Psychologist Amos Tversky once said: “You waste years by not being able to waste hours.” His quote was part of a broader conversation he was having about doing good research, but I think you can apply the sentiment to retirement as well. Your ideal life doesn’t just happen. It takes a bit of work. Because of that, we procrastinate and, by default, end up choosing long-term dissatisfaction over short-term effort or discomfort. In short, we waste years instead of hours.
Some examples? Not taking the time to figure out what you really want out of life and making sure you’re on a path that is taking you there. Not having an uncomfortable conversation to end a toxic relationship. Not getting that knee replacement surgery your doctor said you need. Not creating that detailed financial plan with your adviser. Not leaving a job you hate for one you enjoy. Not starting that new hobby because it will take time to learn and being a beginner is embarrassing. Not getting on the same page with your spouse regarding retirement plans.
In each of those situations, you could endure some short-term pain in exchange for long-term gain. In the investment world, we call that asymmetric upside. Big potential profit. Small potential loss.
Sometimes all that’s required is 20 seconds of bravery. Sometimes it requires a bit of experimentation or iteration. Sometimes it requires spending a few hours/days/weeks thinking and planning. Whatever the short-term cost, pay it. Don’t waste years of your life because you’re unwilling to “waste” a few hours setting your course.
Be Intentional,
Joe