Die With Zero // 8 Amazing Lessons + 2 Okay Ones
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- เผยแพร่เมื่อ 10 มิ.ย. 2024
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Timecodes:
0:00 - Intro
0:41 - Maximize Positive Life Experiences
2:24 - Invest In Experiences Early
3:57 - Try SoFi Checking & Saving
4:29 - Give When You Are Alive
5:13 - Time, Money & Health // The Ultimate Trifecta
6:39 - Trade Money For Better Health & More Time
8:12 - Time Bucket Your Life
9:10 - Know Your Enough
9:59 - Take Big Risks
10:49 - Aim To Die With Zero
13:08 - Use Annuities To Help Die With Zero
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
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Many of the comments below are misunderstanding the book: He's not recommending you be an uncaring parent and leave nothing to your children. He's saying share your wealth with them now, while you're still with them. I think that's a beautiful idea.
Plus, you can give a certain amount (in the USA) as a gift each year and it would not be taxed as income to the recipient, versus if that same amount (or more as a lump sum) was inherited. My ex’s grandfather taught me that decades ago.
Exactly. The book actually has great points on this subject. Most ppl wait to give money to their kids when they are dead and done. By then your kids are in their late 30s, 40s, or 50s and are usually somewhere financially ok at that point. Where if you give them portions of their inheritance earlier, say in their 20s, the ROI of your giving to them is exponential, because that is when they need it most. Help with a car, house, business idea etc when they aren't as financially set in their 20s and early 30s PLUS you are alive to see them enjoy the money you worked for and gave them. Seems like a win win and is what I plan on doing now after I read this book.
How beautiful it is depends on your and your children's particular circumstances, such as your their financial practices, their marriages/spouses, the long-term tax consequences of giving now versus leaving via your estate, state income tax to appreciation in your children's names/states versus your state, cost of probate in your state, etc.
We don’t have kids, so will start giving more to charity now, instead of later.
I appreciate that you can present us with a book or concept, and say "here's what I liked, here's what I didn't, and here's why." It's refreshing to know that we don't have to buy into a book 100% in order for us to glean some value from it, and that we can still think critically about the information being offered to us. Thanks for your fresh perspective!
Somehow his hair is getting even better
The average age of inheritance is somewhere in the 60s. They aren't kids anymore, they are "old people" This hit home for me. I rather give to my children during the phase of life that the money can reach full utility and enjoyment. Also its kinda nice to be there alive to watch the impact rather than dead lol
Love this. I definitely want to be able to bless my kids financially while they can benefit from it. Not after they've struggled unnecessarily while I sat and watched (that's weird)
This book was actually one of those books that led me to take action and change my mind. I don't agree with everything In the book 100% but it has led me to start actually tracking and assigning points to my life experiences and making a goal for reaching a certain amount of "experience points" per year. It also has led me to loosen up with spending and worrying about growing my wealth too much.
Completely agree with your assessment of this book, including your hesitations with a couple of his points. Great job.
Hi Tae! Thank you very much for this video. On the last two points (OK ones) I am 100% on your side. I need my kids to have more than what I had at their age. That is my goal.
Wow Tae, I'm so glad I ran into your channel, thanks so much for all your hard work. Best for you and your beautiful family!
😊
100% with you! Live life to the max, save & invest to the max, die with a legacy! (Not zero) 🙏
Always great video Tae.
This is one of my top 5 personal finance books. I think the takeaways from it are unique and poweful, questuoning the status quo of saving for retirment and how we save/provide generosity throughout our lifetime.
Agree with all your points.
Working in healthcare, I don’t know any sort of algorithm that can predict when you’re going to die. If we have one, please let me know? 😅 That’s a very hard sell. To know when you exactly die and use your money accordingly.
No to annuities too. Also ties up with the fantasy of knowing when you exactly hit the bucket. 😅
Other than that, i think Die with Zero is still a good read. Just to drive in the point that, money is important but not number 1. 😅
As always, great advice
“A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous.”
Thanks for the video, and I 100% agree with YOU, good points.
This channel helps me chose my next books, great video
Loved the video and I agree with you on the points 😊
As someone who could easily end up with too much money, I did get a lot out of the book. It helped me be more comfortable with the idea that at my net worth should be declining over time, and at least one of the charts was helpful to show how that might look.
Without that, I'd probably still be working full time and on track to have millions on my deathbed, instead of coasting with part time work like I am now, with more plans to travel and spend while I'm young and healthy.
I think the book gets recommended a lot by a vocal minority of folks like me with frugal habits and large account balances because the message is pretty unique compared to most personal finance books. But that's also why it's probably not appropriate for most people who aren't going to have millions on their deathbed because they don't have those habits or account balances in their 30s/40s.
I think it's wise to point out that sometimes intentional giving means _not_ giving sooner than later. While your intended beneficiaries might "need" your money sooner than later, they may not be mature enough to handle it yet.
I think paying for part of a kid’s education is a real gift. I would have appreciated given money for food, books, experiences. I am still awed kids have money for spring break.
I'm old school and choose to believe Proverbs 13:2 where it says, "A good man leaves an inheritance to his children's children." Of course this is not always possible and depends greatly on one's circumstances in life . My dad always made a modest salary yet was wise and frugal. In spite of all hardships he had in life, he still left my siblings and I an inheritance. It wasn't huge but knowing the sacrifices he made, it may as well have been a million dollars. ❤
My plan is gifting the kids the annual maximum and make it clear this is still MY money but loaned to you interest free to help them get started with saving and investing. So if I need it one day....I can recall that note gradually over time. Of course TRUST is key here. I have more money than I really need....and want to minimize my estate.
Thank you 😊👍
Great content 👌
Great video, and definitely agree with what you said about the 2 okay ones. Loved the book nevertheless.
Great video as always. I like the idea of traveling young.
Do you have a video on retiring in other countries? Like Colombia or Mexico? Might be a good topic
agree, no annuities
Requested this book from my library 🎉
Another great video! I had heard about annuities but never understood them. You explanation was easy to understand and now it is definitely not something I'm interested in. Also like your outros which tie back to a prior video.
I just finished reading this book and had the same concerns.
Thank you
Great video.
You die once, You live everyday, so I always plan for tomorrow. Thats how i look at it.
My parents certainly believed in helping along the journey and I am grateful. But both my parents and my wife's parents also left and inheritance to the benefit of their children's children. Where possible it's incumbent on the the senior age group of a family to provide a meaningful capital base to the next generations. Our culture is over obsessed with the individual view and not the collective view over time. Very good video.
I laughed at the building lego at 20 years old part. I was a master model builder for lego from 24-28.
Yes Tae. I too would feel comfortable dying with something on the table. Personally, it may be one of leaving your legacy.❤❤
thankyou Tae. Love watching your TH-cam videos here at Port Moresby, PapuaNew Guinea🙏🙏
I love your quotes 😂 they're from the most random sources. Definitely a hidden gem in your videos.
3:56 the quote is from the butler in a tv show 😂
The power rangers have a lot of brilliant quotes too
Cannot agree more on having experiences troughout your life. This is one area where Europe is far ahead of the USA. Even if Americans have more money, Europeans on average have more opportunity for experiences because they have very long vacations - that they actually take. Have several times been at a remote tropical island for 2-3 weeks while Americans would fly in/out for as little as a three day stay.
My father died at 60. He save, save, and save for years without much enjoyments. No trips.
Didn’t even get to retire or take SS. Don’t do that people!
Old age creeps up on us, wish we traveled more. I told my husband we need to enjoy ourselves and spend our money down. It’s hard when we grew up poor. Even struggling 10 years after graduating from college.
When you’re maxing out on saving/investing in the here and now, there’s the risk that your hard earned invested capital evaporates (such as in the 2022-2023 stock market, many non mega-cap stocks have tanked 30%-90%). With spending on experiences today, there’s the risk that you may have way overpaid for this year’s vacation or latest and greatest tech device. So we all need strive for some sort of reasonable balance or prioritizing.
Nice
What is recommended about housing equity? That’s a big number for folks in our 60’s and would be a nice inheritance for our children
I get the concept and the book as a lot of great take aways, but it's the state of financial freedom reduces stress, so one needs to maintain that "reduced stress state" till death is invaluable in of its self. So yes it's not possible to die with zero if one wants to have a stress free life.
one lesson i learned from this video is I need a cool hairdo. It’s been on my list for too long…
My country got this govt annuity type plan which force us to set aside an amount by which we get a payout every month after 65 years old till forever. I think that gives us a super safety net and make us not scared to utilise our funds to die with zero, as in practice we will always have that minimum even if we live like vampires, forever. So to summarise, i think govt backed annuity with payouts till end of life is a massive boost to the Die with Zero lifestyle.
By doing nothing but local free or near free activities with our child while we grew to FI meant our child probably did 10 times the activities that kids with a screen do. We had a full social schedule with all the free or low cost local activities. Our child had no access to TV to see commercials or shows of what we didn’t have. We had stacks of books, dvds and vhs from the library or yard sales. We chose our child’s education over a house, choosing the best private Catholic school while we lived in a foreclosed 1 bedroom 565 sq ft condo. We lived there until we bought our next home cash when she went to high school where she has her very own big bedroom which she has cherished more than any child I know. With FI we were able to take her on a big overseas trip for high school graduation. We now surprise her with events that bloom memories together and help her plan her financial future so she can afford to be a stay at home mom if she wants to❤
Interesting that the central lesson of the book is one you are the most uncomfortable with! Great summary though - much appreciated!
I want to die with zero regrets, not zero money. My son n his kids will get some money as a stepping stone in their lives- a gift from me!
I think giving your money to you heirs while you’re alive is important.
Clicked on this due to the “okay” tips lmao
This book made me think twice about my finances.
heres my plan, currently 33, i have worked hard to build myself and have a good earning career in healthcare. currently work full time and have been working and going to school most of my life. i have a primary home and a vacation home in an area which will have a less cost of loving sense it will be in mexico. once my homes are paid off, 3-5 years. i will switch to part time. having no debt working twice a week will be plenty to cover basic expenses, kids and fun times. i have also built a nest egg in the stock market and have a roth as well as money in the other country. I will give those investments time to grow while I am part time and hopefully by the time the kids are grown up ill be fully retired.
In reality, I like the comment made by Morgan Housel recently, that a good life is being able to do all the quirky little things you like to do whenever you want to do them. Being able to maximize your autonomy. Other than that, I believe spending a large chunk of your time pursuing health maintenance and health improvements is the key to life maximization. Going on "trips" or having "experiences" in the mainstream way is questionable for me, because I have done a lot of great things but seldom reflect back on them. Ignorance is bliss in many ways. Limiting liabilities and inconveniences and worries actually improves happiness, not doing the "bucket list" things just to do them for status if you really don't want or need to do them. Bucket list things could be a daily thing, go for a nice walk, meditate, maintain or improve your health, journal, go to a park. These things are more valuable than travel just because people feel pressured to travel for their status bucket list.Travel is also ripe with many risks people never consider, and travel becomes more of an "experience" instead of a "great memory"
Boom!
I am closing in on 50 and I have lived an aggressive successful life, I am worried that I have been there and done that to an extreme level. Maybe that is a good thing, tomorrow isn't promised. But I just wonder what to do with the rest of my life. I have a good spiritual life, volunteer and love my family, but when you are used to going 100 mph, I'm getting bored that I wonder what new experiences will fulfill me when I have already "done that" to most things people say. Maybe I just figure out how to retire early and just live a simple spiritual life?
Commenting so more people see this video
Giving your comment a thumbs-up so more people see this video. 😉
I also agree with your view, in particular, seeing my parents struggle with health in later life and thinking about retirement care in an aged home this can cost a fortune depending on how long you live. I don't have a need to pass on wealth to my kids, I am focussing on teaching them how to build it for themselves, but I want to ensure I have enough for my health care and am not a burden on my kids in later life. If this means I die with money in the bank then I will have succeeded.
I agree. That's always been one of my big objections to this "die with zero" concept. I need a cushion in case there are large health costs as I age. At age 61 I'm super healthy and mindful of wellness so hope this won't happen, but you never know, and I do not want to be a burden to my kids.
I don’t plan to be in a nursing home. Rather died than go. Have you ever visited one?
We all die with zero.
Bill Perkins is the type of ultra smart talented smooth guys that can jump in and out of the job mark with ease. Most of us worker-bees aren't as blessed.
I found the book OK, but I also had the same issue with the central premise of spending everything before you die. If one is going to have children, they should always do something to ensure our children and potentially grandchildren have a good start in their lives. These heirs should work hard to earn what they have, but if you have the resources, create a safety net so they can take the big jump for the highest ring.
Its all lost by the 2nd generation, certainly by the 3rd.
@@yvonneachieng6742 that depends. Are the generations parents passing along the values? Or is it just "free money".
@@JBoy340a👍
The book addressed this by giving suggestions of how to help your kids without making them lazy. Things like helping them with the downpayment on the first house, or paying down their student loans. Another thing that I do is fund my kids' Roth IRA accounts. This is a very different concept than "economic outpatient care" as described in the Millionaire Next Door and much more beneficial.
Causes and kids are covered clearly. Didn't mean leave them zero.
I’ll be happy to leave cash in the table. That cash will go to my family. I will feel secure and then leave a gift to the people I love.
One wonders if Bill Perkins read Stephen Pollan's book Die Broke 25 years ago... same philosophy, including annuities. Pollan is dead, but Die Broke is still a great book
For me, I don’t want to be the ‘richest man in the cemetery.’
O objetivo é dividir o seu patrimônio em 3 partes. A primeira é para usufruir o dinheiro em vida (não esperar a aposentadoria). A segunda parte é para ajudar ainda em vida os futuros herdeiros e instituições (não esperar a sua morte). A terceira parte é estabelecer uma reserva patrimonial que lhe permita viver de rendimentos até sua morte (sem depender de terceiros).
The book has a bunch of interesting ideas, but the problem with the fundamental premise of dying with zero is that not only would that be incredibly stressful, but the example with a rental and fuel is not even doing it justice. Fuel is spent linearly, while the nest egg is spent exponentially. So if you run out of fuel - you run out of fuel early and hard, and you're stuck hundreds of miles away from the drop-off location. And you're old, and stressed out, and there's no more money. Yeah.
❤❤❤
Does anyone knows similar books?
Give when you are alive doesn't apply to me really but I always thought it was crazy that people would stash everything til they died and hoped it would just go according to their will. Obviously 99% of the time it does. But still. I wouldn't leave my fortune up to any amount of chance.
I would love to pass on enough money that my kids don't have to worry anymore
U will make them lazy and lose ambition
I wouldn't consider an annuity until age 70 or even 75. In Canada, at age 75, $100k will return $750 monthly after taxes. That's a 9% after-tax return guaranteed month after month until you die. Of course, you have to save some money to cover inflation. And some portion of the portfolio could be in stocks, cash, gold and other vehicles.
You can buy .50 greeting cards at the Dollar Store. And NO WAY on borrowing money from a loan shark to go to Europe, at any age.
Every car rental I ever had required a full tank of gas upon returning. ????
Agree. Unless you want to pay the $8/gal or more charge to fill it up. If you don't fill it up, they have to fill it up, and they will charge a lot for the service person's time.
Nope. They offer that you can return and they fill it. Select that option in advance and it doesn’t cost as much as if you just bring it back and they fill it. (Basically only costs a couple pennies more per gallon than if you gassed it up yourself) It is a useful option if you need to catch a flight and can’t afford the time to figure out where the best gas station is-plus all the gas stations near the car rental places charge more anyways, lol.
Maybe the book should be called?…”Die With Zero Generational Wealth” …🤔
👍
As a parent, I prefer to save and leave money to my kids
The last 3 points are a bit impractical, i agree with you. That works only in ideal, but we live in an imperfect world, sorry.
Um...i was 37 and stayed in hostels in europe. And ate cheap food
So there ya go
Leave cash on table for next generation
You highly underestimate the power of legos.
I don’t want to die with zero. I would be happier living a modest life and leaving a fortune to my family.
Lol you haven’t read the book then, he says that you should be generous with your money BEFORE you die. For example, giving your kids their inheritance when it could help them the most, e.g. buying a house, having a new kid, going through medical troubles, or if they are financially savvy, maybe just giving them money to invest on their own.
But I totally get your sentiment, I don’t want to die with zero either. IMO this book is a bit overhyped.
@@Mactakun, obviously I haven’t read the book, that’s no secret. 😂
But I even disagree to some extent with being generous when you still have so much road ahead, and that’s for two reasons - #1, you never know when YOU will be the one to hit the financial skids, and #2, and this is more important:
I work in finance at a long-term care facility and in this field, “gifting” is a big no-no because it impacts somebody’s ability to qualify for Medicaid, and about 80% of people that come through my door will need Medicaid before they move to the next life. You have to be very, very careful with what you’re giving, why you’re giving and how much you’re giving.
I’m not saying keep everything and let your loved ones fend for themselves until you’re dead, but there’s a lot of nuance to being generous in your retirement years.
@@mashort07 agreed
@mashort07 care to explain why gifting stops medicaid? If I write my son a check for 100k how does that mean I can't get medicaid?
@@MeltingRubberZ28, it all depends on timing. Medicaid has what they call a “look back” period. In most states it’s 5 years. Gifting in the look back period will constitute a penalty, meaning Medicaid will not pay for care unless the money is returned. To put it simply, they view gifting as a way of preserving assets that could have been used to pay *your expenses.*
5 years doesn’t seem like a long time but you’d be shocked how quickly things can go awry. The cost of a long-term care facility in my state is around $12-$13K a month or $150K a year, so if you have enough set aside to pay for that and still assets to live and give, great for you. Do as you wish. But if I told you some of the stories I’ve dealt with, you’d be astounded. Make sure all your ducks are in a row.
And if there’s one thing I can’t stress enough, get long-term care insurance once you retire. It’s really, really worth it.
I cannot die with 0 lah! leave nothing to my kid and my funeral arrangement? cannot cannot - maybe this is the asian mentality? my kid is half Asian only but i think she has the same mentality as I. My FIL who recently passed away also left moolah and land and houses to the spouse and BIL . They are canadian leh.
Thanks for calling out Perkins wish to literally die with zero/die broke. I'm glad you read the book carefully. When I mention this is his goal, people can't believe it.
I hated that book. Interesting concept…but too impractical to implement.
@14:00 I'm with you in that I don't believe maximizing enjoyment and maximizing wealth has to be an either/or situation. The key to life is balance in all things. And under no circumstances would I ever consider an annuity. This book reminds me of Mark Manson's book The Subtle Art of Not Giving a F****. Not the book, but the title. I'm sure the title of both books were the brainchild of the publishers marketing departments designed to sell books, much like YT titles being used as clickbait.
Sarasota Tim just upgraded his older minimalist RV for a 2023 luxury RV. This self proclaimed minimalist was forced to upgrade his older small pickup for a nearly new full size pickup to pull it. He constantly complains about the new gas guzzler. Tim has succumbed to lifestyle creep with his TH-cam money. Hopefully it will keep coming in or he will be forced to sell all of it like the rest of the lifestyle creep crowd.
Give money for free? No way. Why not hire someone to do your yard, clean your house, cook, give you love. They get paid and you get something.
uhh, for rental cars you need to fill up the gas tank once you return it. How do you now know this lol
Nope. Most rental car companies offer this option. Just experienced this last month when we rented a car at the Memphis airport.
How to die with -100 million?🤔🤔🤔
That’s 5hrs I’ll never get back. Wasn’t a big fan of the book
I don't know any Italians or Asians who are interested in dying with ZERO. They are too focused on leaving a legacy $ for their kids. Other lessons are cool
This is incredibly selfish. I'd rather give my money to my kids or relatives than to spend it all on myself.
Dying with zero is stupid. Enjoying life is a good message, but wasting your whole nest egg, leaving nothing behind is idiotic and selfish.
I'm guessing you didn't read the book. The idea is to make use of your nest egg while you and your loved ones can benefit the most from it.
Leaving a large six figure sum to your kids when they're already 40+ and settled in life doesn't do them much good, and you're not around to see the positive changes (which are reduced due to the late timing)
"Leaving something behind" is what hoarders do.
Clearly you haven't read the book. His message is actually incredibly GENEROUS in the book, as he questions why would you wait until you die to give your kids money in their later years when they don't need it as much (because they're 50-60 and have their own nest egg). Rather, gift it to them during their younger years, to experience more with it and you can also see the joy they get from it.
Typical TH-cam consumer. Doesn’t read books…but feels qualified to comment on them.
@@ordinaryhuman5645 I think at 40+ may be a time when your children may need help. Those are the years when they can have multiple children in college and huge spike in expenses.