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Why being asset-rich can still result in no cash and debt
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Many people underestimate their needs in old age because they fail to prepare for major unexpected expenses.
PHOTO: UNSPLASH
The plight of an elderly woman who lived in a $4 million condominium but relied on bank loans to get by provides a stark cautionary tale on the consequence of being asset-rich but cash-poor.
When she died in early 2023, her relatives found that she had only $3,700 in her savings account and had chalked up an overdraft loan of over $200,000 secured on her home.
