Book Review: Die With Zero by Bill Perkins
Die with Zero encourages readers to re-evaluate their goals and prioritize experiences that bring them the most joy and fulfillment. To do this instead of focusing on accumulating wealth or leaving a financial legacy for their heirs. I'll admit that I think a lot about the legacy I will leave for my son, and this book didn't really convince me otherwise. The book advocates for the idea that we should aim to die with both zero regrets and zero money by living life to the fullest and making the most of our time and resources. I do agree with the sentiment that we all need to 'stop and smell the roses' from time to time, but I tend to have a more pessimistic worldview than the author. I might agree if I thought the underpinnings of society and the economy were stable, but I am far from that conclusion. I just don't believe that my son will have the same opportunities that I had when he hits adulthood. It is possible that things could change by the time he reaches my age, but if I can help him bridge the cap I will. In any case, I intend to leave a financial legacy for him despite this book. I also intend to involve him (hopefully) long before I die, such as establishing a family trust and making him a board member. I'm not sure if that is in line with the concept of giving your money to your heirs while you are still alive that this book lays out, but I think it's a much better way to go than giving them a lump of cash. I do agree that if you simply write a will that pays your heirs and charities after you die, you are not being generous. Dead people are not capable of being generous. The Giving Pledge, while a net positive for the world, is a total copout. If these uber rich people were truly generous they would give away their money while they were still alive.
In sum, the book did convince me that I need to seek out more experiences now while I still can, but I refuse to do so at the expense of building a better future and enduring legacy for my son.
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How old is this book?
Published in 2020.
Ah, I see. I thought it might have been quite a lot older.
A word of wisdom I heard years ago from a guy named Larry Burkett was
As such, you might consider using the finances you might otherwise bequeath to your son to help him get to the point, before you die, where he is your legacy rather than any finances you might leave him.
In other words, use your money now to help him build the character, expertise, skills, relationships, etc. that will help him be successful (financially and relationally) even if you leave him with zero financial inheritance.
I agree with this 100%. He's only 2 years old, so there's not much I could do for him financially even if I wanted to. I look at it more as building a legacy with him than building a legacy for him. In other words, set aside resources to manage, and teach him to manage those resources.
Sounds great. I wish you the best.
Die With Zero: Getting All You Can from Your Money and Your Life by Bill Perkins is a must-read book for anyone who wants to live life to the fullest and make the most of their financial resources. Perkins presents a unique perspective on personal finance, challenging the conventional wisdom that advocates for saving every penny for retirement.