As I get older, I know that I have less time. I don't do things that have a payoff time that is past my expected passing.
For example, going to college for 4 years to get a physics degree doesn't make much sense at my age, because there's not much time left for the payoff.
Starting an investment program that won't pay off for decades doesn't make sense at my age, either.
When you're a kid, the returns on investing and education have much bigger payoffs over the many more decades to make use of them.
> For example, going to college for 4 years to get a physics degree doesn’t make much sense at my age, because there’s not much time left for the payoff.
That is tragic! Learning more about things is fulfilling in and of itself. If your only concern is about growing the number, and you limit your choice to those which are within a time horizon that you can reap the result, then getting older becomes even more bleak than it is.
But the point remains, doing things that won't pay off in your expected remaining life are not worth doing.
For another example, I was looking at when to start receiving social security benefits. If I start them earlier, the payments are lower. But, if I invest those lower payments, then the built up portfolio will be generating investment returns.
Where is the crossover point, where you're better off taking the earlier, lower payment vs the later, higher payment? For me, that point was at age 83. So I decided to take the earlier payments.
The weird thing is nobody ever mentions this when discussing the option of when to start taking the payments. Except my accountant, who figured this out for himself, too.
People just don't understand the time value of money.
If I make it to that age, if Social Security is still paying out, if I'm still a US citizen, I'll tell people that the creator of D gave me the idea. It'll be funny
> I don't do things that have a payoff time that is past my expected passing.
> Starting an investment program that won't pay off for decades doesn't make sense at my age, either.
I continue saving money because I want my kids to have opportunities that I didn't have, and avoid stresses that I did have. I will not live to see the consequences of my actions today, but they matter a whole lot to me.
Same with other decisions that will affect future generations beyond my family. I want, in some way, to leave this Earth in better shape than when I was born.
Not if the process of trying to become one is itself enjoyable. I am a habitual setter of improbable goals. I decided I would become a world class acrobat (if you knew me, you would laugh at that idea). Did I do it, of course not. But did I learn to cartwheel, handstand etc. Yes.
For example, going to college for 4 years to get a physics degree doesn't make much sense at my age, because there's not much time left for the payoff.
Starting an investment program that won't pay off for decades doesn't make sense at my age, either.
When you're a kid, the returns on investing and education have much bigger payoffs over the many more decades to make use of them.