“Has 2020 changed what matters to you?” ← your answers

Reader,

Some of the responses from yesterday’s email question really surprised me. 

"One of the ways I view money differently is that I now see it as keeping me safe and healthy. I hadn't really made the connection in a practical way before, just theoretically. Because I have savings and also a job that allows me to work from home, I did not have to make the difficult choice of leaving my home and being exposed to the coronavirus in order to keep food on the table."
–Amber

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"Having a better home life. Work and travel is great, but really having a nice place to call home which is both safe and comfortable is more important than ever. Maybe looking into an apartment with a few more rooms."
–Kyle

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"I believe in voting with your dollars, so I took a look at where I allocate my money. I set aside 5% of my annual net income for charitable donations. And I realized that I’ve never once donated to an organization that directly benefits the black community and only the black community. If I say Black Lives Matter, I need to back that up. I immediately researched, identified and donated to two charities run by black leadership that benefit black communities."
–Annie

I asked how 2020 has changed what matters to you — your money, your values. 

A couple more responses from you. These are longer but worth reading:

"I was sick with presumptive COVID for months. While I waited around alone in my tiny NYC apartment to see if the virus was going to kill me or not, I thought a lot about how I would feel about my life if it did. I've spent my entire life checking boxes and planning for a future that I suddenly wasn't sure would happen.

"I did everything 'right' — did great in school, went to a good college, took the high-paying (and confidence-draining) first job, maxed out my retirement accounts and had much more in savings, went to law school and landed at the firm most people only get to dream about. I stressed myself out about having a 50%+ savings rate, took on roommates that didn't always fit with my life, and told myself it'd all be worth it when I could retire early and then live the life I wanted. COVID made me realize I may never get that life. George Floyd's death made me realize most people never even have an opportunity to dream of that life.

"Now, I've committed myself to re-tooling my budget to make my current life easier and more enjoyable and to reflect the fact that I'm privileged beyond my wildest dreams and can have a much bigger impact on others' lives through investing in my values."
–Elizabeth

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"In addition to those events you mentioned, I also lost my father during this pandemic. The last time I saw him in person was last year when I decided to just spend the money and go home. I’m glad I did.

"Prior to that, I’d been so focused on saving and investing and avoiding debt that I thought paying for plane tickets was a waste of money. So I would wait until I had the time to make the 10-hour drive. Which, of course, was never going to present itself. 

"But this year and all of its craziness has shown me that I was right to spend that money. And I’ll be right to spend that money again. 

"I’m thankful to have invested so much into personal development and personal finance so that I could be prepared for situations like the one we’re all currently experiencing. I’m also reminded by all of this that the Rich Life concept is real and it’s personal. I plan to save even more into my emergency fund but also to turn up the Experiences Money Dial because I never want to say 'I could have but didn't want to spend the money.'"
–D'Angelo

Thank you to everyone who shared. You can read more responses on Instagram.

Here’s what’s changed for me in 2020.

Some smaller, practical things:

• My family does a family Zoom call every weekend where we get to catch up together. I like it! We never did this before.

• No more waiting for tomorrow. My wife and I wrote out our bucket lists, the list of things we want to do in our lives. Quarantine has reminded us that if we want to do something, we should make it a priority and make it happen. If you want to see an elderly grandparent, don’t wait. If you want to travel somewhere, set a date and make it happen. 

• I understand the appeal of having more space. I’m not ready to own a house yet, but I can see why people like a house. When Cass and I rented a house in New York, we took walks, watched the animals in our backyard, and cooked more. Are we about to turn into the Pioneer Couple??

I’ve also been thinking a lot about what a Rich Life means to me now, in light of everything that's happened. 

In my early 20s, a Rich Life was being able to order an appetizer or a round of drinks for friends without worrying about the price. As I became more financially successful, my definition expanded — to be able to travel, to buy my time back, to be generous. 

When coronavirus first happened, I used my money to move fast. Using money can provide security in emergencies. It felt good to be able to use money for the things that mattered: The IWT team, our customers, people who needed food.

A Rich Life includes freedom and flexibility. Yes, that includes the freedom to take a long vacation or to buy something on a whim...but it also includes the freedom to help protect myself and my family from unexpected threats like coronavirus. How would you define freedom? How have you used your money in this time?

In 2019, a friend challenged me to give away 1% of my net worth. He was hosting an event on political fundraising for a small group. Here’s what he said:

“Looking back 50 years from now, what will you say you did at this moment? What will you tell your kids? Will you be proud?

“Consider donating 1% of your net worth. Every one of you knows you’ll make that back in a few months from the market. If you want to make a change, back it up with your money.”

Why haven’t I put the same energy into this as other parts of my life? It’s one thing to believe in something, but another to show it, to back it up with time and money, and to make it a regular part of my week. I know what it takes to do this! Years ago, I wanted to change my body, so I built an entire system around my food and fitness. I integrated it into my calendar, my spending, my life. 

But I haven’t done the same for the things that matter to me: education, voting rights, equality. I would send the occasional donation, but beyond that...not much. That changes now.

It’s time to integrate these values into my life. I want to integrate politics, voting, equality, and education into my life. My wife and I are looking up organizations we want to support. I’ve been reading and learning. I’m sharing what I learn on Instagram.

Tomorrow, I'll talk about what it means to build a Rich Life.

But I want to start by listening. 

6 months ago, if you’d asked me, “Do you believe in equality?” of course I would’ve said yes. But if you asked, "What have you done in the past week to support it?" I wouldn’t have had a good answer.

Same thing for you — whether your Rich Life is about freedom, flexibility, safety, or travel.

When it comes to achieving your Rich Life, it can be easy to get stuck in dream mode, thinking about "someday," while staying stuck in the day-to-day challenges. 

Today, I'd like to hear one thing you could do to move toward your Rich Life in the new year.

And what's the biggest obstacle between you and your Rich Life today?

Reply to this email. I read every one.