Money not spent isn't mine/yours.
I don't have kids. Probably won't have kids. So I wouldn't need/want to leave the money for anyone.
For folks who have kids, they know what they will do with money left over.
Whereas for folks with no kids, the idea is typically to spend it all. Hopefully spend ALL on the day they die so that the money is not "wasted".
Of course this sounds logical. The idea to spend ALL or almost all their money before they die.
Cos if you/I don't spend the money, means we wasted our lives earning it. If we leave $100k behind, means we spent days, months of our time earning an excess $100k which we did not utilize.
For me, I don't believe in this. I don't believe it's necessary to spend all my money before I die to have "used" it all.
The thing is, for me, I'm already using my money on a constant basis.
We currently have... $XYZ.
We only spend $4k per month or less depending on which country we are in.
BUT for me, I am already "spending" the remaining $XYZ
Cos I'm buying security. Money in the bank isn't just money in the bank.
For me, I consider myself already using it. Cos money buys me a sense of security. The more I have, the more secure I will feel. When I'm 30+, I'll need more to feel secure.
When I'm 50, I'll need a different number.
When I'm 80+, I'll need a different number to feel secure. Never know, I may need more than I really need just to feel secure, cos I'm not young anymore, and I won't be able to find work if money runs out.
Don't underestimate the feelings of insecurity.
Many people don't retire cos of the feeling of insecurity, not real financial insecurity. Even after they have a lot of money.
Money isn't just about spending it for the tangible things that money can buy. Goods and services.
Having money gives me options. That's another intangible good.
Gives me peace of mind, even if I'm 90 years old I'd still want to have a good portfolio.
Cos who knows if I'll live til 110? We're all going to live for longer as healthcare and medical advances get better. I won't want the chance that I run out of money just cos I expected to die at 85.
If I spend most of my money by 85, then when I'm 86, I realize I'm not dead, but now I'm broke. And that's gonna suck.
So for me, the idea of spending, or attempting to spend all/most my money before I die doesn't roll with me.
I can understand trying to spend a large chunk of my assets. But aiming to get to a significantly low level, leaving me feeling financially insecure? Nah I doubt that's a good idea.
The idea only works if one knows the exact date that they will die. So that they can plan around it.
Like I always say, "Better to have and not need, than to need and not have."
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