Time versus Money
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Life is like an ice cream............
** BUMP **
It's been a while since this thread had some action so I thought I'd revive it from the archives before Redwing does
In light of this thread:
http://somersoft.com/forums/showthread.php?t=104848
by MTR on what is needed for comfortable retirement and the many and varied responses that have led to the notion of reclaiming time and it's value relative to money, perhaps revisiting this oldie is timely (sic)
I read a nice quote the other day that provides some balance to the striving v's enjoying tug of war. I'll kick it off with:
Life is like an ice cream..........enjoy it before it melts.
Thoughts?
** BUMP **
It's been a while since this thread had some action so I thought I'd revive it from the archives before Redwing does
In light of this thread:
http://somersoft.com/forums/showthread.php?t=104848
by MTR on what is needed for comfortable retirement and the many and varied responses that have led to the notion of reclaiming time and it's value relative to money, perhaps revisiting this oldie is timely (sic)
I read a nice quote the other day that provides some balance to the striving v's enjoying tug of war. I'll kick it off with:
Life is like an ice cream..........enjoy it before it melts.
Thoughts?
Attachments
Nice one player.
Time is more important than money. Both have their place.
The journey is as important as the destination and it should be enjoyed. Many of our family goals for 2015 are very simple, family time adventures (do that bush-walk we never get around to, visit a beach we have never seen, etc etc)
Time is more important than money. Both have their place.
The journey is as important as the destination and it should be enjoyed. Many of our family goals for 2015 are very simple, family time adventures (do that bush-walk we never get around to, visit a beach we have never seen, etc etc)
My duel between time and money has flip/flopped over my life depending on the current situation. (as I think most people's do)
Most kids/teens (i am sure I was similar) value time over money (to the frustration of parents and bosses) we have all complained that the young people do nothing but "hang out". They just don't realise that they are valuing time WAAAAY over money.
By your early 20's the "money is the most important thing" kicks in and we work like little Trojans to save for houses, cars , whatever doodads the "jones's" dictate. (or IP's if we are smart )
In your 30's kids might come along...THIS is where it really gets tricky For me ..it was to buy a business so I DIDN'T have to work the 55 hours I was and so be able to at least see most of my kids "stuff". I was there for school concerts, awards afternoons etc etc etc, that would have been a much bigger struggle if I was employed full time (indeed my staff missed a few because their kids schedule conflicted with mine and I was always going first )
Now in our late 40's -50's we are back to "topping up the coffers" so to speak. Still in business, and our time still comes first. Travel is a biggie for me, so when a decent holiday deal presents itself, we are off and the staff work around us .
Overall, I think we have got the balance right, because we are both happy and healthy....., have enough ready cash to pay all the bills on time, and (hopefully) enough to keep us "comfortable" in our old age .....and have (mostly) enough time to do what we want.
Most kids/teens (i am sure I was similar) value time over money (to the frustration of parents and bosses) we have all complained that the young people do nothing but "hang out". They just don't realise that they are valuing time WAAAAY over money.
By your early 20's the "money is the most important thing" kicks in and we work like little Trojans to save for houses, cars , whatever doodads the "jones's" dictate. (or IP's if we are smart
)In your 30's kids might come along...THIS is where it really gets tricky
For me ..it was to buy a business so I DIDN'T have to work the 55 hours I was and so be able to at least see most of my kids "stuff". I was there for school concerts, awards afternoons etc etc etc, that would have been a much bigger struggle if I was employed full time (indeed my staff missed a few because their kids schedule conflicted with mine and I was always going first )Now in our late 40's -50's we are back to "topping up the coffers" so to speak. Still in business, and our time still comes first. Travel is a biggie for me, so when a decent holiday deal presents itself, we are off
and the staff work around us .Overall, I think we have got the balance right, because we are both happy and healthy....., have enough ready cash to pay all the bills on time, and (hopefully) enough to keep us "comfortable" in our old age .....and have (mostly) enough time to do what we want.
Thanks Player good post, and also for posting my link.
I think clearly time is far more important/valuable than money, you can never get that time back, you can always make more money.
I expect most will take the option of money over time, this is due to fear setting in. Will I have enough money? of course not..... you can never have enough. The point is if you have adequate income stream via investments now to fund decent lifestyle then why not. It does not mean you can not continue to create wealth, if this is what you want to achieve.
So perhaps for those who think they do have enough money for a comfortable lifestyle and take a leap of faith, this is what may happen -
more doors open, suddenly you broaden your horizons and you have time which gives you more choices/options to do what you want to do "ME" time.
The people you once worked with in your day job seem to be a distant past where you no longer have much in common, because suddenly you are associating/networking with different people who see life differently and whose goals are perhaps similar to your goals. There's another world out there away from the rat race.
MTR
I think clearly time is far more important/valuable than money, you can never get that time back, you can always make more money.
I expect most will take the option of money over time, this is due to fear setting in. Will I have enough money? of course not..... you can never have enough. The point is if you have adequate income stream via investments now to fund decent lifestyle then why not. It does not mean you can not continue to create wealth, if this is what you want to achieve.
So perhaps for those who think they do have enough money for a comfortable lifestyle and take a leap of faith, this is what may happen -
more doors open, suddenly you broaden your horizons and you have time which gives you more choices/options to do what you want to do "ME" time.
The people you once worked with in your day job seem to be a distant past where you no longer have much in common, because suddenly you are associating/networking with different people who see life differently and whose goals are perhaps similar to your goals. There's another world out there away from the rat race.
MTR
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Good point.
There are some things I am totally happy to "sacrifice" like time watching tv.
But time with my kids is another thing entirely. It comes down to your values, working out what they actually are is the important bit.
I watched the complete series of "Breaking Bad" in 1 week, loved it, don't know the exact hours but I do remember going to bed at 4.00 am some mornings. I do wonder why some have issues with people enjoying TV, does not mean they are brainless and this is all they do.
I guess it comes down to what fulfils you in life, different strokes for different folks, live and let live.
On the other hand I am not on facebook or twitter, no interest in this whatsoever.
The main reason that I invest is that I value time highly.
I'm planning on retiring (or at least being able to retire) at 40, so that will give me an additional 42,000 hours of my life in which I can do whatever I want instead of working. And that's factoring in one hour per work day to look after investments.
I'm planning on retiring (or at least being able to retire) at 40, so that will give me an additional 42,000 hours of my life in which I can do whatever I want instead of working. And that's factoring in one hour per work day to look after investments.
Haha the fact you've calculated this is great!!!
My duel between time and money has flip/flopped over my life depending on the current situation. (as I think most people's do)
Most kids/teens (i am sure I was similar) value time over money (to the frustration of parents and bosses) we have all complained that the young people do nothing but "hang out". They just don't realise that they are valuing time WAAAAY over money.
By your early 20's the "money is the most important thing" kicks in and we work like little Trojans to save for houses, cars , whatever doodads the "jones's" dictate. (or IP's if we are smart
In your 30's kids might come along...THIS is where it really gets tricky
Now in our late 40's -50's we are back to "topping up the coffers" so to speak. Still in business, and our time still comes first. Travel is a biggie for me, so when a decent holiday deal presents itself, we are off
Overall, I think we have got the balance right, because we are both happy and healthy....., have enough ready cash to pay all the bills on time, and (hopefully) enough to keep us "comfortable" in our old age .....and have (mostly) enough time to do what we want.
Great post - i think learning to balance life as an incredibly important life skill. One that I do poorly!
As one of the 'early 20s' obsessed with working and growing portfolios, building, etc, I think its very easy to get too absorbed in one aspect or another and neglect other life priorities.
The 'mindset' is more around what can I do next? What big project can I do? How do I continue to grow wealth? Etc etc. Money related concepts, rather than time related thinking.
Would be great to have that mindset balanced with the 'time and experiences' NOW element - rather than more time in my 40s (or whenever the choice to retire is available).
Don't have the kids yet, but marriage is around the corner and will definitely try to prioritise my relationships/time element of life more as I grow older.
Once kids come into the equation, perhaps there's an emotional push that shifts priorities naturally. I think it may be one of those things that can only be fully appreciated once your a parent.
A poll would be helpful to determine the income and age people would be comfortable to "retire" at. Many seem to be aiming for $100k per annum and are happy to work until 55-65 years old until they get there. The problem is you could be dead by then or have cancer or some other debilitating illness which affects quality of life. Even if you're still alive, you have a lot less time to enjoy it than if you "retired" at age 40.
Being a single guy/girl with no kids is the ideal situation because married with kids means you're chained down for an extra 20 years and need more income.
Maybe Player can add a poll similar to this. I would choose option 3)
"If you had a choice, what would be your ideal retirement scenario, to retire at age X with passive income of X"
1) 25 years old on $25k per annum
2) 30 years old on $30k per annum
3) 35 years old on $35k per annum
4) 40 years old on $40k per annum
5) 45 years old on $50k per annum
6) 50 years old on $60k per annum
7) 55 years old on $70k per annum
8) 60 years old on $100k per annum
9) 65 years old on $150k per annum
10) 70 years old on $200k per annum
11) 75 years old on $300k per annum
12) 80 years old on $500k per annum
13) 85 years old on $1m per annum
Being a single guy/girl with no kids is the ideal situation because married with kids means you're chained down for an extra 20 years and need more income.
Maybe Player can add a poll similar to this. I would choose option 3)
"If you had a choice, what would be your ideal retirement scenario, to retire at age X with passive income of X"
1) 25 years old on $25k per annum
2) 30 years old on $30k per annum
3) 35 years old on $35k per annum
4) 40 years old on $40k per annum
5) 45 years old on $50k per annum
6) 50 years old on $60k per annum
7) 55 years old on $70k per annum
8) 60 years old on $100k per annum
9) 65 years old on $150k per annum
10) 70 years old on $200k per annum
11) 75 years old on $300k per annum
12) 80 years old on $500k per annum
13) 85 years old on $1m per annum
I reckon you would have a good lifestyle for that amount in India. The only problem is that you can't get margarine tthere
I also chose 14 but with a higher amount. Your amount will give you about 1,000 baht a day to live on inc accom and food so try to find an apartment for around 2,500-3,000 baht a month which is doable in the city you've chosen.
A lot of India is expensive, especially decent accommodation in the big cities.
Is your margarine comment a joke? I don't get it
Depends where sanj. In Punjab it would be an ok amount in jalandhar or Chandigarh...Say $20000 would give you a great lifestyle how ever I know people live on less..but thus have their own accomodation...but to just live there and not travel I reckon $12000 would suffice for rent decent for the area .utilities, mobile , groceries and entertainment. Maybe not in Bombay dehli or Bangalore, but some of the regional smaller cities. Hey if they want to live in the pend it might 've cheaper
