One morning, in the summer of 1994 (the pre-internet days), I woke up well before dawn and walked the six blocks to my neighborhood record store (though it sold more CDs than records). It was the closest place to buy Rolling Stones concert tickets when they went on sale at 8 a.m.
I told my then-fiancée, now my wife, that even though the tickets were going to be very expensive, this was likely the last time the Rolling Stones would tour.
Thirty years later, they’re still at it. In fact, despite many of them being octogenarians, Mick, Keith and the boys have a new album coming out next month. Last week, they released their first single.
And it rocks.
It made me think about how these guys are doing their golden years right.
Of course, having millions of dollars in royalties coming in every year helps and playing football stadiums filled with people can put a little extra change in your pocket. But even without a worldwide tour, we can all take some lessons from the Stones about our later years.
Lesson No. 1: Watch Your Costs
The Stones were never the “trash your hotel room” type. That costs money. And Mick Jagger is notorious for keeping an eye on the band’s costs. He was partially schooled at the London School of Economics before dropping out to pursue music full time. His parents must’ve been thrilled. And Jagger has been known to personally negotiate with concert promoters.
As we get older, many things – not just concert tickets – start to cost more. Healthcare is a particular drag on seniors’ net worth. It is estimated that the average 65-year-old couple will spend $315,000 on healthcare in their lifetime. For some tips on how to reduce your healthcare costs, check out my article here.
If you don’t have a budget, consider making one. I’m never the guy to say don’t enjoy your half-caff, double-whip latte, but there may be places where spending is redundant.
Do you have more than one TV streaming service? If so, consider whittling it down. If there is something you want to watch on another service, finish watching your show on the first service, cancel it and switch to the other service.
Cable TV is also expensive. There are plenty of cheaper plans from YouTube TV, Hulu and others. And who doesn’t want to stick it to the cable company?
Lesson No. 2: Do What You Love
There’s a meme going around showing a vibrant 80-year-old Mick Jagger and a frozen 81-year-old Mitch McConnell.
The caption is usually something like this:
Mick Jagger turned 80 recently. Mitch McConnell is 81. Don’t believe the lies about how healthy living is going to keep you young and vibrant. The secret, apparently, is drugs, sex, rock ‘n’ roll and staying up all night.
I’m not going to tell you not to eat more fiber and get your rest. And let’s be clear… Mick hasn’t smoked in decades, clearly watches what he eats and exercises – a lot.
But writing and playing music is a collaborative process that keeps his mind engaged, forces him to be creative, brings a lot of joy and provides a sense of purpose.
Whatever activities you enjoy, keep at them, strive to get better and do them with other people.
Investing can be one of those activities if you like spending time on it. It forces you to digest new information. Plus, there are communities, like The Oxford Club, that you can join to interact and share ideas with like-minded people.
Lesson No. 3: Get Out of Your Comfort Zone
When you’re a rock ‘n’ roll god, it can be tough to go out in public. For years, Mick has lamented that he gets swarmed if he steps foot outside his hotel.
However, in recent years, he’s been enjoying the cities where the band is playing. He posts photos of being out and about and often goes unnoticed, like when he had a beer by himself at this bar in Charlotte, North Carolina.
Whether being out of your comfort zone means traveling, taking a different route to the store, volunteering, trying a different hobby or meeting new people, these experiences make your life richer, help your mind continue to stay sharp and often lead to great stories.
You should do that in your investing life as well. Learning about new ideas will save you money, help you make more money and help you avoid mistakes. Bonds are a particularly good place to start since they’re conservative and generate income. Most retail investors have little to no bond buying experience.
Wealthy Retirement has plenty of articles on bonds. You can find some of them here.
The more you enjoy life, the better your health will likely be – which should help bring down that $315,000 healthcare cost figure I mentioned earlier.