Die With Zero: Getting All You Can From Your Money and Your Life
by Bill Perkins
“That was when I realized that you retire on your memories. When you’re too frail to do much of anything else, you can still look back on the life you’ve lived and experience immense pride, joy, and the bittersweet feeling of nostalgia.”
“But remember that your goal isn’t to maximize wealth but rather to maximize experiences. That’s a big turnabout for most people.”
As a book nerd, there are few things better than coming across a book that finds me at just the right time and at just the right place. Books like this speak to me specifically because of where I am in life or what I am going through. Die With Zero is one of those books. I needed to hear its message and allow it to change my perspective. The title says it all: the point, according to Bill Perkins, is to die with zero. Now, it must be said that this book does not espouse unbridled hedonism. Nor does it suggest we live only for the present without regard for tomorrow. Rather, the book is about having experiences. Specifically, it is about not waiting to have experiences. If you wait until the time is “just right,” you may never achieve those events, moments, and memories. There is a balance, of course. Saving is good and necessary but why hold onto wealth while waiting for tomorrow to enjoy it?
As I mentioned, I needed to hear this message at the point I did. I have an overwhelming desire to save. My spending habits may not always reflect it, but I continually fret and worry about having enough money for retirement. Although I contribute to my retirement account regularly, I was (and still am) concerned about accounting for all contingencies. I want to ensure I can live the life I want well into my golden years – the classic vision of retirement. I would finally do everything I put on hold because of my job and raising a family. I could travel, play golf, explore new hobbies, and travel some more. Most importantly, however, I really enjoy physical activities. I like to spend my free time backpacking, climbing, and bike riding. Then I started thinking, can I maintain my current fitness level? What if my health does not continue after retirement? What if I cannot physically do the things I want to do? There are no guarantees and I will have missed the opportunity forever. When considering waiting to do something in the future, I ask myself whether such an experience would be better now, or in 15 or 20 years? Knowing I won’t be in the same physical shape as I am now, the answer is obvious: what can I do to prioritize this now? Sometimes, due to my responsibilities (and finances), I cannot do something. But sometimes I can. The main difference is that my default position is no longer to automatically wait until the kids are out of the house and I’ve retired with a comfortable nest egg. As a result, I’ve begun doing more of these activities now. Let’s face it, a multi-day backpacking trip into the Rocky Mountains is more enjoyable in my forties than in my sixties (or seventies). Plus, I’ll have the memories for longer.
Die with Zero isn’t limited to bucket list items and physical activities. There is also the question of one’s legacy. Along with so many others, I want to leave behind something for my kids and their kids...as little as it may be. But should I really wait until I die? If I pass away at 90, my nest egg (or what is left of it) will go to my sixty-year-old children. They will be starting their own retirement and will have already built wealth of their own. What actual impact will that inheritance have on their lives when they are sixty? Instead, I imagine the good even a few thousand dollars will have in their twenties or thirties. Why wait?
The best illustration of the Perkins’ argument was a story he told about a trip to St. Barts on his 45th birthday. He invited his family and closest friends. The twist is that he paid for everyone’s trip. For everything. It was a memorable and fulfilling experience surrounded by his closest friends and family. Even though it cost a lot, to him, it was worth every penny. Perkins sums this up perfectly when he says “at the end of my life, I am convinced my joy will come from my memories – and that trip to St. Barts will be right near the top of the list….or I could have not splurged on that lavish party when I was 45. Instead, I could have celebrated my birthday by just looking at my monthly investment savings and IRA statements. But what kind of memory would that be?” I should mention that this is my exact vision of what heaven will be: hanging out with those closest to us, having fun conversations and simply enjoying each other’s company. I can’t think of a better way to spend my money than a week in “heaven” that I’ll remember for the rest of my life. We may not have the money to fly all our friends to the Caribbean, but the larger point remains, don’t delay great experiences and seek to maximize memories with family and friends.
Years ago, my parents, in their early sixties, took their bucket list trip to Alaska. This was a trip they’d talked about and dreamed about for decades. It was a seven-week road trip from Illinois to Alaska. They took the Alaska Marine Highway, visited Denali, small Alaskan villages, as well as a lengthy drive along the Alaska-Canadian Highway. Before the trip, I remembered how they hemmed and hawed about doing it. The timing, they reasoned, just wasn’t right. Then some close friends passed away, and they finally decided to do it. Their health was still good and they had the means. As it turns out, about a year later, their income slowed and my mother’s health started to decline. Had they not taken the plunge at that moment, I doubt they ever would have. To this day, they still talk fondly about that trip. The joy and memories it brought them will last the rest of their lives. Even so, they still wish they did it sooner.
I don’t want to wait. I am examining my goals and questioning my procrastination. Why am I putting things off? Am I waiting for retirement? For the time to be “just right?” I’m not getting younger and nothing in my future is guaranteed, so now is a good a time as ever to search destinations on a travel site and book a trip somewhere interesting...right after I take my daughters to breakfast and make some memories at their favorite park.
There is never a better time than the present.