More on this book
Community
Kindle Notes & Highlights
Okay. Remember, we’ve been focusing only on two key components of your time buckets: your physical health and your life’s dreams. We deliberately pushed financial concerns off to the side, because it’s always
too easy to blow off our dreams by simply saying, “Sounds really nice, but let’s face it . . . I can’t afford that.”
Focusing on money distracts from the hard truth that time and ...
This highlight has been truncated due to consecutive passage length restrictions.
So let’s capture all of this in one basic formula for calculating your survival threshold: survival threshold = 0.7 × (cost to live one year) × (years left to live)
If you wait five years to stop saving, your overall health declines by five years, closing the window on certain experiences altogether.
For the ultra-healthy, the real outliers, the peak might be even higher than 60. And, obviously, if someone has an illness that portends early death, then their peak occurs before age 45. But in general, most people hit their peak between the ages of 45 and 60. That’s what our simulations show: For most
Clearly, earnings growth also has a big effect on a person’s peak. Someone with rapid earnings growth hits their peak early. At the other end of the earnings spectrum are people who need to keep adding to their savings into their late sixties, perhaps even later, if they are to have any discretionary experiences after retirement. But again, in general, most people hit their peak between 45 and
Our culture’s focus on work is like a seductive drug. It takes all of your yearning for discovery and wonder and experiences, promising to give you the means (money) to get all those things—but the focus on the work and the money becomes so single-minded
minded and automatic that you forget what you were yearning for in the first place. The poison becomes the medicine—that’s nuts!
you will find that the vast majority of the experiences you want to have will have to
happen within about 20 years of midlife, in
either direction—in other words, roughly bet...
This highlight has been truncated due to consecutive passage length restrictions.
People so often talk about saving for retirement. But there are far fewer conversations about saving for excellent and memorable life experiences that need to happen...
This highlight has been truncated due to consecutive passage length restrictions.
As you go through life, your interests change and new people enter your life, so it’s a good idea to repeat the time-bucketing exercise every now and then, such as every five or ten years.
Many people at midlife have forgotten what used to bring them fulfillment and have been too busy taking care of careers and children to explore new interests, either. As a result, many people
enter retirement with only a vague idea of what they’ll do with all that free time. Or they have some specific ideas—typically trips they want to take—but only for the first year or two. So after a while, they tend to find themselves adrift, feeling aimless and maybe even itching to go back to work, the one place they know they’ll have a built-in sense of purpose, belonging, and accomplishment. In the worst cases, this sense of aimlessness can even lead to anxiety and depression.
Cuban is saying is that he was
facing a situation of asymmetric risk: when the upside of possible success is much greater than the downside of possible failure. When you face asymmetric risk, it makes total sense to be bold, to grab the opportunity at hand.
When you’re young, every risk you take can pay off in a big way if you succeed: Your upside is huge. At the same time, the downside (in other words, what happens when you take the risk and fail) is low, because you have a lot of time to recover.
