Nick’s Note: At Palm Beach Research Group, one of our goals is to help you achieve a dignified retirement. That’s why today, we’re turning to longtime PBRG friend Bill Bonner, who wrestles with the question of what to do if you’re retired (or headed there) and short on money.

And be sure to look out for the second part of Bill’s survival guide next Sunday…

By Bill Bonner, chairman, Bonner & Partners

What should you do if you are running out of time and money?

This is the question we get from readers over 50… over 60… and sometimes, over 70.

We baby boomers were famously saying “Na… na… na… Live for today.”

Now, it’s tomorrow. And many of us—often through no fault of our own—are having trouble making ends meet.

In the Diary, we write about the world of money—about economic policy and how it affects us.

But what if, in your world of money, you are running short? What should you do to get more?

Check under the seat cushions? Rob a bank?

What Really Matters

You are 70. You have no money. What do you do?

Sell your body for medical experiments? Invent a new app?

Sophisticated trading systems and expensive investment programs are not a good idea if you fall into this category.

They are for people who have money already. If you have money, want more, and enjoy the thrill and challenge of financial adventure, they can be highly lucrative.

But what if you don’t have money already?

We don’t know anything more than anyone else on the subject. We don’t have any secrets. But after thinking about it, we have some ideas.

This is not advice. This is just what we would do if we were in that situation…

First, we would go back to philosophy—Democritus, Epicurus, Zeno, Seneca, Marcus Aurelius, and Lucretius (not to mention Jesus of Nazareth!).

They argued—albeit in different ways—that what matters in life has little to do with wealth or status. What matters (at least according to Plato’s description) are courage, wisdom, justice, and temperance.

We would add beauty and dignity. And a good wine. And a good cook. But nowhere on the list is a Rolex or a house in Malibu.

The nice thing about Plato’s list… as well as the whole Epicurean/Stoic/ascetic creed… is that it doesn’t cost much!

As many philosophers and religious teachers have said, wealth may get in the way of the things that matter. It may distract you and reduce your real happiness.

You may be better off without it…

A Better Philosophy

We are not ducking the question. We are just putting it in context.

If you want more money, you first have to understand what you want it for… and how it might affect your life.

Our goal is not to “come to terms” with financial misery. Nor is it to submit to poverty—even happily.

Instead, we want to master poverty… to live better.

As Nietzsche put it, we aim to “set to dancing with arms and legs.” And for that, we need context.

Next week—a simpler, better philosophy… and how to use it to get more money!


Bill Bonner
Chairman, Bonner & Partners

Nick’s Note: Are you running out of time and money? What’s your plan to create more wealth this year—and how can we help? Let us know right here


Did you miss Teeka Tiwari’s latest event?

Recently, thousands of readers tuned in to watch him announce his latest venture and give his 2019 crypto forecast.

During the event, Teeka told viewers why he’s still bullish on the industry. If you missed it, be sure to catch up here