This week’s top reads dive deep into our drive to save money and how becoming consumed by that can take its toll, leaving us wealthier, not happier. The personal finance section includes a comprehensive article on retirement and why we delay, histories of misers and the fortunes they left behind after living unhappy lives while gravely impacting their loved ones, and how you can buy back your time to increase your happiness. In the personal interest section: how to protect your high performing employees from burnout and how CEOs lead for the long term.
If the thought of starting retirement comes with many concerns for you, (your health, family, retirement savings, your love of working) you are not alone. In this comprehensive article, Thomas Heath discusses the reasons we may feel inclined to stay at our desks longer, how prepared most baby boomers are for retirement, how to start saving, and when to say “goodbye” to your working life. He also covers the topic of “X-factors” such as health and the risks associated with not planning for long-term care.Try the NEW GuideVine Advisor Match! →
Regardless of whether they are ready to stop working, most Americans have not planned for retirement. Baby boomers — those born between 1946 and 1964 — have a median nest egg of $164,000. (Gen Xers and millennials have even less but more time to make it up.)
Many boomers are set to enter old age with whatever they have in Social Security and a few bucks.
Read the full article here to see what steps you can take to start preparing for retirement now.
Did you know that the story of Ebenezer Scrooge was inspired by John Elwes, a man who inherited a fortune and lived like an “unhappy pauper”? Elwes made his tenants miserable by neglecting to make necessary repairs to their buildings and forcing them to live without windows. In his final days, he slept in full clothes, including socks and boots, to save money on bedding. In this intriguing article, Sean Iddings shares the histories of several well-known misers, and how their way of life affected their happiness and the lives of those around them.
The sin of obsessive frugality is just as bad as the sin of greed. Both are sins of selfishness.
Read more here.
When it comes to saving your money, it’s all about balance. You don’t want to be like the unhappy misers in the article above, but know that it’s important to save without sacrificing your happiness and missing out on valuable time and activities with loved ones. In this article by Andrew Comstock, a study on time and money revealed that most people value time more than money. With this in mind, he talks about how you can use money to buy back your time and increase your happiness:
Let’s say you make $50 per hour. In that case, anything that costs less than $50 per hour might be worth paying for if it means you get an hour of your valuable time back.
Not sure where to apply this information? Think about services like hiring a housecleaner. Cleaning the house is a time-consuming undertaking, especially if you have kids.
[…] Hiring a housecleaner typically costs between $25 and $35 an hour. In this case, since you value your time at $50 per hour, this might be a worthwhile spend.
Read more here.
High performers are often pulled in many directions by their employers, putting them at higher risk for burnout. They are often chosen for the most difficult projects, work as mentors in group work while compensating for lower performing team members, and are asked to help on many smaller projects outside of their roles. They also tend to say yes to additional work, even when their plates are already full. In this article, Matt Plummer offers three strategies that will help you to support your high performing employees and prevent them from burning out.
Read the full article here.
In this McKinsey podcast, Simon London interviews the co-authors of Go Long: Why Long-Term Thinking is Your Best Short-Term Strategy, Mike Useem and Rodney Zemmel. Useem and Zemmel discuss how CEOs are placed under tremendous pressure to achieve short term results and how some CEOs are resisting these pressures and focusing on long term success instead.
To listen to the full podcast (or read the transcript) click here.
Thank you for reading all the way!
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