I’m 55 with no kids. How should I spend all my money before I die?

I am a child-free (by choice) doctor aged 55. I have substantial property, investment and superannuation assets that could see me comfortably take the option of early retirement from the public hospital system. I choose to work three-quarter time as I remain satisfactorily engaged with clinical care at a reduced obligation. My adult brothers and sisters are well-paid professionals, and the nieces and nephews do not need my inheritance. I’d really like to “spend it all before I die”. Any advice?

I’m assuming the advice you’re seeking here is: how to best spend the money.

Most money advice focuses heavily on spending less – as opposed to spending well. It can be a jarring switch to make. You can go for decades working hard to accumulate wealth, only to finally get there – and not really know what to do with all the money.

There are many factors that influence what any person considers a valuable way to spend money. So, while I can’t tell you exactly what to spend money on, I can share some ideas to consider when thinking about the most meaningful way to spend money for you personally.

Spend to consume

This is where most people spend most of their money. This includes material items (house, car, clothes), and also experiential items (travel, massages, eating out).

In the end, will it matter if you managed to ‘spend it all’ but didn’t love how you lived your life?

There isn’t anything wrong with spending money in this area. Money is an exchange of value. So, if you’re spending money on something, you are getting some value in return.

How much you value that thing, and how well that spending aligns with your core values, is totally subjective. For one person, buying expensive clothes feels like a waste, for another it’s an investment into their appearance, self-image and commitment to slow-fashion.

However, you want to move away from mindless consumption – following a trend, doing it to prove, show, keep up with the Joneses; doing it to fill an emotional void (boredom, anxiety) – and towards being more intentional about what you’re spending on, and why.

So, instead of asking “what should I spend on?” start asking – “what do I value most, and how can I spend money in a way that would help me live in greater alignment with those values?”

Spend to grow

Spending to consume is easy. You spend the money, you get value in return, end of story. Spending to grow takes more active effort and involvement on your side – but at the same time it often also delivers more fulfillment and satisfaction in the longer term.

Here, you’re spending on things that actively help you improve the quality of your life. Maybe you get a personal trainer to fast-track your health goals, or a coach/counsellor to help you change a specific area of your life – relationships, career, mindset etc.

Maybe you have an unfulfilled childhood dream – fly a plane, buy a farm, climb a mountain – whatever it is, you can pay someone to help make your dream a reality.

This is a seriously underestimated category of spending. If you really want to see what’s possible for your life, focus less on spending to consume, and more on spending to grow. Make a list of areas in your life you’d love to see a transformation in, or unfulfilled dreams you gave up on long ago – and start to think about how you can use your money to bring that to life.

Spend to create

For most people, money is a survival resource. It’s a means to an end – a tool to help you achieve retirement from work. However, past that, money is also a creative resource. It’s like painting on a blank canvas – you have an opportunity to decide, with this resource called money, what you want to bring to life.

What causes do you care about? What are your passions? What community projects would you love to get behind? What ideas excite you? Maybe you want to open an animal shelter, support a local art school, or fund a scholarship program.

It doesn’t have to be for a charitable cause – maybe you would like to host an annual family vacation, or fund a dream project like making a film. The only limitation is your imagination.

If this sounds like more work, it absolutely is. But again – this form of spending also promises more fulfillment and satisfaction than consumption alone.

You might have picked up a common theme – it’s not really about the money. In the end, will it matter if you managed to spend it all but didn’t love how you lived your life?

You won’t be wondering whether you spent your money well – you’ll be wondering if you spent your life well. Figure out how you want to spend your life, and the answer for your money will follow.

Paridhi Jain is founder of SkilledSmart, which helps adults learn to manage, save and invest money through financial education courses and classes.

• Advice given in this article is general in nature and not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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