From the course: Personal Finance Tips and Tricks

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Asset rich and cash poor?

Asset rich and cash poor?

- The post-war growth of much of the developed world was very good for Baby Boomers. They were able to buy houses for $20,000 that are now worth $800,000. They had low cost education and, for the most part, low cost healthcare. They spent their money, living lives unimaginable to their war era parents. And they spent, cars, vacation, college costs for their Gen X kids, and their employers offered pensions. All was gonna be fine, right? Not so much. The golden era of live today and worry about tomorrow sometime later is long gone for Baby Boomers and now for everyone. In Australia where I grew up, one in every three houses is owned by someone over the age of 70. Most people this age don't work. They may or may not have pensions, but the reality is for many homeowners, regardless of age, is that they're asset rich, cash poor. So what to do if you, or someone you love, is asset rich and cash poor? The first thing to consider is that money is emotional. People have significant emotional…

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