This month’s article is an assortment of reflections on time and money in mid-life. I hope you will pause to think about changing perspectives in your own life. Enjoy!
Allocating Precious Resources
Decade birthdays bring our awareness of time and money into a sharper focus. We become more acutely aware of their value in our lives. A shift in perspective happens. A re-prioritizing happens. We begin to ask ourselves, ”Is this worth my time“ and ”Is this worth my money?“ We are less willing to fritter away either.
We become more selective in how we spend it and whom we spend it on. We make sure we save a little of both for the things that really count in our lives. We want to make sure we are getting a good return on our investment.
Jim and Julie are role models for me in this process. Most important to them are their three children and their children’s families. Their choices in how they budget time and money are reflective of their values. They live on social security and Jim’s pension. It’s a modest sum. They spend their money visiting each of their kids every year and making sure they attend special events like their grandchildren’s graduations. They tell me material things don’t matter to them any more. For them, collecting antiques for their home isn’t what brings them happiness now. What matters is shared memories and fun. They look at money as a vehicle to help them enjoy moments with the ones they love.
How We Spend Time Making Money Matters
How a boomer woman spends time making money in midlife is important to her. She is no longer willing to give time to work that doesn’t feed her soul. Steady paychecks, predictable promotions and annual bonuses alone don’t feed her. The time she spends at work must have meaning. This is a huge contrast to the generation of her depression era parents who were glad to put time into any job that would deliver a reliable paycheck.
Some boomer women are trading high-paying jobs to move into nonprofits or government positions. Some are starting businesses or trying to parlay an individual passion into a way to make a living. Some have shifted from full time work to part time in order to have a more balanced life and to pursue creative passions like painting or photography.
Most experts predict boomers will work longer than their parents, not just for financial necessity but also to prevent boredom. According to a report called, ”The Future of Retirement,“ by HSBC bank, ”Later life is increasingly seen as a time of opportunity and reinvention rather than of rest and relaxation.“ AARP says about 70% of Americans plan to work at least part time during their ”retirement years“ for money as well as a sense of purpose.
Boomer Philanthropy
Experts studying the boomer generation tell us boomers have shifted from the ”ME“ generation to the ”WE“ generation with age. Eventually we all mature! The Corporation for National and Community Service has produced a report that tracks volunteering over a 30 year period. The report shows that boomers are volunteering at sharply higher rates than did previous generations at mid-life.
Boomers want higher skilled volunteer assignments to keep them engaged, such as tutoring, mentoring and board leadership roles. They aren’t envelope stuffers. Boomers want the time they give to an organization to make a difference in the world.
Studies on female boomers in particular state that as boomer women age they have three priorities. One is that women yearn to leave a legacy. Their second priority is civic activism and third is they want to lavish dollars on their favorite causes.
In a recent study of charitable giving, “Boomers” out-donated “Post-Boomers” as a percentage of the respective cohort population in every category. For organizations “that help needy Americans,” 73% of Boomers contributed versus 57% of Post-Boomers. For organizations “that fight diseases,” 69% of Boomers contributed versus 43% of Post-Boomers. For “church or faith-based causes,” 53% of Boomers contributed versus 45% of Post-Boomers.
I am sure that some of the above resonates with you as you explore life from a new perspective. Remember to have fun while on your quest to your dream life!
