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When it comes to managing wealth over many years, I have come to realize that its true value extends well beyond money. Building a nest egg to support a desired lifestyle in retirement is a common and worthwhile goal but the problem is that the habits we rely on to get there often end up standing in the way of finally enjoying it.

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Time is by far your most valuable currency, and its importance sharpens with age, especially as it seems to accelerate. I wrote about this before in a piece titled, If life gets shorter, like a roll of toilet paper, why do we work so long? It sounds flippant, but the point is quite serious. The closer you get to the end, the more aware you become of just how finite your time really is.

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A friend of mine, one of the coolest institutional investment professionals I have ever known, sent me a note after unexpectedly retiring. I had asked him why he pulled the rip cord so abruptly.

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“Sorry I jumped without saying goodbye. At this stage of my life, time is worth more than money. There are three phases of retirement: Go Go, Go Slow and No Go. I didn’t want to cut into the first phase anymore.

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“I’ve been busy. Gaspé snowmobiling, cat skiing in Kazakhstan, an 8,000-kilometre motorcycle ride from London to The Gambia through the Sahara Desert, hitchhiking to Guinea Bissau then Cape Verde, Belfast. I’m leaving this morning to ride offroad from Mexico to Utah. Next year I plan to cycle from Beijing to Istanbul.”

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There is something honest and raw in that decision. My friend recognized that delaying any longer meant trading away his most valuable years of freedom and he actually took a risk and did something about it.

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The challenge for most people is that we get comfortable, and comfort is often the enemy of progress. This does not mean you need to cross deserts on a motorcycle, but it does raise reasonable questions: Why not push yourself to actually enjoy the fruits of your labour? Why not start allocating your time differently once you have built the financial foundation to do so? Waiting until “Go Slow” almost guarantees you will run into “No Go” sooner than expected. There will always be reasons to maintain the status quo, but that usually comes at the cost of deferring what matters most.

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For younger people earlier in their careers, this perspective can feel completely out of reach, especially given the rising cost of living and worsening affordability crisis. Yet the idea is not to abandon discipline but to rethink how you measure return on your time and your money.

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I recently encouraged a younger colleague in the investment business to share his own experience. Instead of chasing expensive vacations, he had been more intentional and directed with how he spends his time. He posted this on LinkedIn:

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“Yesterday, I spent an entire afternoon building a sandbox for my 1 year old and 4 year old. Three hundred dollars. Hours of assembly. Back pain. Sand everywhere. And it might be one of the best investments I have ever made.

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“As I sat there with my kids, music playing, Chocolate by The 1975 on repeat, perfect weather, something shifted. I was transported back to a family vacation two years ago. My daughter and I on a beach in Mexico with no agenda, no deadlines, just presence. I felt that same feeling again, right there in my backyard. I have not felt that way in a long time.