In this episode, Nick further teases out some of the ideas he outlined in the previous one (MHT#4).
A lot of people have long-term financial plans, powered by equally long-term investments. This makes short-term market forecasts irrelevant. But what if you have short-term lifestyle costs that need to be met now (or at least within the next couple of years)?
Nick describes how to organise your affairs so that you have the necessary cash to hand to fund short-term obligations, within the overarching context of a decades-long financial plan.
Bottom line: it’s all about sensible, prudent planning - and accepting that - sometimes - you need boring cash. Cash may not be flash but it does a job (again, sometimes).
And, as if to prove the folly of forecasts, toward the end, Nick does a full “mea culpa” re a rash Tweet he sent out before the final All Blacks - Lions Test. Even podcast superstars are prone to the follies of forecasting!
- Previous MHT#4 is here. Strongly advise you listen to this, in conjunction with this episode
- Nick gets thoroughly eviscerated for his daft Tweet forecasting the result of the All Blacks - Lions Test. H/T to Alan Smith.
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