{Verbatim, transcript}.. If you haven't liked my previous 1,008
columns, you will like this one; it's my last.
 
.. Some 26 years after I started my journalism career at a small
newspaper in the Washington {D.C.} suburbs, I have finally de-
cided to take my mother's advice and get a real job.
 
.. Yes, I am leaving the Wall Street Journal.. & indeed, leaving
journalism; which means this is my parting shot. -- That brings
me to an issue that I probably should have addressed in my inau-
gural 1994 column, rather than waiting until now, which is: What
is the reason for all this saving & investing?!
 
.. The short answer is, you save now, so you can spend later. But
what will you spend your money on? People dream of endless leisure
and bountiful possessions.
 
.. Unfortunately, after a few months, endless leisure often seems
like endless tedium. Similarly, you might imagine that a flashy new
car or a fancy new home will be your ticket to eternal bliss. But,
a year after you make your purchase, the thrill will likely be gone,
and you will likely be lusting after something else. My point: The
'rich life' of popular imagination is no 'great shakes.'
 
.. That doesn't mean money can't enhance your life. In fact, I be-
lieve wealth can deliver three key benefits. The good news: If you
are savvy, you can enjoy this trio of benefits, even if you don't
have great wads of cash. A fat portfolio just makes it all a little
easier.
 
THE 3 MAIN ADVANTAGES OF HAVING A MONETARY 'NEST EGG'
 
# 1. If You Have Money, You Don't Have To Worry About It --
 
.. This isn't guaranteed. There are Lots of rich folks who agonize
constantly {and needlessly} about their finances. Still, if you save
diligently, you should reach the point where money worries are
relatively rare.
 
.. This feeling of financial serenity, isn't.. however, only for the
wealthy. If you live beneath your means and invest prudently, you
can achieve a sense of financial control, long before you achieve
full financial independence.
 
.. As I see it, this is yet another reason to follow my favorite invest-
ment strategy, which is to build a globally diversified portfolio of
low-cost index funds. {transcriber's comment: Advice that will 'sail-
right-past' all, but the near "stinkin'-rich"{!}.. including, the below
paragraph}.
.. If you are diversified, you don't have to worry about your wealth
imploding, because of a few disastrous stocks or a single rotten market.
And if you buy index funds, you don't have to worry about badly lag-
ging behind the market averages, because you or your fund-managers
picked the wrong stocks.
 
#2. Money Can Give You The Freedom To Pursue Your Passions
 
.. Ideally, you want to spend your days engaged in activities that
you find absorbing and satisfying, {even if it's 'grevillea' and his
'child-like' and 'mind-numbing,' "football" viewing!}.. plus those
passtimes that you feel you're good at!
 
.. Indeed, the happiest retirees are typically those who have a sense
of purpose; whether it's volunteering for their 'pet' cause, coaching
a children's sports team, helping their church or returning to long-
neglected studies. -- Retirement gives them a chance to pursue their
passions, without worrying about a paycheck.
 
.. But again, you don't need to be financially independent to have a
sense of purpose. If you're young, you can pick a career that is close
to your heart. If you're in your 40s and have been saving for 15 or
20 years, maybe you can afford to switch into a new job, that pays
less but is more fulfilling.
 
#3. Money Can Buy You Time With Friends and Family
 
.. You don't just need a reason to get up in the morning. You also need
someone to come home to at night{!} {comment: A dog?! ..'he-he'}
.. Studies have found that regularly seeing friends and family can pro-
vide a huge boost to happiness. Money helps in this regard, allowing
you to go out to dinner with friends, traveling, to look up old ac-
quaintences, taking your family on a vacation and going to the theater
with your spouse.
.. If you don't need to work, or only work part-time.. that will help
further, giving you more hours to share with the folks you like best.
 
.. But while money makes all this easier, it clearly isn't a necessity.
Disgruntled with your lot in life? My advice: Forget spending more
money at the mall.. and instead, spend more time with friends. Your
bank account may still be skimpy, but your life will be Far richer!