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Friday, December 3, 2021

Improving Investor Behavior: The Mindset of Abundance, Not Excess

We have often said that time is our most precious resource. More valuable than money, more fleeting than wealth, nothing can be done to stop the expenditure of our time. But like money and possessions, having too much time can be a bad thing.

I am a big proponent of having an abundance mindset, an approach to the world that believes at its core that there is an endless supply of almost everything for people to create, create, share, and grow in. But with that belief comes an unexpected need, understanding how much is enough. It’s easy to fall into the trap of always going after more: more money, more time, more friends, etc. But when is enough, enough?

Steve Buren

Few months back, we explored that topic in detail as it relates to money. But what about other abstractions like time? Can we have too much time, and is it bad if we do?

A recent study by the American Psychological Association concluded, “As a person’s free time increases, so does that person’s sense of well-being—but only up to a point.” The survey of nearly 22,000 participants found that while free time increases happiness, it does so for only about five hours per day. After that point, participants reported no additional improvement in their happiness or quality of life. The sweet spot of free time existed between two and five hours per day.

The results of this study seem to contradict most people’s expectations of what retirement will look like: namely, endless free time. So, think about it: What would your ideal retirement look like? Yes, there are probably beaches and soft drinks, but what about the next day? the day after that? Are you sure you want to spend the rest of your life sitting on the beach gazing at the water?

Even though it sounds tempting, the reality is that boredom strikes much faster than most realize. Without challenge, without difficulty, we never have the opportunity to grow. I suggest that our muscles atrophy without resistance and exercise; Similarly, if you are not exercising your mind, it will also atrophy. Ask yourself, what am I retiring for? It’s easy to look in the rearview mirror and see what you’re retiring from, but what does your destination look like? Will it be a bigger future than your past?

Another study followed thousands of retirees from shale oil for several years. It found that those who retired at age 55 were twice as likely to die before age 65 than those who retired after age 65. In short, those who retired early died prematurely. You would believe that early retirement would lead to less stress and a more relaxed lifestyle, ultimately promoting longevity. But the opposite happened. Conversely, the mortality rate improves with later retirement age.

Read Also:  Jill On Money: Things to Remember When Enrolling in Public Health Insurance for 2022
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