SAVING VS. SPENDING: WHAT WOULD YOU RATHER HAVE YOUR HEIRS SAY WHEN YOU DIE?

9/15/13

As regular readers of Mighty Quinn on Politics and Money (“MQPM”) are more than aware, one of my recurring themes is that saving is a virtue that we have long ago abandoned in this country.  Saving money is not only a financial necessity, both for the individual doing the saving and for his or her country, but it is also a mark of character, a manifestation of one’s ability to delay gratification, to be prudent, and to show good judgment.   Conversely, spending money to excess on things one “just has to have” is not only financially debilitating, it is a sign of poor character, immaturity, insecurity, a lack of self-control, and a very unflattering sense of entitlement.

A friend called this morning with a question about an estate for which she is acting as executor.  Another sage observation…if anyone asks you to be an executor of an estate, unless he is willing to pay you a lot of money or if you are the ONLY person who can fulfill that role, run away.   But I digress.   After we finished the conversation, a thought came to me regarding my very strong view on the relative desirability of frugality and financial lasciviousness, to wit…

What would you rather have your heirs say, or think, of you when you die?

“Gee, I didn’t know s/he had this much money,”

or

“Gee, I thought s/he had money.”  ?

Sadly, the answer isn’t obvious to everyone.