Eight Rules Revisited #4: The perpetual portfolio- growing your wealth while you spend it

Pre-order Wealth by Design HereIn this episode, Stuart revisits Golden Rule 4 and admits that half of it has changed. In Investopoly, the advice was to build your asset base, then tilt toward income as retirement approached. Wealth by Design confirms the first half but overturns the second. Here's why.Stuart makes the case that the real objective isn't income at all; it's after-tax total return and liquidity. He explains why the conventional glide path into conservative, income-heavy assets as you near retirement can quietly backfire, amplifying two risks retirees underestimate: inflation eroding your purchasing power, and longevity outlasting your money. The instinct that feels "safe" may actually be the riskier choice over a multi-decade retirement.The alternative is what he calls a perpetual portfolio: one structured to keep compounding even as it funds your lifestyle, so you're drawing an income without dismantling the engine that generates it. Stuart walks through the total-return decision filters he uses to judge whether an asset earns its place, and how to think about funding spending without reaching reflexively for yield.He closes with one simple action you can take this week to start reframing your own strategy.Our most popular free guides:Over the years we've written hundreds of articles. These three bring our best thinking together on the topics that matter most right now: choosing a super fund, debt recycling, and navigating the new tax changes.Download them hereMy new book, Wealth by Design, is out now:Buy online or in bookstores. The ebook is available now, audiobook coming soon.Got a question for the podcast?Email us at [email protected] in working with our team?Discover how we can work togetherSubscribe to my weekly blog:Stay connected hereImportantThis podcast provides general information about finance, tax and credit. It doesn't take into account your specific objectives, financial situation or needs, so you need to assess whether it's relevant to your circumstances before acting on it. If you're not sure, speak to a licensed, trustworthy professional.