What do you value?

[Caoineag]

So here is a scenario that bugs me. People tell you to imagine that you have only 1 year to live and to describe what you would do with your money knowing that. It is supposed to illustrate what you truly value and thus what you should spend your money on.

Now my problem is, I think this is a lousy way to demonstrate your values in life because my values if I only live 1 year are very different from my values for living indefinitely(yes, I presume I would die eventually but it could be awhile).

For example, I can guarantee that if I had only had one year to live, I would quit my job, travel the world, eat out all the time and spend some time with family and friends. They are all things I can enjoy in a short period of time but I have other things I would enjoy over the long term. For example, owning a home, learning to cook a variety of food extremely well, investing to insure I enjoy retirement and working a job I like.

Now I am currently attempting to balance both my short term and long term goals especially since one of my short term goals (eating out) can easily consume infinite quantities of money if not limited.

I would think that imagining both the scenario of dying in a year AND living to 100 would be a much better predictor of what people actually value.

So, is this true for anyone else? Do you have a short term value that you struggle to limit so that you can achieve a long term value? And how do you decide how much to limit the short term in favor of the long term (I am still trying to figure this out for myself so that's why I ask)?

[PrincessPerky]

oh yeah, I would so hire a maid if I were to die in a year....or not...can't afford it either way really.

[sweeps]

Imagining you only have 1 year to live is a good way to wreck your finances.

One short-term value I do have is to enjoy time with my kids while they are young. They're only going to be this age once. But I have to balance that with keeping my future (and their future) on track.

[simpleyme]

it was in the news a while back( like last summer ) maybe someone remembers more details, a guy was told he was dying , the Dr was wrong ,the guy was ticked because he had quit making his house payment and paying his bills

[vsjhoc]

it was in the news a while back( like last summer ) maybe someone remembers more details, a guy was told he was dying , the Dr was wrong ,the guy was ticked because he had quit making his house payment and paying his bills

Right, he was told he had cancer (pancreatic, I believe, which is usually fast-moving) and that he had a year to live. He sold everything he owned except the clothes he was to be buried in. Then the doc said, "whoops, my bad ... er .. the good news is you don't have pancreatic cancer." The patient sued the doc. I don't know if there's been an outcome on the case yet; anyone hear?

BTW, this didn't happen in the US ...

Is debt worse than death? - Telegraph

[Ima saver]

Well, I value my good health that I have been blessed with!!

[JanH]

This is an intriguing question. I had a lump once that I spent six weeks having evaluated. I realized that I valued my health and tried to get as healthy as possible in case it turned out anything had to be done. I also realized that I need to live each day and enjoy it as much as possible--even enjoying working hard that day. Also, with the possibility of losing everything in a hurricane, we had a unique time to see what we valued. We have tried to reconnect more with family and spend time with each other. I am also trying to live in simplicity and enjoy the little things. There are things that I value that belonged to great grandmas and stuff, but I've taken pictures of them so I can value them that way if I lose them in a storm. And there is an occasional book that I treasure and some recipes that have been handed down. I evacuate the recipes with me. Plus some gifts given to me by my children that have meaning attached to them. I'm going to take pictures of those, too, just in case.

[Fern]

That was a very good question, ie, how do you balance short term needs with long term needs? In other words, how much are you willing to sacrifice in your lifestyle now in order to secure a comfortable retirement?

I sometimes wonder about that too and suspect i am a little too willing to deprive myself and accept varying degreees of hardship (liike living in a home heated to just 58 degrees) to save a few bucks for the future.

But i would rather deprive myself now rather than risk not being able to take care of myself when i'm older. There's no guarantee i wouldn't at some point be incapacitated or otherwise unable to earn an income, so i'd rather save for a rainy day.

As to most valued possessions, i have wondered that too, what if there was a fire in my house and i had to get out very quickly. The things i would most regret losing would be handmade items by my grandparents, and photos, and losing certain paperwork like tax returns would be problematic.

[Caoineag]

Hmm..honestly can say that when it comes to valued possessions, I don't have any. Things have come to mean nothing to me. I only value experiences because they are the only thing you can really hang onto for most of your life. I value books, games and cds for the moments they create. If everything I owned right now went up in flames, it would be annoying and financially draining but I would be thrilled that my puppy, my husband and I were alive.

I think that is part of why I love to eat out so much and why I like to cook elaborate meals. Eating is the experience and I do retain a lot of really good memories just from cooking and eating out. I also love traveling and seeing new places and spending time with family and friends.

I just have to balance the experiences of now with the experiences in my retirement. Easier said than done but I am making progress.

[PrincessPerky]

JanH I think pictures are a wonderful way to save the memory, without always needing the item...

[vsjhoc]

The things i would most regret losing would be handmade items by my grandparents, and photos, and losing certain paperwork like tax returns would be problematic.

don't worry about the Federal income tax returns ... you can get copies: IRS

[scfr]

Great post.

Having lived in an apartment building where the fire alarm went off in the middle of a deep sleep, I know exactly what I did save first when I thought my building might be on fire (it was a false alarm): my pets! [I don't have children.] Once they were secure, I grabbed my purse.

You're right that you can't just go around living as if you are going to die in a year ... Heck, if I thought I were going to die in a year, I might just take up smoking and drinking large quantities of hard liquor. But of course I'm not going to do that, because I'm healthy and I'd like to live another 50 years!

However, when I think about the fact that if I were to die in a year, I would spend all of my time visiting family, hanging out with my husband, and playing with my dog, it does make me alter my free time activities a bit (but in a responsible way): pick up the phone and call a loved one, take the dog to the off-leash park, etc.