This Is Why You Should Spend Every Penny You Have.
Recently, I showed my friends my savings and investments, which I was so proud of, but they weren’t impressed. In their eyes, what I perceived to be wise financial habits was simply non-utilization of financial resources.
It made me wonder if I am doing something wrong.
Throughout my life, I have been taught to live responsibly. To buy insurances? To make investments? To save money?
But what if everyone is wrong? Can being responsible be wrong?
There is a friend of mine who doesn’t care about money much and isn’t very good at saving money. While I work my tail off to save most of my money, he enjoys his life and tries new things every day instead.
Note: Before I continue, I must say that this article is not for people who cannot afford food, rent, and other necessities. Your money already serves as a means of surviving and keeping yourself alive.
It may be best to stop reading and focus more on saving and making some dough if you happen to be in that phase.
Nevertheless, if you’re one of those high savers with disposable income who meets these criteria, here’s what you need to know.
The biggest regret I have seen older people have is not taking advantage of their time and energy to enjoy their lives more.
Instead of using their money to have unforgettable experiences, they were more focused on saving money and growing their retirement savings accounts?
This sounds like a lot of what I do.
Why not stay super responsible?
I used to feel so good about myself. I’m so responsible, aren’t I?
However, what am I losing by being so responsible?
Most of us have been taught to save money, but very few of us were taught how to spend and enjoy it.
Imagine I had saved about $100k before I died; what could I have done with that money instead?
When I die, will that money be worth anything to me?
- Thousands of fancy meals could have been served to me.
- My life could have been filled with many great trips.
- It would have been possible for me to work a few months or years less during my lifetime.
Wouldn’t it be great if we could spend that hard-earned money on experiences that will make our lives more fulfilling?
Problems with this approach
Now, the first question that doesn’t allow me to live my life on the edge like my friend is what if I run out of money in my old age?
How about donating to charity? It would be nice if I gave it to them, wouldn’t it?
The question is, why wait? Why not give away some of your money now to your kids or a charity?
Memories from the past
As I look back, there were times when I could have been easier on myself.
For a few years, I took the bus instead of getting a car. Instead of dining out, I made food in bulk and visited fewer restaurants than I would have liked.
Back then, it all made sense to me, so I don’t regret doing any of it.
But, a few dollars saved here and there would not matter anymore. If I hadn’t cared about saving those then, I might have lived a slightly more comfortable life.
Those $20 I saved on a sandwich don’t mean much anymore. The extra $1000 I saved would have given me memories to cherish for years to come if I had used it for an experience instead of waiting for it to compound.
By not using those extra savings, I am losing not only my experiences, but also the good vibes and memories I could have cherished for years to come.
Read that again. It is the “EXTRA savings” that I am talking about.
Here are some thoughts for you all
The time we have on earth is limited. So utilize all your resources and spend it as much as you can.
We waste so much time on some decisions that won’t even matter to us in a few years.
It’s always possible to earn more money, but what about time? Time isn’t infinite.
The irony is that earlier I used to write about saving money, investing, delaying gratification, and here I am pondering the opposite.
Sometimes I wonder if living responsibly and frugally is even worth it? Is delaying gratification even worth it?
Rather than saving money, why not do something and feel like a new person?
Our best bet is to cherish that experience for many years to come and enjoy it while we can.
Are we too busy to enjoy our own hard-earned money? Can we really say that we enjoy our work so much?
What happens to the money I couldn’t use? Why didn’t I use it?
As I think about that, I wonder if I enjoyed my job as a Teaching Assistant, as a security guard, as a teacher, as a cashier, as a business consultant, as an engineer, and so on and so forth. Was it all about the money?
Could I have done without any of them? And used that time somewhere else?
In the event that we have enough, why not make plans and concentrate on our next life experience before we run out of time, rather than switching jobs and growing our wealth?
Isn’t it better to live in the present and make it the best years of our lives?
Got extra money: What to do with it?
As we grow, hopefully our earning power will increase as well. We’ll hopefully make more money in the future.
Embark on adventures you never imagined you would, and attend events you never thought you should.
When we are young, what have we got to lose? Seeing a concert in Europe when we’re 25 may be more enjoyable than when we’re 55.
Take calculated risks and be bold.
You’ve got a plan. Your investments are in place. There are savings in your account.
Perhaps use your extra savings and try something new.
The time has come to stop oversaving, stop being crazy responsible, and start living instead.