Just past the Chongyang Festival, received a message from the "Shanghai Release", and the number of centenarians in Shanghai is increasing year by year:
Image source: "Shanghai Release" public account
Although the average life expectancy of Chinese is only 75 years old at present, the current post-90s friends have a high probability of having a hundred-year-old life in the future, which reminds young people to prepare for longevity.
I interviewed some of my friends at random, some of them worried because they were not ready and did not know how to deal with it, while others were more optimistic and had begun to envision their retirement after the age of 70.
So, the advent of the era of longevity, for us, is good or bad, how should we look at it?
Linda Gratton and Andrew Scott, economics professors at the London Business School, have given MBA students a "100-year-old life" course on this topic, and have also written a book of the same name, "100-year-old life".
Two authors, an economist and a psychologist, combine two different perspectives to explain how to make rational choices and dynamic planning.
The book asks a wonderful question: If you can live to be a hundred years old, how do you plan and see your life?
Let's take a look.
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Many friends expressed concern about longevity, mainly because they envisioned such a scenario:
If life expectancy increases, but the retirement age remains the same, then we will have no way to afford a generous pension. If you want to retire and have a good life, either extend your working life and delay retirement, or cut your pension.
But it doesn't sound like either of these are a good idea. So some friends will feel that living a long life doesn't sound so good.
It is necessary for centenarians to solve financial problems, but money is far from the most important resource.
Family, friendship, mental health and well-being are all key parts of a centenarian's life. Because only life itself is good, and a longer life expectancy is a good thing.
And these are intangible assets that are just as important as financial assets when it comes to creating an efficient, long, and long life.
After excluding natural intangible assets such as appearance, IQ, and family situation, the author divides those intangible assets that have positive meaning for life into three categories:
The first category is production assets.
These assets can help individuals be more productive and successful at work, thereby increasing personal income.
Skills and knowledge are obviously an important part of this type of asset, but it also includes many other things, such as highly trusted "small groups", good reputation, which are very important.
In an era when everyone has the opportunity to be a personal brand, production assets can help you use your skills and knowledge more effectively, and also give you the opportunity to do more valuable things for society with trusted "small groups".
The second category is dynamic assets.
Such assets are related to mental and physical health and well-being, including friendship, positive family relationships and partnerships, and personal health, and abundant vitality assets are key components in measuring a good life.
For example, we are increasingly aware of the importance of keeping our brains healthy and functioning well, and these are related to our daily behavior, community engagement, strong relationships, physical fitness, and eating habits.
It is often said that the older you get, the less your brain is. However, there is a new view that the brain is newly plastic. It's more like a muscle that you can avoid intellectual decline by using and practicing it repeatedly.
There are also the aforementioned "small groups" that keep you sane, make you feel happy, and contribute to your vitality assets.
The third category is transformational assets.
In the life of a hundred years old, people will undergo great changes and a lot of transformation.
These transformational assets refer to the perception of themselves, the ability to access different networks, and the openness to new experiences, and transformational assets help improve the success rate of transformation, reduce uncertainty and reduce costs.
What transformations are likely to happen to you? It could be a suspension because of a work business, a transfer from technological advancement, or a transformation from a startup explorer to a responsible manager.
Some transformations can be tough and unsettling, what do you do at this time?
The author's advice is to be prepared to receive feedback, find and listen to other people's ideas, and then reflect on the problem, so that you will have a better understanding and perception of yourself.
The more we know about ourselves, the more complex we are, the more we are able to cope with different needs and uncertainties.
Another point is "multi-networking", which is different from the "small groups" we mentioned earlier.
Because usually, the messages we get from friends are similar, and it's only possible to get completely new information if you extend the social network to your friends.
The combination of "self-awareness" and "multiple networks" creates the foundation for your transformation, and for these assets to really be vibrant, you also need to take action: start challenging old habits of the past, try to integrate new models of different lives, be curious about the work and life of others, and explore new life stages.
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After talking about the three categories of "intangible assets", let's talk about "tangible assets".
Compared to money or stock investments in banks, a house is an extraordinary tangible asset. Not only will people use the house as a means of preserving value, but it also has the potential to create a "rental return" for us.
Many friends have discussed a question, is the model of "housing for the aged" feasible? Listen to the author's answer.
In most countries, the house is an important part of most people's portfolios.
A previous study found that 70 percent of people aged 70 and under felt that the likelihood of selling a home in order to sustain retirement was slim to none.
Often only traumatic events such as the death of a partner or illness will prompt older adults to sell their homes. And when you don't need to sell your house, it will become a legacy in the future.
So the idea of relying on housing to finance a century-old life is obviously unwise.
If the house isn't feasible, maybe you should try to build your financial skills as you would when you learn anything about work. One study showed that if you have a lot of financial knowledge, you can usually earn 1.3% more per year than others.
For every $100,000 invested, investors with financial literacy will receive an additional $16,000 after 10 years; $42,000 more in 20 years; $84,000 in 30 years; and $145,000 more in 40 years.
If you want to improve your financial knowledge, you can improve your investment performance and financial planning skills by reading financial books, participating in online courses and seminars, etc.
As financial knowledge becomes richer, we will slowly realize that making money through investment is not so easy.
Therefore, the author suggests that we diversify our risk by choosing a more diversified portfolio.
As we age, we also have less time left to make up for financial reversals, so as we approach retirement, we should reduce the risk of our portfolios in order to seek a safe income in retirement rather than maximizing the market value of their wealth.
In addition, with a certain amount of financial knowledge, you will find that for every time you invest in a product, the financial intermediary will charge a certain fee.
Therefore, it is also crucial to pay attention to the level of charges. Learning to read the complicated terms early on will be more helpful for your long-term investment.
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The vast majority of debates related to longevity are talking about finances and pensions, but planning for a centenarian life is more than just about maintaining financial stability.
If your skills, health, and emotions are exhausted, your career won't last long and you won't be financially successful.
Similarly, without solid financial support, you can't devote your time to those critical things outside of finance. It's hard to strike a balance in a short life.
While this can be more complex in a longer life, we have more opportunities to achieve this balance.
In shorter lifespans, it makes sense to spend your leisure time primarily on relaxation. In a longer life, leisure will also create space for investment.
Perhaps part of the gift of centenarian life is to reinvent the way we use our leisure time—less on consumption and entertainment and more on input and re-creation.
From the simple consumption of leisure time in the past to "consumption" and "investment", not only lying on the sofa watching TV or playing games in front of the computer, but also can be used to learn skills, improve health and enhance feelings.
Choices are important throughout our lives, especially in long-lived lives. For those who want to maximize the longevity of life as a gift rather than a curse, this book is the first step in inviting you to take the opportunity to enjoy this gift.
Because only life itself is good, and a longer life expectancy is a good thing.
Well, about the interpretation of "Centenarian Life", I will talk to you here today.
Like the interpretation of this book, I hope there are more books related to "life planning", welcome to the end of the article to "like" to tell us.