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Hello everyone. I’m Mike Matthews and this is Muscle for Life. Thank you for joining me today for an episode of Book Club, a new episode in my ongoing episode series where I talk about a book I recently read that I liked and why I liked it and who else I think will like it. If you maybe one of those people who will like it.
And I’m going to share 10 of my favorite takeaways from the book, which will help you get an idea of at least some of the core. Fundamental concepts in the book. If you don’t like any of the takeaways, you probably won’t like the book. If you like a lot of takeout, you’ll probably like the book, and so today’s featured book is Die With Zero by Bill Perkins, which I really enjoyed.
It really resonated with me, probably because it was kind of the right book at the right time for me, and it challenged me to think differently about my priorities in my life. And my assumptions about what those priorities will be in the near future. And it challenged some of my assumptions about wealth and net worth and saving versus investing, especially in the context of time like period of life and health and energy levels that accompany the different periods of our lives.
I am 39 years old and in good health and have good energy. Even if I do everything right, it would be naïve to assume that I will have more or less the same health and energy at 80 as I do. NOW. And so anyway, to talk a bit more about the book, one of the reasons I wanted to recommend this book is that no matter how much money they have, many successful and financially responsible people spend a lot of time figure out how to get more money with the ultimate goal of getting as much money as possible in their lifetime.
And most mainstream financial advice sings from the same hymn sheet. The formula is quite simple. If you can spend a few decades maximizing your income, living well below your means, saving aggressively, investing prudently, eventually, in the future, in your golden years, you can retire as a multi-millionaire, though you’re probably not going to have a clue what to do with all your free time, and eventually hopefully later than sooner.
You can die rich, and that’s a prescription that a lot of people follow. I mean, I followed or at least accepted it to some degree. I recommended it in the book, The Millionaire Next Door, which I always recommend as a book. I, I think he has good financial advice, but. The overall plan presented in this book and others like it is similar to what I have just shared.
Now in Die With Zero, Bill Perkins offers another perspective. It offers compelling counterpoints to some of these traditional doctrines. Wealth, which, according to Perkins, should be seen simply as a means to an end, which would be a life well lived rather than an end in itself. And while everyone can probably benefit to some degree from reading this book, I think it has the most to offer people who have succeeded or will succeed.
Financial success, substantial financial success because if these people have or will have the resources to have many rich life experiences, they will often postpone or forgo most of these opportunities, or at least many of these opportunities to enrich their lives . because they are going to be too busy getting richer, or they have become too reluctant to spend money that could otherwise be used.
To become richer. And spending doesn’t necessarily just mean conspicuous consumption. Think of it like using money on anything you want to use. It could be philanthropy, it could help your family. There is no need to buy gas and trinkets. And for some examples of those compelling counterpoints, let’s move on to my top 10 takeaways.
So the first is to start thinking actively about what life experiences you would like to have and how many times you would like to have them. Experiences can be big or small, free or expensive, charitable or hedonistic, but think about what you really want out of this life in terms of meaningful and memorable experiences.
Second, getting the most out of your money over your lifetime requires that, as another economist put it, wealth falls to zero on the date of death. In other words, if you know when you’re going to die, you have to die with zero because if you don’t, you’re not getting the most use out of your money.
And what about the very real possibility that you don’t know when you will die? Modigliani, an economist, has a simple answer to this to be sure, but still avoid leaving money unnecessarily behind. Just think about the maximum age at which. Anyone can live. So a rational person in Modigliani View will spread their wealth over all the years up to the oldest age they could live.
And just a quick note there, Perkins talks a bit more about that last point and I think argues convincingly that you should spend your money more aggressively. Earlier in your life, when you have the health and energy to do many of the things you want to do, because inevitably, as you get older and your health and energy decline, you won’t be able to spend your money almost as much aggressively because you just won’t be able to do many things that you could do now or in the near or maybe even distant future if you’re very young.
But whatever. Coming to the third takeaway quote, there is a perfect time in everyone’s life when they can most enjoy the fruits of their wealth. The problem is that people continue to save well beyond this optimal rating of 0.4. You should focus on maximizing your enjoyment of life rather than maximizing your wealth.
These are two very different goals. Money is only a means to an end. Having money helps you achieve the most important goal of enjoying your life. But trying to maximize the money actually prevents you from achieving the most important goal of five quotes. The purpose of money is to have experiences, and one of those experiences for your children is spending time with you.
Therefore, if you earn money but have no experience with your children, you are in fact depriving yourself and your children. Six quotes. Your ability to enjoy many of life’s experiences depends on your health, but money also plays a role because many activities cost money, so it’s best to spend the money when you’re still healthy.
Seven quotes, the true golden years, the period of maximum potential enjoyment because we have the most health and wealth usually come before the traditional retirement age of 65. And those truly golden years are the years when we should do most of our spending, without delaying gratification.
Eight. If you have kids, consider your own version of the movie Helum. So he shares a little story about watching this Helum movie with his daughter when she was young and how much he loved doing it. I think every year they would watch it, and then one day his daughter wouldn’t watch it anymore.
She grew up with it and it made her a little sad. This experience would never happen again. So he tells you or he asks you to think about your own version of the movie He Lump. What experience do you want to have more of with your children in the next year or two before this phase of their life and your life?
Is more than nine. Because of this eventual finality of all passing phases of life, you can only delay certain experiences so long before the window of opportunity on those experiences closes forever. Quote #10, you should find that special time in your life when your net worth is the highest it will ever be.
I call this point your peak net worth, or simply your peak. Why should there be a peak? Why Can’t Your Net Worth Keep Growing First? Remember that from my point of view, your primary objective is to maximize your lifelong fulfillment, to convert your life energy into as many experience points as possible.
And he talks about what he means by experience points, but just think of experiences rated by. Points, it could be arbitrary on a scale of zero to 100, zero to 1000, whatever. And uh, uh, 100 out of 100 would be the best possible experience you could have. Zero out of 100. The absolute worst.
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Well, I hope you enjoyed this episode. I hope you found it useful, and if you subscribed to the show because. This ensures that you don’t miss any new episodes, and it also helps me because it raises the ranking of the show a bit, which of course then makes it a bit easier to find by other people who might find it. love just as much as you.
What if you didn’t like something about this episode or the show in general, or if you liked it. Um, ideas or suggestions or just comments to share. Email me, mike muscle for life.com, muscle for life.com and let me know what I could do better or just, uh, what you guys think maybe what you’d like me to do in the future.
I read it all myself. I’m always looking for new ideas and constructive feedback. So thank you again for listening to this episode, and I hope to hear from you soon.
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