Charlie Munger said, "It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.”
My father was not advancing at his company at the pace he thought he should be, so he left for a position at another company that paid twice what he was making. Nine months later he came back at this old salary (effectively a 50% pay cut) and remained at that company for 49 years. I guess the grass is always greener.
There's always the chance that she would appreciate it more later on. My Dad had enough money to live the rest of his life comfortably, but he was still concerned. The concern actually increased over the years when it should have been decreasing. Everyone is so different about this you can't use any sort of generality. Having said that, a happy "medium" seems to work well for us. We enjoy our lives today but want to make absolutely sure we're positioned for long term.
My Mom was adamant about staying in their home of 49 years and Dad setup 24 care for her when she needed it. When one of the 8-hour shifts called in and couldn't make it, and no backup was available either, my 80+ year-old father had to lift and move my dead weight (no muscle control) Mom to the toilet. It was embarrassing for her and just about killed my father. Mom passed, Dad sold the house immediately and moved into a retirement facility. He called me one day and proudly exclaimed, "When a light bulb goes out, they come to the room and replace it!" After doing everything for 49 years at the old house he just glad to be able to do nothing.
I think it also varies by your total investable assets. Someone with 100 million that isn't spending like crazy has a better buffer than someone with 1 million. As a DIYer I also worry about my wife taking over if I've gone to meet my maker. I don't want to leave her with a bunch of decisions to be made. The simpler the better for me.
One thing I learned from Jonathan was to "pace" myself. It is more fun to have a better life year after year than splurging for it all at once and then paying for it later. I'm looking forward to reading this book. Thanks for the heads up, Adam.
I have a friend who invests in individual stocks and watches financial news all day long. It's his entertainment. He's showing early signs of dementia and I'm sure the family has no way to interpret what he has been doing or if it even makes any sense. I'm not sure how you unwind a situation like this. For our investments and my sisters, I've tried to set everything up in "drop dead" mode. Meaning I don't have to be here for the next 10 or 20 years for the investments to work out. I guess that's risk management of a sort.
Comments
Charlie Munger said, "It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.”
Post: How financially illiterate are Americans?
Link to comment from June 20, 2026
My sister told me if I would handle her investments she would come scrub my toilet for me. I guess she just wasn't interested in it...
Post: How financially illiterate are Americans?
Link to comment from June 20, 2026
My father was not advancing at his company at the pace he thought he should be, so he left for a position at another company that paid twice what he was making. Nine months later he came back at this old salary (effectively a 50% pay cut) and remained at that company for 49 years. I guess the grass is always greener.
Post: Risk Adjusted: The Family Ledger
Link to comment from June 20, 2026
There's always the chance that she would appreciate it more later on. My Dad had enough money to live the rest of his life comfortably, but he was still concerned. The concern actually increased over the years when it should have been decreasing. Everyone is so different about this you can't use any sort of generality. Having said that, a happy "medium" seems to work well for us. We enjoy our lives today but want to make absolutely sure we're positioned for long term.
Post: Risk Adjusted: The Family Ledger
Link to comment from June 20, 2026
My Mom was adamant about staying in their home of 49 years and Dad setup 24 care for her when she needed it. When one of the 8-hour shifts called in and couldn't make it, and no backup was available either, my 80+ year-old father had to lift and move my dead weight (no muscle control) Mom to the toilet. It was embarrassing for her and just about killed my father. Mom passed, Dad sold the house immediately and moved into a retirement facility. He called me one day and proudly exclaimed, "When a light bulb goes out, they come to the room and replace it!" After doing everything for 49 years at the old house he just glad to be able to do nothing.
Post: Close to Everything I Need
Link to comment from June 20, 2026
I think it also varies by your total investable assets. Someone with 100 million that isn't spending like crazy has a better buffer than someone with 1 million. As a DIYer I also worry about my wife taking over if I've gone to meet my maker. I don't want to leave her with a bunch of decisions to be made. The simpler the better for me.
Post: Bucket Strategy
Link to comment from June 6, 2026
One thing I learned from Jonathan was to "pace" myself. It is more fun to have a better life year after year than splurging for it all at once and then paying for it later. I'm looking forward to reading this book. Thanks for the heads up, Adam.
Post: Money and Me
Link to comment from May 30, 2026
I have a friend who invests in individual stocks and watches financial news all day long. It's his entertainment. He's showing early signs of dementia and I'm sure the family has no way to interpret what he has been doing or if it even makes any sense. I'm not sure how you unwind a situation like this. For our investments and my sisters, I've tried to set everything up in "drop dead" mode. Meaning I don't have to be here for the next 10 or 20 years for the investments to work out. I guess that's risk management of a sort.
Post: Wall Street Trap
Link to comment from May 2, 2026