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30 replies
  1. Heritage Wealth Planning
    Heritage Wealth Planning says:

    Folks, I'm pinning this comment by an extraordinary "scientist", Ditpook. Just ask him, he'll tell you he is.
    This is a perfect example of the challenges ALL free people face. The "appeal to authority", the call to ban things one doesn't like, the disparaging of thoughts one doesnt' agree with.

    Laughter and mockery are the ONLY way to deal with people like this.

    ditpook
    13 hours ago
    So tired of you people who use the word 'science' I am a scientist. You are not. There is nothing scientific about what you do. You fail to use scientific method to perform your studies (look it up) and you taint your test pool with sloppy statistics and populations. There should be a law preventing you from using the word if you do not have the training. It is obvious you are just trying to bring more status to your witchcraft. Read 'Fashionable Nonsense' by Alan Sokal.

    Reply
  2. ditpook
    ditpook says:

    So tired of you people who use the word 'science' I am a scientist. You are not. There is nothing scientific about what you do. You fail to use scientific method to perform your studies (look it up) and you taint your test pool with sloppy statistics and populations. There should be a law preventing you from using the word if you do not have the training. It is obvious you are just trying to bring more status to your witchcraft. Read 'Fashionable Nonsense' by Alan Sokal.

    Reply
  3. Bob Krausen
    Bob Krausen says:

    I'm fighting that reluctance to spend principle every day. I'm in a transition year. Retired (contract ended…) 3 months ago at 65 but not taking my SS or Pension until FRA next year at 66. So….I'm spending down my 401K and some savings this year. That depletion hurts psychologically. To me my employment income was "renewable", more came in each week. With no income at all right now, every dollar I spend out of my 401K and savings is a dollar that is NOT being "renewed" and replaced. "Ahhhhhhhhhh!!!!!" That's not a good feeling to me. I know someday…years from now even if I don't take my SS and pension…the well could/will run dry. In the back of my mind I know when I take my SS and pension next year all will be good again, I won't need much at all from the 401K to be very comfortable. So today I try to hold the line and my wife spends like more "new" money will show up in a check every Friday. 🙂 It's interesting to say the least. Taking deep breaths until April 2020.

    Reply
  4. jamie t
    jamie t says:

    You spend the first 30 or so years working to acquire assets and wealth, and the last how ever many years protecting those assets. I sure didn't mind taking a risk in my 20's, 30's or even 40's, but as I get well into my 50's and retirement is real, I don't have the stomach to enter into risky investments. It's not that I am not invested and continue to invest, it's that my goals are much different now that I have enough to retire. I may miss the next Amazon, but I will also miss the next ENRON…and that is fine with me.

    Reply
  5. Tina Moreland
    Tina Moreland says:

    Hi Josh, I think people dont see that spending their income the same as their principle investment is because when you take from your principle you "see" the amount decrease vs spending your income you see the principle remain the same and money in your pocket is disposable.

    Reply
  6. K Carlson
    K Carlson says:

    I think most people would pick a guaranteed stream of income over a large net worth because your mind does not factor in market loss to income like it does stock style investments even if the math is equivalent.

    Reply
  7. Alberto Santa Barbara County CA
    Alberto Santa Barbara County CA says:

    Happiness is based on each person perception of its situation and condition. Financially, your position as previously commented is defined by a trajectory based on seven points. Six points are the position and the seven point is the destination.

    The six position points are income, expenses, liabilities, assets, cash flow, and networth. The seventh point or destination is financial independence.

    As you aged or achieve financially independent your income matures and expenses are normalized but your networth, assets and cash flow are high while your liability is zero or low.

    The toughest transition from working to retirement is the expenditure of principal. When someone asks do I have enough, what they mean is if there enough principal for me not to have income. Can my money support me for the rest of my days?

    Things that make people happy. Accomplishments, acknowledgement, acceptance, laughter, food, gifts, self-reliance, self-suficiency, and ultimately financial independence.

    Reply
  8. Sergio Santana
    Sergio Santana says:

    By creating your own pension through the purchase of guaranteed income from an annuity or even a reverse mortgage will guarantee a monthly cash flow allowing you the invest rest of portfolio more aggressively due to the fact that a bigger percentages of your income is guaranteed.

    Reply
  9. Jeff G
    Jeff G says:

    Becuase with income, there is the "assumption" you'll make more. Almost an infinite resource. Spending principal is spending from a finite resource. The two are 180* apart.

    Reply
  10. Over the hill and Over the mountain
    Over the hill and Over the mountain says:

    I just did A early retirement, sold everything I own gave up my apartment and I am living in my jeep traveling the country. I am the happiest I’ve ever been. The only bad thing was it took eight weeks for my first check. I feel like the government screw me out of two months of Social Security.

    Reply
  11. Eman namE
    Eman namE says:

    Hey, I just saw theres some changes being made to 401ks, can you research it and make a video on what's new and if it's a good or bad thing ? So far what I've read shows a few pros and but nothing terrible. But I could be wrong. Thanks for all your great videos and knowledge shared to us all.

    Reply
  12. John C
    John C says:

    We have a modest net worth, and we are happy to spend what we get from SS and other "income"… and we do think a bit more about slicing into principal (bit of a mental hurdle). But because we have only finite more years, slicing off some of that principal is fine (travel, help someone out with college expenses, charitable giving, etc.).

    Reply
  13. John C
    John C says:

    No more driving vlogs… better safe than sorry. Walking vlogs are healthier, too! Win-win. About studies: They show that coffee is BAD for you! Other studies also show that coffee is GOOD for you! Ditto for wine (remember the "wine paradox"?): a glass a days is good, but then it isn't. Being a good doctor (or designer, or engineer, or what have you!) is also science and art! Keep walking/vlogging!

    Reply

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