You Can’t Take It With You

14 Aug 2015

I have heard many lines like this over my 27 years. It’s true though, you can’t take this stuff with you when you are gone. There is a fine line between you enjoying your money and having your money enjoy you. I believe we are taught early in our working lives the benefits of accumulating money; but how many of us have ever been taught the benefits of enjoying our money?

It seems the more we accumulate and the older we get, the more terrified we get about spending money. There are some people that literally become financial hoarders. So you scrimp, save, and make all the right financial decisions just to leave it all to someone else to enjoy? It is said that in the US the average inheritance is spent in less than 2 years! This does not make much sense to me. Don’t get me wrong, I want my children to do well, but not at my expense.

While it’s important to leave behind resources for your loved ones, here are a few suggestions to help you get more enjoyment from your money now:

  • Start a “fun money” account today. Put some in upfront and feed it monthly. Plan on spending it all over time on yourself.
  • Spend some money today on something you have been putting off. Go ahead and get the new computer, go on that cruise with your parents, go fly to California to see an old friend. You may regret not spending your money more than you would spending it.
  • Think philanthropically. Your kids don’t have to get all your money. Think of ways to benefit others while you are alive rather than when you are gone. You will get immediate satisfaction and there may even be a tax benefit for you.
  • Think of building a “bank of memories” as opposed to a “bank of cash“. At the end of the day, all of us want to most be remembered for “how we lived” and not “how much” we lived. It’s quality over quantity!

Good luck enjoying your money!

Jeff

Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Premier Investments of Iowa are not affiliated. Cambridge and Premier Investments of Iowa, Inc. do not offer tax advice.

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Jeffrey Johnston

Jeff has over 30 years of experience in the investment industry. He currently holds his FINRA Serices 6, 63, 66, 7, 24 & 51 licenses with LPL Financial as well as his health and life insurance licenses.