The Long View: Nick Maggiulli - 'The Biggest Lie in Personal Finance'

[@jamesmorris913]

He mentions at about 44:00 min, that some people become older, and wonder why they placed so much emphasis on personal saving/investing; and aren't drawing it down because Social Security and/or pensions are meeting their needs. I'm retired, have adequate income from a pension, am not drawing from my investments either, BUT; I sure am glad that I have a portfolio as a "back-up"..because having pensions and Social Security alone, put you in a position of TOTAL DEPENDENCY, upon the entities which "promise" those payments. To me..that's a VERY risky place to be, especially when one is elderly; and your "human capital" is mostly (or, entirely) in the rear-view mirror!

[@kevinmendoza4402]

Thank you for the great interview!

[@michaelswami]

I had the concentration argument with my father constantly. His income and all his investments were all dependent on the same company and industry.

[@HaruSakamoto]

Thank you for great content 👏

[@jasonjstdr]

Thanks. I will checkout his book.

[@tennisbum67]

The big lie worked for me, Cutting spending and savings was the key for me.

[@junkmail7263]

Me too!

[@Pieter2360]

Epic! Thanks.