www.msn.com reviewing a book by Dr. Stanley Riggs, called "Build Wealth and Spend It All: Live the Life You Earned". The article, which you can read by clicking here, summarizes Dr. Riggs' philosophy of "a financial plan geared toward spending your money while you are still young enough to enjoy it, so you don't run the risk of dying with some of your money unspent".
This really got me thinking. I tried to recall clients of my own who had actively planned the spending of every last dollar they owned, and I couldn't think of a single one. Certainly I'd met plenty of people over the years who said how convenient it would be to spend your last dollar on your last day, but I cannot recall meeting anyone who actually set up a formal plan for that to happen.
The article goes on to raise some important considerations for those who are thinking about trying to spend everything. The most glaring one, in my view, is that we just don't know how long we'll live. A crystal ball would be very helpful in the retirement planning and estate planning fields, but so far nobody's come up with an accurate one!
Personally, I don't consider it a waste if I have money left over when I pass away. Perhaps I just don't want to take the risk that I'll run out of money. Or perhaps it's because I'm a parent and therefore I have someone who'd be happy to have an inheritance. Even for those who aren't parents, there are worthwhile charitable organizations and scholarships that would ensure any leftover money was not wasted.
Are any of you readers interested in the idea of spending it all before you die? I'd love to hear about it.