What's the point? Abandon the spirit of youth to investing in someone else's future by letting them play with your money while you eat beanie-weenies for dinner, and somehow this will be redeemed for the rewards of wearing a snappy tuxedo and silk top hat when you're a geriatric walking the mall at 7am before the stores open? Oh yay. Where do I sign up?
Personally, I think that the best recipe is to die completely broke: If you've run out your last dollar at the moment you've taken your last breath, you've won the game.
My reasoning is that since 'time is money', any leftover money you have at death is representative of wasted time.
Now that I've read this old boring advice, can I please see the column written by David Lee Roth or some other celebrity who told his old man to shove it and ran away from home to start a garage band that would rise to become the most sensational in rock music? Something more inspiring like that, please.
I don’t want to die broke; I’d like something to leave my kids. They are worth it.
That said, I think you are spot on about the inability to enjoy the bulk of your largesse in your latter years. I envision living sort of small when I am up in my 80s. I’d like a small apartment that requires little cleaning, no yard work, and I doubt I’ll travel. I won’t want to drive so I’d try to get stuff delivered once a week, or maybe have a child or two take me on well organized errands.
If I live that long.
I’ve known many by this point who lived quite healthy lives but got cancer, had heart trouble, or were in an accident anyway.
I think I’d like to spend the best part of my money when I am young enough (50s and 60s?) to travel and see well and drive and so forth, but old enough that my minor children are grown and stable.
Even my calorie needs are lower when I’m older, you know? And I have notice that a lot of good food like rich food and good steaks just aren’t sought after by the time you are 80.
So I’d advocate a middle ground, certainly keep up health insurance and long term care insurance and have savings, but don’t like like a miser and then get cancer at 55 like friends of mine have and never got to enjoy a dime of it.
Ah. KG9 Kid.
It sounds lousy when you are young. I guarantee when you are old it sounds like something I desperately wish I’d done. You don’t feel old inside—see, that’s the secret. It’s the same you. But suddenly, it’s there and you need more pills and you can’t just go out and get a manual labor job and honestly, noone want’s to hire you when you’re 60. No matter how cool and employable I was when I was 30 and 40, it ain’t true anymore.
And if you can’t handle the “exciting adventures at age 79” idea, try, the not having to eat dog food when you’re 79 idea. Or, the being able to buy you grandaughter a gift for her birthday idea when you’re 79 idea. I guarantee it’ll mean plenty when you’re there.
Noone wants to take away your grand adventure. Just save 15% of what you make while you’re on it.
Do you have a recommended method of suicide for those whose money goes away faster than they planned?