全球經濟顧問的投資入門課（附英文原稿）

8. Protection In this episode, Michael discusses the concept of an efficient frontier and uses a marathon race as a metaphor to help you understand it. There is a risk for every return, the more potential return you're going to receive. The more potential risk you have to take on. If you have a short-term horizon, if you are fearful that something bad may happen to you financially in the next call it five years, you want to make sure you have a certain amount of money invested in very safe vehicles. [00:00:49] Now nothing is ever guaranteed, but you want to own high quality. Fixed income, high quality equities high-quality real estate. You want to be diversified in the sense that historically speaking the volatility is not drastic because you want to be able to pull that money in an emergency and not worry about having less than what you put in. [00:01:16] Again, there's no guarantee, but if done properly, you should be in a position where it almost looks like paints dry. It's...

3. The Stock Market for Retirement 3.退休股票市場 in this episode, Michael explainswhy the market will return the best amount to you. Risk adjusted over thelongterm. He also discusses how to manage risks over the course of a retirementwindow. And the reason investment is a proactive exercise. Even after youretire, you have to invest in the market for retirement. 在這一集中，邁克爾解釋了為什麼市場會給你最好的回報。長期風險調整。他還討論了如何在退休窗口期間管理風險。而投資之所以是一種積極主動的做法。即使你退休了，你也必須投資於退休市場。 Because historically speaking and wehave to go off history. Cause that's all we have. The market will return thebest amount to you. Risk adjusted over the long run. So you can own a ustreasury, which is backed by the government. And that's the equivalent of whatwe call the risk-free rate in the economic world. 因為從歷史的角度來說，我們必須摒棄歷史。因為我們只有這些了。市場會給你最好的回報。長期風險調整。所以你可以擁有一個由政府支...

7. EstatePlanning 7.遺產規劃 Michael explainsestate planning, wills, and trusts healthcare proxies, and how to keep controlof your investments from the grave. He also discusses that you need to make aclear plan for when things go wrong or the government will make those decisionsfor you estate planning. Ability to have control from the grave and also havecontrol when things aren't as good as they are today. 邁克爾解釋了遺產規劃，遺囑，信托醫療代理人，以及如何從墳墓里控制你的投資。他還談到，當事情出了問題時，你需要有一個明確的計劃，否則政府會為你的遺產規劃做出這些決定。有能力從墳墓里控制自己，當事情不如現在好的時候也能控制。  So what I meanis that most people, when I'm talking to them, don't have an acute emergencyhappening. It's not like I'm an emergency room doctor and they've come inbecause their knees swollen. Cause they just crashed scheme. They come to mebecause they realize. I probably need a professional look at this and make sureI'm either doing it...

2. “Rewirement” vs. Retirement 2.“重修”與退休 In this episode, Michael explains that the Holy grail of retirement planning is to earn more off of the money you put away than you do working your full-time job. When that happens, you can then ask yourself, what do you want to do with your life? If you don't need to work for a full-time paycheck, the idea retirement age is completely up to the individual. 在這一集中，邁克爾解釋說，退休計劃的聖杯是從你存下來的錢中賺取比你做全職工作賺得更多的錢。當這種情況發生時，你可以問自己，你想用你的生活做什麼？如果你不需要為一份全職薪水而工作，那麼退休年齡完全取決於個人。 My grandfather loved to work as a judge until he was 92 and physically could not anymore. That was his choice. It wasn't a monetary choice. It was, he wanted to be a useful productive member of society and share his expertise with others. Someone else may say I don't expect to live to be 我祖父92歲以前都喜歡當法官，身體上再也不能了。那是他的選擇。這不是金錢上的選擇...

1. Investing for Retirement 1.退休投資 Welcome to howto retire a Himalaya learning audio course by Michael Tanny. Michael Tanny isthe director of Magnus financial group and his advice clients for decades onretirement prior to his current position, he was the managing partner ofwanderlust wealth. And spent the majority of his career at Goldman Sachs inprivate wealth management. 歡迎來到如何退休喜馬拉雅學習音頻課程邁克爾坦尼。在退休前，他曾是麥格納集團（Michael wander）的理財顧問兼理財顧問。他在高盛的大部分職業生涯都是在私人財富管理領域度過的。 In this firstepisode, Michael explains that the most important element of investing is timewhy it's important to start as early as possible and why the discipline ofconsistency is more important than the amount 在第一集中，邁克爾解釋說，投資最重要的因素是時間，為什麼儘早開始投資很重要，為什麼一致性原則比金額更重要 time is alwayson your side until it's not. So if you are someone who's just starting acareer. Let's say ...

9. The Financial Advisor’s Role episode, Michael reveals that 97% of the population use financial advisors who are not legally obligated to be transparent. The other 3% use a fiduciary advisor, who is, he explains why it's important to make sure you're one of the 3%. So there are two schools of thought on a financial advisor, and I'm going to preface this to explain to the audience those two different verticals, because it's important that you understand that as an educated consumer, there is the broker dealer advisor, and there is the fiduciary independent advisor percentage-wise of the population. [00:00:53] 3% of the population is that's the judiciary advisor, who is that independent advisor who has an obligation to sit on the same side of the table as the client at all times has a legal obligation to disclose clearly how they're compensated at all times. The other component, which is the 97% of the population. [00:01:18] Does not have the legal obligation to differentiate...

6.Location of Investments 6.投資地點 in this episode,Michael explains why inflation guarantees a negative return. If you leave yourmoney in cash, he also discusses how to treat your own financial situation,like a business and how to get involved in real estate without having to playlandlord. Number one is the location of the investment. 在這一集中，邁克爾解釋了為什麼通貨膨脹保證負回報。如果你把錢留在現金里，他還會討論如何像對待生意一樣對待自己的財務狀況，以及如何在不必扮演房東的情況下涉足房地產。首先是投資地點。  That's criticalbecause you can make the same investment in two separate accounts. One of themcould be a, an IRA like we talked about and another could be your savingsaccount, right. Or a taxable investment account. And the return differencecould be drastic because of how the tax treatment. So, number one is you needto be mindful of where the location of the investment 這一點很關鍵，因為你可以在兩個不同的賬戶上進行同樣的投資。其中一個可能是，像我...

5.Diversification of Assets-1 5.資產多樣化-1 In this episode,Michael explains that the point of a disciplined long-term investment plan isthat you don't have to take action when assets shift, since nobody can predictwhich assets will go up and which will go down, he also discusses why an indexmight not be as diverse as you think diversification of assets is importantbecause you don't want to have. 在這一集中，邁克爾解釋說，一個有紀律的長期投資計劃的意義在於，當資產發生變化時，你不必采取行動，因為没有人能夠預測哪些資產會上漲，哪些資產會下跌，他還討論了為什麼一個指數可能不像你認為的那樣多樣化，資產多樣化很重要，因為你不想擁有。  Totalcorrelation of one. What that means is you don't want everything to move inunison up and down. If you have everything in unison and it's not working wellfor you for various reasons that are outside of your control. For example, inMarch, the stock market was down 30 plus percent. The quickest draw down of 30plus percent in the h...

4. Retirement Vehicles4.報廢車輛 Episode, Michaelexplores two approaches to taxes on investment and why paying upfront might bebetter. He also discusses the pros and cons of various investment rules. Twomain retirement vehicles. To keep it very simple for the audience to understandyou have the equivalent of the ability to put money away pre-tax or post-taxinto an account that's designated for retirement. 這一集中，邁克爾探討了兩種投資稅的方法，以及為什麼先付可能更好。他還討論了各種投資規則的利弊。兩個主要的退休車輛。很簡單，你可以把退休后的錢存起來，或者說你有能力把退休后的錢存起來。 What that meansis that hypothetically, if you made a hundred thousand dollars and you putmoney away, pre-tax the current limits, 19,500 for a 401k plan, which is anemployer sponsored plan. So if you put 19,500 away and you are in a hundredthousand a year, that means the IRS is going to tax you at the equivalent ofroughly an $80,000 salary. 這意味著，假設一下，如果你賺了10萬美元，...