My family was in Florida on spring break last week.
One day, while my wife and kids were going to the ice cream parlor, I was walking to get something from our rental car (we do this a lot on vacation).
While passing by a restaurant, the door opened and two elderly couples slowly walked out. Each of the old gentlemen was bending over and walking in a manner that looked rather uncomfortable. Their wives were also moving a little cautiously behind them.
That’s what happens when you get older. Your body is breaking against you. Dad time can’t be beat. This happens to all of us.
The thought that came to my mind immediately after this interaction was this: I won’t wait until I’m that old to enjoy my money.
Maybe this is midlife crisis talk. This summer I will be closer to 60 than 30. My children are growing up. The ticking of the clock is getting louder.
I’m not actually having a midlife crisis (yet), but I think about the interplay between time, health, and money a lot. Not really in the sense of greed, but I’m always trying to figure out how money makes you feel and how you can have a better relationship with money as you get older.
This is not always an easy task.
Of course, no one has it all figured out when it comes to money emotions, so I think it’s helpful to talk about them.
Here are some money thoughts that came to mind during spring break and beyond:
Health is wealth. I must admit that it scared me that one day my body would break down. I’m doing the best I can – I’m eating much healthier these days. I work out more in my 40s than I did in my 30s. I am active with my children in sports and similar matters.
Saving requires delayed gratification. Your health is an important component in this process.
The difference between spending now and saving for later isn’t just a math problem, it’s also a timing problem.
Balance is difficult. I liked it Reset Die The mindset is that you retire your memories in old age, so you need to create them while you’re willing and able.
I also know that the risk of longevity is real and that running out of money is a fear many people share.
There is no perfect balance that perfectly balances your current satisfaction with your future needs and risks.
My current mindset is more aligned with a zero mindset death, but that can always change as I get older.
You do the best you can by saving for the future while determining your current priorities.
Some things are out of your control. There are people who live unhealthy lives and will live until they grow old and gray. Other people have a healthy lifestyle but their bodies are failing them.
Sometimes you win the genetic lottery, sometimes you lose, and life isn’t fair.
You should make the most of whatever time you have.
Make memories while you can. Money, family, friends, experiences, holidays, etc. – Whatever is important to you – you should enjoy it all as much as possible.
For me, the biggest future home is not the goal. The memories you create today stick with you in the future.
My favorite character in Downton Abbey was Butler Carson. In one episode he declared: “The business of life is the acquisition of memories. In the end, that’s all that’s left.”
As I get older, I get more reminders of this basic fact of life.
Michael and I talk about what it means to be rich, when to enjoy your money, and more in this week’s Animal Spirits video:
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Further Reading:
My New Goal in Life: Avoiding Midlife Crisis
Now here’s what I’ve been reading lately:
Books:
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