“Everybody wants to be bodybuilder, but nobody wants to lift no heavy-ass weights.”
I’ve always loved this quote from Ronnie Colman. It cuts right to the heart of the matter.
There are literally tens of thousands of people selling fitness shortcuts—supplements, fad workout programs, fitness machines, “magician’s” tricks, photography tricks, etc. Shortcuts can work in the short-term, some only work in specific cases, but most are scams. At the end of the day, people have to lift those heavy-ass weights to reach that goal.
Even though I love to quote Ronnie on this, I don’t really know anything about bodybuilding. However, I am very interested in a sustainable lifestyle and longevity as it pertains to both fitness and finance.
What fitness and finance have in common is that they take time and dedication, and one big mistake can set you back years
I am not great at boring tasks, and I’ve had to work very hard to achieve the modicum of patience I’ve developed. I see the same tendency in some of my clients. It’s difficult for most people to do boring tasks day in and day out. But these tasks can be absolutely essential to achieving their goals.
We can have great intentions to save money for the future. We save a little money, maybe even invest it. Six months down the road, it doesn’t look like much. Our savings isn’t growing fast enough for us! So, we start thinking, “Maybe a new backpack would be a better use of my money…”
I personally want to save, but I would rather find a shortcut to my goals. I think everyone would. But I’ve learned through work and life that shortcuts rarely work out in the end.
Even winning the lottery, getting a big inheritance, or receiving a large stock grant at work typically don’t translate into financial success—unless you’ve already learned how to handle these windfalls, or you get help from someone who has.
Unfortunately, modern American corporate capitalism has other plans for our dollars
We should buy that “thneed.” (A thneed is a fine something that everyone needs, in case you didn’t know.)
Our economy thrives on spending, so we must be induced to spend. Some people focus on whether private or public spending is better, but the truth is the economy doesn’t care. The economy continues to grow as long as spending happens.
In post-war 1950’s America, the economy had a problem. Men were returning from war, Women were going back into the home, but the corporations (and the shareholders) were suffering declining profits. The marketing world rejoiced with the invention of two new, uniquely American ideas 1) planned obsolescence, and even better, 2) perceived obsolescence.
Planned obsolescence, also called “built to fail,” is a business strategy in which products are designed to fail at the soonest possible time without damaging the reputation of the seller. You need to replace these products more often. If you’ve ever wondered why your parents had the same kitchen appliances your entire childhood but yours need to be replaced every five years, this is why.
Perceived obsolescence is even more insidious. This is the psychological tactic of making a still-functional product seem outdated or undesirable. This creates the desire in consumers to replace these products with newer models. Can you say iPhone?
I see these concepts thriving in our world today
Take bicycles for example. I can ride a 1974 Celeste Green Bianchi 10-speed with a Campy Record groupset faster than my fatbike, my mountain bike, or even my gravel bike—all carbon and made since 2019. So why do I need another bike?
Asked another way, how do they sell me another bike? (Haha! Yes, I know I have a choice!)
To sell more bikes, they paint them in matte earthtones this year, high-gloss neons the next year, and pastels the following year. I don’t talk about it, but when I go out on a ride, I admire those brand new colors. Steve’s bike is sexy, and now my bike seems a little older, a little heavier, a little slower. It’s clear that everyone knows it’s old—those colors are so last year!
Notice the success of these ideas 75 years later. My friends have a euphemism: “N+1.” This is the answer to any number of questions such as “How many bikes do you need?” In this equation, N is the number of bikes you already own. My friends and I delight in the shared pain of the answers. Of course, bikes can be substituted in that question with just about anything—phones, cars, clothes—bikes are just my flavor!
So how can we combat all of this encouragement to spend?
The answer is simple, but obviously not easy:
- Pay yourself first: Save for the important long-term goals before you spend.
- Automate that savings so it happens regularly whether you think about it or not.
Next time you think about decreasing your retirement savings, just remember what Jayson always says, “Everybody wants to be rich, but nobody wants to do no heavy-ass savings!”
And call us if you want to talk about saving up for a new bike—or retirement!
