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 · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
So you discount it to the present.
It's going to be lower.
And then the net worth, which is really important because that's what really drives everything.
That's what the intertemporal budget constraint is all about.
How much net worth you have is what determines how much consumption you can do.
And you can see it kind of spreads out at the beginning and eventually over time, it's going to decline.
As your human capital is declining, as your financial wealth is declining, it makes sense that you expect your net worth to decline over time as well.
Over here, we have some balance, some economic balance sheets.
No, asset allocation is also an output.
This is just to give you an idea of what an economic balance sheet is.
The green areas are in dollars.
So there you can see we have your financial wealth and your human capital on the one side.
Then we break it down between asset mixed representations of each of these things.
Domestic, global stocks, total stocks, bonds, cash, and total.
On the other part is the liabilities and net worth.
So there you can see liabilities is broken down based upon how much life insurance has an impact on your liabilities.
Because if you want to commit to having a certain level of bequest, you also are committing to holding life insurance.
So it breaks it down here again the same way.
And then what we do right below it is we just do it in percentage terms.
If you're thinking about asset allocation,
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