New Age wealthfront?

By Melissa Keane

Last week we posted an article on hit or miss management. There seems to be a growing trend of either 1. get rich quickly 2. save and live cheaply to have growing wealth in later years. I find both to be the most ridiculous things ever.

Firstly, let us assume we are in our late 20’s to early 30’s, we don’t go on a single vacation, we buy cup noodles daily, we sleep in a cheap one bedroom apartment all so that we can save $4000-$5000 at the end of the month. We turn 45 and through this saving and carefully planned investments we have $1.5M in the bank….but guess what-we can’t run like we used to, we aren’t as strong as we used to be, we have now to take care of our parents who are older, we got kids….so yeh, where was your grand plan to enjoy this money now? Here you are spending it now on everything but yourself….whoop congratulations!

Next, we follow some trend we make a tonne of money we go on lavish vacays, a few years later trends and fads fall off…we have no defined skillset because all we ever followed were ‘gurus’, we are now saving because revenue has fallen….or worst we are in debt. We have no record, no track and we are virtually unemployable.

Two important concepts come to my mind for anyone ever having read the book ‘rich dad poor dad‘. If you have to ‘save’ money by depriving yourself of a starbucks coffee…you don’t have a budgeting problem, you have an income problem. If you can’t make enough to enjoy life a bit whilst ensuring a healthy saving, again you have an income problem. If you can’t enjoy life with the wonders of youth, you have a priority problem.

I once had a very wealthy businessman said to me “you know i squandered my youth, I spent every penny I made, I drank, I travelled and I went after every girl willing to hop in bed with me…and I don’t regret a moment of it.” I lived, now I am in my 60’s I can’t do any of those things…hell I need pills for stuff now that I once took for granted. But guess what, now I can sit in my office, now I can work, now I can get up in the morning have a coffee and attend my meetings….to me I have been wealthy all my life despite not having a cent in my bank account some days.”

What’s your priority?

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