#642 - Bill Perkins - Why You Should Spend All Of Your Money Before You Die
Jun 17, 2023
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Bill Perkins, a hedge fund manager, poker player, and author of "Die With Zero," discusses the philosophy of maximizing life experiences through spending. He argues that accumulating wealth can lead to regret and encourages listeners to focus on 'memory dividends' through meaningful experiences. Bill shares insights on consuming at the right time, the dangers of extreme saving, and the importance of balancing ambition with personal connections. Embracing mortality motivates us to make fulfilling choices and enjoy life to the fullest.
Maximizing positive life experiences means using your resources to create fulfilling moments.
Investing in experiences early in life allows you to take advantage of the memory dividend.
Consumption smoothing involves aligning your spending with different phases of life.
The philosophy of aiming to die with zero prioritizes experiences over excessive accumulation of wealth.
Deep dives
Maximizing positive life experiences
Maximizing positive life experiences means using your resources, such as money and time, to create fulfilling and memorable moments. Delaying gratification to the extreme leads to no gratification, so it's important to make the most of life experiences.
Investing in experiences early
Investing in experiences early in life allows you to take advantage of the memory dividend, where the memories and stories associated with those experiences provide ongoing fulfillment. It's important to prioritize and enjoy experiences in the present, rather than constantly delaying them for the future.
Consumption smoothing
Consumption smoothing involves balancing your spending and enjoyment of money throughout your life. It's about understanding that different phases of life have different priorities and experiences, and aligning your spending accordingly. It's important to avoid delaying experiences for a future that may not align with your current trajectory.
Aim to die with zero
The philosophy of aiming to die with zero means utilizing the money and resources you earn to create meaningful and fulfilling experiences throughout your life. Rather than hoarding money and delaying gratification, the focus is on using money as a tool for living a fulfilling life and prioritizing experiences over excessive accumulation of wealth.
Living Life with Intention
The speaker encourages listeners to live their lives with intention and purpose, rather than on autopilot, in order to fully optimize their experiences and maximize fulfillment.
Prioritizing Seasons of Life
The speaker emphasizes the importance of recognizing and prioritizing different seasons of life, from being single to starting a family, and making choices that align with the unique circumstances of each season.
Maximizing Impact of Inheritance
The speaker challenges the idea of delaying inheritance until death, suggesting that giving money to children earlier in life can have a greater impact on their fulfillment and experiences.
Taking Risks Early
The speaker encourages individuals to take big risks early in life when they have more freedom and fewer obligations, in order to pursue fulfilling experiences and adventures.
Bill Perkins is a hedge fund manager, high stakes poker player, film producer and an author.
What if the true path to financial fulfilment doesn’t lie in saving every penny, but rather in spending it as effectively as you can? Delayed gratification in the extreme results in no gratification, and Bill's book Die With Zero is one of the best financial philosophies I've ever come across.
Expect to learn how to maximise your existence for positive life experiences, why you should give your kids their inheritance when they're 30, the most common errors people make about money, why it’s so hard for some of us to spend, the brilliant concept of ‘consumption smoothing’, what Sigmamode grindset-ers are getting wrong about work-life balance, how to plan your life in terms of seasons and much more...
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