The Book That Changed How I Spend Money
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- Опубликовано: 22 июл 2024
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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.
Die With Zero: Getting All You Can from Your Money and Your Life - geni.us/vZGAu8H
The Best Book I've Ever Read about Making Money: • The Best Book I've Eve...
Previous Book Club videos: • 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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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.
Just quit my job with $3.8 million at 35. Plan is to volunteer and enjoy my life now
Try out learning to play Saxophone 🎷 it’s taken up all my time and I’m still terrible 3 years later but I’m addicted to it!
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
I got a seizure reading the book title.
😭😭😭😭 this comment made my day
I thought I was the only one
😂😂😂
I got curious when I read the title.
I am now going to the hospital because I thought I was going crazy
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 😅
Crazy how you posted this right after I picked up the book at the city library!
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!
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.
I agree with you that investing is key to maintaining your financial longevity. And not just any investment, but an investment with guaranteed profitability.
To make more, you need to have multiple diversified income opportunities" so investing is a way to make more money once it becomes profitable.
Investing has made me lose greatly before understanding that Investing with the right Strategy and professional is the best way to acquire financial success.
My advice to anyone panicking right now is to look at the history, if the smarket could recover from this coronavirus crisis, the 2008 financial crisis, the Dotcom crash, definitely the market would go through Whatever comes next as well.
@Lily Anna Take the time to learn. If time poor seek a solid financial adviser for help. Most traders lose money.
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…
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!!
Slow down! Gimminee Christmas
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... 👍
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.
Cryptocurrency is one of the best investment one can make and build wealth for their future
@@martinhugo1514 Yes you're right, Bitcoin is a good business, making money is easier through investment,
don't save your money
Buy and invest in Bitcoin
Bitcoin is the future, investing now in it will be the wisest thing to do especially with the current rise.
Yes investing in Bitcoin with the help of an expert is the best and more profitable
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.
We really enjoyed this episode of book club! Very important topic
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.
You look better than ever 😄 I don't know what you've been doing/integrating into your lifestyle, but it helps!
My god! I almost died making sense of that book title.
Great book, outstanding presenter, love the video! Thanks.
Super helpful video, thanks man!
Hi Ali..! Once again, many thanks for the fantastic video! I just recently came across you and have been enjoying your work. You seem to add a lot of value to your films, and I think you're also really entertaining. Once again, I'm grateful and happy for the people who follow You!
I wish this guy was my teacher at some point in my life.
You put a lot of hard work in your contents that's great really.
Invest in your health and the problem is solved.
Amazing video! Keep up the good work man
Love you very much, Ali! Thanks for your very useful videos💙
Great videos as always, could you make a video on the book "Power"?
What a great video man! Good financial advices for an 18 yo if starting now!!. THanks man for the tips!!😊😊
Real great content. Thank you
I needed this
It’s very surprising that you don’t mention as a weakness the power of investments and compounding. You cannot compare 20$ when you are young and 20$ when you are 60 as the same, you’ll have to do the NPV (net present value), to be able to compare both. That’s why there is a very big opportunity cost of spending when you are young, bc you could otherwise save it and increase it by ~10% each year for 40-50 years!!
I love to read and you give me so much inspiration. Love from Ghana🇬🇭
Where do you purchase your glasses ? Great videos btw big fan of you man !!!
Good recommendation. I've been wanting to read this book but it fell to the back of my mind. Just purchased the audiobook off the Apple store. I've been saving to "break even" or make my passive income equal my expenses (at the current moment). I've definitely leaned too far on the save side.
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.
It's actually mentioned in the book. For activities you enjoy that does not cost much money such as walks in the park it simply means you can spend less time working and spend more time doing the things you enjoy.
When I was a teenager we used to go to the local disco and get drunk everyweek. It would cost about 15 pound and I used to get 10 pocket money a week. Somehow, and i can't remember how, I always seemed to be able to do it every week
Your English fluency is my favorite dear also I following your way of speaking
Thank you, Ali, for sharing your insightful notes, Your book summaries are always incredibly valuable!
If you give your kids money early on it would be less money cause it grows over time, so that's also a point to consider.
As for donating early, it really doesn't matter in the big picture. Say everyone donate early on so there will be a lot of money that will flood in while the change occurs, but then it'll go back to be the same of not less when everyone will donate young (and poorer)
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. ✌️
Pop
Thanks for this Ali. Your videos are really valuable.
Welcome Back!
the editing and quality of your videos is genuinely un matched. im sold the book is now getting bought.
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?
Well said. I agree whole heartedly with you. I have done some great things but the memories are vague. It is important to be doing things you enjoy regularly, even if they are more normal activities.
Great video. Can i ask when you first out sourced your video editing and was it to the current editor you have right now?
This is brilliant
This book really change my way of seeing money.
The real challenge is figuring out how to read the name of the book
Excellent summary
Loved this video! 👏🏼🌹
I love this book reviews
Love all of your videos handsome doc😍
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.
Be frugal not stingy.
The real success comes, when you struggle and move forward.... Life is always fair if you be fair with life....
Waiting for the “”what’s on my iPhone “” video ali😵💫😵💫😵💫
Thanks Ali for making such good videos, you are one of the few people who changed my perspective on money and time, it matters to me quite a lot because am just 16 right now and just really thankful that I have access to such information, please continue making great valuable videos :) .
Experiences over anything else for sure!
Good points but I wish I could have been encouraged to start saving a small percentage of my income when I was in my 20s. Now nearly in mid 50s and have only a minuscule pension and not looking forward to potentially having less money when I’m older. I intend to work for the rest of my life but it will tougher to work as hard in my 70s
1:55 I recognize this place it's Monaco ! I ate in this restaurant (Le quai des artistes) when I went there !
Your videos are so value packed and truly entertaining Ali! You never fail, there's always a takeaway that I can apply to my life or deeply ponder haha! Thanks so much for all the effort you put into making these videos for us and serving the world. Your work ethic is inspiring. You've made a huge impact and can't wait to see where you go! :)
Love the theory behind this but not the best video to watch a week before I fly to Vegas hehe :p
Just found your channel, very cool 👌
Ali - great job returning to the types of videos that first caused me to hit the subscribe button many moons ago. I got a lot of value out of this one. Your very basic hand drawings help to convey concepts that might be difficult to explain through words alone. Please make many more of these kinds of videos..
Great video & so insightful
Would wish to know about ways of investing especially in an economically tumbling and unstable environment… Alex all the way from Zimbabwe
Time for some yu-gi-oh tournaments.
The goat back again
Ive never been rich per se, but goddamn ive lived one hell of a life. I been all around the world, been in bands, went to film school, interned in nyc, made music albums and films, smoked enough weed to kill bob marley, have so many incredible memories. Guess its time to save
Thank you for bringing back the art in the back. It feels like good ole times when I first started following you. Feels like home 😊
Love this video!
hi from new fans
📌Do what everybody else is doing if you are okay with only having what everybody else has.Information that will pay you everyday, you've got to stop saving all your money. Venture into investing some, if you really want financial stability.
Choose to grow and elevate your mind by
studying audios,videos,attending conferences that will give you the edge!
Lately I’ve been thinking of buying cryptocurrency for retirement, I’ve set asides $350k to invest but along the line,I usually get cold feet, maybe because I have no idea what I’m doing, please I could really use some guidelines.
In situations like this,I always recommend to people on getting guidance at least from someone that understands price action and all that while you strive on improving yourself by watching videos and learning fundamental analysis.
@@stephenzouhir351 I started investing in cryptocurrency a little while ago and I’ve come to realize nothing beats first hand experience..Investing with Juan Antonio Landa has been the best experience ever.
Wow…..Juan Antonio Landa?
I basically follow her trade pattern and haven’t regretted doing so.Hence I can confidently say I’m impressed by my returns so far.
I love this book and need to get it
Great review! Thank you for sharing it. Yeah, I agree that it is always a balance between how much you have to invest in these experiences, the time, health, work, and results you want. It is inspiring to think about and be aware of them.
So, is this book any better than Die Broke? Does it cover any additional ground? Do I want to read it even though I've already read Die Broke?
Interesting perspective.
man, your family must be proud of you 😊 you are awesome in every single way. love your channel 👏
"Die getting all you can with from your money zero and your life", oh yes. Gotta love that book.
In the same vein as Bill, Warren Buffet said “I want the check to the undertaker to bounce!” Lol.
"Die getting all you can with from your money zero and your life." Very interesting title.
Would this book be suitable for people at retirement age?
You are the best thing that happened to me via youtube !! Learnt a lot from you !! Thanks 😁
Wow, thanks!
the best decission i made was to subscribe to your channel
thank you Ali
I always have to watch your videos in 0.75 x
Thanks bro you always make my day with this kind of vids👌👌
Glad you like them!
No seriously! He’s the best
ahhh this is such a problem! I am just starting making money but struggling soo bad to spend them.. thank you for the video, Ali!
I understand you clear Ali
I was hoping for more criticisms, starting with the problem that most of us live in too much debt, not drowning in money. I also found nicely illustrated graphs that were misleading. The line on the graph of earning potential seemed to be a cumulative amount, while referring to what sounded like annual income that does not have such a step curve, while the line on how healthy for most of us will have a long plateau. The lack of scale on either access was surprisingly misleading, and if it was from the book, it should be criticized. If it was from you, please take care on how you represent the concepts so as not to mislead a society that is largely overburdened with debt.
I appreciate the comments poking holes in the idea of spending money when you young means you have some, and that nothing is sadder than running out of money before you die, with $10,000 a nice amount to close your estate with so that debt is not a burden for your grieving family when you go.
Still, an interesting philosophy, and I am enjoying your bookclub! Thanks everyone for your comments!
Love this content! Thanks Ali! :)
Nice video
Hey Ali, I was just revisiting your video on the second brain, and noticed you were interested in creating a video about longevity. I was wondering if you had read the book "The Longevity Diet" by Dr Valter Longo? It's got some good information (although if you're looking for the biochemistry behind it, you won't find it in there), and is easily digested. Just a recommendation if you hadn't already read it! Another source I can recommend is the channel Leo and Longevity on RUclips, who is a biohacker with plenty of investigation done in this area.
Loved the yugioh reference as a mtg and ygo player myself🥳😂
As soon as I saw that SPA. That’s in Cambridge. Next to Quayside. I used to go 🤣 does he live in Cambridge?
My takeaway:
Spend money on necessities, save some, and don't hesitate to spend on experiences. Don't just keep saving money with the fear that it might run out later in life. Spend money on experiences, kids, and charity while you're alive not after you're dead.
What app you use for the anime that appears on your videos?
please make a video about your learning journey , the amazing stuff that you learned ,when you learn and how you learn so please make a video your JOURNEY..💛
so what you think about your learning journey you make video about this or not
I about had a stroke trying to figure out the title of the book in the thumbnail
Ali are you Italian? 😂 I’m joking but your gestures are very Italian 🤌🏻 Btw, I loved this review! I think Italy (where I live) is one of the countries where people save so much, mostly because they think about retirement and kids… and unfortunately I was raised with the same mindset, which led me to have many worries about money and lack of it. So I really enjoyed this new and fresh perspective, even though I don’t agree with everything, but the idea of giving money to charity or to your kids during your life (and not at the end of it) I think it’s something crucial and hopefully will become more common! Thank you very much for this and many more videos I found really inspiring! ☀️
Ali said that he is saving money but he still buy a lot of apple divices
The man who dies thus rich dies disgraced
Wealth is not to feed our egos but to feed the hungry and to help people help themselves. - Andrew Carnegie
We have to send this quote to Elon 😅
Great summary! I'll have to pick up this book
The only thing is i dont know when I’ll die
Best tips investing