$8,000,000 Net Worth | What Can I Spend?
ฝัง
- เผยแพร่เมื่อ 4 ส.ค. 2024
- In this video, I discuss how we think about financial planning for high-net-worth clients.
I discuss:
Net Worth
Saving vs. Spending
How Much You Can Spend
How We Approach Spending
The Most Important Number to Focus On
___________________
Ready to get smarter with your money? 👉 Check us out at Momentprivatewealth.com
🔔 Make sure to subscribe here to be notified for future videos! @TheJacobTurner
👥 Make sure to connect with us on all socials below →
Twitter/X - x.com/TheJacobTurner
LinkedIn - / thejacobturner
Instagram - / thejacob_turner
Timecodes
0:00 - Intro
1:23 - Net Worth Breakdown
2:55 - Goals Breakdown
8:27 - Additional Income
9:45 - The Chances of Success
14:26 - Conclusion and Takeaways
Well done! Learned several new things and appreciate your effort to share.
Healthcare and assistance takes over the expenses of giving near end of life. No mention of that
It would seem that if you are smart enough to accumulate a net worth of $8M… you can probably determine a safe spending rate.
I think implicit question is not specifically about 8 million dollars but really about how to determine what you can spend with any amount of money and how your goals play into that.
@@NickSteffen what you can spend would be a good discussion on a much lower net worth. But the topic is $8M…. I stand by my earlier response
Title is "What Can I Spend" but you never answer that
He showed expenses and plans for purchases of the sample. Then you plug that into a program that guesses about future financial situations (ups and downs in the market at random times) and gives you an estimate if you can ride out those ups and downs in the markets with what you expect to spend. There is no single answer. It's a probability based on how much you got, how it's invested (or not), what you plan to purchase in the future, expected expenses, all tied to estimated inflation. Then you add trip costs and other non-essentials you want to do as estimated "can we". Then the probability runs the scenarios again.100% good, < 100 less goo. Most of it is maybe. Even 100% is not guaranteed. You then gamble on the probability of how likely you won't run out of money before you die; which is also a guess. Yes, he mislead a bit, but the practice he mentions is a standard prediction. The more accurate the criteria you provide, the more likely the success. Things like large medical expenses are the most troubling and I don't think these tools consider that unless added as expected expense.
@@Bare_Essence yes but it doesn’t answer the question does it?
@@thereasonraisinif you are saying simply that he never answered the videos title question, then yes. That’s because there is no definitive answer. Though he could have kept running the Monte Carlo simulator with more and more expenses until it dropped below 100% on multiples runs and had an actual answer for that specific estimated person. Would not be more helpful though.