David Bach

There's real-life ramifications of bad debt.

And the type of debt that your friend sadly has is the extreme, bionic, atomic type of debt.

When you say irrelevant, what do you mean by that?

Let me ask.

Explain to me what that means, irrelevant.

So...

I spent nine years of my career helping people plan for retirement and retire.

I was at Morgan Stanley.

That's how my career started.

And when people came into my office, they would usually come in their mid-50s, late-50s, and they'd want me to run their numbers to see if they can afford to retire at what date.

And so we would run their numbers to let them know what year they could afford to retire.

Then we would ask a lot of questions.

I would ask questions like, well, let me ask you something.

What are you retiring to?

And they go, what do you mean?

What do you want to do?

What do you want to do?

If you're not working, what is it that you want to retire to go do?

Amazingly, half the people I would meet didn't actually have a plan.

They just wanted to stop working.