Enjoy Spending Your Money

Unlocking Life's Pleasures: How to Spend Your Money Meaningfully

I worked hard and had the good fortune to earn and accumulate a lot of money before retiring. In so many ways, I am glad I did. I like money. More precisely, I like what money can do for me.

When my oldest grandchild turned five, my wife and I treated my daughter, son-in-law, and grandchild to a trip to Disney World. We stayed at the four-star Grand Floridian Resort and Spa, conveniently located on the monorail. We went to the parks every day. I hired a private tour guide who picked us up at the hotel, transported us around to avoid long lines, positioned us to be in the right spot when princesses would emerge for pictures, and helped make this trip truly magical. The look on my granddaughter's face as she met each princess was priceless.

The private tour guide cost a lot of money; some would say it was a ridiculous amount.

To me and my wife, it was worth every penny. 

Take your grandchild to meet her favorite princess! Enjoy spending your money. I am surprised by how often I find myself conveying this simple message to people with multiple millions of dollars socked away.

When you have more than enough money to meet your needs, the excess money gives you the capacity to spend it on things or experiences that add meaning, comfort, or joy to your life. When these moments arise, embrace them, spend the money, and be grateful.

I often talk about the limits of money. I warn against the danger of using money as a way to keep score in some mythical game of life. I admonish against using your money to exert power or control over people you love. I caution against giving your children money that may deprive them of the opportunity to struggle and grow into their full potential.  

I don’t talk nearly as often about the joys of being financially rich. I don’t because we live in a money-centric culture. Our culture consistently tells us the more money we earn and save, the better off and happier we will be. All too often, that is an outright lie. 

That doesn’t mean, however, that money is bad or evil. Money is neither good nor bad. It is a tool, nothing more and nothing less. I hope you will spend some time considering how you can use this powerful tool to improve your life and your loved ones’ lives.

Some examples:

• You have always wanted to dance, or play an instrument, or learn to golf. If you have enough money, you can hire a teacher or coach.

• A family member is at risk of being evicted because he has been ill. If you have enough money, you can cover his rent while he heals.  

• A close friend who lives across the country is having a milestone birthday, or is burying her mom who recently died. If you have enough money, you can celebrate with her or comfort her.  

• You are frustrated with a health care system that treats you like a cog in an assembly line. If you have enough money, you can hire a concierge doctor who will provide individualized attention.

Many people have a hard time spending money. They pinch pennies when there’s no need. They deprive themselves and sacrifice memories and experiences. They quibble about whether it’s worth the expenditure. They worry they will not feel secure enough, that hanging onto their extra money will protect them from whatever the future may bring. Too often, this mindset robs people of wonderful opportunities to enjoy the abundance they possess.

Sometimes, money can be an incredibly valuable tool to bring meaning and joy into your life. If you have the extra money, spend some of it. Because life is short, and joy is a good thing.

Until our next conversation,

David

These recommendations of mine sometimes provoke skepticism or scorn. What’s your reaction?

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Small Steps & Worthy Questions

If you are a frugal person who feels conflicted about spending, here are some small steps to help you make different decisions:

1. Create Context 

   Work with a competent financial advisor to prepare a financial plan that gives you context around your spending. For example, if you spent an additional 5% of your income a year, how would it impact your other financial goals such as retirement or education?

2. Splurge a Little

   Treat yourself to something you typically would not buy because of the price.  Maybe it’s as simple buying a new piece of clothing you don’t really need, taking your spouse to dinner at a nicer restaurant than usual, or going to a concert or sporting event. Once you have spent the money, notice how you feel and how much you miss having the extra money in your bank account. 

3. Ponder Balance 

   None of us know how much longer we have to live. Recognizing that you can’t take the money with you and you don’t want to run out of money before you die, how do you want to balance current spending with future needs? 

If you love this, share it with your friends, foes, and even perfect strangers. Let’s change the way America thinks about money.

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