If 2020 has taught us anything, it’s that life is uncertain.

That’s why @FARNOOSH has abandoned some conservative finance principles, including the aspiration of leaving a financial legacy trib.al/TzF9lwo
The concept of bequeathing an inheritance just seems to make less sense today.

Instead why not experience your legacy by spending most of your money on meaningful experiences and investing in the people and causes you believe in trib.al/TzF9lwo Image
It’s a financial philosophy that’s grown increasingly popular with the ultra-wealthy, including:

➡️Sting
➡️Bill Gates
➡️Warren Buffett
trib.al/TzF9lwo Image
Laurene Powell Jobs inherited over $20 billion from her late husband, Steve Jobs.

She’s vowed to give away all her assets during her living years, contributing to social and economic causes that need financial support trib.al/TzF9lwo Image
Bill Perkins, author of new book “Die With Zero,” says: “With each year that passes … our ability to convert dollars into positive life experiences declines over time.”

Because experiences drive happiness, he argues for spending cash in your living years trib.al/TzF9lwo Image
Of course, the challenge is to not die with less than zero.

Here are some tips for how to allocate your money while you’re alive trib.al/TzF9lwo Image
Nail down what your personal “survival” number is. That’s the amount you need to support yourself when you no longer have much income.

This can give you a specific monetary goal for retirement trib.al/TzF9lwo Image
After determining what’s “enough,” map out the expenses and experiences that are critical to your fulfillment, and the impact you want to have on the world. This could be:

🍎Supporting your kids’ education
✈️Traveling
💰Giving to charity
trib.al/TzF9lwo Image
Rethink your retirement. Back in 1998, Stephen Pollan and Mark Levine proposed a four-step plan to utilize every dollar while you’re alive.

Step three is to “not retire.” It’s radical, but important to consider trib.al/TzF9lwo Image
Then there’s your kids.

Not leaving an inheritance to your children doesn’t mean you don’t care about them. It means you can bestow your wealth on them while they’re young and need it
trib.al/TzF9lwo Image
The U.S. taxes the transfer of money or property to another person above $15,000 a year, so one idea could be to fill up as many investment buckets as possible, from a 529 college savings plan to a custodial Roth IRA
trib.al/TzF9lwo Image

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More from @bopinion

7 Oct
Here’s something to celebrate in the U.S.: Hispanic Americans have enjoyed steady economic progress over the past two decades.

Though much remains to be done, Hispanics are coming closer to enjoying an American dream long denied to them trib.al/McOh5Ad
From 2014 through 2019, as the U.S. economy expanded and incomes rose, Hispanic Americans logged faster income growth than anyone trib.al/McOh5Ad Image
That growth was from a relatively low base: The income gap between White and Hispanic workers shrank by only about $2,700 and still stands at almost $20,000 for median households.

But living standards are rising along with a feeling of upward mobility trib.al/McOh5Ad Image
Read 11 tweets
6 Oct
One of the bizarre subplots of Trump’s illness has been the White House’s unwillingness to explore a simple question:

Exactly how did the president of the United States contract Covid-19? trib.al/2zvKDoR
Offers by the CDC to investigate the outbreak have been rebuffed, leaving many unknowns:

➡️Who gave him the virus?
➡️Where did it happen?
➡️To whom did he give it?
➡️In what circumstances?
➡️Is the disease from a single source?
➡️If so, who's the source? trib.al/2zvKDoR Image
20 years ago it would have been all but impossible to answer these questions, but they can now be answered quickly and cheaply, making Michael Lewis wonder why we don’t already have answers.

He sat down to discuss the topic with microbiologist Joe DeRisi trib.al/2zvKDoR Image
Read 12 tweets
4 Oct
🇫🇷France, 🇬🇧the U.K. and 🇪🇸Spain are currently facing a triple threat:

➡️Jump in cases
➡️Population exhausted by lockdown-induced recession
➡️Rising resistance to tougher measures trib.al/4FvDHoM
Protesters have taken to the streets of:

🇫🇷Marseille
🇪🇸Madrid
🇩🇪Berlin
🇬🇧London

Those protesting shouldn’t be dismissed as the selfish exceptions to the rule. Beyond the vocal minority, there are signs the silent majority are also losing faith trib.al/4FvDHoM
Respect for mask-wearing & hand-washing is high, but support for self-isolation appears to be wavering.

In France, the number of people who support quarantining those who’ve had contact with infected patients has dropped from 78% in March to just 48% trib.al/4FvDHoM
Read 11 tweets
3 Oct
Now that Trump has tested positive for Covid-19 and is staying at Walter Reed, the DOJ is almost certainly focusing on the 25th Amendment, which provides for the transfer of presidential authority to the vice president trib.al/r3xCtFM
No one who works for a sitting president wants to think about that amendment.

But in any administration, if the president is sick, the lawyers and the vice president have to be clear on what the 25th Amendment says and requires trib.al/r3xCtFM
For some imaginable health outcomes, especially those associated with Covid-19, the 25th Amendment is ambiguous.

It offers two different routes by which the transfer of power can occur. Under section 3, the president voluntarily transfers power to the VP trib.al/r3xCtFM
Read 12 tweets
2 Oct
The president of the U.S., the leader of the free world, has Covid-19.

He failed to protect the country, and then failed to protect himself trib.al/DPeddci
The consequences of President Trump’s hubris and apathy for about 7.3 million Americans who’ve been infected have been dire:

➡️More than 208,000 lives lost
➡️Social and political divisions at a boil
➡️An economy in tatters

One of the many ironies is that Trump is a self-described germaphobe.

He avoids shaking hands, is easily alarmed by anyone showing the slightest symptoms of a cold and even steered clear of his newborn son, Barron, for fear of catching an illness trib.al/DPeddci
Read 13 tweets
1 Oct
Welcome to Shasta County, Northern California.

Until last week, Shasta had fewer cases of Covid-19 and fewer restrictions on daily life than all but a couple of California counties. But residents were still mad trib.al/fq1kniG
Matt Pontes, county executive officer of Shasta, knows how to handle a crisis. He’s:

🔥Fought wildfires
🚒Run responses to fires, floods and mudslides

Yet even he describes the local response to Covid-19 strictures as “full-on anarchy” trib.al/fq1kniG Image
Here’s a couple of things that have happened recently:

➡️The sheriff announced he wouldn’t enforce pandemic restrictions on social gatherings and businesses
➡️People who had never before attended board meetings were accusing local officials of treason trib.al/fq1kniG Image
Read 14 tweets

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