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The thread title is a bit vague so let me explain....
When it comes to saving money, the common reason is "so you have will have money when you get older and retire". The argument against this is often "why wait to enjoy my money when I get old? why not enjoy it now?"
I'm a young guy and from a young person's perspective (I can't speak for all young people), but we see people in their 60s, 70s, and 80s, and see people grumbling about health problems, getting surgeries, not able to walk around a lot. It's not very inspiring. It makes me think "if I was able to save 1 million dollars until I reach 60 years old, how will I enjoy it?"
Now, I have seen elderly people walking around and enjoying life and it inspires me. Maybe they spent most of their life surrounding themselves with people who also enjoyed their lives.
But back to the topic.....do you enjoy life when you are "older"? Do you enjoy all the money you've spent years saving? Is it all worth it? I want to avoid being that 60-year-old guy who is jaded and gets grumpy about the idea of traveling somewhere or splurging on something nice.
I want to avoid being that 60-year-old guy who is jaded and gets grumpy about the idea of traveling somewhere or splurging on something nice.
Well, let me tell you this - you also want to avoid being that old guy who didn’t save and has no money. The only thing worse than being old is being old and poor.
The way inflation is going what money one might get for retirement won't be much.
I scrape by as it is with what I get and it is a fraction of what I made while working.
Prepare for your future as though there won't be much to work with by retirement.
Skills, tools, food, and friends that are not leaches.
Well, let me tell you this - you also want to avoid being that old guy who didn’t save and has no money. The only thing worse than being old is being old and poor.
Good luck.
That's a good point.
But there's 2 reasons to save: to avoid being "old and poor" (as you mentioned) and to enjoy the money you saved. And a third reason: to provide for your family (this goes along with the first two reasons).
Obviously, nobody wants to be old and poor. I've seen people in their 60s and 70s working. I don't know why they choose to continue working. Maybe they need to? Or they really enjoy and love their profession? Whatever the reason is....they choose to work and it seems they enjoy it and are in a healthy enough condition that they are able to do it on a daily basis. There are people in their 30s and 40s (and 50s) who HATE their jobs and want so badly to retire. I want to avoid this for myself.
Let's focus on the 2nd reason: do you enjoy the money that you saved?
Let's say you were able to save 1 million dollars....or even $400,000. Would you enjoy it as you get older?
Obviously, "enjoy" is a subjective term and we all different ways of "enjoying" something.
For me, it seems like a security thing. "Save money so you won't stress when you get old" is the main reason to save money. I'm not saying it's not important to save but to a lot of young people, it's.....kinda boring. How do you make "saving money" an exciting habit? Do you just automatically put X amount of money into an account every month for 30 years and forget about it?
Yes, unfortunately, the stereotype is not far off of reality but not all old people act old! For example, I am in my 70's and in better physical condition than the majority of people in their 30's and 40's. Why? I eat reasonably clean and I exercise.....a lot. I'm active.....I don't live life on the couch. In 2 weeks I'm going out to Utah to hike/climb for 9 days. Last year I spent a few weeks in Alaska out in the wilderness, before that North Cascades and Olympic National Park. If I'm not at the gym or hiking/climbing I'm working my KNPV Dutch Shepherd and if I'm not doing that I'm working in the yard (6 acres) or working on some of my cars (62 Pontiac, 4 speed and 67 GTO). I don't worry much about tomorrow...today is what is important. By the way, start investing responsibly at an early age! Life does get easier when you have a little money.
Yes, unfortunately, the stereotype is not far off of reality but not all old people act old! For example, I am in my 70's and in better physical condition than the majority of people in their 30's and 40's. Why? I eat reasonably clean and I exercise.....a lot. I'm active.....I don't live life on the couch. In 2 weeks I'm going out to Utah to hike/climb for 9 days. Last year I spent a few weeks in Alaska out in the wilderness, before that North Cascades and Olympic National Park. If I'm not at the gym or hiking/climbing I'm working my KNPV Dutch Shepherd and if I'm not doing that I'm working in the yard (6 acres) or working on some of my cars (62 Pontiac, 4 speed and 67 GTO). I don't worry much about tomorrow...today is what is important. By the way, start investing responsibly at an early age! Life does get easier when you have a little money.
You're the kind of "old person" that inspires young people like me! "On the outside, we're old. But on the inside, we're still young" is what an old lady once told me lol.
Curious on the last statement you made. What did you invest in? What was the annual interest rate?
The thread title is a bit vague so let me explain....
When it comes to saving money, the common reason is "so you have will have money when you get older and retire". The argument against this is often "why wait to enjoy my money when I get old? why not enjoy it now?"
I'm a young guy and from a young person's perspective (I can't speak for all young people), but we see people in their 60s, 70s, and 80s, and see people grumbling about health problems, getting surgeries, not able to walk around a lot. It's not very inspiring. It makes me think "if I was able to save 1 million dollars until I reach 60 years old, how will I enjoy it?"
But back to the topic.....do you enjoy life when you are "older"? Do you enjoy all the money you've spent years saving? Is it all worth it? I want to avoid being that 60-year-old guy who is jaded and gets grumpy about the idea of traveling somewhere or splurging on something nice.
Enjoyment requires time to devote to it and freedom to choose it. Not all "enjoyment" centers around mere physicality. How many times do you hear someone say "age is a state of mind"? To some folks, they've invested during their working life just to be able to indulge in composing their musical opus, writing the perfect novel, a play cycle, a new treatise on Aristotle, creating a 21st century Mona Lisa...
Last edited by Parnassia; 04-14-2024 at 01:49 PM..
U sue to say when I had the money I did not have the time to enjoy it. When I ad the time to enjoy I did not have the money. I am 82 now. I am financially comfortable but I do not have the energy/strength I use to have but so be it.
No one wants to be that old person living on cat food or ramen. So save. We saved & now take a great vacation every year. But also enjoy your life on a daily basis., It is a good balance to find.
Not all "enjoyment" centers around mere physicality. Enjoyment requires time to devote to it. How many times do you hear someone say "age is a state of mind"? To some folks, they've invested during their working life just to be able to indulge in composing their musical opus, writing the perfect novel, a play cycle, a new treatise on Aristotle, creating a 21st century Mona Lisa...
True, hence why in my other post, I said "enjoyment" is subjective.
When people say "save money", it's a very vague action term. What's the goal of saving money? What will you do with the money saved? How will you save money?
Quote:
Originally Posted by johngolf
U sue to say when I had the money I did not have the time to enjoy it. When I ad the time to enjoy I did not have the money. I am 82 now. I am financially comfortable but I do not have the energy/strength I use to have but so be it.
Yea, it's a bit of a complicated thing. I want to avoid being in my 60s, 70s or 80s, have a lot of money, and not use it. Some people donate their money. If you have a family, the money goes to them. I think the biggest mistake people make when they save money is setting goals. Saving money just to save money is....boring. What's the end goal? Watching money grow each grow with nothing happening is kinda boring. If you told me "if you save X amount of money each year, you can deduct $3,000 from your taxes during tax season", I'd say that's a pretty good incentive.
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"On the outside, we're old. But on the inside, we're still young" is what an old lady once told me lol.
