Six-Chart Sunday – No Regrets
6 Infographics + 1 Video (Be Curious, Not Judgmental)
Taking a break from politics & policy this week, going big picture. Investing legend Charlie Munger famously quipped: "All I want to know is where I'm going to die so I'll never go there." Shouldn’t the same idea determine how we live our lives? What are you likely to regret later in life? And how can you avoid “going there”?
What We Regret. Everyone’s different, of course. And what we regret changes over time and depends on our life choices. But surveys and analyses consistently show the same general regrets across most ages, incomes & backgrounds.
Loneliness. “The percentage of U.S. adults who report having no close friends has quadrupled to 12% since 1990, while the percentage of those with ten or more close friends has fallen by nearly threefold.” Positive relationships keep us happier, healthier, and help us live longer. How to avoid this regret? Be intentional in engaging others: socially, religiously, professionally or altruistically, and do so in real life vs virtually. Per the great Arthur Books, “Loneliness, like homelessness or poverty, tends to be self-perpetuating... like starting a workout routine after a long sedentary period, you must proactively manage your own environment. Insist on working in person with others; become a hub for physical gatherings of friends… take the initiative in forming plans.” (Recommended reading: Everything by Arthur Brooks).
Infirmity & Illness. As ancient Greek physician Herophilus said: "When health is absent, wisdom cannot reveal itself, strength cannot fight, intelligence cannot be applied, art cannot become manifest, wealth becomes useless." How to avoid this regret? Mind what you eat, drink and put in your body. Exercise “may be the single most potent medical intervention every known,” and you’re never too old to start. (Recommended reading: Derek Thompson’s “Why Exercise is a Wonder Drug”).
Familial Estrangement. “By the time your child turns 18, you've spent ~95% of the time you will ever spend with them in your lifetime.” If you’re 50 and don’t live close, how many more days can you hope to spend with your parents? How to avoid this regret? Mind the Four P’s: Be Present, Persistent, Patient & Proactive. “Great relationships are a paradox: they need consistent dedication and lots of effort, even when it seems like they don’t. It might seem like you can compensate for less family time now with more later, but the truth is damage done early can hardly be repaired in later years.” (Recommended reading: (Sahil Bloom’s “The Five Types of Wealth”).
Financial Insecurity. ~3/4 of Americans say they have financial regrets each year (Bankrate). 51% of Americans lack emergency funds that would cover their expenses for three months in case of sickness, job loss, economic downturn or other emergencies. (Pew). How to avoid this regret? Save more than you spend. Invest early, regularly & prudently. (Recommended reading: Barry Ritholtz’s “How Not to Invest” & Morgan Housel’s “The Psychology of Money”).
Missed Opportunities. Many people regret adventures not taken, foregone travel, prioritizing work over fun, pursuing paychecks over purpose. Admittedly this one is tricky. Because prioritizing fun / adventures / “passion” over “prudent” work / choices can also lead to financial insecurity, poor health or unachievable expectations. How to avoid this regret? The grass is greenest where you water it, and there’s a fine line between bold choices and reckless decisions. For work, Scott Galloway advises to “follow your talent, not your passion… Your mission is to find something you’re good at and apply the thousands of hours of grit and sacrifice necessary to become great at it. As you get there, the feeling of growth and your increasing mastery of your craft, along with the economic rewards, recognition, and camaraderie, will make you passionate about whatever ‘it’ is.” True, that sounds a lot like “if you can’t be with the one you love, love the one you’re with,” but that’s a great song and also good advice. (Recommended reading: Scott Galloway’s “The Algebra of Wealth”).
VIDEO
"Be curious, not judgmental." - Walt Whitman
Great charts today - doubt those facts are ever taught in schools or Universities - thank you .
Interesting, changing my philosophy on 2 items. First, the Charlie Munger quote. I always went by this would be a lot easier if I knew my date of death. Now that I'm older, I'm changing to tell me where I'm going to die so I make sure never to go there. Second, I always felt find something you love doing & you'll never work a day in your life. While I still adhere to that, I like the advice to find something your talented at and become great at it.