Book discussion: Die With Zero by Bill Perkins

[Deleted78083]

I get the argument, but it assumes that the purpose of money is to spend it. I am not sure it is "it". My grandfather worked his whole life and spare every dime to protect his kids should something happen when he'd disappear.

And it's a good thing that he did. If/when I make it into the fastlane, I'd like to do the same.

"Leave your kids enough money so that they can do anything, but not enough so that they do nothing."

 

[Deleted78083]

I have struggled much with the principle outlined in the book saying that you should enjoy your money now instead of keeping it for "later" since you may not have any use for it later.

It relates to the question: should you do now what you want to do that you may not wish/be capable to do later, or should you do what you should do in order to enjoy the rest of your life doing what you want to do?

It relates to taking that backpacking trip when you are young and low on cash, instead of waiting to be rich at 50 but without any willingness to ride motorcycles in Thailand.

As such, the dilemma is the following:

Should you build a fastlane company at 19, retire at 27 and go live the rest of your life, or should you do whatever you want from 19 to 25 and live your "life experiences", then build a fastlane company, retire at 35 and do whatever you want with the rest of your life?

The idea is that the years 19-25 are special (much more special than the years 25-35), you will only live them once and so you should do what you'll only do at that age instead of building a fastlane company, which can be done at any age.

Why spending your youth doing something you could later instead of doing the things you'll only be able to do when you are young?

It's an enjoying the moment VS securing your future kinda question.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JunkBoxJoey_JBJ]

So I just finished the book and I'd give it a B+. The reason is because once you get the gist of it, the rest is pretty much the same. The main points are given in the few half of the book. What I got out of the book mainly is:

When you die with money left over, don't think of the amount as money, but think of how much time it took you to earn that money. Then you will equate money leftover with wasted life energy. When you think about it that way, you will question "why" am I making this money.

Just finished... “B“ would be fair and agree with biophase here. And as I put it to my buddy in a text, the cautionary tale for me was; don‘t spend too much, don’t be too Ramsey and gain better experiences from good memories. That being said, your experiences could be sky-diving ...or having a cup of coffee and being truly present with your grandmother.

PS - being in the over 40 club with @MJ DeMarco and @biophase, the book would have a different impact at 25 as opposed to now. Not that I would change anything ...it’s just perspective to look back and think ‘what would I have thought of this book at 25?’ Until someday you realize... no one lives here forever.

If you are young I would recommend it, highlight some things and go back to this book every few years, that would be an experiment.

If you are older ...read it and get to the plane with your goggles or make that cup of coffee.

 

[Private Witt]

The author Bill Perkins made my roast video of Dan Bilzerian. Cued up right at Perkins part.

View: https://youtu.be/zn6jzzgGu9E?t=96

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[sparechange]

I was just thinking about money looking back on the past, I guess it goes with the title of the book, but money should maybe just be spent on life experiences, stuff that stays with you for the rest of your life like a trip around the world, or fun hobbies.

Perhaps that's really what being a multi millionaire is all about? Looking back on short periods of my life (holy crap it goes by fast) some of the happiest times were with friends doing fun and stupid things.

 

[Kid]

(He spent) Adjusted for inflation in the first decade of the 21st century, that equates to between $500 million and $800 million.

He spent his last years in a small apartment.

Guess who?

Spoiler

Charles M. Schwab - Wikipedia

en.wikipedia.org

 

[Tiago]

Do you guys recommend the paper version or audible?

 

[Fox]

I'm going to reiterate my recommendation for this book.

There are some things I don't expressly agree with it, but that doesn't mean I can't recommend it.

I noticed this book has helped relieve me of some of my own financial handcuffs that I had at 30, that are no longer necessary in in my 50's and the final third of my life. From buying a huge house that basically is a resort, to courtside seats to a basketball game, to spending obscene amounts of money on things that bring value to my life (like first-class plane tickets no matter the cost, or even privately) I no longer exhibit any kind of anxiety for high-dollar things that create convenience and memorable life experience.

I won't die with zero.

But I don't plan on dying having not lived, and having been cursed by strict budgets and Excel spreadsheets.



I'd think either would work.

Any more Lambos or supercars on the horizon?

 

[MJ DeMarco]

I'm driving a lifted 4runner now

Off topic: Is it new? I was looking into 4Runners but it seems Toyota is way behind with technology.

 

[biophase]

Off topic: Is it new? I was looking into 4Runners but it seems Toyota is way behind with technology.

It's a 2018, but it looks the same as a 2023. They haven't updated the model. Yes, it is lacking in alot of areas compared to new cars, but going off-road isn't one of them. And Colorado off roading is the main reason I have one and not a luxury vehicle.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Goodfella999]

Im not yet in this class of people, but interesting topic to think about...

 

[MJ DeMarco]

Me too.

You mean your supercar phase? If so, what are your reasons? Attention? Time cost? Drama?

 

[Happyheart]

Great book, am reading it for the second time now. Provides good insights into how to deal with money differently, and that it is about experiences. I found it very useful.

The important thing will be, to actually achieve it. My uncle saved a million and when he died we fiund that he had participated in courses like „how to transfer your inheritance without taxes“, but… he never did something about it. Just imagine 40% of his hard-earned inheritance went to the IRS and half of the rest to his 2 childless siblings, also in their nineties, wich will make the IRS happy with the same procedure in the future…

 

[biophase]

Me too. I'm driving a lifted 4runner now with big tires and it's amazing how many compliments I get on it by high school kids. Kind of surprising to me.

So today I’m driving in my 4Runner. The passenger in the car next to me rolls down his window and I roll down mine and he says, “nice truck, what’s the retail on one of those?” And of course I answer “More than you can afford pal.”

But then I paused because I didn’t know if I should say Ferrari or Toyota next. And they drove away.