Looking for a New Kim?
I read an article yesterday about a homing pigeon named “New Kim.” Apparently in Belgium, there is very competitive market for purchasing prize pigeons at auction. As explained in the New York Times, “In this sport, which dates back to at least the 1800s, homing pigeons are acclimated in a shared loft before being taken hundreds of miles away and released; the winner is the first to return.” New Kim, a two year old female pigeon, was apparently quite good at her job because two Chinese bidders engaged in a bidding war over her at the auction, and the winner paid $1.9M. For a pigeon. And then compared her to a Picasso. As a financial advisor, I found myself starting to calculate how much impact $1.9M could have had on this buyer’s retirement plan. Then two things occurred to me:
If you can afford $1.9M for a pigeon, you’re probably not too worried about retirement.
Sometimes we want what we want.
Have you ever wanted something just because you wanted it? With no reason or logical justification?
When I was in my 20’s, I wanted a Rolex watch. At that time, I was a recently-divorced new mom. My business was in its early years and not profitable. I was living in a modest apartment. The last thing I needed was an over-priced, materialistic wristwatch. Nevertheless, I wanted it. And I wanted it so much that I made it my mission to work extra hours and save money religiously for six months. I sacrificed other things to make sure I could afford to buy it. And I did. To this day, I’m proud of that silly watch and what it still symbolizes for me. But at the time, no one would have understood why I wanted it.
Sometimes we want what we want. And maybe we don’t have to explain or justify it to anyone else.
I have a friend who recently bought a $250k sports car, and I heard people comment quietly, “Do you know how many other useful, practical things he could have done with that money?” This public opinion is completely irrelevant to my friend. The joy and happiness he gets from driving his car every day is worth every penny to him— even if no one else understands.
Some people spend money on collectibles, Lladro figurines, coins, their bee hives, a backyard of alpacas, a big house, numerous advanced degrees, lavish vacations, fine wine— you name it, there is something someone else has and you don’t understand for a second why they would spend money on it. And it doesn’t matter. Because sometimes we simply want what we want.
What gets tricky is when people want something, but don’t move forward with the purchase or the acquisition or the adventure because they are worried what others think. So they deprive themselves of it as a result. Is there something you really want to do, see, purchase or experience— even though you don’t need it?
Perhaps you should go for it! What’s holding you back? Are you worried what others will say? Why does that matter? Did you consider that others might actually admire you for having the guts to do it?
Disclaimer: I’m a financial advisor. I am not suggesting you cash in your 401k for a Ferrari. However, I am a big proponent of having a dream, making a plan, and going for it. Even if no one else understands your dream.
In a weird year, with so much that’s had to be sacrificed and postponed, what if you gave yourself the gift of that-thing-you’ve-always-wanted? Need some encouragement? Looking to identify your own version of a “New Kim?” Call me.
