“It’s my birthday today!”, Mrs. G was her jovial self, and I could tell there was a life lesson to follow. You know when you get that sense that a lesson worth tucking away is coming; this was one of those days. “I’m turning 70 today, we’ve been working together for a few years, and it feels like I know you well enough to share something I’ve been thinking about lately. It is not about my money I have invested with you, but it is about something that is worth even more. I thought I’d better share this with you because we might have only twelve meetings like this left.” Mrs. G would come in for her annual review about the same time every year. It was a meeting full of laughs, tears, wisdom and respect; intrigued, I asked “why only twelve of these meetings, what do you mean?”

“This is going to sound very blunt, but I’ve been doing some research and the average life expectancy is about 82; I am 70 so if I am average, we only have 12 of these annual meetings left before I die. Your most valuable asset is not money or gold or your house, it IS time, and don’t you ever forget it” she said shaking her finger at me like a teacher or parent would do. “That means maybe we have one of two market cycles remaining so let’s make sure everything is all set up properly but there are some other time related things we need to talk about. I am nearly forty years older than you so with some luck, you have the benefit of time that I don’t. You know another thing I’ve learned…if we look at our investments as long term holdings, it really doesn’t matter to the penny, what I pay for a company. Not that price doesn’t matter but look at some of my holdings…with the dividends and capital gains over such a long timeframe, it doesn’t really matter if I paid fifty cents or even a dollar more. The returns over time make the few cents people think about when they buy kind of irrelevant. It’s kind of like dropping dimes to pick up pennies, know what I mean?”

“And another thing…” the finger wagged again. “Just because you are younger doesn’t mean you should take time for granted. My husband is a doctor and has found some very interesting data regarding time and aging. What you do in your thirties in terms of physical activity and taking good care of your mental health has a profound effect on how well you do in your forties and fifties. What you do in your fifties sets you up for what happens in your sixties and seventies etc. So, making good use of your time now will make your later years even better. I’m giving you homework. Think about what you want your life to look like in ten years and ask yourself what do I need to do right now to move a step closer to those aspirations ten years from now. This holds true for all aspects of your life; relationships with your kids, parents, your investments, your physical and mental health; what should you be doing now to set yourself up for success?” But she wasn’t done there; “Another thing”, the finger wagged again, “think back to what you were doing ten years ago, knowing what you know now, what would you change that might have made your life better today? This is another part of your homework and when you figure this part out, share it with someone younger than you. You see, all that you learn and the wisdom you accumulate ain’t no darn good if you don’t share it.”

“Speaking of time, I need to go catch my bus, but I will visit again soon and we can discuss your homework.” Reflecting on that meeting twenty six years later she was absolutely right.

To be continued……..