My family was in Florida on spring break this past week.
One day I was walking to get something from our rental car while my wife and kids went to the ice cream shop (we do that a lot on vacation).
As I was walking by a restaurant the door opened and two older couples exited very slowly. Each of the older gentlemen was slouched down and walking in what looked like a decent amount of discomfort. Their wives were behind them moving somewhat gingerly as well.
This is what happens when you get old. Your body breaks down on you. Father time is undefeated. It happens to us all.
My immediate thought after this interaction was I’m not going to wait until I’m that old to enjoy my money.
Maybe this is a mid-life crisis talking. This summer I’ll be closer to 60 than 30. My kids are getting older. The clock ticks are getting louder.
I’m not actually having a mid-life crisis (yet) but do think about the interaction between time, health and money a lot. Not so much in a greedy sense but I’m always trying to figure out how money makes you feel and how to have a better relationship with it as you age.
This is not always an easy task.
No one has it all figured out when it comes to money feelings, of course, so I find it helpful to talk these things out.
Here are some money thoughts I’ve had on spring break and beyond:
Health is wealth. I’ll admit it terrifies me that my body will break down someday. I’m doing my best — I eat a lot healthier these days. I work out more in my 40s than I did in my 30s. I’m active with my kids when it comes to sports and such.
Saving requires delayed gratification. Your health is an important component in that process.
The contrast between spending for now and saving for later isn’t just a math problem — it’s also a timing problem.
Balance is hard. I like the Die With Zero mentality that you retire on your memories in old age so you need to create them while you’re willing and able.
I also know that longevity risk is real and running out of money is a fear many people share.
There is no perfect equilibrium that perfectly balances out your present contentment with your future needs and risks.
My current mindset is more aligned with the die with zero mentality but that could always change as I age.
You do the best you can by saving for the future while defining your current priorities.
Some things are out of your control. There are people who lead unhealthy lives who will live until they’re old and gray. Other people have a healthy way of living, but their bodies fail them.
Sometimes you win the genetic lottery and sometimes you lose and life is unfair.
You have to make the most of however long you have.
Make memories while you can. Money, family, friends, experiences, vacations, etc. — whatever is important to you — you should enjoy it all when you can.
For me, the biggest nest egg in the future isn’t the goal. The memories you create today compound in the future as well.
My favorite character in Downton Abbey was Carson the Butler. In one episode he proclaimed, “The business of life is the acquisition of memories. In the end that’s all there is.”
The older I get the more reminders I get about this essential fact of life.
Michael and I talked about what it means to be wealthy, when to enjoy your money and more on this week’s Animal Spirits video:
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Further Reading:
My New Goal in Life: Avoiding a Mid Life Crisis
Now here’s what I’ve been reading lately:
Books:
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