Die With Zero, written by Bill Perkins in 2020, is a provocative and counter-intuitive personal finance book that challenges conventional wisdom around saving and spending money. Perkins’ core message is simple but radical: you should aim to maximize your life experiences and die with zero money left in your bank account. Instead of hoarding wealth for the future, Perkins argues that the real goal should be to spend money wisely in order to live a richer, more fulfilling life.
In this article, we’ll explore the key principles of Die With Zero, explaining Perkins’ philosophy, his critique of traditional financial advice, and how his ideas encourage a more intentional approach to money and time.
The Core Concept: Maximizing Life Experiences, Not Wealth
The traditional approach to personal finance emphasizes saving and investing to accumulate wealth for retirement and unforeseen future expenses. Most financial advisors advocate delaying gratification in favor of financial security. However, Perkins flips this script entirely. His premise is that wealth, in itself, is not the end goal—it is merely a tool for living the most fulfilling life possible.
According to Perkins, the problem with the “save, save, save” mindset is that it often leads to people working and saving for a retirement they may never fully enjoy. By the time many people feel financially secure enough to indulge in travel, adventures, and personal hobbies, they are often too old to fully enjoy those experiences.
He introduces the concept of “time-bucketing,” which means allocating different periods of your life to specific experiences based on your age and health. Certain activities, like backpacking through Europe or learning extreme sports, are best suited to your 20s and 30s, while others, like relaxed travel or cultural exploration, may be more suited to later stages of life. Perkins urges people to strategically use their money at different life stages to optimize experiences rather than saving all their spending for retirement.
The Critique of Traditional Saving
Perkins critiques traditional saving advice, arguing that many people oversave for an unknown future. While it’s important to have a financial safety net, Die With Zero challenges the idea that you should save excessively at the cost of missing out on memorable experiences in your youth and middle age.
Many people, Perkins argues, end up dying with significant amounts of money they never spend, passing it on as inheritance. But what is the point of leaving behind a large inheritance if you’ve deprived yourself of meaningful experiences while alive? Perkins suggests that you should give money to your children (or other beneficiaries) when it will make the most difference in their lives—often in their 20s or 30s when they’re building careers and families—rather than after you’re gone.
The Trade-Off Between Money and Time
One of the core ideas in Die With Zero is understanding the trade-off between money and time. Perkins believes that time is the most valuable resource we have, and it diminishes as we age. No amount of money can buy back your youth or health. He advocates using your money to “buy experiences” while you are still physically able to enjoy them.
Perkins introduces a compelling argument against delaying life’s pleasures until retirement. In his view, saving too much for later in life creates a mismatch between when you have money and when you have time and energy to enjoy it. For example, you may have plenty of money at 65, but your physical abilities may limit the types of experiences you can engage in. By balancing spending earlier in life with the right experiences at the right time, you can ensure you’re not wasting your most valuable years.
Time-Bucketing: Living Intentionally Through Every Stage of Life
A central concept in Die With Zero is “time-bucketing.” Perkins advises dividing your life into different “buckets” of time and planning specific experiences for each period. This approach encourages you to prioritize activities based on your current stage of life, rather than deferring all experiences until retirement.
For example, in your 20s and 30s, you might focus on physically demanding or adventurous activities like hiking, traveling, or learning new skills that require energy and youthful stamina. In your 40s and 50s, your focus might shift to experiences that balance family, career, and personal fulfillment, like family vacations or pursuing meaningful hobbies. In retirement, you might aim for more relaxed, contemplative experiences that align with your physical and mental state at that time.
By carefully planning experiences according to your age and health, you can live more fully at every stage of life, ensuring that you don’t miss out on opportunities because you were too focused on saving for the future.
The Importance of “Memory Dividends”
Another key concept in the book is “memory dividends.” Perkins suggests that spending money on memorable experiences early in life doesn’t just provide immediate gratification—it also generates returns in the form of lasting memories that you can enjoy for the rest of your life.
Unlike material possessions, which depreciate over time, experiences can bring long-term emotional value. A thrilling vacation, a meaningful personal project, or a memorable family event will continue to provide joy and satisfaction through recollection. The earlier you create these memories, the longer you have to enjoy them, which is why Perkins advocates for seizing those moments when you have the chance.
The Role of Financial Planning in “Dying with Zero”
Though the premise of Die With Zero might seem reckless at first glance, Perkins doesn’t encourage thoughtless spending or neglecting financial responsibility. Instead, he promotes deliberate and careful financial planning with the goal of maximizing life satisfaction rather than just accumulating wealth.
To achieve the ideal balance, Perkins advocates for:
- Having a financial safety net – While spending money on experiences is central to his philosophy, Perkins acknowledges the need for a solid financial foundation, including savings for emergencies and a reasonable cushion for unexpected life events.
- Mapping out your spending and life goals – Perkins encourages readers to create a financial and life plan that includes how much they’ll need at various life stages and how much they want to spend on specific experiences. This intentional planning helps prevent both overspending and underspending.
- Rethinking the concept of inheritance – Perkins suggests that giving money to your children (or others) earlier in life—when it can have the greatest impact—makes more sense than leaving a large inheritance after death. He recommends gifting money when it can be used for education, career development, or starting a family.
The Fear of Running Out of Money
A common fear that holds people back from embracing the Die With Zero philosophy is the fear of outliving their money. Perkins addresses this concern by recommending careful financial planning and smart investments. He doesn’t advocate spending recklessly but rather encourages people to spend intentionally in alignment with their life goals.
By properly managing your finances and aligning your spending with different life stages, it is possible to enjoy a rich life of experiences without the fear of running out of money too soon.
Why “Die With Zero” Is Controversial
The ideas presented in Die With Zero go against the grain of traditional financial advice, which is typically centered on saving for retirement, investing for the future, and leaving behind a legacy. Perkins’ philosophy challenges the notion that saving for retirement should be the ultimate goal of personal finance.
Critics of Die With Zero argue that it encourages a short-term focus and could potentially lead to poor financial decisions if not carefully managed. Others may feel uncomfortable with the idea of aiming to “die with zero” because it contradicts the common belief in leaving a substantial inheritance for future generations.
However, Perkins’ philosophy isn’t about disregarding the future—it’s about reframing the purpose of money. By focusing on using money to enrich life experiences, rather than merely accumulating it, Perkins invites readers to rethink their financial priorities and live more intentionally.
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Conclusion
Die With Zero presents a bold and unconventional approach to life and money. Bill Perkins challenges readers to rethink the role of money in their lives and to focus on maximizing life experiences rather than accumulating wealth for its own sake. His philosophy emphasizes the value of time, the importance of planning experiences at different stages of life, and the power of “memory dividends” that keep paying off throughout your lifetime.
While some may find Perkins’ ideas controversial or counterintuitive, Die With Zero offers a refreshing perspective on how to live a richer, more fulfilling life by making the most of your resources while you can truly enjoy them. Whether you embrace this philosophy fully or take away certain elements, the book encourages readers to live more intentionally, ensuring that their wealth is used to create lasting joy and experiences, rather than being saved for a future that may never come.
