The Book That Changed How I Spend Money

So I read this book called Die with Zero and the basic concept is that it’s possible to save up way too much money. Bill Perkins reckons that we should all aim to have $0 in our bank account, give or take, by the time we die, which is what I'm exploring in this episode of Book Club.

00:00 Intro
01:49 Why you should save less
02:03 Earning power
02:38 Memory dividends
03:23 Old age
04:32 Objection 1 - What if I run out of money?
05:05 Objection 2 - What about the kids?
05:59 Objection 3 - What about charity?
06:41 Tip 1 - Time bucket your life
07:53 Tip 2 - Be bold, not foolish
09:02 Weaknesses with the book

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[dac]

Just quit my job with $3.8 million at 35. Plan is to volunteer and enjoy my life now

[ViolettaStepankova]

I recommend everyone to find the forbidden book titled Secret Pathway to Triumph: It goes deep into all of this, and it changed my life.

[planeguy]

I have been lucky enough to be gifted enough money to buy a house in cash - I'm 27. This essentially means I'll never have to have a mortgage in my life (and I certainly won't want to). I feel extremely lucky and grateful, but this is the power of not having to wait for inheritance

[thevinarokiarajl]

I got a seizure reading the book title.

[IvanSanchez-csco]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments.
Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.
Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it.

[jessicaperry]

Great video! But let's talk about something important: If you don't find a way to grow your money, one day you will wake up and find that the money you thought you had is gone.

[hawaiirealmedia]

The book changed my mind about long term spending. I had heard in the past people say, "I'm not going to spend and save my money in order to optimize my nursing home bed!" Ali, I read this book based on your recommendation. Thanks!!

[prathambansal]

I would like to say: When you are having fun, money is never required. Having fun can just be being happy with yourself, smiling, talking to people, etc. In fact, spending money for happiness is kind of taking drugs. Let me explain: You might have heard of minimalism. It’s basically not having a lot of stuff, and being happy with what you have. I know that this video was knot about stuff, but fulfilling experiences, but my main point is: The amount of work and the amount of good experiences does not have to be compared in numbers. Meaning money isn’t always the middleman between the two. This is my opinion, just let me know what you think. Thanks for the video. ✌️

[khalilahd.]

This is such a unique way to think about money and the human experience. Thinking about missing out on good memories in order to work harder just to do it when we’re older and not as agile is really something to think about. I just might have to read this book 😅

[flubadubdubthegreat]

I haven't read this book but I employ this mentality a lot more nowadays because I've realised that the disposable money I save is money not spent on creating memories and helping to nurture and maintain relationships with people. Even though it costs me quite a bit, I've started hosting lunch/dinner parties almost weekly because it's a great way to both see and catch up with friends, as well as doing something I really enjoy, which is cooking.

I guess you could say I used to be quite stingy. But now that I've loosened up a bit, I've just been having a much better time in general. I see my friends more often, have more fun, and I don't feel like I'm wasting my youth anymore.

I am not oblivious to the fact that I am incredibly privileged to be able to do this. I know that not only am I very lucky to have been born in a developed, free country, but that I was blessed with great parents, financial security, and good health. Whilst I am, and will continue to be selfish by treating myself and my friends by spending money, I absolutely aim to devote a big chunk of my life to making the world better for those less fortunate than me, indirectly.

[lewisfxtips]

the editing and quality of your videos is genuinely un matched. im sold the book is now getting bought.

[starrio]

Great and refreshing idea! I’d rather earning money while enjoying my 20’s instead of hustling all the way til middle age and having so less appreciation for the amazing things around me!

[BoninBrighton]

We’re 66 now and have been retired 6 years. We spent 20 years climbing volcanic hobby until we weren’t physically fit enough at around age 55. Then we walked the Camino de Santiago aged 56 carrying our packs..now we couldn’t do that either so we did all our tougher adventures when we were younger. Now we spend big nitrate fewer risks. After age 70 travel insurance is astronomical… so aim to get it done pre 70. After 76 it’s almost impossible to get insurance for more than 90 days…

[sct]

If parents can afford it, would be a good idea to gift your kids money for a down payment for the house or apartment. That’s money well spent, and enjoyed. The more money down, the lower the interest rate for the mortgage as well. A really practical gift.

[speedyracer-xq]

I used to watch ur videos titled Medical mondays when i was like in yr 10, today when i was scrolling through my suggestions on yt suddenly a video of yours titled 'medical mondays' popped up and it reminded me of the old times when u used to be a junior doctor 😢 Best of luck for the future man keep it up... 👍

[rajitspdstr]

There is one thing he missed- Investing time in knowing yourself, meditate and be peaceful, it does not cost you money and the practice is usually started at the very end of one's life when there is not enough time to enjoy the peace and then regret about why you didn't start when you were young even though you knew the secret.

[AdrianaMaria-ltep]

I understood the main point of the book. Don’t over save money. I totally agree with the weakness of the book you have pointed out, especially the thesis that work = money = life energy. This is a simplification that compromises important aspects of life. The ideia of the book, anyway, is good to reflect on better ways to spent our time and money.

[arkheavyindutries]

I have an additional point aside from the one you raised at the end of the video: I don't look forward to have a lot of good memories, but to experience an interesting and meaningful life in the present, right now! What value adds to have memories? I would rather do something interesting everyday for the rest of my life than only doing it once and spend the rest of my life remembering it. I live in the present and that's the moment in which I want to experience things. I agree, of course, that certain activities are better done at a certain age. But that does not mean they are impossible to do in another time. Maybe just differently or at a lower intensity, but still, doable.
Would you rather climb Everest once in your 30s or climb different mountains all over the world all your life? And, why do something that you like just once?

[harrisongarrett]

Tesla stock dipped severally, resulting to about 40% drop in the shares value so far. I seriously need suggestions on how to diversify my $400k portfolio made up of volatile TSLA.

[MrThatPenguin]

I agree to a certain extent due to the cost of living which has increased alongside inflation.

Save money yes, but don't be frugal. 

Learn when to spend your money on things that will make you happy. Materialistic items aren't important but experiences are priceless.