Head Toward Zero Assets - But Bill Perkins Doesn't Anticipate Real Poverty

"Many people tend to decrease their spending naturally as their expenses go down in retirement, and overspending doesn't seem to be an issue for many retirees." - Thinking from Bill Perkins, author of "Die with Zero," as he is quoted in Business Insider, April 26, 2024

People in general have financial common sense. They have less coming in so they pay attention to what is affordable at this stage of life. Based on my observations from my coaching sessions and Tarot readings with aging comes less chasing after symbols of status. Those are expensive such as housing in the right zip code and brandname vacations.

Simultaneously, what people spend on is primarily on meaningful experiences. They tend to not miss out on life by being too frugal and not enjoying following their bliss. What I notice is a new balance about life.

Sure, some will run out of money. But, Perkins doesn't anticipate there will be many. That is because net wealth tends to increase in retirement. The median net for those 75 and older is $281,600. Not in millionaire territory but enough for most.

That's if you choose to retire. What you might encounter is a bifurcation: There are the retired and there are those who strive never to retire. That could be the makings of a culture war.

Limiting beliefs? Self-defeating? Stuck? Complimentary consultation with Coach Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com) 


Comments

Post a Comment

Popular posts from this blog

Kirkland & Ellis Reported to Be Building Moat Around Firm to Deter Poaching of Stars

  "Kirkland gives partners more than half their pay after the end of the year in which they earn it. For partners who depart to other firms, the new policy gives the firm discretion to withhold that pay, according to a person familiar with the change."   Bloomberg Law , July 18, 2024 Scrapper Kirkland & Ellis is no slouch when it comes to protecting its business - known as the most successful law firm in the world.  Paul Weiss  certainly got in the way by launching not one but two high-profile raids on its London office stars. Gone were brandnames ranging from Neel Sachdev to Roger Johnson. In addition, Latham poached Matthew Cohn. If there is such a policy, as reported, then Kirkland & Ellis has created what could be an effective deterrent for both partners' leaving and potential poachers' approaching the star lawyers. And it all comes downs to money - big money: That is, both what partners would leave behind which they have already earned and how much ...
Read more

Akin Gump Julia Ghahramani's March 2021 Cocaine+ Death - So?

   It had been way back more than a year ago that first-year associate at law firm Akin Gump Julia Ghahramani died from cocaine laced with fentanyl. Yet that story keeps resurfacing.  This week  RollonFriday  revisits it. And  Reddit Big Law  considers the issue if the energy from cocaine is what's making possible those 2,500 hours billed in law firms.  Is what's keeping this on the radar the hunch that use of the illegal substance cocaine is common among those practicing law? After all, in addition to being an energy-booster, it provides a nice reward for such hard-working lawyers. Also, they have the earnings to afford it. Most of the rest of gunners have to stick with boozing. So, why not?  The reality might be setting in that the death could simply have been an aberration. Think about it this way: Ghahramani had bad luck in her alleged choice of dealers. Others might be able to exert more scrutiny in overseeing the content of the il...
Read more

Up-or-Out: McKinsey Raises the Pressure, In Contrast Some Law Firms Ease It through Nonequity Partner Tier

" McKinsey & Co.  warned some US consultants last week they are running out of time to win promotion, raising the 'up or out' pressure on staff as the global consulting industry struggles." - Abovethefold Article in Bloomberg , March 27, 2024 This is yet another sign that once-iconic McKinsey is a professional services firm in trouble. One challenge is overcapacity of manpower. It has also warned about 3,000 consultants about "concerns" regarding their performance.  In addition to the overall slowdown in management consulting, McKinsey faces scrutiny from myriad sources about its client list including assignments with China and Saudi Arabia. There also has been that hatchet-job book "When McKinsey Comes to Town." The most damning aspect of the expose is that former employees dump on it. Posts on the professional anonymous network Fishbowl Consulting aren't optimistic about a turnaround at McKinsey or at other players in that sector. In cont...
Read more