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Looking up at the ceiling recovering from major surgery has this 70+ boomer rethinking life. Everyone on here has an intense interest in personal finance. Most of us are boomers. Our parents were the Greatest Generation who lived the Depression and fought the war then shared their stories of sacrifice. We’ve read the Wall Street Journal, especially when Jonathan was there, financial papers, magazines and websites galore. My guess is that our playbook is pretty much the same: get an education, work hard, marriage then kids, save a goodly percentage, invest wisely, keep expenses low yada, yada. And here we are. I’ll wager less than 5% of the readers or participants on this site have a chance of running out of resources before the reaper comes. What did we give up? What can we no longer experience because of age or infirmity? Look what has happened to Jonathan. I’m not saying that dying with zero is the answer. But what I’m asking is that with all our work and doing and saving and probably scrimping, what did we miss?
I’m still missing the flying cars we were promised watching The Jetsons.
My own regrets are character failings—e.g. impatience, judgment—not a wish that work time had been less or different. Also, choosing a steady and lucrative field (and luck) meant we didn’t spend much time beyond the first few years with budgets or extensive financial planning. Spending time with dear ones and really listening help me to improve, I hope!
Good article…makes me think. What immediately comes to mind is , in retrospect, almost all of the extensive business travel I did through much of my career was absurdly inconsequential. Thinking of all the kids’ events I missed with that business travel. I’m guessing that about 90% of the business travel I did would be nothing more than a 30-60 minute zoom call today. But at the time, I thought the company’s fortunes depended on my particular business meeting going right!! Looking back at things, I was very naive. But, to be fair, those out of town meetings kept me gainfully employed so that the family could be taken care of and put me and the family in the position today. Just too many kids’ events were missed.
Nice article.
For what I value most, being frugal was no problem. What I wish I had understood in midlife was the power of the rule of 72 and the importance, in real life terms, of the Roth IRA. My elders had land, paid off homes and pensions, so we really did not learn from them. Trying to unwind all the money I have in old school things like paid off home, annuities that cannot be used except for income or surrendered.
I’m also a long term reader of HD. Over the years I missed alot of dance recitals, parent/teacher conferences and the like. But my daughters are now in their 40’s and I “think” they forgive me. My wife is always reminding me that we don’t know what life has in store for us. My Dad passed at 54 – but my mom lived to over 100. So last week I did the ultimate splurge and bought a boat.