Dying broke isn’t a bad thing, unless you were broke long before you died. I’m not saying that money will make you happy, what I’m saying is money helps you live a less stressful life, especially during the latter years. This question goes out to all of the people in the personal finance community – readers, writers, and those just getting their financial feet wet – do you plan on leaving legacy wealth? Or, do you prefer to die broke? Let’s explore each option.
I tend to lean more towards this camp than dying broke. Perhaps that’s because I have a child, or maybe it’s only because I have a child. It’s difficult to know how I would feel if we didn’t have Mini Monster, since we started on our FIRE journey after having her in our lives for quite a few years.
I also have a hard time thinking about spending all that money that I sacrificed to build up over the years to reach financial independence. I certainly don’t think we will live like paupers when we hit our goals, but I certainly don’t want to blow through it all on fancy dinners and travel – that’s not to say I won’t do those things on a much more frequent basis than I do them now 🙂 We will hopefully find a balance that fits us AND our bottom line.
There is certainly something to be said for building wealth and enjoying the fruits of your labor by blowing through it all before you croak. I just can’t seem to wrap my head around the idea of checking out and not leaving a nice chunk for my child (possibly children). But again, I know that not everyone feels the same way I do – and that’s okay.