of money I can come to you? Or, just walk in front of a bus? If I need unexpected round the clock care, or a rest me, I should just put it on a credit card?
Translation: I’m living in fear. What if. What if. What if.
@@TylerG7777not fear. Reality & planning. Living like there's no tomorrow doesn't work for everybody. And that's childish.
Investing time and money in our kids so that they grow up to be kind and caring adults is probably best bet on having good time when we grow old.
Please contact 988 if you are contemplating self-harm.
Nice insight! Btw, anh biết nói tiếng Việt không?
Dạ anh sinh ra ở Việt Nam, mà bây giờ toàn nói tiếng Mỹ thôi. Thanks for watching!
@@thefinancialneurologist nice, a fellow Vietnamese, subscribed.
Inflation figures are manipulated by the govt. much of the unhedged nest eggs will face significant erosion in purchasing power & value.
Partly true, the role of the Fed is to temper inflation. Most retirement investment plans build in projected inflation though.
Giving your kids an education and living in the USA is the correct way to raise our children. Even warren Buffett did that. And he has responsible kids. I’d probably accept a billion dollars but I know for sure I’d be donating it slowly to well deserved people not just handing it out. I had a number as a goal to retire and once I knew I would hit that I was done work in the 9-5/ boss era of my life. The nice thing was over the years I had many bosses and it was the younger bosses that would have the shitty attitude and that was nice retiring because from that moment on they just became ordinary acquaintances no more feeling inside fawning around them. Even though I didn’t want to feel that way they came with a superior type attitude in the work environment I’m sure most people get the point here. I retired as a construction laborer who is a genuine hard old timer worker with only a 12th grade education and the college bosses , most not all had an air about themselves. Now I’m a free bird healthy in retirement and they’re still working. God bless
Enjoy the freedom!
What's the safe dose of alcohol?
There is no safe dose, alcohol is a toxic substance that damages all of our tissues including our brain, because its permeable to the blood brain barrier.
ehhh being at the healthy weight is bit different then not smoking i would say ....... you cant just decide today i will be a healthy weight tomorrow and be healthy weight tomorrow and for many its just bit TOO INCONSIDERATE, TOO ANOYING and TOO BIG goal presentation of it. esp. considering everage rate of success of getting there. What if i order you NEED to be a Bilionaire? Suggesting starting with some baby steps is way more realistic ...
Hi thanks for watching and the feedback! As I was writing that section of the script, I struggled with a way to word it and I knew it would be controversial. Unfortunately, central obesity does play a role in the development of metabolic syndrome, including diabetes and high lipids. Though I do understand that weight isn’t everything, I’m within a normal BMI, but I have also gained weight through the stress of residency training and parenthood, and as a result, I have very high cholesterol and other lipids myself. I speak about this, because I have also been on a journey of dieting, to normalize my lipids, and reduce my risk of cardiovascular issues in the future, such as heart attack and stroke. It’s harder as we age as our metabolism slows down, but it’s a risk factor that we cannot ignore if we want to continue living a rich and healthy life for decades to come. It is never too late to take those baby steps to lower the risk of a poor quality of life in our later years due to poor health. I hope you continue to tune in, there will be a new video every week.
You can always smoke and drink your way to your healthy weight.
A simple baby step regarding body weight is following the height -100 weight rule.
If you are 180cm tall then cut 100 off it and check how you your health markers are, then improvise as per your results.
Quit drinking, smoking, gambling, best thing ever.
Congrats!
LIFE LIST
You had me until you said you would turn down a billion dollars….
haha so there is a book I would like to recommend, called Never Enough by Andrew Wilkinson, it kind of captures the same concept.
Honest question: how big does your nest egg have to be if a couple has to pay $7,500 EACH per month for 10 years of assisted living?
Too bad they gave away much of their money early, me thinks . . .
@@bernardpaulsen825 I’d spend all my money and let the government pick up the tab. When my grandfather was in AL the guy next to him had zero money and the government picked up the tab.
not an issue if you have no money saved, or very little.
ha!
I had to put quarters in the machines to play, Spare a quarter?
I don't carry coins anymore my friend, it's 2024
So most retirees died leaving 80% of their wealth untouched! They saved too much!
Yes! Well it's a combination of saved too much, but emphasis on spent too little! Scarcity mindset is real, and it's hard to turn the spend dial up, when the save dial has been maxed the whole time.
Stop listening and unlike after the “if someone give me a billion I will not accept it “
Noted
Did you know that family exist?
are you my brother?
Certainly I am.
Is the 4% rule and alll the guidelines on how much money one should save in the retirement accounts talking about pre-tax or after tax retirement savings? Say someone has 5 million. But the expected tax rate is around 50%. Is it 4% of 5 million or 2.5 million? Thank you.
Hey Joanna, to answer your question, the studies on safe withdrawal were usually based on estimated gross income (pre-tax) because after tax income varies per individual. For simple discussions addressing a broad audience, we usually talk in terms of gross. That being said, I think for specific tax questions,, I would defer to a tax professional or a fiduciary fee based retirement planner. Your specific tax scenario really should be tailored to your use case.
50% tax? Where? I live in NYC and combined Federal and state is much less than 50% combined even for high earners.
you should read the unplugged alpha by richard cooper then. Another good one
Will check it out!
This makes me feel sad. Parents are supposed to care about their children, when they pass. It goes from generation to generation, for thousands of years. And now we read this book and it all ends.
Hi! Thanks for watching, but don’t be sad! The book actually encourages parents to give to their kids throughout their life, not just in death. A redistribution of the timing of these gifts, not an end to it. But with the almost 200 countries in the world and endless cultures out there, there are many ways that parents have approached this concept over the years. I merely provide one opinion out of many as well as some data, to evaluate how we traditionally look at our own retirement, so we make a more informed decision.
Best gift a parent can give is a work and save ethic. Not an entitlement mentality. Most millionaires didn’t inherit much.
@@burrelsk most millionaires did, actually.
@@ktgirl4him most millionaires did not inherit their wealth. Its highly probable that if all wealth were erased and people started over, the same millionaires would become millionaires again.
@@burrelskand every year the rich take more assets and inflation. More people rely on parents and family to help make it through life.
So instead of thinking everyone is so great and can be upstanding citizens. Then why is there so many drinkers. Smokers. Drug users. Mental disorders. Stress. And other degenerate vices
Life isn’t all wins and great things going on. It’s sticky. Hard. Struggles. Unfortunate events.
How f**ked this world if we don't want to raise children and give them everything we worked for in our lives. Pathetic
One where the children learn to be independent instead of being lifelong leeches.
This is Bill Gates. How the heck am I supposed to die with zero?
You've signed your own pledge to donate the majority of your wealth haha, hi Bill!
If someone offer you a billion dollars, don’t say no just forward him to me. I don’t mind at all 😅
Will do!
please minded that the research finding of that 11-25%/4% by EB report is needed to be normalized to current generation if it has any value to guide millennial generation. - actuarial perspective
Thanks for the input!
Read the Bible instead, you can’t take it with you!
Hey! There are lots of truths in the bible. Religion is not for everybody though.
Inheritance tax is a b*tch!
Not in Canada😂
@@bskinny9009exactly, none in Canada
Not if you inherit a Roth account! That's a different story for later.
This book is stupid. Did you really need an entire book to tell you all that? It is a one page article at best. Yikes.
I believe most books are structured similarly, but if you don't agree with the message, a one page article would also turn you off. Thanks for watching!
He wouldn't take 1 billion... 😂Sure...
yeah, pull the other one.
Ngl, it would be really tempting though! Haha so there is a book I would like to recommend, called Never Enough by Andrew Wilkinson, it kind of captures the same concept.