The Number

Nowadays I have little time to read fiction, so no more the 396 pages of Forsythe or King and no more the lost sleep from trying to get to the end of the book. Yes, is it because that I feel there’s little time for vicarious pleasures in reading novels? Instead, I gravitate towards non-fiction works; no, not really, just books that tell you, teach you rather: like "How to Live Life like a Millionaire with Whatever You’ve Got in What Time You’ve Left, But Were Afraid To Ask".

Anyway, I’ve just read The Number by Lee Eisenberg (Clara, you can get it at the library) and it’s a book about The Number. So what’s that?

It takes some ploughing into the book, but The Number is just the "amount" of money that you feel you’d need to live the rest of your years after retiring. Reading it you’d come to the conclusion that Americans are very secretive about revealing the amount that they really want and Lee spends quite a bit of verbiage to explain this phenomenon. I cannot explain this except that Americans just want to be one-up on their neighbours. So if Jacko next door is seemingly richer, then Richie has to up his ante even on the retirement sum he thinks he’ll need in 30 year’s time!

I don’t have that problem: I need $20 million when I retire. However, I’ll settle for $2 million! See, the Chinese don’t have that hang-up.

So I doggedly plod on through the book… until page 228 when the whole message is summed up in the questions posed by George Kinder who is a so-called Life Planning Coach. These new-fangled descriptions of financial planners or insurance agents…

Kinder asks 3 questions to his clients and advisors, telling them to write their responses.

Question 1: If you had all the money you need, what would you do? How’d you live, etc.

After a time, he’d get to the next question.

Question 2: You have all the money you need, but your doctor tells you that you have a rare disease which would result in your sudden demise in 5 to 10 years, but otherwise you’ll feel fine, what would you do, etc?

Again he waits for the quick written responses.

Question 3: You feel fine, but you only have 24 hours to live. What did you miss? What did you get not to be? What did you not get to do?

So, the first two questions dealt with material wants but the third question is qualitative. And it is this third question that should determine what The Number should be. At least that’s how I see it.

Beyond this, Lee presents his views rather irreverently, slightly humourously. He delves into selecting the financial advisor, broker, fund, blah and finally gives a worksheet to work out your sums for retirement.

It’s just another thought for all of us to think about our retirement years.

7 thoughts on “The Number”

  2. Hahahaha, ya lor, Joy is our sis who reads widely and Clara is our melody queen. (ooops, better stay away b4 i make this serious topic irreverent but worried you got no biz bcos topic too cheem leh).

  4. Ha ha. Me and my name are so forgettable. When I posted to ask for a music keyboard teacher, Terence replied to CLARA. And now when Kenneth wanted to share the book with moi, he asked CLARA to get it from the library. Ha ha, both apologies accepted. Uh, Clara, after you lay your hands on the book, can pass it to me ya?

    OMG, when CLARA has to sing the Silver Hairs song on D&D night, I hope nobody JOYfully announces that JOY will be the one singing. Let’s hope this does not happen so that it will turn out to be a JOYous night and an enJOYable occasion as it is meant to be.

  5. Joy,

    i was looking at our database. We have 16 names with Joy. But, only one Joy this Saturday. I will try not to make the mistake again.

    Terence

  6. Hi all SHM (Silver Haired Members)

    They say the first sign of aging is hearing loss, can’t do hearing test, here, so cant tell.

    Second sign is lost of memory retention ? Hymm so it seems it is quite widespread now ?

    So Clara ,you may not be heard and may not be remembered when you sing the song. So relax and sing with JOY ( committte members will join in the song also right), the moment as i will.

    Now ,ok, what am i talking about Ken’s Number ? Oh yes just got an email from Charles from a guy who is retired and was offerred to take his job back ?

    He did his numbers and concluded , it cost him more to take back his job, as going to work , means paying more taxes,new car, new clothes,keeping up with the times, so many more expenses, not counting the loss of all the joys he has now, gardening , sending children to school ,etc.

    But then again, can we afford not to work ? My landlord just inform me the rent for this terraced house is going up 60% from May this year ?

    Terence , i need help lah , i heard in Chiang Mai , a person can live comfortably with jsut $500 a month ? Hymm maybe in Malaysia too lah , if you live as simple , they wont bother you lah i think ?

    Anyone sharing this idea or short/medium stay anywhere ? Vietnam, Burma, too can be considered ?

    Cheers
    Allrounder

  7. Kenneth, hehehe, see what I mean? But thanks to you for making the space for us to chat….this is what Silverhaired talk is all abt……..free, friendly, expressive and seldom need to fall in line.

    It’s a joy to sing with her so if there’s 1 more standing room in the queue to sing with Joy, can ah liu squat there to chop first, plsssssssssss?

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