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Die with Zero
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Die with ZeroThis book has stuck with me. I had Bill Perkins on the Podcast to talk about his book, Die with Zero, and it resonated oddly. Two basic premises of Bill’s concepts are you will:
As a Guider, you’re onside with Rule #1 for sure. We’re focused on self-improvement, both personal and professional growth, which necessarily leads to increased earnings capacity. But, Bill’s suggestion that we should spend our future earnings now is contrary to many of us in the financial independence community until we start to think deeply about it. For example, my friend Brad Barrett, who runs the world’s Largest Financial Independence Community, took Bill’s concepts to heart and booked some fantastic vacations with his daughters that he’d have never considered a few years ago. Let me walk you through some of the concepts from Die with Zero that will resonate with you: Invest in ExperiencesYour life is a sum of your experiences. When you look back on your life, your experiences will determine whether you feel like you’ve lived a full life. Invest in experiences as early as possible and borrow from your future self to do it. This jumped out at me. The idea of borrowing from Future Clint to enjoy Current Clint seemed like such a foreign concept. But, it’s so accurate. I make a lot more money today than I did at 20. Instead of traveling the world in my 20s, I didn’t start until my late 30s. The amount of money I saved not doing that in my 20s was immaterial to my current net worth. Memory DividendsWhen you invest in experiences, you create memory dividends. You get the pleasure of the experience in the moment, And, you form memories you can enjoy for years to come. Memory dividends are so powerful, social media companies make billions on them. So true. My time with my boys. Traveling the world with my wife. There are few memories and no THINGS I appreciate or remember more. Consumption SmoothingThe Financial Literacy community tells you to start saving and investing early in your career. This ignores two facts – your:
Consider enjoying your money today and investing later. Consumption smoothing is how we do that. We smooth our experiences over our life, borrowing from our future for our present. As long as you keep learning, progressing and growing, the financial aspects will care for themselves. Time BucketsWe all die. As we age, our health will decline. There will be a Last Time you can do certain activities based on your health. Draw a timeline of your life from now until you’re 80. Determine what key experiences you want to experience in each age bracket along the way. Invest your time and money in pursuing those activities while you can still pursue them and put off what can be done later in life. Flows of Time, Money and HealthThere are three basics you need to get the most out of life:
Your health is more valuable than your money and time is the only resource that’s truly scarce. Invest your money to buy health and time. This may be revolutionary to some of us, but not the wealthy. They realize the most valuable asset available to them is their time and health. After all, you can always make more money. You can’t make more time… But, you can Buy Back Your Time. Peak UtilityThe peak utility of money occurs between 26 and 35. These are the formative years for young people – when you’re starting a family or purchasing a home. Your ability to enjoy money declines as your health diminishes over time. Spend your money accordingly and if you have kids, give them money earlier, while they can still benefit from it. The Last Check Should BounceIf you’ve gifted your children, And you’ve given to the charities you love, Then, the rest of your money is yours to be used. Make a plan to have the last check you write bounce by optimizing every dollar you have available! What Resonated for You? How might you change your behaviors? I can tell you I will invest in my time with my wife and kids and travel the world while I can still enjoy it.
TGG PodcastThis week on the Growth Guide Podcast, we talked to Paul Millerd, an independent writer, freelancer, coach, and digital creator. Paul joined us today to talk about his book: The Pathless Path: Imagining a New Story for Work and Life. In life, you’re taught to walk a default path. In the US, there’s an upper-middle-class dream people aim for:
To achieve this dream, you:
Paul talks about embracing a pathless path. This book is ideal for anyone:
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