Dr. Paul Kaplan

speaker

479 appearances 1 recordings 1 series first heard Jul 2026 last heard 9 Jul

Dr. Paul Kaplan’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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So if markets go really, really well, if the market is very kind to you, it shows you can really increase your consumption quite a bit.

If markets go very, very badly for you, well, you still have something you can consume, but you consume a lot less.

Unlike the 4% rule, it doesn't go to zero.

You still have something.

You modify the amount of money you spend.

The next one is the financial wealth.

The shape of it makes sense.

You grow your financial wealth while you're working, and once you retire,

these numbers come down.

And again, the top one is the 95th percentile.

So there's a one out of 20 chance things will be this good.

And there's a one out of 20 chance things will be that bad at the bottom.

So we think this kind of output is important in financial planning.

Give the investor a picture of how their consumption and financial wealth might change over time.

The next picture is human capital, which you can see human capital.

Remember, we said it was 20% equity.

It's a lot less riskier than your financial wealth.

Mainly, it goes down over time, right?

That makes sense because human capital is the present discounted value of your future salary.

So as you get older, you have less and less future salary.

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