Rule 5: Give money to your children or to charity when it has the most impact.
A person’s ability to extract real enjoyment out of the gift declines with their age.
When it comes to giving money to your kids, the optimal time is when they’re between 26 and 35—not too late to make a big impact and not so soon that they might squander the money.
But what about giving money to charity? With charity, there’s no such thing as too soon.
Maximize your life experiences. So spend your money while you’re alive—whether it’s on yourself, your loved ones, or charity.
And beyond that, find the optimal times to spend money.