Money Can’t Buy Me Love by Bill Storie

Money Can’t Buy Me Love by Bill Storie

Remember that Beatles song?

“… I’ll buy you diamonds ring my friend If it makes you feel alright. I’ll get you anything my friend If it makes you feel alright ‘C.ause I don’t care too much for money, Money can’t buy me love.”

Yet, I was watching a television study yesterday where the host went up to people in the street and said, “If I gave you this pile of money what would you buy?”

Apart from the usual answers of booze and ice cream, the predominant answer was NOT to buy big ticket items (the money was not that large certainly, but it was the concept that was being tested). Nobody indicated they would buy a new vacuum or fridge or even a car.

So, what did they want?

The answer was TIME.

Yup, time. In other words, they would use the money to get help to do the house cleaning, or the garden, or wash the car – to give themselves some free time where they could do whatever they wanted. If they wanted to snooze or go for a bath or read a book, that was what they wanted.

In today’s hurly-burly life, it seems the thing most people want is an opportunity to chill. So, if they can pay someone else to do some of their everyday chores, they would do that willingly and with immense pleasure.

Not really surprising.

So, what’s my point?

Most people, during their working years yearn for the day when they can do whatever they want. In fact, they look forward to the day when they can do nothing and take all day to do it. They can’t wait. Retirement can’t come soon enough for those folks.

But ………

They retire and love it for a few weeks then wham!

“Is this it? What do I do now? What will I do today?

In fact, if I get out of bed what will I do this morning?”

Maybe a slight exaggeration but you get the idea.

They have so much time on their hands, yet they have very little idea what to do with it. They don’t have a plan. They may be financially secure but they forgot to create a “What will I do plan?”

For years, they wanted someone else to do the house cleaning, but now that they have all the time in the world they still can’t be bothered. Hmmm.

The other angle on this is of course the “splurge” factor.

The retirement years are meant to be the time when you enjoy the luxuries of life. No problem with that. The question however is whether your desperation to splurge is financially wise. Oh sure, the cruise around the world sounded great ten years ago, and still sounds wonderful, but the notion isn’t as acute as it was back then. Now you are paying close attention to cost. In fact, the splurge factor diminishes dramatically in retirement.

If I gave you a hundred dollars what would you do with it?

If I gave you a thousand dollars what would you do with it?

If I gave you a million dollars, what am I thinking about ...

Being gifted a truckload of money sounds like a great idea but go ask those who have won lotteries and so forth what changes it made to them.

I bet you’ll find they crave their “old” life back, in the majority of cases. They didn’t know what to spend it on. Seriously. They bought a new house and anew car and a nice holiday then were left wondering what to do with the rest of it. They also didn’t factor in the interest they were gathering. They’d spent a ton of money and yet still had about the same as when they started. Go figure.

I ask the question, “Can money buy you happiness?”

Think about it.

p.s. By the way, I don’t have a million dollars to give you so forget that idea !!

By Bill Storie

Bill Storie and Robin Trimingham are the co-founders of The Olderhood Group Ltd., an online learning company with + 100,000 global followers in over 100 countries. The Leaders in Action video series, produced by Olderhood Productions International (part of The Olderhood Group) features short video interviews with recognized Leaders in multi-national companies, global organizations, and renowned experts in various locations around the world including London, Los Angeles, Mumbai, Singapore, New Delhi, and many others. The Series is published on Olderhood’s social media pages, The Royal Gazette, LinkedIn and through its several Partnership Networks globally to millions of viewers around the world. The Olderhood Group provides life transition, financial literacy and retirement lifestyle planning, education, and training for corporations in the form of videos, podcasts and webinars. The consulting practice focuses on helping companies augment their employee benefits programs, and their customer outreach initiatives, by seamlessly integrating customized workshops, in-house training, and online learning opportunities into their existing platforms.