Comments on: Debunking the Myth of Replacement Income http://7million7years.com/2008/10/14/debunking-the-myth-of-replacement-income/ How to make 7 million in 7 years ... Thu, 24 May 2012 09:20:05 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Jeff http://7million7years.com/2008/10/14/debunking-the-myth-of-replacement-income/comment-page-1/#comment-1875 Jeff Tue, 14 Oct 2008 15:17:19 +0000 http://7million7years.wordpress.com/?p=632#comment-1875 @AJ - I learn something new every time I visit one of your sites. Consumption smoothing applied twice as you described could be an effective way to incorporate Scott's ideas into your "Number" approach. If you get a copy of ESPlanner and it works well, I'd love to hear your thoughts on its value as a planning tool. I'm especially intrigued with the "Plus" version that incorporates a Monte Carlo analysis. All I've been able to find so far appears to be the standard review stuff companies put out to promote their product. Jeff Learn to <a href="http://www.mindingmyownbusiness.net" rel="nofollow">manage money</a> and mind your own business. @AJ – I learn something new every time I visit one of your sites.

Consumption smoothing applied twice as you described could be an effective way to incorporate Scott’s ideas into your “Number” approach.

If you get a copy of ESPlanner and it works well, I’d love to hear your thoughts on its value as a planning tool. I’m especially intrigued with the “Plus” version that incorporates a Monte Carlo analysis.

All I’ve been able to find so far appears to be the standard review stuff companies put out to promote their product.

Jeff
Learn to manage money and mind your own business.

]]> By: AJC http://7million7years.com/2008/10/14/debunking-the-myth-of-replacement-income/comment-page-1/#comment-1876 AJC Tue, 14 Oct 2008 12:55:17 +0000 http://7million7years.wordpress.com/?p=632#comment-1876 @ Jeff - I am going to write a post about the Power of Follow-Up: the publishers contacted me to review the book and sent me a copy; I said it's useless without a trial version of the s/w which they promised, but still haven't sent me! Like most subjects written by technicians, this book focuses on the fine tuning: I suspect, that the s/w could help to improve my strategy by running it TWICE: Once pre-achieving your Number to smooth your lifestyle and help ensure you reach the target, THEN Again post-achieving your Number to smooth your NEW lifestyle through retirement. But, without the s/w, I cannot test this to make the appropriate recommendation/s :) @ Jeff – I am going to write a post about the Power of Follow-Up: the publishers contacted me to review the book and sent me a copy; I said it’s useless without a trial version of the s/w which they promised, but still haven’t sent me!

Like most subjects written by technicians, this book focuses on the fine tuning: I suspect, that the s/w could help to improve my strategy by running it TWICE:

Once pre-achieving your Number to smooth your lifestyle and help ensure you reach the target, THEN

Again post-achieving your Number to smooth your NEW lifestyle through retirement.

But, without the s/w, I cannot test this to make the appropriate recommendation/s :)

]]> By: Jeff http://7million7years.com/2008/10/14/debunking-the-myth-of-replacement-income/comment-page-1/#comment-1877 Jeff Tue, 14 Oct 2008 10:37:08 +0000 http://7million7years.wordpress.com/?p=632#comment-1877 AJC - Thanks for the shout out! :-) I don't know if you had a chance to finish Scott Burns and Larry Kotlikoff's book "Spend 'Til the End" but they make a very similar point about the inaccuracy that often occurs when making your financial plans centered upon spending targets (e.g. 80% of pre-retirement income). One big difference in their philosophy from yours is that thiers will give you a smooth life. One that is similar today and in retirement. I like your approach better. I want something much more than today and much earlier than when I'm 65. Keep up the great work Jeff Learn to <a href="http://www.mindingmyownbusiness.net" rel="nofollow">manage money</a> and mind your own business. AJC – Thanks for the shout out! :-)

I don’t know if you had a chance to finish Scott Burns and Larry Kotlikoff’s book “Spend ‘Til the End” but they make a very similar point about the inaccuracy that often occurs when making your financial plans centered upon spending targets (e.g. 80% of pre-retirement income).

One big difference in their philosophy from yours is that thiers will give you a smooth life. One that is similar today and in retirement.

I like your approach better. I want something much more than today and much earlier than when I’m 65.

Keep up the great work
Jeff

Learn to manage money and mind your own business.

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