As a person who has now spent more than 5 decades on the planet and of which 30 years at least thinking, earning, talking, writing, teaching about money, this post is not original.
Yes of course it is from what I have read and spoken about money across age groups. The older people feel that the younger people are more obsessed about money, and the younger people feel that the older people do not know how to live life king size.
Here is the version of older persons, reasonably financially successful, happy people.
1. The younger generation has not ‘earned’ its right to spend: well most of the younger kids in business families have a standard of living far higher than what wealth that they can create / have created in their life times.
my note: Most of the feel good, sadly, occurs from ONE asset class: Real estate, not really earned income.
2. None of the older persons earned money to buy things, but, yes they acquired most of the things that they enjoyed using.
3. The big regret many of these guys have is that they did not travel enough – within and outside the country.
4. A few of them regretted that they allowed their children INTO their business.
5. A few of them regretted that they did not experiment with new business ideas despite having money to do so.
6. The biggest impediment to their business growth was SYSTEMS – which meant they could not recruit strangers and monitor them.
7. Simple advice from them: If you are going to spend 40 hours a week ATLEAST at work, learn to enjoy it, or find a new career
8. To be successful, it is nice to be talented, but it is VITAL to be nice. Team skills far, far more important than individual skills.
9. Be frugal, but hey get a life. Enjoyment is NOT about money. Success is not about money. Happiness is not about money.
10. Invest for the long term. Eat for the long term, but live in the present. Short term pleasure in eating hurts and short term investing kills.
11. Stop worrying about things that you cannot control…
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