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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.
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!
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
Indeed,People are not haing kids in the mid 50s.lol So i dont understand why people dont give their kids there inheritance in their mid 20s.In the mid and latter part of your golden years your consumption declines.
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.
My daughter who is very encouraging for me to live my life fully introduce this books to me. I am 50 and I stopped work 3yrs ago to travel full time. Yes this book just reinforced what I was planning already. Recently, a coworker died after a few months of retiring at the aged of 62. Everyone knows her was devastated coz she had worked all her whole life to just died and didn’t even able to enjoy her retirement days. Tomorrow is truly never promised. I was lucky anyhow coz I collapsed at the beach and was brought to hospital at the age of 44 and since then I begun planning my early exit from full time job and do what I always wants to do travel the world.
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.
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)
Not only is it weird, it wreaks of not normal. See Asian parents, Chinese particularly for what they continue to do for their adult children. Strong families continue to rise. There’s no magic answer but there is certainly something to be learned here…quite a lot, I believe.
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.
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.
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.
After graduating from college at 22, I bought a one way ticket to Bangkok (with a few stopovers) with plans to visit Australia. Saw many of my friends not really doing anything, at least not doing anything different and exciting, so off I went. Took me seven years to get back to California, but before I returned, my wife (who I met in Taiwan) and I spent 3 months traveling the length and breadth of India by rail.
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. 😅
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.
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 enjoyed the video. It’s a slap in the face for us capitalist trons. My dad died when I was 52. He was a workaholic. I decide to learn from his mistake. I quit my job and hiked the Appalachian Trail. Since then, I’ve hiked thousands and thousands of miles and enjoyed the American wilderness. I learned to play the fiddle. And part of my joy is knowing I can help my kids buy a house because I saved, invested and was lucky.
This is similar to my philosophy when I was younger which was “live life to its fullest and die in debt” 😂 as I get older I see how it pays to have some money in the bank though 😊
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.
My friends dad died recently. He had amassed millions and the wife had no clue as he was very controlling. They lived extremely frugally. Now the wife is elderly and sick and the money is mostly of no use.There are mental health challenges with many people regarding money...in both directions.
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'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. ❤
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.
Great video. I agree with you. Absolutely take time to do interesting things while u still can. I actually did travel thru Europe in my 20s like your friend. It was truly amazing. But like you I don’t want to spend down to zero.
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.
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"
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
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 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.
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❤
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
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 RUclips videos here at Port Moresby, PapuaNew Guinea🙏🙏
I like this presentation. I am a bit on the fence about two is not having enough money till the end of life and maybe having a little bit more just to cover what we just don’t know what happen I do like the time buckets.
1- Maximize positive life experiences. 2- Invest in experiences early. 3- Give when you are alive. 4- Understand the relationship between and find the balance between: Time, Money, and Health. 5- Trade money to gain better health and time. 6- Time bucket your life: turn the bucket list into timeline buckets. 7- Know you are enough. 8- Take big risks. 9- Aim to die with zero: Enjoy life to the fullest with every dollar that you have. (I don't agree with this one) 10- Maximize life fulfillment.
i am a single woman and i dont want to rely on anyone for care. i bought a home later in life when i realized no man will take care of me . thats an old notion. i am grateful i have a little home and rent money. it helps because its expensive in the bay area. i wish for 3 months off. but i can take 1 month. im mid 40s now. i travelled a little in each decade but never climbed mountains. i hope to climb a little but i know im older than 20s and may not want to hang at hostels. oh well! im pretty content and stable. wish i heard this advice when i was 28 and stressed w no money and going back to school for a nurse degeee. i wish i travelled more in my 20s
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.
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.
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?
@@mygoodlife204 English is not my native language. Does the saying mean that the money left by someone who doesn’t care about his kids will end up with righteous?
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.
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
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 have this thought: if Im old enough to have a hard time doing cool things, I can give all my children and grandchildren what will be worth $15,000 each and watch what they do with it. I plan to have enough to commit to this.
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.
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.
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.
@@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.
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.
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.
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).
Some don’t. If you die younger than in your 80s, you may still have a huge house full of stuff that your children (grown?) may not want but will still have to get rid of. Estates have to be settled (takes months sometimes). Wills are fought over in certain families taking months or years to settle. This is all stuff left behind that has to be taken care of by others. I see your point though - the ones who die do not have to deal with it so zero worries for them. 😊
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.
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.
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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!
Well said.
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
Indeed,People are not haing kids in the mid 50s.lol So i dont understand why people dont give their kids there inheritance in their mid 20s.In the mid and latter part of your golden years your consumption declines.
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.
My daughter who is very encouraging for me to live my life fully introduce this books to me. I am 50 and I stopped work 3yrs ago to travel full time. Yes this book just reinforced what I was planning already. Recently, a coworker died after a few months of retiring at the aged of 62. Everyone knows her was devastated coz she had worked all her whole life to just died and didn’t even able to enjoy her retirement days. Tomorrow is truly never promised. I was lucky anyhow coz I collapsed at the beach and was brought to hospital at the age of 44 and since then I begun planning my early exit from full time job and do what I always wants to do travel the world.
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.
Somehow his hair is getting even better
I think it looks like a bird's nest 🪹 ❤
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)
Not only is it weird, it wreaks of not normal. See Asian parents, Chinese particularly for what they continue to do for their adult children. Strong families continue to rise. There’s no magic answer but there is certainly something to be learned here…quite a lot, I believe.
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.
100% with you! Live life to the max, save & invest to the max, die with a legacy! (Not zero) 🙏
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.
Completely agree with your assessment of this book, including your hesitations with a couple of his points. Great job.
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.
After graduating from college at 22, I bought a one way ticket to Bangkok (with a few stopovers) with plans to visit Australia. Saw many of my friends not really doing anything, at least not doing anything different and exciting, so off I went. Took me seven years to get back to California, but before I returned, my wife (who I met in Taiwan) and I spent 3 months traveling the length and breadth of India by rail.
Just curious did you have to work there or you were saving money before the trip?
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. 😅
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.
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 enjoyed the video. It’s a slap in the face for us capitalist trons. My dad died when I was 52. He was a workaholic. I decide to learn from his mistake. I quit my job and hiked the Appalachian Trail. Since then, I’ve hiked thousands and thousands of miles and enjoyed the American wilderness. I learned to play the fiddle. And part of my joy is knowing I can help my kids buy a house because I saved, invested and was lucky.
This is similar to my philosophy when I was younger which was “live life to its fullest and die in debt” 😂 as I get older I see how it pays to have some money in the bank though 😊
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.
My friends dad died recently. He had amassed millions and the wife had no clue as he was very controlling. They lived extremely frugally. Now the wife is elderly and sick and the money is mostly of no use.There are mental health challenges with many people regarding money...in both directions.
Damn. That makes me sad. What a waste. Thanks for sharing that. Motivates me to carpe diem.
I just finished reading this book and had the same concerns.
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?
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. ❤
Excellent summary of the book. Thanks.
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.
Great video. I agree with you. Absolutely take time to do interesting things while u still can. I actually did travel thru Europe in my 20s like your friend. It was truly amazing. But like you I don’t want to spend down to zero.
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.
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"
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
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!
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!
😊
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.
You die once, You live everyday, so I always plan for tomorrow. Thats how i look at it.
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.
As always, great advice
Thanks for the video, and I 100% agree with YOU, good points.
One of the better critiques for that book. I agree with you on all points.
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❤
This channel helps me chose my next books, great video
Always great video Tae.
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
Ditto! I immediately thought of die broke.
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 RUclips videos here at Port Moresby, PapuaNew Guinea🙏🙏
I like this presentation. I am a bit on the fence about two is not having enough money till the end of life and maybe having a little bit more just to cover what we just don’t know what happen I do like the time buckets.
Loved the video and I agree with you on the points 😊
Requested this book from my library 🎉
1- Maximize positive life experiences. 2- Invest in experiences early. 3- Give when you are alive. 4- Understand the relationship between and find the balance between: Time, Money, and Health. 5- Trade money to gain better health and time. 6- Time bucket your life: turn the bucket list into timeline buckets. 7- Know you are enough. 8- Take big risks. 9- Aim to die with zero: Enjoy life to the fullest with every dollar that you have. (I don't agree with this one) 10- Maximize life fulfillment.
I laughed at the building lego at 20 years old part. I was a master model builder for lego from 24-28.
i am a single woman and i dont want to rely on anyone for care. i bought a home
later in life when i realized no man will take care of me . thats an old notion. i am grateful i have a little home
and rent money. it helps because its expensive in the bay area. i wish for 3 months off. but i can take 1 month. im mid 40s now. i travelled a little in each decade but never climbed mountains. i hope to climb a little but i know im older than 20s and may not want to hang at hostels. oh well! im pretty content and stable. wish i heard this advice when i was 28 and stressed w no money and going back to school for a nurse degeee. i wish i travelled more in my 20s
Most of all, I am super jealous of the high-top hair.
Yep, I barely making. My health is bad. So, enjoy life.
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.
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 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?
“A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous.”
What does “the sinner’s wealth is laid up for the righteous “ mean?
@@LNCMD2023 like really! Old English. Please explain
@@mygoodlife204 English is not my native language. Does the saying mean that the money left by someone who doesn’t care about his kids will end up with righteous?
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.
I'm damn near 50, and at no time in my life was I not excited to make legos with anyone ever...just sayin.
Great video, and definitely agree with what you said about the 2 okay ones. Loved the book nevertheless.
agree, no annuities
Interesting that the central lesson of the book is one you are the most uncomfortable with! Great summary though - much appreciated!
Great content 👌
I think giving your money to you heirs while you’re alive is important.
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
one lesson i learned from this video is I need a cool hairdo. It’s been on my list for too long…
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.
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 have this thought: if Im old enough to have a hard time doing cool things, I can give all my children and grandchildren what will be worth $15,000 each and watch what they do with it. I plan to have enough to commit to this.
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.
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.
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.
Commenting so more people see this video
Giving your comment a thumbs-up so more people see this video. 😉
I would rather put my money into fire than give it to insurance company. Other things in the book, solid advice
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.
Somehow spending money is life’s goal and supposedly very enjoyable.
Thank you 😊👍
Definitely disagree with the annuities part of the book. Insurance companies make money for a reason.
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.
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.
Clicked on this due to the “okay” tips lmao
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
For me, I don’t want to be the ‘richest man in the cemetery.’
🎉 true
Great video.
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.
Thank you
Maybe the book should be called?…”Die With Zero Generational Wealth” …🤔
Personally, I think it's kind of a stretch to say that "the purpose of life to have amazing experiences".
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).
We all die with zero.
Some don’t. If you die younger than in your 80s, you may still have a huge house full of stuff that your children (grown?) may not want but will still have to get rid of. Estates have to be settled (takes months sometimes). Wills are fought over in certain families taking months or years to settle. This is all stuff left behind that has to be taken care of by others. I see your point though - the ones who die do not have to deal with it so zero worries for them. 😊
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.
As a parent, I prefer to save and leave money to my kids
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.
Very few should be purchasing an annuity….
Does anyone knows similar books?
Um...i was 37 and stayed in hostels in europe. And ate cheap food
So there ya go
Until you work in HR or health you will realize how many ppl never live
Boom!
You highly underestimate the power of legos.
Nice