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Given the quality of the articles and the comments on Humble Dollar, I get the sense that people here are (A) much more financially literate than the average person, and (B) consequently, probably more financially secure. Yes – I’m painting with a broad brush regarding those assumptions, but I’ll bet they apply to the vast majority of regular content contributors /consumers on this site.
Given that, and given that I try to keep things simple, my question is this: Which are you more likely to run out of first: Money or time? For most of us on Humble Dollar, I would argue the answer is time.
If true, that suggests two things: (1) spending your time in the most rewarding ways possible, and (2) prioritizing efforts to maintain and improve your health (to buy more quality time), as opposed to shoring up your financial status.
It’s more fun for me to think about improving my family’s finances, but I’ll have more time to enjoy that pursuit if I invest more time and effort in the direction of maintaining/improving my health.
So which is the greater threat to your pursuit of a fulfilling retirement? And do you invest proportionally in that direction to mitigate the threat?
i think this is too obvious: i’ve never been one to borrow. the bit about taking on debt being the equivalent of trying to buy time…..never seemed necessary or worthwhile. the best part about being older, at 75, is not really needing to be in a hurry. enjoy the time that is.
Great discussion article! I would agree with you that running out of time vs. money will be the case for 99% of us. We can almost always find ways to make/get money, but all of us will eventually run out of time.
I suggest adding a 3rd suggestion to your two above for improving one’s use of time and that is to spend more $ in retirement or to pick a better withdrawal strategy, so one is not spending unnecessary time working longer or being too conservative. I feel this community and Bogleheads are overall very conservative with spending. Nothing wrong with this if leaving a nice nest egg behind is your goal or you are just really worried about running out of money in retirement, but I feel it can and oftentimes leads many, including myself at times, to either work more or not spend money on something of value (e.g., vacation, YMCA membership, etc.).
I really like suggestion #2 (prioritizing efforts to maintain and improve your health) and feel “health is wealth”. I have read and seen many people who save a lot for retirement to not have the health to use it. Thus, “wealth without health” is unfortunate, but common. Being a university professor of exercise science and thus teaching a variety of courses on wellness, health, nutrition, etc., I am very familiar with the research about American’s poor health habits and how they have led to an increase in CVD, some forms of cancer, diabetes, metabolic syndrome, etc, and ultimately to a shorter lifespan and healthspan. Not all people who develop one or more of these diseases or conditions have lived an unhealthy lifestyle, but most have. So, investing in exercise, healthy foods, etc… will greatly, in most cases, improve one’s quality and quantity of life (time).
Hopefully we’ll run out of TIME first.
Our plan is not to be a burden on anyone – children or society.
And then leave a hopefully large sum to be split between our children.
Life span is limited, but healthy life span is even more limited and is a significant threat to a fulfilling retirement.
Another threat is wasting precious time, not knowing what is needed for a “fulfilling retirement”. It may be as simple as making sure there are no deathbed regrets.
Each individual is different, but research shows people who are dying often express regrets about not being more loving to their close family, not spending enough quality time with loved ones, not taking enough risks, not pursuing their dreams, not expressing their feelings openly, not taking better care of their health, and not living a life true to themselves.
As I have quoted from the book “Die with Zero” here before, having enjoyable experiences in life is a three legged stool. We need TIME (to do leisure things), HEALTH (to be active enough) and MONEY (to afford to do things) . Most of us finally have all 3 of these during the early years of retirement . I guess that would put me in the Health category for focusing my efforts. I’m on vacation and I’m off to the gym now for cycle class! All the best to everyone!
The converse is that I’d rather have less time if it’s not quality time (as to health, energy, mobility, and such). I’d rather clock out at 80 and be pretty vibrant up until then than linger around to 100 without much quality of life in my final years. Not that we get to choose our adventure, but we can indeed increase our odds by doing what we can to maintain our health for as long as possible. To me that’s like taking a flu shot—I know I can’t eliminate my risk of getting a severe flu entirely, but I’m going to do everything I can to reduce or mitigate that risk. There’s a lot we can’t control, but I want to be able to say that I’ve done what I could.
DrLefty – We’re on pretty much the same page. I tell my wife and kids that I only want to live as long as my brain is able to go along for the ride.
If something else does me in, then so be it. I’ll do all I can to maintain a vigorous life, and do all I can between now and then, but I acknowledge that an inevitable end will come.
Time is the greater threat
Without time — healthy, usable time — financial wealth has no value to you.
Given family history, time is 75% more likely to be a problem.
Time is the greater threat, for sure. I invest in my health by running 4 times a week, strength training at least once a week (I don’t enjoy this as much), sleeping 7+ hours per night, eating fairly healthily, drinking moderately, maintaining strong relationships (for mental health!), walking the dog, playing with grandchildren, and by doing adventure travel a few times a year (e.g., bikepacking, hiking, climbing), which also requires training before the trip.
“Time is the only currency you spend without knowing your balance. Use it wisely.” – Author unknown.
That’s a great thought.
I prioritized time by taking early retirement and traveling. However, time with no money would be no fun at all. As with many things, balance is important.
The older I get, the more I realize that time is more precious than ever. Time is worth a lot more than money; time is life. Most of us spend our lives as if we had another life to draw on in the future when this one runs out, but time stops for no one. It doesn’t care if you waste it—time keeps rolling along.
you can’t buy more time no matter how much money you have, So I try to spend my time wisely— Much more so than money.
Excellent observation and question. For my wife and I the greatest threat is running out of time. I think you nailed 2 critical aspects of managing time; spending it wisely and taking steps to increase the time one has. To the first, my wife and I periodically discuss and critically examine how we spend our time trying to identify more effective uses of time to get as much joy as possible. We’ve found that to be a useful exercise for us and we intend to continue doing so. To the second item, we do try to eat well and get our nightly sleep, but that doesn’t really take any extra investment of “time” to accomplish. We do invest about 10 hours each week exercising (hiking and gym workouts) for the explicit purpose of maintaining our health (although hiking is quite enjoyable for us; the gym less so). I think most good things in life benefit from some inspection and effort.
I love that idea to “critically examine how we spend our time.” It’s so easy these days to fritter it away with social media, streaming, etc.
Running out of time for sure. I have already fulfilled my retirement and then some. I have achieved every financial and experience goal. The goals I have left are largely beyond my control.
My new goal is to see at least one of my grandchildren graduate college- the oldest is a freshman now.
I also have a dream of seeing another grandson, who is into baseball to the point of receiving a high school scholarship because of baseball, play in the Cape Cod Baseball league which attracts the top college players from around the country.
To do that I must make it to 86 so there is no certainty for sure, but those goals keep me going.
The Cape Cod League is indeed a prestigious summer training ground for top college baseball players, and I know you own a home there. I hope that one works out for you—how fun!
Our grandson has already informed us he will be staying in our house and that he plans to play for the Chatham Anglers, the town where we are. I hope we are both there to see it.