- Deepak Shenoy advises money should be spent after securing basic needs and safety nets
- A client with $2.8M feared spending, living frugally despite ample wealth and paid-off home
- Financial advisor encouraged her to withdraw 4.3% annually, improving her quality of life
Ace investor Deepak Shenoy on Wednesday shared a critical piece of financial advice, emphasising that money exists to be spent. The founder of Capitalmind Financial Services has outlined the impact of hoarding cash instead of building the right spending habit.
"You don't get a prize for dying with the most money," he said on X, suggesting that once basic needs and safety nets were secured, people should use their wealth to enjoy life.
The last line has it
You dont get a prize for dying with the most money.
Money's only reason to exist is to be spent. So when you have what you need just go on and spend it. https://t.co/oWqUoFPBPFNovember 25, 2025AdvertisementHis comments drew from another X post made by an investment advisor, who shared the story of a client who lived in constant fear of spending her wealth.
"Client walks in….. 68 years old. $2.8M net worth. The house is paid off. Worth $950K. She's living on $38K a year from Social Security. Tell me how that makes sense. She brings coupons to restaurants. Buys the cheapest everything," retirement planner Kurt Supe shared on X.
The client insisted to Supe that she was saving her wealth for emergencies, which he flagged as a problem, noting that emergencies cannot cost $2.8 million.
AdvertisementThe adviser noted that she had not visited her grandkids in Phoenix for two years because she was wary of spending money. She told Supe her parents had taught her never to touch the principal, but he noted that they likely retired with a pension and passed away at the age of 74. Her situation was not the same.
"We finally got her to take distributions last year. $120K annually from her portfolio. Still only a 4.3% withdrawal rate. Now she's flying to Phoenix quarterly. Took her grandkids to Disney. And stopped agonising over every $12 purchase," Supe added.
He concluded his post, noting that "She spent 3 years being miserable with $2.8M in the bank. You don't get a prize for dying with the most money."
AdvertisementSupe's post with 3.5 million views has resonated with many people who are on their wealth creation journey. Echoing similar sentiments, Shenoy also reiterated that money exists to be spent.
"Money's only reason to exist is to be spent. So, when you have what you need, just go on and spend it," the CEO advised his followers.
Agreeing with him, an X user shared his own philosophy: "The middle class always says, 'Money is not everything'. I'd say once you become financially independent, you get absolute clarity that 'money is not the ONLY thing'."
"Having $4 million rather than $6 million when you are 65 means nothing. You wish you'd created memories," another user said.
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