Some Unconventional Thoughts On Saving Money


I love ‘aha’ moments.

Mainly, because having one means I went 29 years without recognizing something, and a single sentence shifted my perspective.

So, I really enjoyed this outlook on savings that Multimillionaire Hedge Fund Manager Bill Perkins shared while on the One Poker Life podcast:

“Those who save money, generally save too much.”

As a notorious shove-my-caddying-money-under-my-mattress saver, my ears perked up.

Bill explained further:

“The more money we die with, the more amazing experiences we forfeited during life. Because money buys those experiences.”

Quick caveat: saving some money is obviously a good thing.

And without any research on hand, I feel good about my speculation that most people are bad at saving money.

But if you in the minority that is like me.

Teetering on the anxious side, type A tendencies, and the owner of a microsoft excel file with a “total” cell that can never provide enough security against an unknown future…

Then let this thought marinate.

We don’t win anything by having the most money at the end of the game.

We win by having properly allocated those earnings toward the experiences we value most – travel, gifts, donations, possessions, and everything else we spend money on.

Think of it this way…

You could be 90 years old with 20 million in the bank.

Or you could be 90 years old with 1 million in the bank and 19 million worth of experiences.

Kind of a no-brainer to me 😉

Comments for This Entry

  • Lisa

    So, maybe I'll go ahead and buy that bigwheel made for adults I want, since I'm only gonna live once! ;) (you know, the ones like in the stressed out video....)

    September 1, 2016 at 9:55 pm | Reply to this comment

  • Moffisquita

    All things in moderation. Do save enough that you are not a burden to anyone when old. But then die broke, enjoy spending your savings doing things with loved ones while you're alive to see them enjoying it.

    September 1, 2016 at 11:32 pm | Reply to this comment

  • Staci

    Totally agree, but you're right: You're probably not writing to too many people. We save a lot (we are mid-50's and could retire if we wanted, but, uhm, no), we give away about 12%/year, etc. And I'd do it all again because if you ever have to see your parents in their 80's and basically destitute because they kept thinking they had time, it's the worst. And no one wants to be there. So keep saving. Listen to Dave Ramsey (podcast, books, radio) if you're not sure where to start (Mike's readers), and stop spending what you don't have. Save for trips and take them. But seriously, save for your future.

    September 1, 2016 at 11:53 pm | Reply to this comment

  • Matt K

    Reminds me of this quote; “There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?” ― Warren Buffett

    September 2, 2016 at 12:00 am | Reply to this comment

  • Andii

    I always wondered why we wait to pass money onto our family once we die. In some cases the money isnt there to give (understandable) but in other cases people have accounts in other family members names that wont be accessible until the person dies. When I get older I am going to give my son/daughter access to the money I have for them when they really need it (raising kids, college, kid's vehicles, starting a business etc). Everyone struggles during life especially when doing new things like starting a family and I would love to see my kid use the money to help in those situations rather then just a check after I am dead and they are retired. I never undertood that tradition. That's my outlook on it: I am a little off topic but back in reference to this post, I agree with it. Don't spend beyond your means but don't save save save and forget to enjoy the things you work for. It's nice to reward yourself when you deserve it and sometimes something more expensive or special is necessary in the long run.

    September 2, 2016 at 12:28 am | Reply to this comment

  • Stacy Russell

    I had a very similar conversation with my husband tonight. We look around our house and see "stuff". We have a business and we do save wisely plus give generously but we reminded ourselves it's the experiences that our daughters will remember when we are gone. Our "stuff" or even our money can't take the place of that.

    September 2, 2016 at 12:36 am | Reply to this comment

  • Mimi at Tahoe

    Well, I've just realized that dental office managers are mostly hell on wheels. They want hundreds and thousands up front! "Living well is the best revenge!" That means living at a beautiful place that is other people's destination! [Madrid, Spain; San Francisco; South Lake Tahoe] Use the library and the thrift shops and eBay. Take walks. Read the food labels. Cook from scratch. Eat out seldom. Go to church. When the life insurance SOB's tell you they have no plan for less than $100/mo or else their plan goes pffft when you turn 90 or else they won't take you because of some Rxes you're on, by God you start saving -- no, not in a damned bank. But you save! And life is good! Be happy, Mike!

    September 2, 2016 at 12:54 am | Reply to this comment

  • Jon DeLange

    So true, my brother and I are going on a trip this fall that has taken me 8 months to save for, but it's a trip he and I will have memories of for the rest of our lives. Memories>money

    September 2, 2016 at 1:00 am | Reply to this comment

  • Jarrod

    Don't rely on one source of income. Invest and learn what the difference in good debt and bad debt is. Design your own life and stop believing that you're too old, too young, too tall, too doesn't matter. The only thing that matters is what you believe.

    September 2, 2016 at 8:01 am | Reply to this comment

  • David (DMDfitness)

    Oh the joys of opening the spreadsheet titled "bank account" first thing in the morning!! HAHA!! It can either be the best or worst part of your day! I have to say though, coming from a guy who's trying to save money in order to pursue my dreams, I feel as though I save TOO much!! I teeter on saving and grinding my face off in hopes that my goals/dreams can come to pass and not saving/grinding to much that I let opportunities and experiences pass me by!!! I have been trusting my gut on when to spend and when to save, and yes opportunities/experiences have slipped by, but I feel that they were not anything that could not be made up later!! "Most opportunities are like city buses, another one will always come along" ......... right?

    September 2, 2016 at 8:56 am | Reply to this comment

  • Jeff

    one of the most important wisdoms of life

    September 2, 2016 at 9:29 am | Reply to this comment

  • Heather

    This I couldn't agree with more. Enjoy your life and all the experiences that can come with it. Of course save for those just in case moments and so no one has to suffer when you are gone. STILL enjoy life. love your posts Mike!

    September 2, 2016 at 11:37 am | Reply to this comment

  • Anthony A

    I think about this all the time! I literally say to myself - "You're worried about $50? You're definitely going to die with thousands of dollars in the bank. You can't bring back this moment." However, it's important why I can say that I'll die with thousands in the bank. Because I've been very consistent with my saving and spending and earning habits. The only thing that's going to go up considerably is my income and earning potential. My expenses will go up but only in relation to my income. I'm also hustling at 2-4 jobs, picking up shifts, and pass up a lot of expensive purchases or habits (I don't buy alcoholic drinks, I don't go shopping for electronics or video games or clothes much at all, buy new cars, etc) - and that's so that I can have enough of a cushion to draw from. But dammit - don't do all that work to earn a savings and not enjoy some of it! That's a waste. Work hard to earn it, and then enjoy it!!

    September 2, 2016 at 1:02 pm | Reply to this comment

  • Adrienne

    My mantra is 'I make lots of money. I save lots of money. I donate lots of money. I enjoy lots of money. I'm great with money.' Those are my primary money mantras. I want it all! Lots of $$$ in the bank and lots of experiences, so I have mantras based on that too. Thank you for sharing this. It's important. Yup.

    September 2, 2016 at 4:41 pm | Reply to this comment

  • Hailee

    One of the best advise I get by reading this article.

    February 1, 2024 at 8:13 am | Reply to this comment

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