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People value money differently, some want the "Lambo lifestyle" & some don't give a crap about that but want the "freedom" aspect.
It’s a really important point among people who take saving and personal finance seriously. Many think they can save their way to wealth, by spending enormous effort on optimizing taxes, investments, and spending, all of which could be offset many fold if that effort was spent on getting a better job instead.
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I think that people can put bounds on it. R10m at age 65 means, say living off R500k/y (in present terms), until 85. That may seem reasonable, but to play it safe, one would want say R1M for 35 years, so R35m, would probably be a reasonably safe number. 70 bar even more.
I find it funny that he never thought saying "the house he bought in 1938" sounded a bit odd. I mean Buffet would have been 7 or 8 back then (it was bought in 1958).
I know a few people who offer it. Really not people I would recommend. Be wary of coaches (life/executive/financial) who don’t have their s£<t together. The best advice comes from those who have actually done well despite the odds.
yeah this is the dilemma
Intrigued by the post. Have read it? Thoughts? Read it recently and was underwhelmed following similar endorsements. A collection of anecdotes at best or maybe I missed the message.
I've not yet unfortunately
Invested time sure. I've got a mentor I'd say. Well more than one really but one "formal" one in that we meet once a month, every two months for dinner, talk life, professional stuff. It's someone I respect and I reached out to them to do something like this and they were happy to. Basically someone that gives a different perspective on things, keeps me honest in terms of goals, what I'm trying to do in life and all that. For example I'm too narrow/ limited in how I view certain things - I'm not great at bigger picture thinking in certain respects; they help me with things like this. Sure I've got other people I can talk to about this but that doesn't always happen the way it should - I find this brings a bit more structure and focus to it all. Now to tie it back to financial stuff, while I can crunch the numbers on investments and all that, I'll talk to this person about bigger trends in the world - pharmaceutical, climate, whatever.
