Bill Perkins
Book Review
Die With Zero
Asset Decumulation
BOOK REVIEW - BILL PERKINS - DIE WITH ZERO - NYT BESTSELLER
Bill Perkins Book "Die With Zero - Getting All You Can from Your Money and Your Life" is a provocative bestseller on retirement finances. Bill Perkins challenges the conventional wisdom of endless saving and delayed gratification for a mythical distant retirement. Current finance culture may be obsessed with wealth accumulation - in terms of retirement portfolios, retirement income or financial independence. Perkins stands out by urging readers - subject to their financial situation - to prioritize asset decumulation; to enjoy life experiences; and to spend, donate or bequeath their money purposefully while they are still healthy enough to enjoy it.
BILL PERKINS BOOK AND OTHERS ON ASSET DECUMULATION STRATEGIES & TIME WEALTH
Bill Perkins - Die With Zero - Getting All You Can From Your Money And Your Life
Clementine Prints - Workbook For Die With Zero - An Interactive And Actionable Guide to Bill Perkins Book
Sahil Bloom - The 5 Types of Wealth - A Transformative Guide to Design Your Dream Life
Andrew Wilkinson - Never Enough - From Barista to Billionaire
Andrew Hallam - Balance - How to Invest and Spend for Happiness, Health, and Wealth
Morgan Housel - Psychology of Money - Timeless Lessons on Wealth Greed and Happiness
Morgan Housel - Same as Ever - A Guide to What Never Changes
Robert Sapolsky - Why Zebras Do Not Get Ulcers - The Acclaimed Guide to Stress Related Diseases and Coping
Hector Garcia - Ikigai - The Japanese Secret to a Long and Happy Life
Joe Dominguez - Vicki Robin - Your Money or Your Life - Transforming Your Relationship With Money and Achieving Financial Independence
“Start actively thinking about the life experiences you’d like to have, and the number of times you’d like to have them. The experiences can be large or small, free or costly, charitable or hedonistic. But think about what you really want out of this life in terms of meaningful and memorable experiences.””
KEY TAKEAWAYS – FOCUS ON PROACTIVE EXPERIENCES, NOT MAXIMUM FINANCIAL INDEPENDENCE
Life is the Sum of Your Experiences, Not Your Net Worth
Perkins challenges conventional culture on personal finance life phases. Many people overemphasize hard work and delayed gratification - to amass a large sum of money for distant retirement. The book emphasizes that life should be about accumulating rich experiences, not just money. He argues that when we look back on our lives, it's the quality and variety of our experiences that will determine our sense of fulfillment. Instead, it suggests that we should focus on converting our money into experiences that bring us joy and meaning. Perkins introduces the idea of "experience points" to quantify the value of experiences.
Aim to Die With Zero, Not With a Mountain of Untouched Savings
The book's core concept is the idea of dying with zero assets after bequeaths. This is intended as a mindset to live a full life rather than as a literal goal. Perkins explains that money represents the hours of life we spend earning it, so saving excessively means sacrificing valuable time that could have been spent on enjoyable experiences. The book suggests using tools like life expectancy calculators to estimate how long you will live, and then plan to spend accordingly. It's about balancing enjoying life experiences while you're young and healthy with ensuring you have enough for your later years. Perkins acknowledges that some people are afraid of running out of money, but stresses the importance of proactive asset decumulation rather than needless incremental wealth accumulation.
Time Bucketing and Knowing Your Peak
Perkins introduces the idea of "time buckets," dividing your life into intervals to plan for different experiences. This strategy is intended to help you be deliberate in choosing what experiences you want at different times of your life. The book also talks about finding your "net worth peak," the time when your net worth will be at its highest, and then spending down your money from there to maximize enjoyment. This method of thinking about your finances involves a shift from a traditional mindset of accumulating wealth to focusing on the optimal use of your life energy at various stages of life.
OTHER THEMES – OTHER CONCEPTS THAT CHALLENGE CONVENTIONAL VIEW OF FINANCIAL INDEPENDENCE
The Net Worth Peak
The book introduces the concept of a point in life when net worth is at its highest. The author emphasizes that this point is tied to biological age, not a specific dollar amount, and encourages readers to begin spending their savings at this point to avoid wasted life energy.
Don't Live Your Life on Autopilot
Perkins argues against passively going through life, emphasizing the importance of making deliberate choices. He uses the "latte factor" as an example of how small, thoughtless expenses can add up, and encourages readers to examine their spending habits and make intentional choices with their life energy.
Giving to Children
Perkins argues that if you intend to leave money to your children, do it while you’re still alive and able to see the impact. He notes examples of inheritance beneficiaries in late careers or retired. He argues that giving piecemeal bequeaths to your children when they are early professionals may have the greatest positive impact on their lives.
“You can certainly leave money to the people and causes you care about. But the truth is that those people and causes would be better off getting your wealth sooner rather than later. Why wait until after you die?”
PERSPECTIVE OF BILL PERKINS - AUTHOR DIE WITH ZERO
Perkins is not a certified financial planner. He is a successful energy trader who made his fortune on Wall Street. His background as a trader informs his approach to life and money as things that are meant to be used to their full potential. Perkins’ personal experiences with friends and colleagues who wasted their life energy on accumulating wealth motivated him to write this book. He also describes the process of creating an app to optimize these ideas. Perkins’ approach is shaped by his desire to live life to the fullest, and his book reflects his belief that most people underutilize their resources and the time they have available.
STRENGTHS – THOUGHT-PROVOKING, ACTIONABLE CONCEPTS ON ASSET DECUMULATION STRATEGIES AND TIME WEALTH
Originality
Bill Perkins book offers a fresh perspective on personal finance, contrasting with traditional approaches that often prioritize saving above all else. Its central message, to "die with zero," is a unique and thought-provoking concept that challenges conventional wisdom.
Accessibility
The writing style is conversational, engaging, and easy to understand, making complex financial concepts accessible to a broad audience. Perkins uses relatable stories and analogies to make his points clear.
Practical Advice
The book is filled with actionable advice and concrete strategies. The "time bucketing" exercise and the concept of identifying a "peak" net worth, provide practical tools for readers to start planning and living more deliberately.
Focus on Life Fulfillment
"Die With Zero" focuses on overall life satisfaction rather than just financial gains. The book emphasizes that the goal is to maximize enjoyment and experiences, not just wealth.
Use of Research
The book incorporates relevant research from economics and psychology to support its claims. This blend of personal anecdotes and academic backing adds credibility to the author's arguments.
WEAKNESSES – INTELLECTUAL CONCEPTS RATHER THAN CHECKLIST ACTIONS
Idealistic
The concept of dying with zero may seem unrealistic and difficult to achieve for many people. The book acknowledges that it’s an impossible goal to hit exactly, but some readers may find the idea too far-fetched or impractical. The author notes that this book may not be as helpful to those who are struggling to make ends meet.
Potential for Oversimplification
While the book does a good job of explaining complex concepts simply, it sometimes runs the risk of oversimplifying. The author's personal approach might be seen as a one-size-fits-all solution to a complex and nuanced problem.
Reliance on an App
The book references an app that is designed to help optimize the "die with zero" approach, which may be seen as a way to promote the app. The book argues that the app is not necessary for getting more out of life, however, some readers may see it as a central element to the book's plan.
“Death wakes people up, and the closer it gets, the more awake and aware we become. When the end is near, we suddenly start thinking, What the hell am I doing? Why did I wait this long? Until then, most of us go through life as if we had all the time in the world.”
WHO SHOULD READ BILL PERKINS BOOK DIE WITH ZERO?
Over-savers
Those who are so focused on saving for the future that they are sacrificing present enjoyment. The book encourages them to re-evaluate their financial priorities and make a plan to spend.
Young Professionals
Those who are in their early career and are just starting to plan their financial futures. The book encourages them to start investing in experiences early, before they decline in health and vitality.
Mid-Career Individuals
Those who feel like they're working on autopilot and want to live more intentionally. The book provides them with tools to help examine their life and financial choices.
Anyone Planning for Retirement
Readers who want to re-evaluate how and when they start using their savings.
Readers of Personal Finance and Self-Help
Anyone interested in new ideas for using their resources to get the most out of life, and to avoid potential regrets.
WHAT ARE OTHER RECENT NYT BESTSELLERS ON RELATED TOPICS?
Bill Perkins - Die With Zero - Getting All You Can From Your Money And Your Life
Joe Dominguez - Vicki Robin - Your Money or Your Life - Transforming Your Relationship With Money and Achieving Financial Independence
Ezra Klein - Derek Thompson - Abundance
James Clear - Atomic Habit - An Easy & Proven Way to Build Good Habits & Break Bad Ones
Chris Crowley - Henry Lodge - Younger Next Year - Live Strong, Fit, and Sexy - Until You're 80 and Beyond
Peter Attia - Bill Gifford - Outlive - The Science and Art of Longevity
WHAT MAKES THIS DIFFERENT TO OTHER BESTSELLER BOOKS ON FINANCIAL INDEPENDENCE OR TIME WEALTH?
The uniqueness of Bill Perkins book "Die With Zero" lies in its bold proposition to spend all of one's money before death, rather than amassing wealth as a primary goal. This focus on spending as a key element of a successful life distinguishes it from more traditional financial advice. The book places an emphasis on experiences and quality of life, instead of financial metrics of success. "Die With Zero" stands out for its blend of thought-provoking ideas, practical guidance, and accessible writing style.
CONCLUSION – BILL PERKINS BOOK – DIE WITH ZERO – ASSET DECUMULATION STRATEGIES – TIME WEALTH
Bill Perkins book "Die With Zero" is a provocative and insightful book that offers a compelling alternative to conventional financial wisdom. Its focus on asset decumulation strategies and time wealth is a call to action. It urges readers to be more intentional about how they spend their life energy and to prioritize experiences over the mere accumulation of wealth. While the goal of dying with zero might seem impractical, the concept serves as a powerful framework for rethinking our relationship with money, and encourages readers to live more fully and deliberately. It's a valuable read for anyone who wants to get more out of their money and their life.
FREQUENTLY ASKED QUESTIONS
How can I be sure I won't run out of money if I spend it all before I die?
The book acknowledges that dying with exactly zero is impossible. Instead, it advocates for using tools like life expectancy calculators and considering annuities to estimate how long you might live and plan your spending accordingly. The goal isn't to literally hit zero assets, but rather to avoid underspending and wasting life energy on accumulating money you'll never use. It is important to consider your personal risk tolerance for outliving your resources, and how much of a cushion you will need.
What about my kids? Shouldn't I leave them an inheritance?
The author argues that giving to your children while you are alive is more impactful than leaving a bequest after you die. This approach allows you to see the positive effects of your generosity and also ensures your children receive the money when they can benefit from it most. The book emphasizes that your true legacy consists of the experiences and lessons you share with them, not just financial assets.
How do I know when to prioritize spending over saving and vice versa?
The book introduces the concept of "time bucketing" to help you plan for experiences across your lifespan. It also advises you to think about your "net worth peak", the time when your savings are at their highest, after which you should begin to spend more aggressively. The book suggests that you should factor in your health, as health issues often reduce your ability to enjoy experiences as you age. Additionally, the book points to a new app as a tool for determining your optimal balance between earning and spending, considering multiple variables.
ABOUT THE AUTHOR
Called the "Last Cowboy" of hedge funds by the Wall Street Journal, Perkins is considered one of the most successful energy traders in history. He's reported to have generated more than $1 billion for his previous firm during a five year period. After studying electrical engineering at the University of Iowa, Bill trained on Wall Street and later moved to Houston, TX where he made a fortune as an energy trader.
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