As long as you aren’t in debt, you’re ahead of most !
@jaugustrichards3 ай бұрын
😂😂😂
@travellingtom60913 ай бұрын
😂 brilliant.
@unclefester65012 ай бұрын
Is it time to die?
@johnnyboyvan4 ай бұрын
Retired last year at 57 as a high school teacher for 32 years with ample money 💰. Single but I am about to have open heart surgery, so wish me luck. I intuitively knew it was the right time to retire. 😊
@Mitzi734 ай бұрын
I hope your surgery is a success. Don’t worry.
@bluetocop4 ай бұрын
being a teacher tough job retire asap
@KimberlyCarl-rw5yj4 ай бұрын
Building wealth involves good habits and risks like putting money into solid investments like digital currencies,having a good financial manager is what people tend to shy away from,and it keeps hunting them in the near future after many losses, be disciplined and get certified advisor, I pray that anyone reading this will be successful!!!
@annelove36264 ай бұрын
Thank so much for the advice been seeking means of being successful in the digital market,do you recommend any professional ?
@KimberlyCarl-rw5yj4 ай бұрын
I don’t really do but luckily Anna Dorris Arthur is the best I can recommend so far..
@dlg54859 күн бұрын
Bill Perkins isn't saying you should LITERALLY die with zero, that is likely impossible because no one knows when they will die. His book is all about spending money when it makes sense to spend it, in order to fund memorable experiences. Die with Zero is a catchy title, but it doesn't really encapsulate the true message of the book.
@johnnyboyvan2 күн бұрын
Thanks 😊 for all the well wishes. My surgery was a success and I am recovering nicely. 🙏 Not time for me to leave this earth just yet.
@calr44593 ай бұрын
Based on the numbers shown for the median retirement account, if you or your spouse end up in a “ nursing home “ you will die with zero.
@HB-yq8gy3 ай бұрын
The average nursing home stay is 5-6 months, and then you're dead. I know some folks will live well into their nineties but that's a small percentage.
@JBoy340a3 ай бұрын
The die with zero book is from a person that was able to retire in their 30/40s because they made many millions in gas trading. If you can fly all your friends to Mexico for your weeklong birthday celebration and entertainers from Vegas to do a one-night concert for your friends, this book is for you.
@travellingtom60913 ай бұрын
Missing the point. You can adopt the principles on a different level. So with your example, maybe you have that holiday in Mexico with your loved ones.
@garrygrant23942 ай бұрын
I read that book after I semi retired in my late thirties but see that it can be applied relatively to almost anybody. We have to make the most of each stage of our life. Most people wait forever to spend/enjoy their wealth assuming they will keep on living but forgetting that youthful energy runs out pretty fast, especially for some and money without health and vitality loses its meaning.
@ronmexico59082 ай бұрын
Nothing wrong with leaving an inheritance or donating to a good cause. Don’t forget the more cushion you have the better you sleep
@TOMDXBSCOT2 ай бұрын
This is covered in the book.
@patriciabee46904 ай бұрын
Thank you for this video. I have been putting aside all major trips until after retirement. But I am going to start now. With one European trip every 2 years. I downloaded my passport renewal form a few minutes ago. We also agree with keeping our home as a safety net for late 80-90’s years and transferring risk of inflation by delaying CPP and OAS as you have educated your viewers.
@garth2174 ай бұрын
Delayed CPP is best for people who don't have a significant pension or savings. It guarantees an increase of income indexed to inflation..its a safe thing to do. The problem with it is you spend YOUR MONEY NOW. If you die or have a medical issue you will have collected nothing. I'm taking mine at 63..$1000/ month.
@1983dmd4 ай бұрын
The words ''invest'' and ''RV'' never belong in the same phrase...never !!! You just buy an RV...But I understand what you mean;)
@davecarpenter49174 ай бұрын
As touched on in the video, it's an investment in memories. I had never connected it like this before , but it does seem valid. 25+yrs later, the wife and I still yak about some of the cool things we adventured before kids. Once the kids were a bit older, we started RVing. Some great times, and its still happening (although the eldest works, and it usually doesnt line up with our trips now). Eventually, the youngest will be on their own and it will be back to just the wife and I. More investments to come !
@1983dmd4 ай бұрын
@@davecarpenter4917 Yes, I agree !! When you die, you regret things you did not do, rarely things you did ;)
@randolphh80053 ай бұрын
Just a completely wrong statement. For those of us fortunate to have resources, balance matters. The blind pursuit of money and savings is very disappointing when one gets ill or dies relatively young. Many of us on these forums will die or become ill well before age 70, and for others the 70’s may be filled with mounting health issues. Remember that one half of people die BEFORE the average. And, for couples, activities are based on the unhealthiest person. So balance and enjoying each day as you live is important. “Saving” lots of money can be good, but not at the expense of sacrifice not fulfilled. So an RV can be a wonderful investment in life. (Sure, care must be exercised in the financial execution)
@1983dmd3 ай бұрын
@@randolphh8005 I think you did not read between the lines...Please read my post one more time and take it at the '' ironic '' level;)
@tinayoga88444 ай бұрын
I could have retired but then Covid hit. Rather than retire at that time I decided to continue working (as an essential worker) rather than getting stuck at home during the lockdown period. 64 years old now, I am not spending much. Basically I'm living on the interest of my savings. I need to think of things that would make me happier. Stuff that I might have considered wasteful, but that I should consider it worth it.
@tacticalheadlampwithstrap31843 ай бұрын
I was essential. I wound up staying home to let the pandemic blow over. I floated on a rather medium size crypto sale. Never got a taste of the Covid money. Also never view society the same again.
@bugsyboy53234 ай бұрын
It’s not so much dying with zero money it’s having money that’s not in registered accounts so that if you know you’re going to die soon you can dish that money off to family and not have to worry about the government taking 50% of your registered accounts. I know it doesn’t make sense financially, but sometimes stashing all your money in a basic high interest savings account makes things a lot easier in the end.
@garth2174 ай бұрын
Exactly. I'm moving my RRSP into TFSA..maximize it. I also have money in my high interest savings account that earns me close to $4000 / year. Incidentally the money I earn in the high interest savings account is similar to the yearly difference that delayed CPP would make me at 70. The difference being that those savings are compounded monthly. I'm making close to 325 a month in interest. That 325 goes up each month as the account requires a $200 deposit each month so it increases in value by $525 per month..compounding monthly. If I delay CPP until 70, I'll have 10 years of compounding..that's over $68,000.. if you take CPP at 63 1000/ month I'll make $144000 by age 70. If I wait until 70 I will have lost 20,000 by the age 85
@garth2174 ай бұрын
@@Jopie2112 Have to agree with you. I think the same way.
@Spp235.4 ай бұрын
@@Jopie2112Don’t stress over this. RSPs only deferred the taxes (they don’t avoid it). There are studies that show that at the same tax bracket when contributing and at retirement, the after tax proceeds of using RSPs are identical to a cash account. Compounding tax-free is essentially the same after tax/after withdrawal then paying tax as you go. A bit counter-intuitive but the math is the math. And TFSAs, if they become too large - governments will cap the tax benefits in the future. CRA is already looking and auditing large TFSA accounts with the view of disqualifying some of the trades that generated the wealth.
@TOMDXBSCOT2 ай бұрын
Try to read the book.
@adm583 ай бұрын
The issue of how to spend capital tied up in a home is areal conundrum. A lot of older people are cash poor but equity rich. Here in the UK selling to move to rental has the very considerable drawback of no security of tenure (the landlord can give tenants notice anytime), which isn't ideal when old, especially if sick or infirm too.
@polepole90664 ай бұрын
I agree. We should aim to « die with zero taxable income”. Zero RRSP / RIFF, and plenty in TSFA for comfortable older days, care, inheritance… cheers 🥂
@svenhodaka91454 ай бұрын
Good strategy. As an executor I learned of one opportunity regarding the TFSA beneficiaries when dealing with an estate. Since there was no surviving spouse the beneficiary was the estate. This means the TFSA was included in value of the estate and was involved in probate. If the TFSA beneficiaries were named this money could have been transferred sooner and without probate cost. It’s something to look into and consider the pros and cons. It may be an opportunity.
@caperboy11694 ай бұрын
Tip #2 is what my financial advisor is telling me. Now I understand why he’s telling me this
@DoneByD4 ай бұрын
I'm not sure even a realistic financial plan will ease everyone's mind because there are just so many variables in a plan. The probability of one or more of those variables all turning out exactly as planned seems unrealistic. On the other side you have to base your financial actions on something so better to follow a plan and then revisit the plan annually to make adjustments should ease the stress over time so we are not saving everything for tomorrow just in case... I have never counted our house in our retirement spending plans and know in my head it's the backup plan should we need it but being reminded it's there is a good thing as out of sight out of mind sometimes. Thanks Adam for another very interesting and informative video. The more I watch and experience this retirement journey the more at ease I feel about our futures both from a financial and life experience basis. I enjoy the videos very much, thank you for all you do to enlighten us. Your channel is driving many to take a more proactive approach to retirement planning.
@MarkIshii-nb9lv4 ай бұрын
I'm turning 65, retired a few years ago. Money isn't an issue but being single I want to travel but doing it alone doesn't sound like a lot of fun. I'm still fit and active and want to know how single retirees enjoy solo travel.
@JBoy340a3 ай бұрын
You can sign up for tours. The good ones have joint activities and free times where you can do whatever you want in a location.
@chrisj63213 ай бұрын
If your American fly to the UK they do lots of coach trips to Europe where there are lots of retired folk many on their own or groups of friends etc
@jerrygarcia43903 ай бұрын
You could meet people doing long transpositioning cruises 🚢 (cross the Atlantic and pacific) late fall and late spring.
@NK127573 ай бұрын
Definitely try a tour! I did one in my twenties, but there are a lot for older people, or specifically single people. I went alone because my friends were unable or unwilling to go. I felt safe as a single female, made lots of friends, and had a wonderful time. Never, ever put what you want on hold! Do it while you can. You will not regret it!
@pla90123 ай бұрын
I have travelled and lived/worked around the world all my life, always embarked on my own. There is lots to be said for solo travel. It takes time to adjust but not much really. You can jump a tour whenever you feel but one advantage of solo travel is you meet locals much more . Enjoy
@jacobrocks74 ай бұрын
The problem is you could have significant financial requirements in your later years so you still need to be careful not to burn through your funds prematurely
@SladkaPritomnost3 ай бұрын
Future is always different than initial projection, why to bother.
@wcg663 ай бұрын
One of things we’re doing is gifting money to our adult children for the FHSA accounts. This gives them money for a downpayment and a tax deduction as an extra bonus. We’re acutely aware of the difference in the housing market for them versus when we bought out first house. We figured this gradual gifting is more helpful than a lump sum when we’re dead.
@BarnabyBarry3 ай бұрын
Move to Thailand-pay $400 USD monthly condo w utilities-walk to the 🏖️ -with the extra money you save-give to your kids-charities or your pretty Thai gf monthly
@DigiTiLMon2 ай бұрын
In my early 40’s but I’d rather have something left to pass on as a legacy. I do plan to pass on a lot of wealth when my children are adults so that I can see them enjoy it!
@mikeb64594 ай бұрын
I enjoyed the book. Basically about making sure you enjoy each stage of life. This video is a practical guide on how to implement that plan.
@Backtoreality18734 ай бұрын
Thanks Adam. One of your best here I think. 🙏
@ParallelWealth4 ай бұрын
I appreciate that!
@robbieross85913 ай бұрын
No point living poor to die rich especially when you don’t have dependents to leave your wealth to. The only caveat to this is if you need to go into an expensive care home and certainly here in London in England they cost an absolute fortune! A good one will set you back at least £10,000 a month! Not cheap! And you certainly wouldn’t wish to be in a poorly run state home! So that’s the only thing people need to factor in and be mindful of.
@AMG-BENZ-14 ай бұрын
Such great advice as usual Adam. Security and comfort is what we need MOST in the latter years of our lives.
@ronwiebe48164 ай бұрын
Great video - We plan to keep our large house until we are 70 and then we will downsize to an "elderly friendly" home and use the approx. 25% equity we just moved as a buffer until we are both gone (75-90 yrs old). Kids can split the remaining real estate.
@ronwiebe48164 ай бұрын
Can you do a video about the desire to work during retirement years - What are some part time or easy ways a pensioner can create some margin and stay active with part time work -
@murraytown44 ай бұрын
Dying with zero is not so far fetched for some. If you have a workplace pension, CPP , and OAS (all indexed to inflation) and some modest TFSA savings and your needs are met (ie you have a budget you can live with) it’s probably doable, especially when one is in the no go stage of life.
@ChuckHolland-i4b3 ай бұрын
I want to get wealthier as I get older. I want to create a trust that generates income for generations. Not enough to ruin people. Just enough to let them know that a family member that they have never met thought about them so much as to setup a trust for them. That's my legacy to my family.
@Dom.Perignon1233 ай бұрын
that WAS my plan too, but my EX wife put an end to that!
@ChuckHolland-i4b3 ай бұрын
@@Dom.Perignon123 of course. I'm so grateful I got married and divorced as a very young age. I learned my lesson quick. Woman provide zero value to anything.
@somutfaydalarpesinde32892 ай бұрын
You will spend more later for hospital and caregiver services . In most countries retirement benefits depreciate due to inflation as well. So that spending ladder would not work well for most countries. my essential plan is 1- owning a house and an efficient car 2- owning another asset for passive income 3- building a portfolio of 7% net annual return free of inflation Pay back all loans and credits above market interest rate by retirement age.
@44lgarden4 ай бұрын
i love the idea of getting to zero when I die but doubt it can happen. It will most likely be zero cash versus zero assets. My challenge is I have a locked in RRSP that 50% will be converted to a LIF very soon as that is all I can do with my current RRSP in Ontario. Based on my financial advisor, even taking out the max per year I will still have a 25K+ left by age 90. i don't expect to live past 80 let a Ione get to 90. I know I can submit requests along the line for bulk withdrawals but they are subject to approval. How can I maximize my withdrawals? I will still have a home worth over 1 million to leave to my kids. I want to enjoy my next 25 years of retirement. Any advice?
@lawshorizon3 ай бұрын
You could borrow on your house (or assets), and spend that money while still young enough to enjoy it, while still keeping the house. Anyway, great video!
@garrygrant23942 ай бұрын
Euthanasia: the perfect solution to financial planning. Seriously though at a certain point you reduce saving/investing and start running your assets down. Live more and work less as every day gets more valuable... Look at the life in weeks picture to shock you into action. I did and semi retired in my late thirties. You can't time it perfectly but you certainly do not want to be the richest guy in the grave yard. Forward any inheritance you can early to your kids to avoid inheritance tax...plus get to enjoy seeing them use it whilst alive.
@marionsutcliffe11194 ай бұрын
Ah, I think this is the first I've heard you mention that you assume keeping the house as a buffer. Huge information. It's half my assets. That explains why the no-go allowance that you recommend is so low. This was mystifying me about your videos until now.
@davidcarr74364 ай бұрын
I don't have the worry of trying to die with zero. I have zero now and am soon to be unhoused. Living day to day is struggle enough.
@matthewtaylor65643 ай бұрын
😢
@maxineporter88483 ай бұрын
Melting down the RRSP-RRIF is a good strategy, given that any residual is taxed at 100% on a final tax return. I also think of collapsing non registered financial investments, realize capital gains under $250K , distribute proceeds to beneficiaries early (why wait until death?). Keep enough regular income (ie. pensions) to cover living expenses. You coud maximize the TFSA as the safety net for later years. I'd rather pass on assets to my intended recipients, not the government.
@dominic82183 ай бұрын
Don’t you always get social security? So you never technically die with zero.
@samanthathompson98124 ай бұрын
This is my goal. No kids, not much money. Need and want to spend it all. It would help me very much if I knew when I was going to croak.
@nicklanfear43033 ай бұрын
Probably people will opt for MAID
@samanthathompson98123 ай бұрын
@@nicklanfear4303 I hate to say it but it some ways it could be rational.
@GreatIaker4 ай бұрын
I want to die with zero, and have the cheque to the funeral home bounce! 👍😁😎
@Snoopysnoopy2554 ай бұрын
In Hawaii right now then Las Vegas go home work my last 2 weeks then retire at56 have a book cruise for Mexico starting next year farther location Trying to die with zwro
@carlosmurgelcddr.14182 ай бұрын
Thanks for the video. Cherrs from Brasil
@joemahoney63934 ай бұрын
Why would you want to die with $0? Why not leave something for your children and grandchildren? Why so selfish? My mother in law passed away a year ago and left my wife enough to pay off our mortgage. Now we are richer because of it and plan to pass that on to our daughter. Thereby increasing the wealth of future generations of our family. Doing everything possible to leave nothing for future generations is beyond selfish.
@GT-tm1ft4 ай бұрын
You missed the entire point of the video. If you’re going to leave something, do it before you die or structure things so there’s minimal taxation to the estate. In the meantime, don’t sit on your money - use it to enjoy the last active years of your life.
@gennesamann43233 ай бұрын
I worked hard for my savings, and did without for years to make that happen. I do not share the opinion that I’m being selfish. I was selfless to get to this point, to travel in my retirement. I deserve what I have worked for. Thankfully my children feel the same way.
@TOMDXBSCOT2 ай бұрын
The point is the book explains you should spend the money over your lifetime, it doesn't actually mean die with zero. Just don't die with lots of unspent money. 😊
@anniealexander96163 ай бұрын
Me and my best friend are complete opposites. He plans to die in debt. I'm a savor and already gave my kids homes.
@TimelessWealthMentor4 ай бұрын
You're going to love Disney (especially the kids at those ages) although Florida can get hot, we visited about May/June last year and it was already getting hot. Thanks for the videos, always very informative!
@murraytown44 ай бұрын
DisneyLAND maybe. Adam lives in BC. Disneyland is in Santa Ana, CA.
@Savvynomad2253 ай бұрын
It’s a pity that pensions no longer exist because without them, more and more middle class Americans are forced to stress about savings most of their working life.
@secretagent863 ай бұрын
Funny but a client of mine 15 years ago told me about this….i personally feel this way ( but having a house to sell for final years.
@midlifecrisis78883 ай бұрын
Im changing my family tree. Want to leave my kids with a head start. Something that my on parents could not do for me.
@jonnelson97603 ай бұрын
This will be easy for me because I have zero now.
@catherinewilson10794 ай бұрын
There are two things in your laddered retirement you don’t seem to be accounting for are; inflation (from 65 to 85 prices are gonna go up) and health care (if you need personal care after 80 - $$$$$).
@ParallelWealth4 ай бұрын
We adjust to inflation. If there is Healthcare, it's built in for most with their home, or ongoing budget. It's not forgotten!
@catherinewilson10794 ай бұрын
@@ParallelWealth My bad! I commented before the video finished🙄
@daydreamer49023 ай бұрын
4 kids and an RV... aren't those number 2 and 3 on the list of the things which will destroy your wealth 😂🎉
@TylerG77773 ай бұрын
I was thinking the same thing. In today’s world and today’s economy, why do people still choose to have more than 2 kids. And if things are expensive now, imagine 10-15 yrs from now. Weddings. College. Even restaurants. Good lord.
@LivingTheLifeRetired4 ай бұрын
Nice video. I’d have to say that in my opinion buying an RV is not an investment as there is a high probability the value is going down not up, which is the opposite of what you want an investment to do.
@murraytown44 ай бұрын
It’s an investment in experiences, like any travel.
@JBoy340a3 ай бұрын
RV, boats, airplanes are all huge money sinks. There are two good days with these. The day you buy it and the day you sell it. If you can't with no sweat pay a $10-15K bill don't get one. RVs also have the age issue. Some RV parks only take RVs less than 10 year old.
@steveshea61483 ай бұрын
i'm well on my way
@katerose83932 ай бұрын
Isn’t the reduced need for spending on sexy travel etc in the 75/85+ categories going to be more than eclipsed by increased support and care costs though? It won’t for me personally, because i have a plan to ensure that not a penny of my hard earned cash goes to the care home owners, but for most people?
@Coover902103 ай бұрын
Sad thing is, a lot of Boomers _with kids_ adopt this mindset (after all, they basically invented the reverse mortgage and annuity). Never mind their parents left them everything, and they enjoyed years of deficit spending "stimulus" ...in their mind they are self made. Heres an idea: how about you live off the dividends and pass on your principal? Ps I am a boomer. I just loathe the selfishness I see around me.
@bluetocop4 ай бұрын
wife a bunch of kids west coast lifestyle boy i should got into your gig
@ParallelWealth4 ай бұрын
Bahaha.
@JenniferDemarestProperties2 ай бұрын
New here. Maybe I am missing something. Living in an independent or assisted living or nursing home/ memory care is far more than $50,000 a year. I don't follow the 'you will spend less in you 80's' advice.
@ParallelWealth2 ай бұрын
Yes care can be costly if needed. A few things to consider. Percentage of people that go to care is small. The time they are there is usually short and most own a home and can use the equity from it if needed. We all have a great aunt that spend years in care...but that's a very small percentage.
@lyndagabriel65394 ай бұрын
At 9 minutes when you say, "a non-registered investment account that’s generating tax liability. It’s clawing back your OAS, you’re paying tax on it…" hopefully you are talking strictly about the interest, and there isn't some other liability there that I'm unaware of. I actually bought your fee for service plan, and have my appointments booked.... but if I am asking this question, I'm rarely the only one thinking it.
@ErezSegal2 ай бұрын
Life is a zero sum game. You always end with nothing.
@JanetJoynt4 ай бұрын
Great video, one question. You say to ladder your income. What if one or both of you need to be in a care home later in life. From what my friends tell me, this is NOT cheap. Shouldn't you keep your income higher to account for this?
@deckmonkey14594 ай бұрын
If you have nothing, you pay nothing. Public care homes give you the same care if you are paying or if you are a bum. They will take your CPP/OAS and pension checks to pay for it if you get those.
@sandray76094 ай бұрын
If you own a home, you sell it to fund the retirement home fees
@pattiliba81884 ай бұрын
Can't get money out of a stone.
@JBoy340a3 ай бұрын
There are strategies to deal with this. Most states have programs like Medicaid to help people afford this car when their assets are below a certain amount (ex $100K or 50K). We just went to a meeting on this with an older relative.
@bluegtturbo3 ай бұрын
There is no way to do this, much as I'd like to. The big problem? Inflation... Nobody knows where prices will be in 5 years time, let alone 20 or more years.
@philipdeacon51864 ай бұрын
The Queen mother died in debt which guarantees no death/inheritance taxes
@catherinewilson10794 ай бұрын
Don’t THEY know how to play the game!
@capitalb58893 ай бұрын
Not quite. Her estate was worth £70m and she had outstanding debts of £7m. It was cheaper to borrow the money and settle on death than to sell assets and pay capital gains tax.
@davecarpenter49174 ай бұрын
The portion of the crowd with secure (should I have put quotes on that word ?) pension plans cant die with zero. We dont have a pile of money , just regular income. 2/3 of my monthlies will go to the wife upon my expiry, but there's nothing really to pass on to the kids.
@tcz77424 ай бұрын
You always talk about working too long. It assumes people hate work. I loved my job, it was exciting. I financially could have retired at 55 but retired at 62. I just stopped saving for retirement and lived to the max of my income.
@charlesvachon58382 ай бұрын
OMG ...I talk to people 85+ and it takes a lot of money ...are you aware of retirement home fees ..etc.
@shahrulamar53583 ай бұрын
I was born poor. I dont want to die poor - GEORGE SOROS.
@bethdejuan89094 ай бұрын
I'm 57 yrs. Old and have a son. I'll make sure my account is empty before time is up. I have burial insurance to bury me. I have friends who paid their children mortgage so when time is up zero in their acct.
@thorsrensen31623 ай бұрын
It is the concept in western society to only look at our own life, not consider our family and future generations.
@ParallelWealth3 ай бұрын
Seems to be unfortunately
@capitalb58893 ай бұрын
I disagree. Most people think about what they can accrue to leave to their children.
@thorsrensen31623 ай бұрын
@@capitalb5889 yes, I do also think about that, but I have talked to a lot of people who surprisingly has the opnion that they want to spend everything themself.
@alannabiev57823 ай бұрын
Just got noticed that my financial planner has a significant amount of debt
@ParallelWealth3 ай бұрын
Good debt or bad?
@alannabiev57823 ай бұрын
Unfortunately, there are bad ones
@baldspidey40754 ай бұрын
With all the recent changes to CPP, do you still recommend taking cpp at 60?
@Moluccan564 ай бұрын
No money for tying up loose ends after death?
@mrslcom4 ай бұрын
Get a 10k life insurance.
@bballen30974 ай бұрын
@@mrslcom I would rather be my own insurer.
@svenhodaka91454 ай бұрын
Yes, loose ends cost money. A simple cremation and service is $5k-$10k, final tax filing, accountant, probate fees. The $2.5k CPP death benefit won’t cover it all.
@Bykv784 ай бұрын
I hear a lot that older people don't spend much, but on the other hand, I hear that long term residence costs a lot. I wish you explained it a little bit.
@mrslcom4 ай бұрын
Assisted living or care homes can cost as much as your spendings during your go go years or more. Life is unpredictable and impossible to plan with 100% accuracy.
@bballen30974 ай бұрын
@@mrslcom When you have money, you have options.
@deckmonkey14594 ай бұрын
If you have nothing, you pay nothing. Public care homes give you the same care if you are paying or if you are a bum. They will take your CPP/OAS and pension checks to pay for it if you get those.
@sewtania40744 ай бұрын
Independent Living and in home care cost a lot in BC especially greater Vancouver. Public care, if you qualify eg the health authority determines the need,, is a percentage of your income in BC. My dad was in long term care for 4.5 years. It cost 80% of his income and did not cover clothes, dental, vision care, podiatry and a few other things. There were unhoused in his facility who paid via welfare.
@GT-tm1ft4 ай бұрын
He did an entire video on this. Search his channel.
@squidward663 ай бұрын
It's stunning how incredibly selfish this topic can be. "me me me"
@jerrygarcia43903 ай бұрын
If you start with almost zero, you end up with zero 😂
@somutfaydalarpesinde32892 ай бұрын
How do you estimate your time of death😅
@ParallelWealth2 ай бұрын
Stats. Lots of data out there
@musafir1232 ай бұрын
Only single person can do this
@selmanicol24114 ай бұрын
How does what your saying regarding reverse mortgages tie in with Fred Vetesse's advice? He says you should apply between 75 to 80 but many people live another decade (or two) longer?
@hughmungous64173 ай бұрын
You mention CRA so going to assume you do business in Canada. Do you know of any good software retirement planning tools ? Most I have located deal with US pensions etc. Looking for something I can identify sources of income kicking in on certain dates etc to assist in drawdown planning in retirement. Thanks
@ParallelWealth3 ай бұрын
Nothing good DIY. All the good tools you need to be in the industry.
@Simpaulme2 ай бұрын
You lost me at Disneyland!
@raymonddee10593 ай бұрын
yes gov rob it
@douggoodman39144 ай бұрын
Maybe think about the impact of travel. Millions of people around the world are suffering and dying due to the climate crisis! Transportation is a major contributor to greenhouse gas emissions. There are lots of ways to enjoy life and retirement without flying or buying RVs.
@pattiliba81884 ай бұрын
Me thinks you asked for a second cup of kool-aid.Those who are waving the red flags on climate are the same ones who buy beachfront property,fly regularly to exotic locations,and own a fleet of vehicles.Not even mentioning their probable A/C use,electric to keep lit their multi million $$ mansions,and their Jacuzzis to keep comfortably warm at ALL times.Ive probably missed a few,but then I'm just a happy pleb with no debt,and mortgage free.
@catherinewilson10794 ай бұрын
I agree with you. I am not flying anymore because of this. There was a time when flying was rarely done except for emergencies. We need to return to those times.
@murraytown44 ай бұрын
Unless you are Samantha from Bewitched, Jeannie from I Dream of Jeannie, or live on the USS Enterprise and can teleport, travel requires fuel of some sort.
@guythecat4903 ай бұрын
You lost me at RV and Disneyland. Why not just throw your money into the ocean?
@ParallelWealth3 ай бұрын
Haha, never enjoyed an experience in your life?
@papi86592 ай бұрын
There is no greater waste of money than disneyland. get a grip for gods sake .....
@serge..k3 ай бұрын
What a naive way of perceiving life. You may get cancer any time. Your children may get cancer or severe injury any time. Will you still be listening to yourself in this video? Will you be proud how greatly you have planned your last day?!
@truthteller67434 ай бұрын
This is not how to create Generational Wealth.
@ParallelWealth4 ай бұрын
Passing money early versus later will be much more effective to creating generational wealth.
@truthteller67434 ай бұрын
@@ParallelWealth Teaching early is even better.
@mbrotto19703 ай бұрын
I think this is an ignorant and selfish philosophy... what about the people you leave behind? If you can give your children a headstart, why wouldn't you do that? 🤔
@herbertvonsauerkrautunterh25133 ай бұрын
Sounds like a stupid idea. I hope to die with the millions i have now. You die you end up with zero anyway. Might as well build a legacy for the children or family. People do things the wrong way around from the get go. Get married early, have children early. You can work, raise a family and holiday and travel during that time. Waiting think you are forty is really stupid. I'm 48 and my kids have moved out a few years already. Now I'm still young, fit healthy enough to continue where my wife and i left off before we had children. I grew a multi million dollar investment portfolio from zero over 14 years. I did this with children, working and a lot of trips to Asia every year for multiple holidays. I sure didn't want to be taking kids to school in my late 40s or 50s.. yikes.. People always get evening the wind way around, especially politics. Lol
@lindagauthier25564 ай бұрын
What the hell is this? ...why not leave an inheritance to your kids or or nephews? Or create a scolarship. ..Or establish a school in South America....this is so selfish.
@ChrisMCP23 ай бұрын
0 on paper...
@philjans14 ай бұрын
My problem is my house: I don’t want to die with 800-1,000k$ zero morgage left « unused money ». There must be other ways other then a reverse morgage…. 😔
@sandray76094 ай бұрын
Smith Manouver
@philjans14 ай бұрын
@@sandray7609 thanks for this infor. It’s really goos 👌
@murraytown44 ай бұрын
It’s called renting.
@piethermanus87774 ай бұрын
And then you died at 98, living 16 years in squalor👌🥲
@jdl96233 ай бұрын
I don't want to die with zero, I want to die with zero and with all my credit cards maxed out and cash advance depleted
@sultanofswingdrift30213 ай бұрын
so you don't plan to have kids?
@MartinLim-q3z3 ай бұрын
Are u mad ? Your estate will have to pay back - children , relatives etc. 2 things u cannot escape - income tax n loan.
@lawshorizon3 ай бұрын
Too bad you can't predict your exact date of death -- unless you're planning self deletion on a given date.
@livinforlessinsingapore36013 ай бұрын
If estate is zero, then creditors lose. So, Banks etc factor in such bad debts when they loan out money. Higher rates for all who honestly pay their debts.
@lawshorizon3 ай бұрын
@@livinforlessinsingapore3601 Yes, but people also die leaving money in the bank which nobody ends up claiming.
@mccoyji3 ай бұрын
Can I die with way less than zero?
@cramsa3 ай бұрын
It’s nice to have something to leave behind for family, community etc.
@SladkaPritomnost3 ай бұрын
42% of Japanese women born in 2005 could end up not having children in their lifetimes and 50% of men! With no kids there is no family.
@Todd.T4 ай бұрын
Sometimes you need a friend to tell you when it is OK to spend. Being kids of immigrants we were taught to work, work ,work and save, save, save. I am very selective with my spending and I save and invest a lot, but I think I know when to cut myself off a piece of cake. I have increased my spending a bit to the point where some have questioned it, BUT I have also increased my income, saving and investing every year in the last four years.
@catherinewilson10794 ай бұрын
Same here, but I wasn’t a child of immigrants, just POOR folks. The fear of spending too much is still there 50 years later!
@Todd.T4 ай бұрын
@@catherinewilson1079 Other problems that go hand in hand I see is hoarding “Just in case we need it”
@happywanderer56324 ай бұрын
I'm 60 years old and have $2.7m in stocks, generating $150k in income each year. any tips for what I should do with my rrsp and cpp? thx