Living for the Future: Balancing Saving and Enjoying Life

Living only for the future may lead to missed experiences and unbalanced resources, requiring understanding and planning for present needs.

### Avoid These Signs You're Only Living for the Future
* 😬  One sign is "**putting off important memories**," leading to **missing out on creating valuable experiences** and **losing precious time**.
* 💰  Another issue is becoming "retirement rich," where you focus so much on saving for the future that your current self **lacks resources for immediate needs**.
* 🤔  It's crucial to "**know what's important to you**," as certain present actions, such as buying a home or starting a family, may not align with your future plans but are still **meaningful**.
* 💡 " "**Experimenting**" with different account structures and financial strategies helps you understand how to **achieve your financial goals effectively**.
* 🏡  Prioritize maintaining your house and health, as neglecting these areas can have **negative consequences in the long run**.
* 🚗  Create memories and enjoy life's moments, as they don't always have to be expensive but require **time and effort to make them special**.

[Music] So let's walk through these four signs. These four ways that you can know that you can be aware you're saving for the Future. Let's dive right into the first one Brian and this one again none of these sound bad necessarily but there's some Darkness to them. The first one is you're only living for the future. Yeah, this is a big one because I want you to enjoy every season of life. I, you know, this is one of the things I talk about in my book millionaire mission is that every decade is going to have a sweetness every decade is going to have obstacles. I just don't want you to miss it because I think sometimes when we're good with money and we're saving money there is a tendency that you think well I've got to get to this point because when I get to a million dollar or three million whatever your number is you think this is going to solve all your problems. I'm like whoa slow down make sure you don't miss life.

yeah, you're hitting the very first problem. Is you're putting off important memories. You're not doing things that you otherwise could be doing. And you are losing time, unfortunately, that you will never be able to give back. If you're only thinking about the future, thinking about far off. There are amazing things that you could be doing right now to create memories. But the good news is they don't have to be expensive. They don't have to cost you money necessarily, but they are going to require some effort and some time to put into it. Nothing wrong with bedazzling your BAS life. Go create those memories. Do a road trip. Do some do-it-yourself projects if you want to have something a little bit nicer. Just don't skip it all together and live this masly life. Another problem with only living for the future, thinking into the future, becomes a little bit more qualitative or quantitative in that you find yourself that you're retirement Rich because I've thought so much about retirement that I've been doing IRAs and

I've been doing 401ks, and I've been doing Deferred Comp, and I've been doing all of these things. So my future self will have a lot of resources. But the problem is my current self does not have access to resources, or my self 5 years or 10 years from now does not have access to resources. It may be something that you want to rethink. Yeah, if you're getting to the stage where you have big retirement accounts but you can't pay cash for your next car, you definitely might be retirement rich. Or if you're one of those people that you start seeing water damaging your house but you're so focused, you're like, Well, I'll just push this off. There are things in your life. Don't miss out on the moment. You actually need to actually have some taxable money. You need to spend some money on maintenance for your house and your life. Don't skip these things. And also make good decisions with your health. This is the other thing. I think a lot of times well.

like I'll work extra hours. I'll make a little bit extra money. Don't put off things to the detriment of yourself. So if the problem is only living for the future, what are some of the solutions? Well, the first is know what's important to you. There are things that very well today might be important to you that are counterintuitive to your future plans like buying a home, starting a family, having kids. Those are all things that might make retirement a little bit further away, that might make the number you have to reach for financial independence a little bit higher, and yet they are still worthwhile. They're still things that may make sense to pursue. So make sure you understand your why and what's important to you. Yeah. And then we talked about you need to experiment and what I think about when we talk about experimenting. This is why in the financial order of operations, if you go to money.com resources step seven hyper accumulation is helping you begin with the end in mind. Think about how you're actually going to use the three different account structures you

got tax-deferred tax-free accounts like your Roth accounts. And then you've got your after-tax or taxable brokerage accounts. All those things are going to help you fulfill your financial goals. Don't skip the step of actually knowing how you're going to use those accounts and what it's going to look like in the future.

Sign #1 That You’re Saving Too Much for Retirement!

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You may be missing out on enjoying the present if you're solely focused on saving for the future, potentially sacrificing important memories and experiences.

It's possible to build a rich and fulfilling life without expensive activities, but it requires time and effort.

Overemphasizing the future can lead to a mindset of being "retirement rich," having put so much focus on IRAs and other retirement plans that the present is overlooked.

Balancing Present and Future Financial Planning

Prioritizing future resources over present needs can lead to a lack of current financial stability.

Overfocusing on retirement accounts can result in being "retirement rich" but cash poor for immediate expenses.

It's important to allocate money for present maintenance and unexpected costs, as well as making sound decisions for overall health.

Balancing Present Enjoyment with Future Financial Planning

It's important to prioritize what is meaningful to you, even if it may delay your retirement or financial independence.

Experimenting with different financial strategies can help you find a balance between enjoying life in the present and planning for the future.

The concept of hyper-accumulation in the financial order of operations encourages individuals to consider how they will utilize different account structures in the long term.

Maximizing Your Financial Accounts for Future Goals

Different types of accounts, such as Roth and brokerage accounts, serve specific tax purposes and are essential for achieving financial goals.

It's important to have a clear plan for how to utilize these accounts to ensure future financial success.

Ignoring the purpose of each account and how it fits into your future financial plans can be a costly mistake.