I don’t like the word 'retirement'. I call it my 'drawdown phase' - Mike Wills
Every week The Money Show’s Bruce Whitfield interviews a famous person about her or his attitude to money (hopes and fears, successes, and failures, etc.) as part of his “Other People’s Money” feature.
This week Whitfield interviewed veteran radio broadcaster Mike Wills.
Wills, a former Station Manager at 702 and CapeTalk, regularly features as a columnist for Daily Maverick.
Most recently published “Other People’s Money” articles:
What is it that Wills believes about money?
Does it keep him up at night?
Does he spend like crazy or save compulsively?
How did his childhood experiences shape his views on money?
I don’t like the word ‘retirement’… I call it my ‘drawdown phase’… What I’ve got, is what I’ve got…Mike Wills
My father was a businessman. He inherited considerable wealth, as had my mother… He set up an elaborate tax shelter… Late in life when he was ill… the Australian High Court ruled against these tax schemes… As a result, I’m very conservative about tax… I’d rather pay my tax, and know that I’m safe and secure…Mike Wills
My flat in London was collateral [for a loan to start a television station] … It was reasonably successful… but I realised I wasn’t an entrepreneur… Everybody can’t be entrepreneurs… There has to be people who work for other people… You can only be an entrepreneur if you have a cast-iron stomach… It took it as school fees…Mike Wills
Listen to the interview in the audio below (and scroll down for more quotes from it).
Having children was the moment I realised I needed to be a financial grownup… That was around the age of 35…Mike Wills
My wife is much better at that [paying attention to fees, etc.] … I wish I was more alert to that stuff… I felt I could trust the system more than I should have.Mike Wills
I was always taught as a kid to not get into debt…Mike Wills
I’ve watched so many people shrink in retirement… I’m OK, not brilliant… I don’t want to become miserly and miserable.Mike Wills