The Astronaut Savings Account
Inspired by on Lenny's Podcast
Since age 16, Brandon Chu has saved $2,000 a year for a trip to space. He's betting that by 55, the technology will exist. That's some long-term thinking.
When Brandon Chu was a teenager, he calculated that space tourism would cost around half a million dollars by the time he was 55. So he started putting away $2,000 a year into a dedicated investment account. That's nearly 40 years of consistent, patient saving toward a goal that didn't even exist yet.
Most parents want to teach their kids about saving, but we usually focus on near-term goals: save up for that toy, that bike, that game. Brandon's approach is different: save for something that doesn't exist yet. Trust that the world will change. Bet on the future.
What if you helped your kid start saving at age 6 for something they'll want at 25? They don't know what it is yet. Neither do you. But the habit of putting something away for a future self - that's the lesson. The specific goal almost doesn't matter.
The best goals are the ones you grow into. Start saving before you know what for.
PM Theme: Long-term vision / delayed gratification
Parenting Theme: Teaching long-term thinking and saving
“Even since I was 16, I've been saving 2,000 dollars a year in a separate account that I just invest into the market, because I calculated that it would cost half a million dollars by the time I was 55, and I think it's going to actually work out timing-wise, because it's like the cost is coming close.”Brandon Chu · 00:03:40
