How To Die With $0 - The Mindset That Will Change Your Spending Habits

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How To Die With $0 - The Mindset That Will Change Your Spending Habits

Рет қаралды 64,978

Күн бұрын

➡️Our financial planning services: www.parallelwe...
In this video, we'll go discuss the book 'Die With Zero' and 5 concepts we use in our financial plans that help people get to the end of life with as little money as possible.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track.  You can learn more about our services at www.parallelwe...
Financial Resources I personally recommend:
➡️Retirement Income for Life: Getting More without Saving More (Second Edition): amzn.to/3tvIdVN
➡️Parallel Wealth Masterclass: www.parallelwe...
➡️Future Value Calculator: amzn.to/3EA6Qqv
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OUTLINE
0:00 - Intro
0:49 - Memory Dividends
1:59 - Tip One
3:27 - Tip Two
4:54 - Tip Three
7:36 - Tip Four
10:26 - Tip Five
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

Пікірлер: 215

@danielalexander799 2 ай бұрын

I'm way ahead of you...... I have $0 now !

@justinmolsal5613 Ай бұрын

You’re living the best life 👍

@stevierayripple Ай бұрын

As long as you aren’t in debt, you’re ahead of most !

@jaugustrichards Ай бұрын

😂😂😂

@travellingtom6091 Ай бұрын

😂 brilliant.

@unclefester6501 Ай бұрын

Is it time to die?

@johnnyboyvan 3 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. 😊

@Mitzi73 3 ай бұрын

I hope your surgery is a success. Don’t worry.

@bluetocop 2 ай бұрын

being a teacher tough job retire asap

@KimberlyCarl-rw5yj 2 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!!!

@annelove3626 2 ай бұрын

Thank so much for the advice been seeking means of being successful in the digital market,do you recommend any professional ?

@KimberlyCarl-rw5yj 2 ай бұрын

I don’t really do but luckily Anna Dorris Arthur is the best I can recommend so far..

@wcg66 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.

@jdl9623 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

@sultanofswingdrift3021 Ай бұрын

so you don't plan to have kids?

@user-ub4hr3mr8i Ай бұрын

Are u mad ? Your estate will have to pay back - children , relatives etc. 2 things u cannot escape - income tax n loan.

@lawshorizon Ай бұрын

Too bad you can't predict your exact date of death -- unless you're planning self deletion on a given date.

@livinforlessinsingapore3601 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.

@lawshorizon Ай бұрын

@@livinforlessinsingapore3601 Yes, but people also die leaving money in the bank which nobody ends up claiming.

@calr4459 2 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-yq8gy 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.

@JBoy340a 2 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.

@travellingtom6091 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.

@garrygrant2394 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.

@patriciabee4690 3 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.

@garth217 2 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.

@tinayoga8844 2 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.

@tacticalheadlampwithstrap3184 2 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.

@adm58 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.

@1983dmd 2 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;)

@davecarpenter4917 2 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 !

@1983dmd 2 ай бұрын

@@davecarpenter4917 Yes, I agree !! When you die, you regret things you did not do, rarely things you did ;)

@randolphh8005 2 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)

@1983dmd 2 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;)

@cramsa Ай бұрын

It’s nice to have something to leave behind for family, community etc.

@SladkaPritomnost 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.

@bugsyboy5323 2 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.

@garth217 2 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

@garth217 2 ай бұрын

@@Jopie2112 Have to agree with you. I think the same way.

@Spp235. 2 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.

@TOMDXBSCOT Ай бұрын

Try to read the book.

@ronmexico5908 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

@TOMDXBSCOT Ай бұрын

This is covered in the book.

@polepole9066 2 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 🥂

@svenhodaka9145 2 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.

@DoneByD 3 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.

@DigiTiLMon 26 күн 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!

@caperboy1169 2 ай бұрын

Tip #2 is what my financial advisor is telling me. Now I understand why he’s telling me this

@MarkIshii-nb9lv 2 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.

@JBoy340a 2 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.

@chrisj6321 2 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

@jerrygarcia4390 2 ай бұрын

You could meet people doing long transpositioning cruises 🚢 (cross the Atlantic and pacific) late fall and late spring.

@NK12757 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!

@pla9012 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

@Todd.T 2 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.

@catherinewilson1079 2 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.T 2 ай бұрын

@@catherinewilson1079 Other problems that go hand in hand I see is hoarding “Just in case we need it”

@jacobrocks7 2 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

@SladkaPritomnost Ай бұрын

Future is always different than initial projection, why to bother.

@mikeb6459 3 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.

@ronwiebe4816 2 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.

@mccoyji Ай бұрын

Can I die with way less than zero?

@Backtoreality1873 2 ай бұрын

Thanks Adam. One of your best here I think. 🙏

@ParallelWealth 2 ай бұрын

I appreciate that!

@robbieross8591 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-1 3 ай бұрын

Such great advice as usual Adam. Security and comfort is what we need MOST in the latter years of our lives.

@BarnabyBarry 2 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

@ronwiebe4816 2 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 -

@somutfaydalarpesinde3289 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.

@44lgarden 3 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?

@murraytown4 2 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.

@garrygrant2394 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.

@marionsutcliffe1119 2 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.

@secretagent86 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.

@lawshorizon 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!

@maxineporter8848 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.

@carlosmurgelcddr.1418 Ай бұрын

Thanks for the video. Cherrs from Brasil

@katerose8393 29 күн 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?

@TimelessWealthMentor 3 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!

@murraytown4 2 ай бұрын

DisneyLAND maybe. Adam lives in BC. Disneyland is in Santa Ana, CA.

@GreatIaker 2 ай бұрын

I want to die with zero, and have the cheque to the funeral home bounce! 👍😁😎

@dominic8218 2 ай бұрын

Don’t you always get social security? So you never technically die with zero.

@joemahoney6393 2 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-tm1ft 2 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.

@gennesamann4323 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.

@TOMDXBSCOT 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. 😊

@user-fb8jb5yi6g 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.Perignon123 Ай бұрын

that WAS my plan too, but my EX wife put an end to that!

@user-fb8jb5yi6g 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.

@midlifecrisis7888 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.

@anniealexander9616 2 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.

@samanthathompson9812 2 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.

@nicklanfear4303 2 ай бұрын

Probably people will opt for MAID

@samanthathompson9812 2 ай бұрын

@@nicklanfear4303 I hate to say it but it some ways it could be rational.

@jerrygarcia4390 2 ай бұрын

If you start with almost zero, you end up with zero 😂

@Snoopysnoopy255 2 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

@davidcarr7436 2 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.

@matthewtaylor6564 2 ай бұрын

😢

@happywanderer5632 2 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

@DR17dede 2 ай бұрын

You are very lucky

@Coover90210 2 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.

@davecarpenter4917 2 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.

@jonnelson9760 Ай бұрын

This will be easy for me because I have zero now.

@Savvynomad225 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.

@LivingTheLifeRetired 2 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.

@murraytown4 2 ай бұрын

It’s an investment in experiences, like any travel.

@JBoy340a 2 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.

@catherinewilson1079 2 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 - $$$$$).

@ParallelWealth 2 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!

@catherinewilson1079 2 ай бұрын

@@ParallelWealth My bad! I commented before the video finished🙄

@lyndagabriel6539 2 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.

@JanetJoynt 3 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?

@deckmonkey1459 3 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.

@sandray7609 2 ай бұрын

If you own a home, you sell it to fund the retirement home fees

@pattiliba8188 2 ай бұрын

Can't get money out of a stone.

@JBoy340a 2 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.

@JenniferDemarestProperties 19 күн 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.

@ParallelWealth 19 күн 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.

@Santiagol 2 ай бұрын

Ok, wait. Let me grab pen and paper ✍️

@daydreamer4902 2 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 😂🎉

@TylerG7777 2 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.

@steveshea6148 Ай бұрын

i'm well on my way

@baldspidey4075 2 ай бұрын

With all the recent changes to CPP, do you still recommend taking cpp at 60?

@bluetocop 2 ай бұрын

wife a bunch of kids west coast lifestyle boy i should got into your gig

@ParallelWealth 2 ай бұрын

Bahaha.

@bluegtturbo 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.

@bethdejuan8909 2 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.

@charlesvachon5838 Ай бұрын

OMG ...I talk to people 85+ and it takes a lot of money ...are you aware of retirement home fees ..etc.

@selmanicol2411 2 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?

@Simpaulme 29 күн бұрын

You lost me at Disneyland!

@Moluccan56 3 ай бұрын

No money for tying up loose ends after death?

@mrslcom 3 ай бұрын

Get a 10k life insurance.

@bballen3097 3 ай бұрын

@@mrslcom I would rather be my own insurer.

@svenhodaka9145 2 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.

@philipdeacon5186 2 ай бұрын

The Queen mother died in debt which guarantees no death/inheritance taxes

@catherinewilson1079 2 ай бұрын

Don’t THEY know how to play the game!

@capitalb5889 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.

@tcz7742 2 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.

@ErezSegal Ай бұрын

Life is a zero sum game. You always end with nothing.

@alannabiev5782 2 ай бұрын

Just got noticed that my financial planner has a significant amount of debt

@ParallelWealth 2 ай бұрын

Good debt or bad?

@alannabiev5782 2 ай бұрын

Unfortunately, there are bad ones

@hughmungous6417 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

@ParallelWealth Ай бұрын

Nothing good DIY. All the good tools you need to be in the industry.

@Bykv78 3 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.

@mrslcom 3 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.

@bballen3097 3 ай бұрын

@@mrslcom When you have money, you have options.

@deckmonkey1459 3 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.

@sewtania4074 2 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-tm1ft 2 ай бұрын

He did an entire video on this. Search his channel.

@shahrulamar5358 Ай бұрын

I was born poor. I dont want to die poor - GEORGE SOROS.

@thorsrensen3162 Ай бұрын

It is the concept in western society to only look at our own life, not consider our family and future generations.

@ParallelWealth Ай бұрын

Seems to be unfortunately

@capitalb5889 Ай бұрын

I disagree. Most people think about what they can accrue to leave to their children.

@thorsrensen3162 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.

@squidward66 Ай бұрын

It's stunning how incredibly selfish this topic can be. "me me me"

@somutfaydalarpesinde3289 Ай бұрын

How do you estimate your time of death😅

@ParallelWealth 26 күн бұрын

Stats. Lots of data out there

@papi8659 Ай бұрын

There is no greater waste of money than disneyland. get a grip for gods sake .....

@musafir123 29 күн бұрын

Only single person can do this

@guythecat490 2 ай бұрын

You lost me at RV and Disneyland. Why not just throw your money into the ocean?

@ParallelWealth 2 ай бұрын

Haha, never enjoyed an experience in your life?

@douggoodman3914 2 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.

@pattiliba8188 2 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.

@catherinewilson1079 2 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.

@murraytown4 2 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.

@serge..k 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?!

@raymonddee1059 Ай бұрын

yes gov rob it

@truthteller6743 2 ай бұрын

This is not how to create Generational Wealth.

@ParallelWealth 2 ай бұрын

Passing money early versus later will be much more effective to creating generational wealth.

@truthteller6743 2 ай бұрын

@@ParallelWealth Teaching early is even better.

@herbertvonsauerkrautunterh2513 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

@mbrotto1970 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? 🤔

@lindagauthier2556 2 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.

@philjans1 2 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…. 😔

@sandray7609 2 ай бұрын

Smith Manouver

@philjans1 2 ай бұрын

@@sandray7609 thanks for this infor. It’s really goos 👌

@murraytown4 2 ай бұрын

It’s called renting.