Die With Zero | This Book Changed How I View Life
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- čas přidán 28. 11. 2023
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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 CZcams 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 CZcams 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!
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 .
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!
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
Very interesting concept! Thanks for sharing :)
Thanks! Give it a read
Love those bookshelves !
Haha books are all virtual now! Thanks for watching!
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.
Great video, very much align with your views. Thank you!
Thanks Dennis!
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!
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!!!!
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.
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
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!
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.
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?
LIFE LIST
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!
I’ll take that billion dollars if you don’t want it
Now I want it.
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?
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.
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 had me until you said you would turn down a billion dollars….
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.
Read the Bible instead, you can’t take it with you!