Business Book Review: Die with Zero by Bill Perkins

Die with Zero challenges everything you’ve ever been told in traditional financial advice. Because the book isn’t just about money, it’s about living life. 

My Rating: ★★★★★
Length: 240 pages
Publisher: HarperCollins US 
Released: 2020

Key Takeaways for Personal Branding

Die with Zero goes against the grain of most traditional personal finance books. Many cover saving, spending, investing and retiring. Perkins discusses these in the context of the most important part - living. 

Perkins' provocative perspective will have you viewing your financial plans in new light. 

Die with Zero

Die with Zero proposes that you focus on maximising your life enjoyment, rather than your wealth. The goal is to have your money as close to zero as possible when you die, and focus on having experiences while you can.

Numerous studies show that humans derive more enjoyment from experiences than from material things. And experiences earn what Perkins describes as ‘memories dividends’:

“Experiences yield dividends because we humans have memory. We don’t start every day with a blank brain, like characters in so many sci-fi movies. We wake up every morning preloaded with a bunch of memories that we can access at any time—mainly to get around and navigate the world.”

While still being responsible, Perkins is challenging you to avoid over-saving and under-living.  

What about the kids?

The natural inclination for many is: “But, what about the kids?” The belief is that the Die with Zero philosophy is the ultimate act of selfishness. To this, Perkins responds that if you cared about your kids as much as you say, you wouldn’t wait until some random date for your children to benefit from your wealth. And of course, what they want more than anything is experiences with you. 

According to the Federal Reserve Board, “inheritance receipt” peaks at around 60. Waiting until you die to spread your wealth also invites what Perkins calls the three Rs: 

• Random amounts of money

• At a random time 

• To random people

As you don’t know exactly when you’ll die, you can’t predict any of the above circumstances. Waiting until you die to spend your wealth, therefore, leaves too much to chance. 

In the meantime, those you want to spend it on are also ageing, and the utility of the money decreases for them. As their age increases, their responsibilities grow and their health declines. Perkins proposes the ideal age, therefore, to give to your children is between 26-35. 

Die with Zero is not just about spending all your money on maximising your life. But rather, sharing it with people or organisations you care about sooner rather than later:

“Give money to your children or charity when it has the most impact.” 

Philanthropist and founder of Duty Free Shoppers Group, Chuck Feeney, calls it “giving while living”. Feeney has given away the majority of his multibillion-dollar fortune. 

Time-buckets

Perkins’ ‘Time Buckets’ help you divide what you’d like your life to look like into intervals of five or ten years. Each forms a time bucket. It’s a proactive way to plan your life experiences. 

Favourite Quotes

“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?”

“Too many people delay gratification for too long, or indefinitely. They put off what they want to do until it’s too late, saving money for experiences they will never enjoy.”

“Your life is the sum of your experiences. This just means that everything you do in life—all the daily, weekly, monthly, annual, and once-in-a-lifetime experiences you have—adds up to who you are.”

“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.”

“People avoid the subject of death; they behave as if it’s never coming, and too many don’t plan for it.”

“Start thinking more about how you use your limited time, your life energy, and you’ll be well on your way to living the fullest life you possibly can.”

“Nothing has a greater effect on your ability to enjoy experiences—at any age—than your health.”

Perkins adds a voice like no other to the personal finance market. He makes money personal. Because your life is the sum of your experiences. Die with Zero reminds you to remember to have them before it’s too late. 

Die with Zero by Bill Perkins:  Available on Amazon.