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The Journal of Wealth Management

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Article

Defining an Individual’s Critical Wealth Level

Brian Boscaljon
The Journal of Wealth Management Spring 2013, 15 (4) 17-28; DOI: https://doi.org/10.3905/jwm.2013.15.4.017
Brian Boscaljon
is an associate professor of finance at Penn State University in Erie, PA.
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  • For correspondence: blb30@psu.edu
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Abstract

The author uses an expected utility function of time and wealth to define an individual’s critical wealth level. Traditional asset allocation models are based on modern portfolio theory’s assumptions that individuals are homogenous wealth maximizers who have the same time horizon. These assumptions are questioned beyond the critical wealth level. Individuals often retire voluntarily once a target wealth level is obtained that optimizes their desired sustainable consumption and amount of leisure time. The critical wealth level is an important reference point that provides a theoretical basis for the start of the reduction in risky asset allocations for individuals who value leisure time and wealth.

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The Journal of Wealth Management: 15 (4)
The Journal of Wealth Management
Vol. 15, Issue 4
Spring 2013
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Defining an Individual’s Critical Wealth Level
Brian Boscaljon
The Journal of Wealth Management Jan 2013, 15 (4) 17-28; DOI: 10.3905/jwm.2013.15.4.017

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Defining an Individual’s Critical Wealth Level
Brian Boscaljon
The Journal of Wealth Management Jan 2013, 15 (4) 17-28; DOI: 10.3905/jwm.2013.15.4.017
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  • Article
    • Abstract
    • DEFINING THE TRADEOFF OF LEISURE TIME AND CONSUMPTION
    • DEFINING CRITICAL WEALTH
    • A PRACTICAL EXAMPLE FOR DEFINING THE “GLIDE PATH”
    • INDENTIFYING UNIQUE “GLIDE PATHS” FOR UNIQUE INDIVIDUALS
    • SUMMARY
    • APPENDIX A
    • APPENDIX B
    • APPENDIX C
    • ENDNOTES
    • REFERENCES
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