Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 123

More than money

“Time is more valuable than money. You can get more money, but you cannot get more time.”

Jim Rohn, American entrepreneur and author

As we age, the value of time becomes more significant to us. What are you doing with your time? Are you spending your life well? Waking up in the morning feeling as though you can’t wait to get going into the day is energising, renewing and brings out the best. The mantra in our business is, “Do what you love and love what you do.”

We don’t need to peak in Adulthood

It doesn’t stop there, though, because most Elders (over 55’s) want to have purpose as a key part of loving what they do. Beyond the youthful days of just having fun they want to make a positive contribution as well. In fact, Ben Horowitz of VC firm Andreessen Horowitz says, “… Don’t follow your passion”, advising instead to find the thing you’re great at. This can be tricky.

If we do something that lacks purpose and conviction that has no spirit, gusto or depth, then it’s compromising our selves, whatever money is earned. Under certain circumstances we may choose compromise for a limited time, to help someone out for instance. But to live without commitment and purpose undermines our potential and dignity. Especially over 55.

Elderhood is the last of three major chunks of life – the first is Childhood followed by Adulthood. Each of these chunks has its own cycles, challenges, developmental tasks and mythology. Some of these myths and beliefs are right out of date.

The old cultural belief about lifespan isn’t relevant anymore. It needs updating. Most of us believe that Adulthood predominates in life and is the time that we reach our peak. That was the pattern for hundreds of years but life has changed. (It is only 100 years ago that the average life expectancy was 47 years; today we are just halfway at 47.)

It is not a case of doubling the length of Adulthood, because as we age our physiology changes. We are no longer equipped with the same stamina or motivators. Instead it’s a matter of redefining the life stage that comes after the adult years.

Life in three chunks

Following Adulthood is the vital life-stage of Elderhood with its own distinctive challenges, tasks and purpose. Elderhood builds on and exceeds the previous life stages.

Because it is the last major life stage, when we enter it we are paying attention to time and to our life. This is a great advantage.

During Elderhood we have the time, opportunity and relative freedom to do what we love and find what we’re great at now. Childhood is spent learning, exploring and being socialized into the culture. In Adulthood we make our way as contemporary warriors and providers, most of us caught in traps of consumerism to some degree, if not by ourselves then by what our children want. By the time we reach Elderhood we are pretty well ready for a more authentic life that expresses our true value.

This is the time to re-discover our core purpose – what lights us up and feels compelling. Yes, our purpose expresses our values and talents plus sets a captivating challenge.

For some it may be an audacious goal in the public eye. For others a quiet reflective purpose behind the scenes is ideal – or anything else from wildly disruptive to lyrically synchronized, large or small scale. The spirit soars and you are on a journey, because what we are talking about is vocation.

Vocation

Finding your Elder-vocation takes time, although some people just ‘know’. They have always known but not dared to do it before. Whether you know or need to go on an inner search, being open to opportunity is part of the process. However, (1) opportunity is not the only part. The real source is you. The opportunities in your environment are only resonating with what was already there for you. (2) What you envisage may not exactly match the reality as it unfolds; the reality that eventuates often turns out to be better.

Ralph was an engineer joining the family-owned business as a young graduate. He really wanted to be a counsellor but was under pressure to conform in the family. Eventually he became Managing Director of the business, which had grown to 360 employees with a revenue of $183 million. He retired at 65, still yearning to work closely with people to help them with life. When Ralph was watching his grandson play a basketball match, the penny dropped. Seeing the way the coach interacted with the boys, Ralph knew he had found his thing. He felt clarity and enormous energy, like his spirit rising. He saw himself coaching disadvantaged boys, teaching them about life through playing the game and giving them a positive human experience that would change their lives. And that is precisely what he did in multiple suburbs and country regions.

The third chunk of life

Elderhood is the last third of life. That is precisely what makes it so rich. Conversely, it is also one of the reasons people try to avoid it and hang on to Adulthood. In Elderhood we are undeniably aware that our time is limited.

The notion of purpose and contribution trumps either making money our goal or serial short-term activities that have no lasting meaning. When these activities don’t resonate and renew, they leave us empty. Just something to do to fill in time.

 

Di Percy is a director of VogelPercy, a corporate mentor and change firm with long experience assisting many of Australia’s top businesses. Their new business arm is Third Chunk of Life, working with over 55’s. See www.thirdchunkoflife.com.

 

  •   20 August 2015
  • 4
  •      
  •   
4 Comments
Morgan Williams
August 23, 2015

Fantastic article Di. The notion that things really get going in terms of a life's purpose during the third stage of life is riveting. The challenge I am stuck with is the ways I can discover that purpose! I am certainly open to the process and hoping it will naturally bubble forth, or do you think there are things I can start doing now that will help?

Di Percy
August 24, 2015

It's such an individual process, all in its own time. Three questions to consider; 1) What do you really love to do, even without being paid? 2) What are you really good at? (or would like to be really good at and are willing to learn?) 3) What is the most important thing for you to experience or contribute before you die in order to feel fulfilled? There are so many distractions, try spending some time alone every day to listen to your answers - time in nature walking or just outside looking at the night sky - all can help restore personal focus on purpose. Then it just bubbles forth.

Robert Holmes
August 26, 2015

Great article. I like to think my life is like the last quarter of a big game (age 66) and I need to make all the right moves, have all my best plays ready and be ready to defend or be really positive. Like football and life you only need one big play that will win you the game.
All the best

Stephen
October 08, 2018

Love it.

I wonder whether the transition to Elderhood is not so much age dependent as it is mindset. My sense of it is that Adulthood is all about the self and those activities that are self-centred (i.e. career, car, house). I have a friend who is old enough to be in Elderhood but is clearly still operating in Adulthood. His vanity prevents him from thinking of a vocation in Elderhood. The anxiety associated with life after Adulthood haunts a lot of people (particularly those of the male gender).

 

Leave a Comment:

RELATED ARTICLES

Showcasing your value in the age of AI shortcuts

Why it’s time to ditch the retirement journey

Ageing in spurts

banner

Most viewed in recent weeks

Are you making these SMSF mistakes?

After four decades advising investors, there are a few common mistakes I've seen SMSF investors make. From holding too much cash and chasing yield to overtrading and trusting tips. Are these errors costing you?

Why have Australian living standards 'fallen' and how do we fix it?

For the last few years there has been much talk of a 'cost-of-living' crisis in Australia and of 'falling living standards'. Lately this has flared up again with the pickup in inflation resulting in a renewed fall in real wages.

Will you run out of money in retirement?

Fear of running out has become a defining retirement anxiety. Why do some retirees die with substantial wealth while others deplete their nest egg? Evidence suggests the answer is more complicated than we think. 

Four options for an income investor’s next dollar

What if Australia’s golden age of dividends is ending? Rather than overhaul your portfolio, it may be worth considering where new capital can work harder. I discuss four income strategies and the trade-offs behind each.

Retirement spending is not one-size-fits-all

New data challenges the idea that Australians are underspending their super. The bigger issue may be helping retirees navigate complexity, make confident decisions and use their savings to support security, wellbeing and choice.

The missing link in the CGT debate

A little-noticed consequence of Labor’s tax changes could have implications well beyond investors’ tax bills. The issue raises bigger questions about incentives, capital allocation and the drivers of long-term economic growth.

Latest Updates

SMSF strategies

Meg on SMSFs: What do we think about reversionary pensions these days?

Reversionary pensions have long been a staple of SMSF estate planning, but are they still the best option? Meg Heffron revisits a once-clear favourite and asks whether changing super rules have shifted the balance.

The ageing ‘crisis’ has not and will not happen

Rising age dependency is frequently treated as a warning sign for economies. But when actual workforce participation is examined, a strikingly different picture emerges about ageing, productivity and economic sustainability.

Retirement

How does the 4% rule stack up?

The 4% rule has long been retirement's gold standard. But after a difficult period for investors, fresh analysis suggests a more conservative approach may significantly improve the chances of making savings last.

Shares

Four charts that expose market concentration risk

Investors have recently been rewarded for backing market leaders, but history suggests this eventually comes at a cost. Now may be the time to review whether your portfolio is carrying unintended risks beneath the surface.

Investment strategies

The case for gearing beyond property

Most Australians gear into property but ignore shares. That may be a mistake. Used carefully, geared equity strategies can enhance long-term returns, reduce cash tied up in growth assets and support retirement income goals.

Economy

Australia's $1 trillion debt pile

The headlines exclaiming that Australian government debt has hit A$1 trillion and US government debt has hit $40 trillion has turned heads, but how serious are they really? Will Australia's mix of debt create challenges?

Economy

Has 100 years of growth made us any happier?

For decades, GDP has been the benchmark for economic success, but has it made us materially happier? If happiness does not rise in lockstep with prosperity, are we overlooking what constitutes a successful society?

Sponsors

Alliances

  • ASA-Logo-RGB-ActiveGreen-web.png

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.