Over the weekend, after all the wedding shopping, we had a chance to sit back and enjoy a movie; it was about a con artist who finds out he only has six months to live at which point he decides to change his life by doing good things for others. This brought up a question in my mind “how would your spending/saving habits be different, if at all?”
We often try to live frugal and save/invest money to increase our networth, but what if you go to the doctor one day and you find out you only have five months to live, how would this change your view of money and its importance to you? I believe that knowing you have a short period to live many would change their lifestyles, here is how I would change my current lifestyle.
Here is what I would do
Money has never played an important role in my life, I understand we all need it and want it but it has never been my top priority to
- I would ensure that there is enough money left for my funeral costs and that my spouse will have enough to get through a year.
- I would resign from my job and ask my spouse to take a couple of months off and we would go on a world trip (North America, Amsterdam, London, Barcelona, Rome, Egypt, Tokyo etc..) for about 2 months or so.
- I would spend a lot of my spare time volunteering at a charity organization (would also do this during our world trip)
- I would donate money to charities
- I would not be frugal anymore, I would be a big spender on things that will leave memories
- Instead of leaving money for my family, I would try to create as many good memories for my family as I can, money will go but memories will stay forever.
- I would organize a “Good-Bye” party.
As you can see I am all about memories, I want to be remembered even when gone.
If You Knew What Would You Do? How would your plans change?
If you enjoyed this post, make sure you subscribe to my RSS feed!
Article by Ray
Ray is an ex-financial adviser and the founder of Financial Highway. Currently working in the financial industry and working towards completing his Chartered Financial Analyst, CFA, designation.
Ray has written 271 articles.
If you like This post, you can follow Financial Highway on Twitter.
Subscribe to Financial Highway feed via RSS or EMAIL to receive instant updates.
{ 6 comments… read them below or add one }
Interesting post and I think I would do all of the things you mentioned (esp traveling).
However, one question which I think will make for an interesting answer:
-If it takes finding out that you’re dying to stop being frugal in order to create lasting memories, what is stopping you from wanting to create those memories now? In fact, shouldn’t you be more prone to do that now since you could die at any moment?
Good Question MLR: I think saying “i would not be frugal anymore” was incorrect, it should have said “I would stop saving” or something along those lines…..I am not a very frugal person to begin with…just become somewhat frugal due to influence of the fiance.
Also I agree that you can die any moment, but you are not really “expecting” that to happen you have a long term goals…..if i lived with the idea that I can die at any moment than why go to school and get an education or save for retirement or work etc why do anything? If I know i’ll die in 5 months than there is no need to save or plan for long term…..
would you continue saving at the rate you currently are if you knew?
Good point about the education/work thing.
In my case, no, I would stop saving. I am single (as in not married, just a g/f) and have no kids. I have life insurance through work which would cover any costs associated with my death. I would see no reason to save as my long-term goals are more suited towards ME.
If I had a family, I think I would continue to save (or at least not go crazy with my money). In that case, I would hope our long-term goals would continue on even with me not being there. And if they didn’t, I would want to be able to contribute to any new found goals of my wife and children.
In reality I have no idea until placed in the situation, just idealistic thoughts I suppose.
good point in theory it’s easy to say what I’d do but in reality things would be much harder….
Great question! The very first thing I will do, and the one I realize I should do right away, is to have an updated Estate Plan that takes care of my spouse and my kids and gives out very little to Uncle Sam in Estate Taxes.
Than I will travel, and also visit as many long lost relatives and friends I can.
I would get a Ferrari or some other supercar and drive it as fast as i can on the highway, sound a bite crazy but iam gonna die anyways.
{ 1 trackback }