Some researchers asked people of different ages what prevented them from taking a trip. They found that people under age 60 are most constrained by time and money, whereas people 75 and older are most constrained by health problems.

In short, by giving the money to my kids and other people at a time when it can have the greatest impact on their lives, I’m making it their money, not mine. That’s a clear distinction, and I find it liberating: It frees me to spend to the hilt on myself. If I want to spend like mad, I can do it without worrying about the effect on my kids. They

my investment advice in a nutshell: Invest in your life’s experiences—and start early, start early, start early.

So even if you’re earning only $8 an hour, spending that $8 also means spending an hour’s worth of your life energy.

Rule No. 5: Give money to your children or to charity when it has the most impact.

Too weak and fragile to move their body, perhaps needing a feeding tube and a bedpan for some of their most basic functions, the person on their deathbed can’t do much of anything except think back to what they’ve already done in their life. You can give them a private jet to anywhere in the world—but they’re just not going anywhere. Whether

Clearly, the closer you are to death when you start having wonderful experiences, the fewer memory dividends you will have.

Rule No. 2: Start investing in experiences early.

Many psychological studies have shown that spending money on experiences makes us