How to get an ‘exceeding great booty’
- The Catholic Tironensian Order and your wealth legacy
- Don’t bother teaching your children to fish
- The Holy Grail, passive income and the crossover point
Long walks on the beach are a staple feature of many retirement plans. The pleasure of the sand beneath your feet…the smell of the ocean…and the beauty of the sunrise or sunset.
But almost 1,000 years ago, the 12 Grey Monks of St Dogmaels Abbey wandered across Poppit Sands in Wales every day for a different reason.
To pay for their retirement.
Okay, so maybe being a member of the Catholic Tironensian Order in Wales isn’t exactly your idea of ‘retirement’.
But compared to the subsistence lifestyle of a peasant in Norman Britain, it’s probably not far off.
The Catholic Tironensian Order and your wealth legacy
Even though the monks subjected themselves to the poverty preached by Saint Benedict, their hospitality was renowned among the nobles who made a pilgrimage to the abbey. And when a band of Irish raiders robbed the place in 1138, they discovered an ‘exceeding great booty’, which they promptly carried off.
But what do you care about Poppit Sands and St Dogmaels Abbey? You care about the booty.
In those days, not many people could afford to spend their time praying, learning to write, and making ‘witticisms and jokes’ that got them in trouble with the Pope in 1202. But the monks Of St Dogmaels could.
The typical Welsh peasant’s life would’ve been barely above subsistence level after working around the clock.
But somehow, St Dogmaels Abbey managed to become one of the richest monastic institutions in Wales. The question is: How?
Thanks to an aerial image from Google Maps, I have the answer.
Better still, I know how you can use the submerged secret of Poppit Sands to fund your own retirement. Forever.
Don’t bother teaching your children to fish
In fact, we’re talking about passing on a legacy of wealth for long after you’re reading this.
It’s all got to do with a terrible cliché. I’m warning you, this will make you cringe. But stick with me…
You know that saying about giving a man a fish?
Well, it turns out you can go one better than teaching him to fish. After all, fishing isn’t everyone’s thing.
Some people like to spend their time praying and copying religious books.
Others like to enjoy a relaxing retirement, playing lawn bowls or cruising the Mediterranean. Then there’s the people who don’t just want to secure their own financial future, but that of their loved ones too.
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But how do you pay for all this? That’s the key question for anyone seeking a life of leisure. How do you get the sort of income that pays for lazing around in your golden years, or going on expensive adventures to see the Pope in Rome under the guise of a ‘pilgrimage’?
That’s what the satellite image revealed. Well, the local archaeologists had to send in a team of scuba divers to figure it out first.
What they found was the long-lost secret of Poppit Sands — a fish trap. A bloody great big one, hundreds of metres in size.
The Grey Monks built it about a thousand years ago so they could spend their time pleasing the Lord instead of figuring out how to feed themselves. They were banned from eating ‘four-footed animals’, so fish was their go-to source of protein.
Imagine walking down the beach in 1115 with your pious robes and funny-looking haircut. While the local Welsh are bobbing around in boats on the ocean, getting their fingers caught in fishhooks, you just wait for the tide to go out.
Then you stroll over and leisurely pick up dozens of fish in minutes. It’s not far off going shopping at the supermarket today…for free. Wouldn’t that put you in a good position for retirement?
You’ve got the rest of the day free to do whatever you like. I just hope you spend it on something more enjoyable than copying books and reciting ‘Hail Marys’.
Now, the fish trap is well below the water line these days.
But, presumably, it operated successfully for a very, very, very long time before being submerged. It probably fed many generations of people. With about the same amount of effort as your supermarket run in 2019.
Not bad. But don’t go out and build your own gigantic fish trap just yet. I have something different in mind.
The Holy Grail, passive income and the crossover point
The Holy Grail of retirement planning is to get your passive income beyond the crossover point.
I know what you’re thinking: ‘Huh? More religious metaphors?’ Well, don’t worry — it’s not as morbid as it sounds.
Passive income is income you don’t have to work for.
Like the fish you can pick up from the fish trap every day instead of spending hours going fishing. It’s the kind of income you need in retirement because you don’t have to work for it. The income simply continues like clockwork and you can’t run out.
This is very different to the current conventional wisdom of selling off your assets in retirement. Because you could run out of stuff to sell. Or be forced to sell at low prices during a market crash. Passive income doesn’t deplete in the same way.
The crossover point is the point at which this effectively effortless passive income equals your expenses in retirement. If you live on the crossover point, you could retire forever. Your income would pay for your expenses for eternity without you ever having to do any work.
And you could pass on that passive income secret to others. Then it’s not just your retirement that’s secured. But their future…
Do your investments get you beyond the crossover point? Here, I show you how to do that.
Until next time,
International Analyst, The Daily Reckoning Australia