011. Die with Zero: 5 takeaways from the anti-frugal book
Jul 3, 2023
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Bill Perkin, Author of Die with Zero, joins the podcast as they discuss the book's concepts of retiring early, memory dividends, giving money to children before death, annuities, and optimizing net fulfillment.
Make choices that align with your current situation and desires.
Providing financial support to loved ones earlier in life can have a greater impact in helping them build their lives and create long-lasting memories.
Invest in experiences that create lasting memories, as memories can provide ongoing joy and fulfillment over a lifetime.
Deep dives
Concept of seasons of life
The podcast episode emphasizes the importance of viewing life as distinct seasons, where different priorities and activities align with different stages of life. It encourages individuals to think about the present season and make choices that align with their current situation and desires.
Giving money to heirs earlier in life
The podcast episode explores the idea of giving money to heirs earlier in life rather than waiting until death. This concept suggests that providing financial support to loved ones during their younger, formative years can have a greater impact in helping them build their lives and create long-lasting memories.
Memory dividends
The podcast episode highlights the concept of memory dividends, which refers to the value and enjoyment gained from recalling past experiences. It encourages individuals to invest in experiences that create lasting memories, emphasizing that memories can provide ongoing joy and fulfillment over a lifetime.
Enjoying Life and Letting Go of Frugality
The podcast episode explores the concept of enjoying life and letting go of excessive frugality. The speaker emphasizes the importance of not being miserly with money and finding a balance between saving and spending. They discuss the idea of reaching a point where one has enough saved for retirement and can prioritize enjoying life without fear of running out of money. Specific examples are given, such as the shift from savings mode to spending mode and the psychological effects of indefinitely delayed gratification.
Considerations for Annuities and Insurance
The podcast delves into the topics of annuities and insurance as tools for financial security and peace of mind. The speaker highlights the potential benefits of annuities in providing a fixed income during retirement and alleviating worries about running out of money. They explain that annuities are a broad term and that options like long-term care insurance can be considered. The importance of insurance in mitigating risks and being able to enjoy one's money is emphasized, challenging conventional wisdom around minimal insurance coverage. The intersection of annuities and insurance is explored as potential solutions to concerns about future financial security.
Liz joins this week's podcast and we discuss Bill Perkin’s book Die with Zero. We share our top takeaways and insights from Die with Zero as we talk about validating the decision to early retire, memory dividends, giving your kids money before you die versus waiting for an inheritance, annuities, optimizing for net fulfillment, and more. While we would both recommend this book, it’s for different reasons. Get the full show notes, show references, and more information here: https://insideoutmoney.org/011-die-with-zero-5-takeaways-from-the-anti-frugal-book/
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