Oh, Australia. I fell prey to the common mistake of “assuming other people people are like me.” I know a good deal about personal finance in a USA context, but only parts of that are universal: good chunks of it are particular to a specific national context. The national context matters a lot in personal finance issues.
Your idea of “have a little money that’s easily accessible and most of it in a trust” does make sense. Have an ‘emergency fund’ or ‘support myself fund’ with enough money for a a year or two of expenses, and then have everything else in a fund that transfers X% into your ‘support myself fund’ each year (or 1/12th of X% each month). If you do it right, the trust should grow indefinitely, and the inflow to your ‘support myself fund’ will be larger than your expenses.
I think that I don’t have anything particularly wise or useful to write about the whole ‘trusting your future self’ topic. But I imagine that there are likely personal finance professionals who have done research about that time of thing. It might take some poking around to find it though.
Oh, Australia. I fell prey to the common mistake of “assuming other people people are like me.” I know a good deal about personal finance in a USA context, but only parts of that are universal: good chunks of it are particular to a specific national context. The national context matters a lot in personal finance issues.
Your idea of “have a little money that’s easily accessible and most of it in a trust” does make sense. Have an ‘emergency fund’ or ‘support myself fund’ with enough money for a a year or two of expenses, and then have everything else in a fund that transfers X% into your ‘support myself fund’ each year (or 1/12th of X% each month). If you do it right, the trust should grow indefinitely, and the inflow to your ‘support myself fund’ will be larger than your expenses.
I think that I don’t have anything particularly wise or useful to write about the whole ‘trusting your future self’ topic. But I imagine that there are likely personal finance professionals who have done research about that time of thing. It might take some poking around to find it though.