$8,000,000 Net Worth | What Can I Spend?

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  • 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
    ___________________
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    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

ความคิดเห็น • 9

  • @DodieJacobi
    @DodieJacobi 27 วันที่ผ่านมา +1

    Well done! Learned several new things and appreciate your effort to share.

  • @BruiserGrief
    @BruiserGrief 26 วันที่ผ่านมา +2

    Healthcare and assistance takes over the expenses of giving near end of life. No mention of that

  • @Boulder836
    @Boulder836 26 วันที่ผ่านมา +2

    It would seem that if you are smart enough to accumulate a net worth of $8M… you can probably determine a safe spending rate.

    • @NickSteffen
      @NickSteffen 25 วันที่ผ่านมา

      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.

    • @Boulder836
      @Boulder836 25 วันที่ผ่านมา

      @@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

  • @thereasonraisin
    @thereasonraisin 26 วันที่ผ่านมา

    Title is "What Can I Spend" but you never answer that

    • @Bare_Essence
      @Bare_Essence 24 วันที่ผ่านมา

      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.

    • @thereasonraisin
      @thereasonraisin 18 วันที่ผ่านมา

      @@Bare_Essence yes but it doesn’t answer the question does it?

    • @Bare_Essence
      @Bare_Essence 18 วันที่ผ่านมา

      @@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.