Karsten shares what he’s learned in a lifetime of following markets, the evils of cybercurrencies, what makes good investing and how to teach your children to prepare for their (and your) futures.
Karsten’s greatest desire is to help others realize financial independence and he’s written MIND YOUR MONEY with that desire in mind.
We talked about setting goals, what do you plan for, what is a 360º view of personal finance, philosophers through the ages and from different cultures, recognizing good advice and bad advice, Bitcoin and cybercurrencies in general (DON’T GO NEAR THEM!).
Karsten hopes you will excuse him for looking a bit sick and tired. Actually he was and a bit worried about upcoming surgery, hence his urgency to complete the interview. However, everything turned out fine and he’s completely cured from his kidney cancer now.
An Excerpt from Karsten Bech Nielsen’s Mind Your Money
The important question when considering retirement is what is your expected life length and thus, for how long should your money last? The expected life length will also affect which pensions you should choose.
Several calculators on the Internet can help you calculate life expectancy considering health, style of living, and ancestors. However, calculators can be too basic as well as politically biased; they want us to live in a certain way; avoid alcohol, smoking, or boost our pension savings, but there are decent ones too. Try at least a couple of those with thorough questions covering lifestyle, health, and ancestors. I just tried two different calculators and they arrived at almost the same result; 93 and 95, even though I am 59, smoke, enjoy wine, and dining, but fortunately am in good health. One explanation is my ancestors all lived to their late eighties or more even though they did not live particular healthy.
However, the older you are the longer your life expectancy will be. This is because some die young due to disease, accidents, suicide, or the like. Therefore, the same calculation for you at age 20 and at age 60 will yield a different result. It may only be few years, but consider staying updated, it will help you remember what is important to do to achieve a long and healthy life.
Let us have a look at how life expectancy should influence your choice of pension.
Download a sample of Karsten’s Mind Your Money