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The early part of life is the best time to spend money on travel and experiences. In the late part of life, one should spend money on the material things that p
by xwdv 5y ago
The early part of life is the best time to spend money on travel and experiences. In the late part of life, one should spend money on the material things that provide passive satisfaction and don’t require too much physical effort. People often get these backwards.
- throwawayboise 5y agoThe problem is if you spend all your money when you are young, you won't have any to spend on "material things that provide passive satisfaction" when you are old. Time value of money and compounding gains is a powerful thing. On the other hand, if you are old and wealthy, you may be too frail to do anything. It's a tricky balance, with no guarantees.
- xwdv 5y agoPeople are so afraid of being an old frail man too poor to live that they hoard every dollar they have, not realizing they’ll be dead soon anyway.
- throwawayboise 5y agoYes, and the last part is why I'm more interested in passing an inheritance to my kids than I am with doing anything with the money myself. The money my parents left me largely paid for my kids' college education. I haven't really spent it on anything else; I have everything I really need, and feel like "paying forward" is the best thing I can do with it.