Beyond the Bank Balance: Ryan Gomez, CFP® on Valuing Experiences Over Strict Saving

In a recent LinkedIn post, Ryan Gomez, CFP® challenges the conventional wisdom of aggressive saving, arguing that life experiences and personal time are often more valuable than accumulating every last dollar. The financial planner highlights how seemingly small, regular expenses can be justified if they contribute to happiness or efficiency, provided individuals remain on track with their broader financial goals.

Gomez, CFP® uses personal examples to illustrate his point, questioning the strict adherence to saving that might lead individuals to forgo enriching experiences. He writes:

“You should never leave money on the table.”

However, Gomez, CFP® immediately pivots to a more nuanced perspective, acknowledging his own spending habits. He details common expenditures like frequent dining out and past travel, which might appear as financial drains at first glance.

The True Cost of ‘Wasted’ Spending

Gomez, CFP® contends that labeling certain expenses as ‘wasted’ overlooks their intrinsic value. He points out that his $20 lunches, while seemingly adding up, offer a significant return in terms of saved time and convenience.

“Eating out saves me 1-2 hours of cooking & cleanup daily,” Gomez, CFP® explains, underscoring the trade-off between monetary cost and valuable personal time. This perspective suggests that financial decisions should not be viewed solely through a quantitative lens but also through a qualitative one, considering the impact on well-being and lifestyle.

“Never getting a return on that $3k South America backpacking trip.”

While this statement might initially sound like regret, Gomez, CFP® quickly reframes it. The ‘return’ on such trips, he argues, comes in the form of lasting memories and personal growth, which are invaluable.

Experiences as the Real Currency

The core of Gomez, CFP®’s message is that life’s true currency isn’t just money, but experiences and time. He advocates for a balanced approach to personal finance, where spending is aligned with personal values and happiness.

“International travel creates memories I’ll think about for decades,” he notes, emphasizing the long-term psychological benefits of experiences. Similarly, social interactions are presented not as frivolous costs but as investments in crucial relationships.

“Going out with friends/family strengthens relationships that matter most.”

Gomez, CFP®’s advice is conditional: this freedom to spend on happiness and time-saving measures should only be exercised if one is progressing towards their fundamental financial objectives. This pragmatic approach ensures that enjoyment and efficiency don’t come at the expense of long-term security.

Finding Financial Fulfillment

Ultimately, Ryan Gomez, CFP®’s LinkedIn post serves as a reminder that financial planning is deeply personal. While diligent saving is important, it shouldn’t preclude individuals from enjoying life and optimizing their daily routines.

As Gomez, CFP® concludes:

“As long as you’re on track for your financial goals… Spend freely on the things that bring you happiness or free up time.”

This perspective encourages a more holistic view of wealth, recognizing that a rich life involves more than just a robust bank account. It involves investing in oneself, one’s relationships, and one’s experiences.