Sorry - Your kids aren’t getting your equities (or your house)!
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- Опубликовано: 15 дек 2019
- When Marcus Padley paid a visit to our Melbourne studio last week, we didn't miss the chance to ask about his 'Penniless at 100' wire, given that it received more likes and comments than any other wire published on Livewire in 2019.
The heart of his argument is this: In a zero rate world, retirees would need to explore the concept of selling down their assets to live off the proceeds, given income is fast disappearing. As Marcus put it in the interview:
"I think we all have to start re-jigging our financial plans to say: I’m sorry, but your kids are not going to get your equities and they are not going to get your house - because you're going to need it and you're going to need your capital to live on".
Watch below (or read my transcript) as we ask Marcus to share his thoughts on why this wire resonated so widely and to recap on some of the uncomfortable truths he thinks that retirees need to consider.
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If you are aged 80ys and you are able to walk to the supermarket that is half or a kilometre away you should be congratulated. Ditch the BMW and keep walking. Your health is worth more than the money, just because you are wealthy it does not mean that you should be driving your car all the time
Great way to end the interview, my Dad traded and invested to his last day, aged 88, because just like Marcus, it's what he loved to do. The hunt for income or yield is going to get tougher, so start early.
Nice and honest, love the stories. Thank you Marcus and Livewire.
Marcus. Thank-you for this.I just finally got around to watching this with my Dad. I actually went about writing down points in regards to what you say. I think you are ABSOLUTELY spot on with respect to what you say inrelation to parents living in ABJECT poverty so their kids get all their inheritance. That's disgusting. This is a VERY BIG reason why I personally DEVOTED so much time and study in finance. I thought at the end their might be a tiny pot of gold waiting at tne end of the rainbow. That's another reason why I also chose not to have a family. Because I couldn't DAMN well afford one. So yes I encourage people in their retirement and in advanced age to DEFINITELY not have to endure all that hardship for their children. That's really actually almost WARPED. Furthermore, finance can be creative and help address these issues. And it has been with the introduction of the reverse-mortgage. So finance is not always the devil's trade. That's point one.
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Point 2 is this. Oh yes. You are once again ENTIRELY spot on with respect to the FIXATION of retirees on INCOME. And you really illuminated this with respect to the banks. Also, your commentary surrounding those high yielding government bonds I think in the early 1980s as you mentioned was shocking and mind-blowing. You know the thing is Australians are often under-insured and they haven't really gravitated to annuities as much as perhaps they should have. Also, far, far, far too many people are just BLOWING themselves up by running an SMSF. I think I can recall several years back that the ATO had conducted an audit on every single reporting SMSF and found that over a 5 year period that 40% of SMSFs had LOST money. Now I just had a quick google. But wow. Things are actually a LOT WORSE than perhaps even you know. That's an opportunity for you Marcus perhaps. Of course, overconfidence is something that affects all of us from time to time. My SMSF has been "torched". A very special dear friend of mine who I am incredibly close to had a little help in this twist of fate. God bless him.
Thanks Marcus. I'll check this out with my old man now
Really good video, I think anyone 40 years and over should follow this simple advice.
More important for 40 and under but yes.
What advice...be miserable at investing like him.
@@bop-ya-good And how would you know? Do you have counter argument to anything he said?
the system is broken , but all is good , no more pension is next !
Investing or moving to emerging economies with healthy demographics, that's probably one of the options people could take in an ultra-low interest/growth environment
Fannie Mae paid off the bank my remaining balance, now I see Fannie is in China's stock market. I wonder if my mortgage is a ADS now....Renren Inc. (NYSE:RENN) has a ADS program ,they had ADS that Citibank was helping handle, but the fully diluted loose per ADS went from 1share reduced to 0.001....says release date is Jan. 13th.....I know right, can anyone find US mortgages that Fannie has? as you can tell Im not experienced in this so I'm asking for help. Fannie's letter to me was saying I should keep paying the bank I borrowed from. Thanks for any help!
Oh shit.... yes he DESERVES to spend it as he chooses!
State/societal collapse will happen long before your pension becomes a problem. I wouldn't worry about making plans post 2050 (hopefully we last that long).
And....who would want to take advice from him!
$16m for $165k PA. so 1% Dividend. This is so inaccurate. FMG is paying 17% for example
a 'risk free bond'