Which one do you do, boy?
Today we'll be exploring a concept that lies at the heart of personal finance: do you live in the present or in the future?
I suspect everyone is somewhere on the line that rnns from live exclusively in the present to live exclusively in the future, but very few people are at the very ends of the scale (and they probably find it hard to function in society).
People that live in the present focus on their current needs and desire.
Those that live in the future focus on planning and preparing for later needs and desires.
Taken to extremes, both of these are harmful. Live too much now, and your future self will suffer from your current lack of preparation. Put off living too long, and you won't know how to enjoy yourself of be in any position to do so.
This video is a really fun example of how important self-control and the ability to delay gratification can be:
I'm probably guilty of the opposite: I spend too much time making plans and thinking about the future. Lots of people in the personal finance sphere seem to be the same.
My main resolution for this year is to change things up a bit and have more fun day to day.
Of course, being present and having fun doesn't have to mean spending more. It can even mean spending less, if you apply the concept of mindfulness. What makes you happy?
For me, spending time outside with loved ones makes me happy, but I don't do it very often.
A balance of living now and living later is one of the keys to a happy and secure life. If you're doing too much of one at the moment take a minute and figure out how to balance things out.
How about you? Do you live in the present or live in the future?