Die With $0

Would you be interested in dying $0 in your bank account?

Well that is the goal set forth in the book by the same title: Die With Zero.

The author argues that the very best way to live your life is to use your money to spend - spend on things that bring you joy, spend on experiences, spend on those you love - spend rather than hoard money in a bank account.

Do you think you could spend it all? Spending that last dollar on the day you take your very last breath? Would that help you to feel like you had a life well lived?

Share your thoughts in the comments down below!

Thanks for watching @ErinTalksMoney
Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.

While you are here, why not check out some of my other videos:

#spendingmoney #diewithzero #spenditall

[joethecomputerguy]

I remember speaking to my Dad weeks before he passed away. He felt so guilty because he went on a little vacation and spent $10, 000. I told him he should do that more often. His kids are doing just fine on their own. We don't need anything you might leave us. I told him to please enjoy it and don't feel guilty at all. He earned it and should enjoy it in his retirement.

[garynovak]

Watching Erin read the quote: "Say it. Say it Erin." Erin ... does not disappoint.

Now, I'm 63 years old and retired. I have this piece of advice for any and everyone. Want to control your stress? Keep your finances under control. Want to be happy? Pay off your credit cards, pay off your home, pay off your auto loans. Your stress level will fall and your happiness will increase. I've seen too many people living on the edge of their financial resources. Then times get tough. They lose a job and can't find a job. They lose the house with a mortgage, second mortgage and third mortgage. They used that money for boats or RVs or motorcycles. Bankruptcy ensues. The marriage is stressed or broken. Forced into retirement and they are forced to live on next to nothing and if a health crisis happens, everything else can be gone as well. Yes, enjoy your life .... but save your money.

[joemiller]

You hit the nail on the head Erin. Debt is very stressful. And it is slavery. "The borrower is the slave to the lender." Live within your means.

[mikehlavinka]

Aaron, you are wise beyond your years. I've only recently started looking at my life in these terms, looking at giving away my wealth to my airs now so that I can enjoy seeing the fruits of my labor. Being a part of first homes, weddings and graduations that I've helped along the way will bring me more joy and anything I purchased for myself.
Watching you glean ideas that compliment and and some that are extremely contrarian to your beliefs is enlightening. Glad to see you take away so much from one book.

[randolphbehm]

This one really spoke to me.
It is important to find life experiences that make you happy but don’t cost a lot of money. We have a tendency to equate high dollar things with things that make us happy.

[SunRise-ulko]

Im learning how to spend more, after saving all these years. It's not easy to change a habit, specially when you feel guilty spending. My first full time Job after leaving school, as a teenager back in the early 80's paid me AU$2.60 an hour. That was a hard drudgery working in a factory, back then. Now life is so easy.

[bobhouse]

Good morning, keep up the good work, I still can't get over your financial story about being completely debt free and feeling so good about owning a home. You're doing a great job with your channel!

[oferzeira]

For us, super savers, the book must dwell on the shelf in front of our eyes ..(After reading the book, being 65, I certainly aimed for new targets....no regrets and not looking back)
For me and my wife it served as an eye opener.
I definitely agree with the remarks you mentioned.
Thank you, and please summarize more up to date personal finance books.

[vulpixelful]

I agree with all of the main points from the book. Super savers can take their health for granted, and life is about balance. I'm personally not fulfilled by budgeting, saving, and investing. I'm fulfilled when getting to my financial goals allows me to have experiences with the people I care about. Money is a trust-based currency to get goods and services with, not a goal in and of itself.

[travis]

I read this book too... I'm a saver so I expected to read some contrary opinions. He makes some really good points on the value of experiences and some of the trade offs involved. However I think he underestimates how miserable people are when broke, how much having wealth gives you options, and the value of never going broke.

[janetchang]

Totally agree with you about the “going in debt” part for experiences.. it’s absolutely ridiculous …..I read it too and thought that if a young person read this and followed this a lot might be broke all their lives.. and to be honest when you are in debt you won’t be enjoying life coz you are constantly stressed everyday……

[robertschneller]

My wife and I are 64, in our eighth year of retirement. We saved more than most at our income level but I wouldn’t call us super savers. As we think about memories, the best memories are the great vacations we had and the time we spent with our loved ones. I also think about the possibility of outliving our money, which is unlikely but nevertheless on my mind a lot. No, I don’t want to die with zero because we can’t predict our death very well. But I do encourage everyone live the day-to-day below your means so you can have great experiences throughout your lives. The balance is hard to hit but trying to live a balanced life with a good job, good savings and great experiences along the way is my advice for a worthwhile and fulfilling goal.

[seanmac]

Great summary of the book. An additional point from it that has stuck with me: Don't self-insure. Don't hoard money out of a fear of an unlikely but large expense late in life. If it fails to materialize, you will be dying with very far from zero. Instead, buy insurance products as this is exactly what they are for.

[sandro-nigris]

Erin you are fantastic! I can't recall a book summary better than this. So informative and clear. I love it. You did a great job. And I learnt something today. Thanks.

[masqueradinglampshade]

I really enjoyed your analysis and review of this book given that I have a very similar mindset/perspective as you do about money and time (as I'm sure many others watching do too). I've decided to borrow this book from my local library. I don't expect to agree with much of it, but given life is an endless pursuit of knowledge, one must lend an ear to the other side and take their preachings in equal measure if they wish to attain any sense of a whole understanding of something.

[jltsoyowdycjltsoyowdyc]

Your getting better and better every video. You are clearly getting more comfortable and sound much more conversational than when you started. All I can say is way to go! Big, big thumbs up!

[Antandthegrasshopper]

Coming from a 57 y/o old to the young crowd... 1) Save 10% in your 401K and no more. Rest 20%-30%-40% of your income in a brokerage A/C and into Dividend growth ETFs. This way if you choose to retire early, you can easily do it with the earning/dividends from your brokerage A/C. No need to bust your ass till 65 if you want to retire early! 401K is only good but for a very long time horizon! 2) Geo arbitrage to a LCOL country and buy private insurance until you reach Medicare age!

[robwmckenna]

Erin, my parents are currently working through Roth conversion- so that my brother and I don’t pay it in taxes. I told them exactly this, LAST WEEK, spend it all- enjoy your money, you set us up so we (hopefully) won’t need it.
Also me: checking my spreadsheet to see how much money my kids will inherit, based on conservative assumptions, after my wife and I pass away at any age from retirement to 120.
I love your passion!!!

[meddings]

Had an economic professor in under grad. He said his daughter asked him since he was an economic professor, he was going to leave her a lot of money right? He told her, no, since I'm an economic professor, my plan is to spend my last penny as I take my last breath, you're on your own kid.

[evelynbarry]

the author is assuming that working is a waste of time but I think most times it can give our life some meaning. Just ask retirees. I retired at 42 and I am 50 now. Although I hated my job at the time it did give me some purpose everyday, I enjoyed talking to co-workers, I took advantage of weekends. As a retired person, sometimes the only person I talk to in a day is my kid. Yes, I travel, but even that gets old.