Trade Your Money for Memories
Die with Zero: Getting All You Can from Your Money and Your Life is a book by financial advisor and retirement expert Bill Perkins. The book presents a unique approach to retirement planning, focusing not just on how to save and invest your money, but how to use it to live a fulfilling and adventurous life.
The basic premise of Die with Zero is that we should aim to use our money to create experiences and memories that will enrich our lives, rather than simply accumulating wealth for its own sake. Perkins argues that many people focus too much on saving for the future, and don't take enough time to enjoy the present. He suggests that we should aim to "die with zero" – not in the sense of leaving nothing behind, but in the sense of using up all of our financial resources to create a life full of meaningful experiences. In the end, all we have are our memories.
Perkins suggests that instead of waiting to gift money to children or to a charity, people should give monetary gifts or inheritances during their lifetimes. Most children could benefit from the money when they're younger versus older and more established in their careers. Charities can always benefit from donations, and the sooner, the better. People need help now, so give the money as soon as possible.
One of the key concepts of Die with Zero is the "bucketing" approach to life planning. This involves dividing your life into time segments and determining which life experiences you want to have in which "bucket" of time. Due to the aging process, it's not always going to be possible to hike Machu Pichu or ski the Alps. There are some experiences which should be had sooner than later. Make sure to plan for those - and allocate money for those experiences before it's too late to have them.
In conclusion, Die with Zero is a thought-provoking book that challenges traditional retirement planning approaches and encourages us to think differently about our money and our lives. By focusing on using our money to create experiences and memories that will bring us joy and fulfillment, rather than simply accumulating wealth, we can ensure that we are living life to the fullest.