No One Ever Celebrates They Are Debt Free on Their Death Bed
Being a Toastmasters member, I remember hearing this statement in last year's championship award winning speech. You can find it on YouTube if you are interested in the entire speech but this statement is the focus here:
"No one ever celebrates they are debt free on their death bed..."
You hear all the time about how much you should save and how you can't save enough and how more, more, more is better. Well this would go against every other thing known to man if this was as true as it is claimed by family, friends, media, books, etc. Too much water and you deplete the sodium in your body and get hyponatremia and die. Too much oxygen and you get hypoxia and die. Too much sun and you increase your chances of skin cancer and die. So why would saving too much not be bad?
No one ever celebrates they are debt free on their death bed. The idea is moderation. That is the idea that 99.9999% of people in all aspects of life never understand. They exercise too much to get in shape. They eat too much to build muscle. On diets, they eat too little. In school, they study too much and wind up missing out on social events. In their careers, they work too much and wind up missing on family events. They wind up missing out on what life really is about - living.
The same thing happens when it comes to saving. If you save 100% and don't treat yourself on anything, is it really worth it in the end? Can you honestly say to yourself that you will be excited to have $10,000, $100,000, or $1,000,000+ in savings as you take your last breath? In the end, life isn't about doing one thing all the way to the left or to the right. It is about finding the perfect medium. When it comes to investing and saving, it is about finding that perfect ratio that allows you to live but also allows you to live right through retirement, all the way up to the last second. At that point, if you have $0 in the bank, you may have just lived the perfect life for you.