Great article David, and a message that cannot be repeated too often. Bank balances don't leave you with the same kind of lasting, meaningful memories that adventures with family and friends do!
It makes me sad when I see people who have enough money to retire but keep delaying to accumulate a little more, which becomes needing just a little more, and there doesn’t seem to be an end to this pattern. I really like the concept of working adults spending a little more on experiences rather than waiting until that magical retirement time; if you started saving at a young age you may be able to slow down your saving and ramp up your spending before your retirement years.
So many people delay retirement fearful that they don’t have quite enough. They seem to forget that time, not money, is their scarce resource. Wealth managers can add to their anxiety by telling clients they need to have a Monte Carlo “success rate” of 70 or even 80% somehow forgetting that clients can make adjustments along the way and still live satisfying lives.
Sometimes, the money may be an excuse. Leaving your job, paycheck, and work relationships can be very scary. I know many people who are petrified of being bored lacking the confidence they will figure out something meaningful and enjoyable to do in their third act. Maybe the trick is to learn how to be still before you retire, and to grow your confidence that in your new post retirement world, you will figure out the right path forward.
It also makes me think about being thin. You can’t be too rich ($$) or too thin. For those who have an eating disorder or disordered eating (very common in our culture) the negative impact on their life is tremendous.
Great article David, and a message that cannot be repeated too often. Bank balances don't leave you with the same kind of lasting, meaningful memories that adventures with family and friends do!
Exactly
It makes me sad when I see people who have enough money to retire but keep delaying to accumulate a little more, which becomes needing just a little more, and there doesn’t seem to be an end to this pattern. I really like the concept of working adults spending a little more on experiences rather than waiting until that magical retirement time; if you started saving at a young age you may be able to slow down your saving and ramp up your spending before your retirement years.
So many people delay retirement fearful that they don’t have quite enough. They seem to forget that time, not money, is their scarce resource. Wealth managers can add to their anxiety by telling clients they need to have a Monte Carlo “success rate” of 70 or even 80% somehow forgetting that clients can make adjustments along the way and still live satisfying lives.
Sometimes, the money may be an excuse. Leaving your job, paycheck, and work relationships can be very scary. I know many people who are petrified of being bored lacking the confidence they will figure out something meaningful and enjoyable to do in their third act. Maybe the trick is to learn how to be still before you retire, and to grow your confidence that in your new post retirement world, you will figure out the right path forward.
You are inspiring me to do a complementary blog about changing the way we think about being thin.
I agree about a great article 😊
It also makes me think about being thin. You can’t be too rich ($$) or too thin. For those who have an eating disorder or disordered eating (very common in our culture) the negative impact on their life is tremendous.
Our culture’s misplaced ideas about both money and weight cause so much suffering