Spending Now to Increase Your True Wealth Forever with Michael Ellsberg
The Unmistakable Creative Podcast
Srinivas Rao
4.8 • 1K Ratings
🗓️ 2 May 2016
⏱️ 63 minutes
🧾️ Download transcript
Summary
Michael Ellsberg, author of The Education of Millionaires and The Last Safe Investment joins us to discuss how we can spend how to increase our true wealth forever and develop superskills to increase our earning.
Highlights
- Prioritizing the mark you want to leave on the world
- How the need for safety drives so many of our decisions
- Learning to act on our “lightbulb” moments
- Why our current retirement system doesn’t work
- The concept of systemic spending
- “Super skills” that help you increase your earning
Quotes
There are so many options for exploring yourself and finding what you want to do other than college
College is a broken system that needs to be reimagined from the ground up
It’s not just your bank account that’s going to give you happiness, security, and freedom
It’s actually easier to earn more than save more
One of most basic ways to increase your income is to increase the span of your working life
Michael Ellsberg is the author of “The Last Safe Investment: Spending Now to Increase Your True Wealth Forever,” and The Education of Millionaires: It’s Not What You Think, and It’s Not Too Late, both published by Penguin/Portfolio.
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Transcript
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| 0:00.0 | I have a interest in looking at large scale systems that are no longer working. |
| 0:07.5 | So that's what I did with the education millionaires. |
| 0:10.0 | And so I was ready to write my next book. |
| 0:12.0 | And I was like, well, what's another large scale system that isn't working for anyone? |
| 0:16.0 | And pretty soon after my inquiry, I came to our financial and savings and personal investment and retirement industry, which again is another |
| 0:27.6 | system that's not working for anybody. In this case, the people it's not working for are on the older end of the spectrum not the |
| 0:34.2 | younger end and you know nobody is feeling safe or secure about their |
| 0:39.7 | retirement about their financial future. |
| 0:43.0 | And the system just isn't working. |
| 0:46.0 | You know, the most basic statistic around that |
| 0:50.0 | is that the S&P 500 if you invested 10,000 dollars in the S&P 500 index fund which is what all the the personal investment advisors |
| 1:04.8 | recommend you do is like these broad-based index funds in the year 2000 right |
| 1:10.1 | before the internet bubble and you let that sit for 16 years, |
| 1:16.2 | 15 or 16 years right until now. |
| 1:19.0 | And you let that sit, it would be worth |
| 1:21.2 | about $14,000 or $15,000 |
| 1:25.3 | nominally, but if you factor in inflation, |
| 1:28.9 | you've really only gained maybe $1,000 or less less over 15 years. |
| 1:35.0 | I'm Sreni Rao and this is the unmistakable creative |
| 1:42.0 | podcast where you get a window into the stories and |
| 1:44.4 | insights of the most innovative and creative minds who started movements, built |
| 1:48.3 | thriving businesses, written best-selling books and created insanely interesting art. |
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