Book Review: Die With Zero. What actions am I taking based on this book?

Book Review: Die with Zero. Should you spend more money now or give to your kids later? Is dying with $10MM dollars mean I failed to live life now? What is the real cost of saving too much money? Can I retire now. Retirement Planning

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RECOMMENDED FINANCIAL ADVISOR
Neil Fortwendel with Northwestern Mutual ph: 812 549 5213

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.
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[joekuhnlovesretirement]

*_PLEASE STOP USING Spreadsheets!_** It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and highly recommend -- New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).


Need a CFP to create your retirement plan for a one time fee? My Recommendation: Neil Fortwendel [phone]. Neil created my plan. Plan updates as you wish for a smaller fee. Check Neil out on Facebook and LinkedIn.


*DO NOT GO IT
*Money Pickle - FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
No obligation. Get answers to your questions. Get an expert to look at your plan.


*Plant Manager, Maintenance Manager and Career Consulting -- 1 hour virtual via Teams/Cell Phone*

Most Popular VIDEOS

RECOMMENDED FINANCIAL ADVISOR - Assets under Management or one time plan creation
Neil Fortwendel with Northwestern Mutual ph: 812 471 2492

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.

#retirement #retirementplanning #retireearly #retireearlyandtravel #financialfreedom #financialindependence #retirementincome #retirementstrategy #findingpurpose #keto #ketodiet #ketovore #hiit #hiitworkout #healthylifestyle #howmuchcanIspend

[Viewer]

There is a difference between helping kids financially vs enabling them to be dependent on getting bailed out all the time. This is where plenty of parents go wrong, not allowing their kids to fail and getting back up on their own two feet can result in them never really becoming truly independent and self sufficient. For example if someone who is not financial stable because their parents constantly rescued them from financial hardship inherits some real state and money the changes of them losing it very rapidly are very high because they don't know how to maintain/manage what has been handed off to them.

[michaeltheboatinglife]

Early good morning. Even though I’m only consulting, I still get up at five in the morning and start my day which today started with your early-morning video. Thank you for all that you do and keep up the good work.

[eatingcleaner]

He wasn’t advocating for irresponsible spending. He was advocating for trying not to die with an enormous amount left over. I’m all for that.

[JeremyGo-GoYears]

Regarding travel I agree that first class tickets are unnecessary, at least for us (my wife and I are not tall people so we are fine in coach), but one thing we have been doing lately is spending a bit more on flights that are at more convenient times of day or direct flights rather than cheaper ones that have multiple layovers.

[donnadarling]

This book did give me much food for thought. I was challenged on the "giving to charities now " section for 2 reasons. I get to see the people my money is helping and maybe even be a part of what it is helping with and there are people hungry and sick today that need help and I wouldn't want them to have to wait. I do like your point on giving larger sums for larger projects. Thanks for your channel. You have given me much wisdom that we may not have seen.

[Bob-yhir]

Loved the book and the message. We also have been making sure we spend some money now to create experiences and have less physical things. We leveraged a college fund to get our daughter through college without debt. A most precious gift. Going forward we will most likely be creating a scholarship or 2. All while taking great trips, meeting with friends and family for game nights, movie nights, cookouts, etc. The goal is when we get to the end, to have little to no regrets.

[djscra]

Hey Joe. 55yo retired guy here. We are living off our investments and savings now and going to zero is the big concern. The plan is working like it is supposed to, but it is hard not to worry about it all the time. We decided to use the money we inherited from my dad to fund annual vacations for the family. The account has 100 k in it, and we have to take it out in 10 years time anyway. We decided to do these vacations while the grandkids are young so we can enjoy the experiences too. When that account runs out we will see what things look like. So far we have taken 2 cruises and since the account is invested well we still have more than we started with. Hopefully the account can grow faster than we are using it. I think we will try to help with college and weddings for the grandkids, but for now it’s fun and sun on a cruise every year.

[jeffb.]

I didn't read the book, but I can make a general assumption. We don't know when we are going to die, so we don't have the timeframe in which to deplete our accounts. Sure, make those memories and help your kids when you can. But, I'd like a reserve for our long-term care needs. I'd rather leave them money, than be a financial burden on them in the end.

[rachelbjorklund]

Joe, I've worked for more than 20 years for large nonprofits and I can tell you without a doubt that those "smaller" recurring donations should not be underestimated! Consistent revenue enables organizations to make long-term, high impact commitments to the communities they serve. Larger gifts can be made possible with QCDs which can cover all or some of your RMDs.

[Meadowlark]

Joe, we agree with you almost 100%. Very good insight in our opinion! Another good video.

[rtoadontheroad]

I just finished the book. Joe, I agree with your thought process on the topics. Great book and everyone should read it.
Dennis

[raymiller]

The other item that I took from the book was to think about the experiences that you can only enjoy in the part of life that you’re in now.
I took that to and you’re 60s you’re more physically able to do things than 70s and 80s so don’t save experiences and money to do things you won’t be able to do
I will also add that I know the 12 year old car can be a badge of honor for frugal people, I if you have the money, you can upgrade that car and get more comfort, more safety and more reliability. You’ve earned it and you can’t take it with you.

[tcwaz]

I loved the book. It reminded me to stop putting off bucket list items, especially don't put off certain things when I am younger and healthier. It also got me to think how I can bless (not spoil or enable) my kids with fun vacations in the future. Growing up, our vacation was going to grandmas house every summer and visit with cousins for a few weeks. In my profession I often see people grieving the loss of a family member unexpectedly or suddenly and I hear the family talk about how, they "were just getting ready to do this or that, " of which they were putting off for so many years. And they never did it. My advice is to do it now and live it up with in reason.

[mstormes]

Hi Joe. I'm not aiming to die with zero because I don't know what my time left really is. I do all our planning assuming living to 100, so if we come short there will be something left over for the kids. What my wife have been doing is making sure we are comfortable. We travel quite a bit and we've instituted a rule that if the flying time is 5 hours or more, we go first class. When we get to the destination, we are more refreshed and can recover from the trip quicker and enjoy our time better. We also have the Amex Platinum Card which gives us access to airport lounges and a few other travel perks that makes traveling easier. It is not cheap but is worth it if only for the lounges. For day-to-day life we are frugal (but not cheap) just because it is the way we've always been. But, if there is something we want to do or a restaurant we want to try, the cost is not an issue. I retired at 64 (2 years) and worked hard all my life; I have no hesitation in spending. Basically, we don't worry about money which is the greatest gift.

[buyerclub]

I am in a similar situation, and agree with you on the concepts of the book. Dont take pride from kids, and dont just be a consumer to be a consumer. It is OK to leave a legacy.

[msorkin]

We did a family experience in Costa Rica this year and planning Alaska in 2025. We rented a large house for 14 people right on the beach and one in the forest. Memories were made!

[NEWHAMPSHIREGUY]

Hello Joe, I loved the book. As one in early retirement very similar to your age, I found it "Permission to spend". Realizing you naturally spend less as you age (health costs aside)... We are travelling quite a bit now and have no regrets. the book "millionaire next door" devotes a whole chapter to adults that become supplemental income to their adult kids and why that is bad.. Help in moderation and for significant events does make sense to me however and I took that away as well.

I am also a value spender. If I thought the cost of first class was a value, I would spend without hesitation. same with a new car if i was driving cross country regularly for vacation travel. There is a difference between cheap and not spending because we don't see the point.

[randolphh]

Generally agree with Joe on the value equation. We have done luxury travel in the past, and rarely found it worth the extra cost. Even if we had unlimited funds, I wouldn’t consistently do it. Just not our personality. Much prefer the middle range. We still splurge on occasion, but would rather take 3 nice trips vs one luxury trip. Currently travel about 15 weeks per year.
We are the same with cars. We have a boat. I get great pleasure on doing a lot of my own repairs and maintenance on the house, cars and boat. Have a couple old sports cars.

As to helping out the kids, we absolutely do, but in a productive way. They don’t have school debt. We won’t directly help buy things, but let our daughter rent mom’s house below market, while they save up. We have in the past let them buy cars from us cheap. Doing the same 529 plan for the grandkid(s).

In terms of inheritance, we are 64 and 66 and still “waiting for our parents to die to get the inheritance”. Point being there is no inheritance of substance, and we don’t need it at our age anyway. So agree with giving it to grand kids/kids while they are younger 100%.

[stephtraveler]

The family vacation with adult children is the best thing we ever did. These are post college children. To our surprise, they love going with us. We all stay in a big short term rental with group meals and activities. Although they are free to do their own thing....
We just completed our 4th year of fully paying for a high cotton vacation for all of us. Each adult child can bring 1 significant other. All on our dime. Big ticket vacations like Turks & Caicos, Hawaii, Bahamas, Montana, etc. We fly coach... Last I checked coach and first class land at exactly the same time....