[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:12.03,0:00:14.47,Default,,0000,0000,0000,,To paraphrase Edward Rooney,
Dialogue: 0,0:00:14.47,0:00:17.18,Default,,0000,0000,0000,,the principal in \N"Ferris Bueller's Day Off,"
Dialogue: 0,0:00:17.18,0:00:20.01,Default,,0000,0000,0000,,we give good kids bad ideas.
Dialogue: 0,0:00:20.01,0:00:23.59,Default,,0000,0000,0000,,We tell them to go to school,\Nstudy hard and get good grades.
Dialogue: 0,0:00:23.59,0:00:25.47,Default,,0000,0000,0000,,And if you do,
Dialogue: 0,0:00:26.07,0:00:30.90,Default,,0000,0000,0000,,you will get out into the workforce\Nand get a good, secure job.
Dialogue: 0,0:00:30.90,0:00:33.72,Default,,0000,0000,0000,,Then, after about 40 or 50 years,
Dialogue: 0,0:00:33.72,0:00:36.69,Default,,0000,0000,0000,,you'll have enough savings\Nand benefits to retire
Dialogue: 0,0:00:36.69,0:00:39.87,Default,,0000,0000,0000,,and live out the golden \Nyears of your life.
Dialogue: 0,0:00:41.02,0:00:43.07,Default,,0000,0000,0000,,It's a quaint idea, really,
Dialogue: 0,0:00:43.07,0:00:49.72,Default,,0000,0000,0000,,because, today, nearly half of the people\Nin this country have zero savings.
Dialogue: 0,0:00:50.42,0:00:54.23,Default,,0000,0000,0000,,The majority of Americans have\Nno pension coverage from their employers,
Dialogue: 0,0:00:54.23,0:00:58.06,Default,,0000,0000,0000,,and, just this past January,\Nthe Social Security Administration said
Dialogue: 0,0:00:58.06,0:01:03.24,Default,,0000,0000,0000,,that the average monthly benefit\Nwas just about $1,300,
Dialogue: 0,0:01:03.24,0:01:06.24,Default,,0000,0000,0000,,which isn't going to get you very far\Nin a city like Chicago.
Dialogue: 0,0:01:06.24,0:01:09.26,Default,,0000,0000,0000,,On top of that, we're living longer.
Dialogue: 0,0:01:09.26,0:01:12.44,Default,,0000,0000,0000,,A couple of years ago,\NPrudential unveiled a billboard
Dialogue: 0,0:01:12.44,0:01:14.73,Default,,0000,0000,0000,,that said that the first person was born
Dialogue: 0,0:01:14.73,0:01:20.68,Default,,0000,0000,0000,,who will live to be 150 years old.
Dialogue: 0,0:01:21.20,0:01:23.86,Default,,0000,0000,0000,,Can you imagine that?\NLiving to be that old?
Dialogue: 0,0:01:24.33,0:01:28.22,Default,,0000,0000,0000,,Under that scenario, you could still\Nbe an intern when you're 50,
Dialogue: 0,0:01:28.22,0:01:32.46,Default,,0000,0000,0000,,and, when you reach the age of 70, learn\Nthat you're only halfway to retirement.
Dialogue: 0,0:01:32.46,0:01:35.22,Default,,0000,0000,0000,,Then, you'll go to your\Nfinancial planner, and they'll say,
Dialogue: 0,0:01:35.22,0:01:38.34,Default,,0000,0000,0000,,"Well, I've got good news\Nand I've got bad news.
Dialogue: 0,0:01:38.34,0:01:41.98,Default,,0000,0000,0000,,The bad news is you don't have\Nnearly enough money to retire,
Dialogue: 0,0:01:41.98,0:01:45.25,Default,,0000,0000,0000,,but the good news is you still have\N30 more years to get there."
Dialogue: 0,0:01:45.25,0:01:46.80,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:47.35,0:01:49.12,Default,,0000,0000,0000,,In all seriousness,
Dialogue: 0,0:01:49.12,0:01:52.77,Default,,0000,0000,0000,,we are entering an era\Nwhere most people in this country
Dialogue: 0,0:01:52.77,0:01:55.50,Default,,0000,0000,0000,,will no longer be able to retire by choice
Dialogue: 0,0:01:55.50,0:01:58.91,Default,,0000,0000,0000,,and, instead, will be forced\Nto work well into their 70s, 80s,
Dialogue: 0,0:01:58.91,0:02:01.37,Default,,0000,0000,0000,,and potentially even beyond.
Dialogue: 0,0:02:01.37,0:02:03.74,Default,,0000,0000,0000,,If this is the new reality,
Dialogue: 0,0:02:03.74,0:02:09.09,Default,,0000,0000,0000,,how can you ensure that you'll be able\Nto live out the golden years of your life
Dialogue: 0,0:02:09.09,0:02:13.14,Default,,0000,0000,0000,,rather than dedicate\Nthe entirety of your life to your work?
Dialogue: 0,0:02:14.30,0:02:19.11,Default,,0000,0000,0000,,We need to reinvent and redefine\Nwhat retirement means,
Dialogue: 0,0:02:19.11,0:02:21.78,Default,,0000,0000,0000,,as well as the path to get there.
Dialogue: 0,0:02:21.78,0:02:25.76,Default,,0000,0000,0000,,Instead of waiting until the final\Nchapter of life to retire,
Dialogue: 0,0:02:25.76,0:02:29.68,Default,,0000,0000,0000,,we should take small interim\Nretirements throughout our life,
Dialogue: 0,0:02:29.68,0:02:33.32,Default,,0000,0000,0000,,allowing ourselves the chance\Nto refresh, re-energize
Dialogue: 0,0:02:33.32,0:02:37.90,Default,,0000,0000,0000,,and reinvent ourselves and our careers.
Dialogue: 0,0:02:37.90,0:02:40.70,Default,,0000,0000,0000,,I fear that, if something doesn't change,
Dialogue: 0,0:02:40.70,0:02:47.47,Default,,0000,0000,0000,,we are on track to the worst socioeconomic\Ncrisis this country has ever seen.
Dialogue: 0,0:02:48.60,0:02:52.25,Default,,0000,0000,0000,,One of the most fundamental\Nprinciples of financial economics
Dialogue: 0,0:02:52.25,0:02:54.44,Default,,0000,0000,0000,,is portfolio diversification,
Dialogue: 0,0:02:54.44,0:02:57.57,Default,,0000,0000,0000,,which most simply means:\Ndon't put all of your eggs in one basket.
Dialogue: 0,0:02:57.57,0:02:59.51,Default,,0000,0000,0000,,Spread your risk around.
Dialogue: 0,0:02:59.51,0:03:03.24,Default,,0000,0000,0000,,So, for example, instead of spending\Nall of your money on a house,
Dialogue: 0,0:03:03.24,0:03:05.53,Default,,0000,0000,0000,,you should spend some\Nof your money on a house,
Dialogue: 0,0:03:05.53,0:03:07.24,Default,,0000,0000,0000,,leave some money in cash
Dialogue: 0,0:03:07.24,0:03:10.33,Default,,0000,0000,0000,,and invest some money \Nin other investments.
Dialogue: 0,0:03:10.33,0:03:14.45,Default,,0000,0000,0000,,That way, if the housing market goes bust,
Dialogue: 0,0:03:14.45,0:03:17.07,Default,,0000,0000,0000,,the way that it did several years ago,
Dialogue: 0,0:03:17.07,0:03:21.98,Default,,0000,0000,0000,,your loss is limited\Nby your diversification in other areas.
Dialogue: 0,0:03:22.96,0:03:27.56,Default,,0000,0000,0000,,Ironically, when it comes\Nto our education and our careers,
Dialogue: 0,0:03:27.56,0:03:29.76,Default,,0000,0000,0000,,we do the exact opposite.
Dialogue: 0,0:03:30.26,0:03:35.34,Default,,0000,0000,0000,,When you're 18, we tell you to go think\Nabout the one thing that you want to do,
Dialogue: 0,0:03:35.34,0:03:37.92,Default,,0000,0000,0000,,seemingly for the rest of your life.
Dialogue: 0,0:03:37.92,0:03:41.36,Default,,0000,0000,0000,,And at this age, it's also illegal\Nfor you to drink a beer.
Dialogue: 0,0:03:41.36,0:03:42.92,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:03:42.92,0:03:44.86,Default,,0000,0000,0000,,Then, when you start working,
Dialogue: 0,0:03:44.86,0:03:49.56,Default,,0000,0000,0000,,you're going to be told to get really good\Nat this one particular job function.
Dialogue: 0,0:03:49.56,0:03:52.61,Default,,0000,0000,0000,,It won't be expected\Nthat you diversify yourself,
Dialogue: 0,0:03:52.61,0:03:56.83,Default,,0000,0000,0000,,and you probably won't be expected\Nto pursue other interests,
Dialogue: 0,0:03:57.35,0:04:02.75,Default,,0000,0000,0000,,because the general belief\Nis that, if you follow this one path,
Dialogue: 0,0:04:02.75,0:04:04.68,Default,,0000,0000,0000,,you'll be successful,
Dialogue: 0,0:04:04.68,0:04:08.60,Default,,0000,0000,0000,,and, if you don't or if you move\Nfrom one path to another,
Dialogue: 0,0:04:08.60,0:04:12.39,Default,,0000,0000,0000,,you're increasing your risk\Nand you're more likely to fail.
Dialogue: 0,0:04:13.10,0:04:16.10,Default,,0000,0000,0000,,But neither of those assumptions is true.
Dialogue: 0,0:04:16.10,0:04:19.58,Default,,0000,0000,0000,,Our world is changing so rapidly today,
Dialogue: 0,0:04:19.58,0:04:22.83,Default,,0000,0000,0000,,by the time young people\Ngraduate from school,
Dialogue: 0,0:04:22.83,0:04:25.04,Default,,0000,0000,0000,,they're entering a world different
Dialogue: 0,0:04:25.04,0:04:28.43,Default,,0000,0000,0000,,than the one their education\Nprepared them for.
Dialogue: 0,0:04:28.43,0:04:32.94,Default,,0000,0000,0000,,The skills and the value\Nthat you and I bring to our jobs
Dialogue: 0,0:04:32.94,0:04:36.29,Default,,0000,0000,0000,,in a short period of time\Nmay be replaced by technology
Dialogue: 0,0:04:36.29,0:04:38.57,Default,,0000,0000,0000,,or be irrelevant altogether.
Dialogue: 0,0:04:39.44,0:04:44.39,Default,,0000,0000,0000,,If portfolio diversification\Nis so important in financial economics,
Dialogue: 0,0:04:44.39,0:04:49.99,Default,,0000,0000,0000,,doesn't it make sense that we do\Nthe same thing in our work and our lives?
Dialogue: 0,0:04:51.21,0:04:55.61,Default,,0000,0000,0000,,Several years ago, at the age of 32,
Dialogue: 0,0:04:55.61,0:04:58.83,Default,,0000,0000,0000,,I took what I called my first retirement.
Dialogue: 0,0:04:58.83,0:05:03.06,Default,,0000,0000,0000,,While I had been saving some money\Nfor my ultimate retirement,
Dialogue: 0,0:05:03.06,0:05:06.82,Default,,0000,0000,0000,,I had also been putting money aside\Nfor this interim leave.
Dialogue: 0,0:05:07.50,0:05:10.33,Default,,0000,0000,0000,,I left my job as director\Nof a business consulting firm,
Dialogue: 0,0:05:10.33,0:05:13.86,Default,,0000,0000,0000,,to go overseas, \Nbuild my skills, my experience
Dialogue: 0,0:05:13.86,0:05:16.64,Default,,0000,0000,0000,,and pursue several entrepreneurial ideas.
Dialogue: 0,0:05:16.64,0:05:22.14,Default,,0000,0000,0000,,This was not an impulsive decision,\Nnor was it one with a definitive plan.
Dialogue: 0,0:05:22.14,0:05:28.26,Default,,0000,0000,0000,,My goal was to refresh, re-energize\Nand redirect my life and my career,
Dialogue: 0,0:05:28.26,0:05:33.86,Default,,0000,0000,0000,,so that, when I re-entered the workforce,\NI would have a new path to embark upon.
Dialogue: 0,0:05:33.86,0:05:36.70,Default,,0000,0000,0000,,I imagined in my head\Na surge of people telling me
Dialogue: 0,0:05:36.70,0:05:38.26,Default,,0000,0000,0000,,that what I was doing was crazy,
Dialogue: 0,0:05:38.26,0:05:40.65,Default,,0000,0000,0000,,that I was completely ruining\Nmy consulting career,
Dialogue: 0,0:05:40.65,0:05:43.88,Default,,0000,0000,0000,,that if I stayed just a few more years,\NI'd make partner, more money,
Dialogue: 0,0:05:43.88,0:05:45.95,Default,,0000,0000,0000,,the gap on my resume\Nwould be insurmountable
Dialogue: 0,0:05:45.95,0:05:47.100,Default,,0000,0000,0000,,and I would never find work ever again.
Dialogue: 0,0:05:49.01,0:05:50.75,Default,,0000,0000,0000,,On the contrary,
Dialogue: 0,0:05:50.75,0:05:56.41,Default,,0000,0000,0000,,those sentiments were not\Ncommunicated by one single person.
Dialogue: 0,0:05:56.41,0:06:00.23,Default,,0000,0000,0000,,Instead, they said,\N"I wish I had done what you're doing.
Dialogue: 0,0:06:00.23,0:06:02.48,Default,,0000,0000,0000,,You're fortunate \Nthat you're not locked in.
Dialogue: 0,0:06:02.48,0:06:04.54,Default,,0000,0000,0000,,Take the chance to do it while you can.
Dialogue: 0,0:06:04.54,0:06:08.09,Default,,0000,0000,0000,,You have the skills and the experience\Nto do whatever you want later."
Dialogue: 0,0:06:08.94,0:06:10.96,Default,,0000,0000,0000,,Even more surprisingly,
Dialogue: 0,0:06:10.96,0:06:15.27,Default,,0000,0000,0000,,these words were not communicated to me\Nby my millennial peers.
Dialogue: 0,0:06:15.27,0:06:18.64,Default,,0000,0000,0000,,They were communicated to me\Nby people in their 60s.
Dialogue: 0,0:06:19.18,0:06:23.47,Default,,0000,0000,0000,,Today, these same people\Nare delaying their retirement,
Dialogue: 0,0:06:23.47,0:06:28.80,Default,,0000,0000,0000,,not because they want to continue working,\Nbut because they can't afford not to.
Dialogue: 0,0:06:29.42,0:06:32.78,Default,,0000,0000,0000,,They're beginning to reinvent\Nthemselves in their 60s,
Dialogue: 0,0:06:32.78,0:06:36.34,Default,,0000,0000,0000,,just to have a shot at their golden years.
Dialogue: 0,0:06:37.34,0:06:40.64,Default,,0000,0000,0000,,There is an increasing number\Nof people in this country
Dialogue: 0,0:06:40.64,0:06:45.26,Default,,0000,0000,0000,,who are losing faith in traditional\Nemployment and retirement,
Dialogue: 0,0:06:45.26,0:06:49.22,Default,,0000,0000,0000,,so much so that there is\Nan explosion of people
Dialogue: 0,0:06:49.22,0:06:52.51,Default,,0000,0000,0000,,desiring to escape the nine-to-five.
Dialogue: 0,0:06:53.16,0:06:58.17,Default,,0000,0000,0000,,Intuit, the software company,\Nestimates that, over the next four years,
Dialogue: 0,0:06:58.17,0:07:03.01,Default,,0000,0000,0000,,40% of our workforce \Nwill become freelance.
Dialogue: 0,0:07:03.73,0:07:07.88,Default,,0000,0000,0000,,Today, that is where\Nmuch of my income comes from.
Dialogue: 0,0:07:08.31,0:07:13.70,Default,,0000,0000,0000,,We, millennials, are utilizing technology\Nand connectivity among people
Dialogue: 0,0:07:13.70,0:07:17.98,Default,,0000,0000,0000,,to have a better shot\Nat achieving the economics that we need
Dialogue: 0,0:07:17.98,0:07:20.77,Default,,0000,0000,0000,,and the flexibility that we want.
Dialogue: 0,0:07:20.77,0:07:22.44,Default,,0000,0000,0000,,This is happening
Dialogue: 0,0:07:22.44,0:07:28.54,Default,,0000,0000,0000,,because, as we are having much longer\Nwork lives than that of our elders,
Dialogue: 0,0:07:28.54,0:07:31.10,Default,,0000,0000,0000,,we're going to have\Nseveral different careers,
Dialogue: 0,0:07:31.10,0:07:34.90,Default,,0000,0000,0000,,not just that one that we\Ndecided on when we were 18.
Dialogue: 0,0:07:34.90,0:07:40.32,Default,,0000,0000,0000,,We will have diverse portfolios\Nof education and experience,
Dialogue: 0,0:07:40.32,0:07:42.33,Default,,0000,0000,0000,,allowing ourselves to shift
Dialogue: 0,0:07:42.33,0:07:47.26,Default,,0000,0000,0000,,in ways that our parents\Nand grandparents never imagined.
Dialogue: 0,0:07:47.26,0:07:50.24,Default,,0000,0000,0000,,Companies that are leading\Nthe fight for young talent
Dialogue: 0,0:07:50.24,0:07:52.37,Default,,0000,0000,0000,,are investing in their people.
Dialogue: 0,0:07:52.37,0:07:55.15,Default,,0000,0000,0000,,They're giving them\Nthe freedom and the flexibility
Dialogue: 0,0:07:55.15,0:07:57.00,Default,,0000,0000,0000,,to improve and build their skills
Dialogue: 0,0:07:57.00,0:08:01.11,Default,,0000,0000,0000,,and build that diverse portfolio\Nof their career.
Dialogue: 0,0:08:01.11,0:08:04.48,Default,,0000,0000,0000,,Some wonderful companies\Nare even giving paid sabbaticals,
Dialogue: 0,0:08:04.48,0:08:08.73,Default,,0000,0000,0000,,allowing people to refresh\Nand re-energize their careers.
Dialogue: 0,0:08:08.73,0:08:11.35,Default,,0000,0000,0000,,Companies must understand
Dialogue: 0,0:08:11.35,0:08:15.52,Default,,0000,0000,0000,,that, if they don't invest\Nin the future of their people,
Dialogue: 0,0:08:15.52,0:08:18.52,Default,,0000,0000,0000,,their people's futures won't be with them.
Dialogue: 0,0:08:19.14,0:08:24.75,Default,,0000,0000,0000,,Now, I am not suggesting that you stop\Nsaving for your ultimate retirement.
Dialogue: 0,0:08:24.75,0:08:26.48,Default,,0000,0000,0000,,Don't do that.
Dialogue: 0,0:08:26.48,0:08:30.93,Default,,0000,0000,0000,,And I'm not suggesting that you quit\Nyour job and hop on a plane to Thailand,
Dialogue: 0,0:08:30.93,0:08:32.80,Default,,0000,0000,0000,,although that's a pretty great idea.
Dialogue: 0,0:08:32.80,0:08:33.80,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:33.80,0:08:38.66,Default,,0000,0000,0000,,What I'm suggesting that you do\Nis start to think about your life story
Dialogue: 0,0:08:38.66,0:08:42.91,Default,,0000,0000,0000,,and look at your work\Nand retirement a bit differently,
Dialogue: 0,0:08:42.91,0:08:45.43,Default,,0000,0000,0000,,and not as a guarantee.
Dialogue: 0,0:08:45.89,0:08:49.90,Default,,0000,0000,0000,,The responsibility\Nfor refreshing, re-energizing
Dialogue: 0,0:08:49.90,0:08:54.51,Default,,0000,0000,0000,,and reinventing yourself\Nthroughout your life falls to you.
Dialogue: 0,0:08:55.01,0:08:59.22,Default,,0000,0000,0000,,Don't wait to diversify\Nyour life portfolio.
Dialogue: 0,0:08:59.22,0:09:04.30,Default,,0000,0000,0000,,Don't risk becoming one\Nof the nearly 70% of this workforce
Dialogue: 0,0:09:04.30,0:09:07.28,Default,,0000,0000,0000,,that is not engaged in their jobs.
Dialogue: 0,0:09:07.79,0:09:12.18,Default,,0000,0000,0000,,Your golden years,\Nthey are not many years away.
Dialogue: 0,0:09:12.18,0:09:15.16,Default,,0000,0000,0000,,Your golden years are right now.
Dialogue: 0,0:09:15.56,0:09:16.71,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:09:16.71,0:09:18.85,Default,,0000,0000,0000,,(Applause)