seize the day, tomorrow is not yours
Posted by deepali on May 9, 2008
We all know that good things come to those who wait. But fortune also favors the bold. When it comes to personal finances, which road do you choose? I don’t see why you can’t have it both ways.
I am of the mindset that while thinking about tomorrow is smart, one should not forget about today. In personal finance, this has two ramifications:
1. The power of compounding. You can always have more money, but you can’t go back in time. Saving even a small amount when you are young will always trump saving a bit more when you are older. Savings earn interest, and then interest earns interest. Never put off til tomorrow what you can do today.
2. Live life to the fullest. Money exists to provide you the opportunity to experience life. So make the most of this tool while you have it, and use it for its intended purpose. You can’t take it with you when you die.
Some might argue that the responsible path is to live as frugally as possible now, save as much as possible, and retire early. But retire to do what? Enjoy life? Why not start now? Take a financial risk here or there. Maybe even take on a little debt, if the opportunity of your lifetime shows up. Be unconventional occaisonally. It is better to regret the things you did, than the things you didn’t do.
Save for the future, yes. Emergencies and the like come upon us like surprises. And too, there are the dreams and possibilities that we would like to one day experience. And even better, start saving today. But don’t make saving for the future your one and only goal.
I, for one, have no desire to retire early. I want to keep working as long as I can. Why? Because I love what I do, the field I’m in, the people with whom I interact. I am enjoying life. I have taken on debt in the past, and I will be paying be paying it off in the future. There is something to be said for being responsible (ie, having a debt repayment plan), but being a little reckless at times (ie, taking a leave of absence from your job for 4 months to travel) is good for you as well. Work hard. But play hard too.
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