You Can Have Anything You Want, But Not Everything. Choosing Between Boots or Bruce.

"You can have anything you want, but not everything you want." I remember the first time my dad told me this.

I was a high school senior, working as a teller at the Bank of Highwood. My parents covered my essentials but anything extra was my responsibility.

I was a very frugal kid, but I was faced with an agonizing decision. There was an amazing pair of Frye boots I had my eye on. And Bruce Springsteen was coming to town.

Each had a big price tag. Maybe I could afford both, but I would be left with precious little in my savings account.

I talked it over with my dad. Well, maybe I talked while he listened.

"How can I not buy those boots? How can I not see the Boss? But what about college next year? I'll need some money for extras. But those boots! Four of my friends are going to the concert. I will miss all the fun. What if the boots sell out? What if Bruce doesn't come back to Chicago for years? What should I do?"

When I finally ran out steam, my dad said, "It’s up to you. You can have anything you want, but you can't have everything you want."

At that moment I realized: there would always be another pair of boots, but seeing Bruce in concert with my friends would be priceless.

The concert was amazing. The memories have lasted me a lifetime. Did I mention he opened with Born to Run?  My dad’s advice was spot on. I knew I made the right decision.  

This special phrase has impacted me, my children and my clients for many years since the concert.  When deciding how to spend my own money, I think about his words. Looking back at some of my big purchases, I realize that I do spend money on experiences more often than on material items.

When my kids want to purchase a new game or jewelry, I often hear them mumble my dad’s words while making the decision.  

As a financial advisor, I often discuss my dad’s philosophy with clients, especially when preparing financial plans that have difficult spending decisions. Recently a client called to discuss a major purchase and quoted my dad back to me: “I know I can have anything I want, but not everything, and this is what I really want.”

How about you? How do you make decisions like this today? If you need some help, just think of my dad's advice!

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