The hidden costs of extreme frugality can cost you more than money. Putting your life on hold until you’re rich enough can be a major wealth-building mistake 1 (Ryan Greiser, Twitter Jan. ‘25)
The issue is not saving money. The issue is treating every dollar saved as more valuable than every moment lived. You cannot compound time the way you compound money.
How to Build wealth without missing what matters most
- Trade your time for memories, not just the money. Most material purchases depreciate instantly. But experiences? They appreciate in value every time you remember them, share them or build on them with people you care about. Proof? Think about your favorite family memory from 5 years ago. Now think about your favorite purchase from 5 years ago. Which one feels more valuable today?
- Build wealth like a marathon runner, not a sprinter. Sprinters burn out. Marathoners build sustainable systems. The key is finding your “forever pace”- the wealth-building rhythm you can maintain for decades without resenting your life. It might look like: A) saving aggressively, but not obsessively or B) invest systematically, to give you peace of mind.
- Design your rich life before someone else does. Our society has plenty of opinions about what “success” should look like. But the freedom to ignore those opinions? That’s real wealth.
- Master the art of selective splurging. Being smart with money doesn’t mean never spending it. It means spending it on things that compound – relationships, health, growth, and experiences that make life worth living.
Takeaways
- Time compounds differently than money
- Save enough to feel secure
- Invest enough to build wealth
- Design your own version of rich
- Spend strategically on what matters most
You cannot deposit memories into your investment portfolios. But you can build wealth while creating them.
Sincerely,
Mike Busby
THE COMMENTS CONTAINED HEREIN ARE A GENERAL DISCUSSION OF CERTAIN ISSUES INTENDED AS GENERAL INFORMATION ONLY AND SHOULD NOT BE RELIED UPON AS TAX OR LEGAL ADVICE. PLEASE OBTAIN INDEPENDENT PROFESSIONAL ADVICE, IN THE CONTEXT OF YOUR PARTICULAR CIRCUMSTANCES. THIS ARTICLE WAS WRITTEN, DESIGNED AND PRODUCED BY MIKE BUSBY FOR THE BENEFIT OF MIKE BUSBY WHO IS A FINANACIAL ADVISOR FOR BRANDON LINDSAY INSURANCE AGENCIES, A TRADE NAME REGISTERED WITH INVESTIA FINANCIAL SERVICES INC., AND DOES NOT NECESSARILY REFLECT THE OPINION OF INVESTIA. THE INFORMATION CONTAINED IN THIS ARTICLE COMES FROM SOURCES WE BELIEVE RELIABLE, BUT WE CANNOT GUARANTEE ITS ACCURACY OR RELIABILTY. THE OPINIONS EXPRESSED ARE BASED ON AN ANALYSIS AND INTERPRETATION DATING FROM THE DATE OF PUBLICATION AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. FURTHERMORE, THEY DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO BUY OR SELL ANY SECURITIES. MUTUAL FUNDS OFFERED THROUGH INVESTIA FINANCIAL SERVICES INC.
