What’s the Most Important Bank Account You Have?

What's The Most Important Bank Account You Have

4 tips for creating memorable experiences

During retirement, we draw from our bank account, 401(k)s, IRAs and our savings accounts. But there’s another account we draw from even more – our memory bank. Over the years, I have talked with thousands of clients and retirees and they all tell me the same thing: it is their memories that they wouldn’t trade for all the money in the world. With the summer season just around the corner, now is the perfect time to take a step back and ask yourself, when was the last time you made a deposit into your memory bank?

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The Pay-Off

Unlike stock market equities, real estate, houses and cars, investments in your memory bank don’t fluctuate with the economy or lose value, and no maintenance is required. Memories cannot be taxed, stolen or lost in a lawsuit, and they don’t depreciate over time. In fact, once you make the deposit, memories can be withdrawn and relived over and over again. These withdrawals incur no penalties, no surrender charges, no fees, and withdrawals can be made as early as the next day. In fact, doing so only increases the rate of their return, making them stronger. What other asset can boast these kinds of returns?

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The Investment Advice

Creating memorable experiences doesn’t happen unless you make it happen. Sharing a unique experience has to be planned for. Now that doesn’t mean you have to move mountains or spend thousands, it just means you need to be intentional about it. A twenty minute car ride with your son can be a unique experience if you are both singing at the tops of your lungs to your iPod. But that won’t happen unless you make the commitment. Instead of worrying about work, planning for dinner, or talking on your cell phone, make the decision to give 100 percent of your undivided attention to the person you are with.

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4 Tips To Help You Create More Memorable Experiences

The same kind of care you take with your savings and checking accounts also applies to wise investing in your memory account.

Tip #1: Put good stuff in there. Think about what makes you smile and what makes you feel good when reflecting back on things later.

Tip #2: Do it consistently. Ten minutes every day is better than 10 hours once a month because putting things off using means not doing them. Use the time you have now, even if it’s a small amount of time. You don’t have to wait until you can do the great awesome vacation or the big super party. Do something now with whatever time and resources you have.

Tip #3: Consider the memory banks of those you love, such as your kids, and give them a good start. Your example will teach them how to build a memory bank for themselves. Share stories at the dinner table, talk about your memories of them when they were young and share stories from your own childhood.

Tip #4: Enjoy yourself. Don’t think of this as another chore like eating your vegetables or working out. This is an opportunity for you to really be with the people you love. Give yourself permission to unplug, de-stress and watch your relationships deepen.

Are You Playing The When I Then I Game?

 

Have you created any unique experiences lately? What are some of your favorite memories? Join our RichLife Facebook community and share your stories with us! 

Do you have a question about success with money, your business, or life? You can ask Beau anything by visiting AskBeau.com and sending your question(s) in to RichLife HQ!


About Beau Henderson

Beau Henderson is a financial advisor, author, coach, radio personality, and CEO of RichLife Advisors. He has helped over 3,000 clients to not just improve their relationship with money, but to live the life of their dreams.

1 Comment

  1. jack on April 28, 2015 at 10:37 pm

    This was a very good written article which I have enjoyed sincerely.
    I’m going to kick off right away.
    Thank you very much for this thought provoking article.



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RichLife Advisors, LLC provides investment advisory services through Fiduciary Capital, Inc. Beau Henderson is a licensed life insurance professional in GA, SC, TX, CA, IL, KY, OH, MI, PA, MD, and NY.

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