When Are You Going To Die?
When I first started as a financial planner I would ask those clients aged over 50 to answer the simple question “when are you going to die?” and "how much property, including cash, do you want to have at that time?"
I got some funny answers!
Of course it’s possible to control the expenditure of your money well after you die but an essential determining factor of whether you make an investment or not should have a clearly determined time line.
It’s not simply enough to buy something as an investment without considering a time, if any, for realising the profit from that investment.
Money in essence is a MEANS OF EXCHANGE. It was invented for the prime purpose of exchanging it for goods or services.
Midas has a distressingly large band of followers, even today!