In 2001 Warren Buffett, the Sage of Omaha, chatted to a recent graduate who was describing to him the different jobs he planned to hold to develop ‘the perfect resume’. Buffett asked him which job he really wanted – none – he wanted the resume. Buffett’s response – living life just to please someone else – was like saving up sex for your old age – it just doesn’t work.
With prospects of all of us living longer I can add that you could end up doing what you don’t like for a long time.
We all end up doing things we don’t enjoy from time to time – the important thing is knowing why. We scrimp and save to buy a home, diet and exercise to keep fit, study hard to qualify – knowing why you do something is what keeps you going.
I joke about my father-in-law who, nowin his late 90s is still holding tight to his savings ‘because he needs it for his old age’. He was raised with the mantra that ‘saving was a good thing’ but never went on to explore why. He is not alone. EML has estimated that over the next 30 years the UK Inland Revenue will raised £500 billion in inheritance tax – a tax defined as ‘a voluntary tax paid by people who mistrust the Chancellor slightly less than they mistrust their family’.
Whatever you decide to do in life spend a little time working out exactly why you are doing it!