This is one of the very rare book that I felt that I learnt a lot and yet strongly feel that it can be shorter. You know how when you chance upon a good book, you wish that the pages never stop - such as when you read Harry Potter.
Here are some of key points that make it a good book:
Life is a sum of all the experiences, the more experiences you have - the more you have experienced life.
When you are old, you can live on memories dividend
We tend to neglect that there is an age limit to certain experiences - you can’t enjoy soccer the same way you did when you were 20 as compared to when you are 45
Hence, Don’t just think of a bucket list! Think of Time bucketing!
What are some of life’s experience that you must do at different ages of your life that you will not get a chance to do so in future?
Even if you wish to leave $ to your descendents or your favourite charity, it is better to give early. My real life example is that my mom is supposed to die at 90 according to the fortune teller, but at 60 when I am supposed to inherit the %, I can’t enjoy the KTV anymore.
It does motivate me to consider giving my nephew/niece a sum of $ in their early 20s to travel the world.
At some point in your life, it is better to spend $ to save time. This is counterintuitive for me as I grew up being frugal: but it could mean spending $ to hire cleaning help instead of ironing clothes yourself. It could also mean taking a Taxi instead of public transport- but now with a smartphone, I find that it is still pretty productive or a use of time on the public transport.
Though, can we use the freelance market like Fiverr to hire someone to take care of my excel needs? This is of course now we can use AI.
Spending $ on experiences makes us happier than spending $ on things. Unlike material possessions, which seem exciting at the beginning but depreciate quickly, experiences gain value over time.
The upside of taking a chance: there is always a sense of pride at having pursued an important goal wholeheartedly, you get a lot of positive memories no matter what happened. Even if it didn’t end the way you desire, you still yield positive memory dividends.
Everyone’s health declines with time, and how to make the most out of our finite time on earth when you have the health to enjoy it.
3Rs - giving Random amount of $ to Random People at Random time
Although we at least have the potential to make more $ in the future, we can never go back to recapture the time that is lost.
Annuity protect you against the risk of dying too old without $. Something you purchase to guarantee that you will not run of out $ if you live a long time.
Questions to ask yourself and learn:
What are some of the experiences that you can currently enjoy right now but your health will not allow so in future?
45-60 is your peak, most money , okay health. Instead of waiting till 65 to start spending down , retire early and not spend the money, can you spend your money at your peak? Scary thought though - do you dare to?
Survival Threshold: 0.7 x cost to live a year X number of years left
Every additional day you spend working, you sacrifice an equivalent amount of free time and during that time, your health declines.
Working longer than necessary for money that you never get to spend. What a sad thought: to slave away at a job and never get the gold
How you spend your money is up to you but isn’t it worth your while to think about what you value and put your money behind it?
There are far fewer conversations about saving for excellent and memorable life experiences that need to happen.
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