What do you do with the money that you do not need for current lifestyle or for investments that guarantee that lifestyle even with inflation and unforeseeables? Most people move to Aesthetics.
Things I buy solely because I like them. Could be art. Snoopy had a van Gogh in his dog house. Not because he needed it, but because it gave him pleasure. That it turned out to be a good investment was incidental.
Classic jewelry, antiques, collectibles of all kinds, provide pleasure and may be assets in the true sense of the word. Among many other collection themes, Malcolm Forbes owned nine Faberge Imperial Easter eggs. They turned out to be valuable, but his take on collecting them is useful.
“If anyone should seek my advice about collecting, I’d quickly point out the old truth–buy only what you like. Measure a work by the joy and satisfaction it will bring.”
Some people have little joy or appreciation for physical artifacts. They prefer experiences. A trip around the world. Lunch with a famous author or philosopher or movie star or recording artist. A private night with the New York Philharmonic. I have checked and that is not appreciably more expensive than a high end stereo system.
The point is that money is for what it does, not for what it is. There is little joy in counting surplus $100 bills.
Use money to do the things that give you pleasure. Buy things you like, buy experiences, be a philanthropist. It does not matter what pleases you. Being a miser is a self-defeating career. Study the life of Hetty Green.
Her life turned out poorly, but her investment philosophy was excellent. From Wikipedia. “She formulated an investment strategy to which she stuck throughout her life: conservative investments, substantial cash reserves to back up any movement, and an exceedingly cool head amidst turmoil.”
All for what?
More from Malcolm Forbes.
“Life is not a dress rehearsal; you are here only once, so you better enjoy your job, because it takes up a lot of your waking hours”
Words to live by.
Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario. In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.
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