Jerry Recco

You want to get to that date with zero on the balance sheet.

You know, it's kind of like a lot of, I'm trying to think who it was that I just saw.

One of these real estate investors that's worth a billion dollars.

I saw one on that diary of a CEO where he said, he's told his kids, I'm not leaving you the money.

Because he feels like it makes them lazy.

He goes, you know what to do.

You've watched me do it.

Now go do it on your own.

And he's essentially, his will has all his money going to charities and other places.

That's the legacy he's leaving.

But it's funny because you always watch these...

retirement videos and i'm with you i've started to see a lot of this the four percent the four percent of what i don't understand though is if you're only taking out four percent and you're hoping that you're getting in the stock market still let's say conservatively seven percent growth every year

You're taking out less than it's earning.

So you're always, you save up, let's say you save up $4 million in your, I don't know, I'm just making up a number.

You've saved for 50 years, you got $4 million in there.

You're going to take out 4% every year annually.

So 4% of $4 million is essentially, if I do the math correctly, will be $160,000 a year you have to spend.

And at the end of that year, you're going to have more than $4 million because you only took out 4% and earned 7%.

So as the years go on, you're going to end up with more and more money.

You're not spending your money.