8 Life-Changing Lessons from Die With Zero book

In his thought-provoking book “Die With Zero”, former Wall Street trader turned entrepreneur Bill Perkins shares his philosophy on how to get the most fulfillment and meaning from our limited time on earth. He provides a unique engineering-driven perspective on “life optimization”.

While I resonated with many of Perkins’ principles, others left me skeptical. In this in-depth blog post, I’ll share 8 amazing lessons from the book that really made me think. I’ll also provide my candid perspective on 2 concepts that didn’t fully sit right with me.

Seize the Day and Maximize Positive Life Experiences

The essence of Perkins’ philosophy is that our lives are ultimately the sum of all our experiences. We must be intentional about filling our limited time with meaningful memories and connections. Many of us constantly push off what we want to do in life until some vague “later” time. We assume we’ll have plenty of time in the future. But as Perkins illustrates through a tragic example, we cannot take our time for granted.

He tells the story of his friend John, who seemed to be living life to the fullest without major health issues. Suddenly at the young age of 35, John was shockingly diagnosed with a very rare form of terminal cancer. Despite the best medical efforts, John heartbreakingly passed away just 3 months after the surprise diagnosis. Understandably, he was filled with immense regret about all the experiences and time with his family he would miss out on.

This story illustrates that we never know when our time will be up. We all like to believe we’ll live to a ripe old age, but life often has other plans. Perkins uses this sobering example to motivate us to seize the day and maximize the positive experiences we can have now. Don’t keep kicking the can down the road waiting for the “right” time. Start prioritizing what matters most to you today.

Invest in Meaningful Experiences 

Perkins encourages us to be deliberate in choosing how to spend our time and money. Invest in acquiring life-enriching experiences versus accumulating more material goods. Think about the most meaningful memories of your life so far. Chances are most revolve around experiences shared with loved ones – not the year you bought a flashy new car or bigger house.

Meaningful experiences that create lasting memories can range from simple pleasures like sharing a quiet cup of coffee with your spouse, to bigger trips like that epic backpacking adventure you took with your best friend in college. Of course, quality experiences often require some investment. Whether it’s buying tickets for a special event, booking a vacation rental, or paying for a nice family dinner out, we have to be willing to occasionally splurge on what matters. 

Mindless and frequent consumer spending on status symbols like clothes, cars, and the latest gadgets won’t truly enrich your life in the long-run. But thoughtful spending on shared experiences can deliver enormous joy and meaning.

Don’t Endlessly Defer Living  

It’s easy to constantly put off the things we want to do in life until our financial situation is “perfect” or we have more stability. But as John’s story highlights, we can’t take endless tomorrows for granted. If you have a dream experience on your bucket list, find ways to pull it off reasonably soon instead of forever pushing it down the road. If money is holding you back, get creative about how to make it work on a budget. 

You may have to sacrifice some comforts and luxuries. But the memories created will be priceless. Don’t wake up one day 50 years old with deep regrets about how you spent the last decades. Take ownership of your limited time on earth. Live purposefully.

Invest in Experiences Early in Life

Perkins advocates strongly for investing in life-enriching travel and adventures early in adulthood while you have the freedom and stamina. Don’t keep deferring until retirement. He shares a story from his early 20s that deeply impacted him. At the time, Perkins was making a solid salary of $118,000 as a screen clerk on Wall Street. 

But his roommate Jason was only making $28,000 as a guitar teacher. Despite his paltry income, Jason was laser-focused on following his dream of backpacking around Europe. 

Just Go For It

Perkins thought Jason was crazy to put his career at risk to chase what seemed like an unrealistic dream. But Jason was absolutely determined to make it happen. He ended up borrowing money from a loan shark to fund the initial costs of a 3-month Eurotrip adventure. Perkins was floored by Jason’s boldness to take such a risk. 

But Jason proved his determination and resourcefulness. His backpacking journey ended up taking him to incredible places throughout Europe like London, Prague, Germany and the Greek islands. He returned home bursting with amazing stories of his experiences. As Perkins puts it, “Jason returned a changed man, brimming with confidence, fascinating stories, and a drastically expanded sense of what was possible in life.”

Don’t Wait Until It’s Too Late

Perkins admits he deeply regretted not doing something similarly bold and adventurous when he was still young and unencumbered by family responsibilities. He finally made it to Europe in his 30s, but traveling was a completely different experience by then. He could no longer get by backpacking and staying in hostels with other adventurous young people. 

As Perkins realized, while money can be made again, you can’t reclaim lost youth or missed opportunities. There is a small window of time where life-defining adventures like Jason’s are most feasible and enjoyable.

Moral of the Story 

The moral here is not putting off aspirations until all your ducks are perfectly in a row. Jason didn’t even let his paltry salary deter him from pursuing his travel dreams. He found a way by maximizing savings and taking a risk on a loan. When you’re young and unencumbered by family obligations, go for those big adventures and experiences before life makes it exponentially harder. Stop waiting. Just go do it while you have the youthful energy and resilience. 

You’ll create powerful lifelong memories. Missing the boat altogether and living with regret is the worst fate. The time is now. Carpe diem.

Give While You’re Alive to See the Impact

Perkins advocates for being intentional about our giving and doing it while we’re still alive. Don’t just set aside money in your will to dole out after you pass away. He contends that giving beyond the grave is suboptimal for two key reasons:

1. Timing Luck

By trying to distribute money after your death, you are leaving the timing of when recipients get the money primarily to chance. The money may end up coming exactly when your heirs urgently need it for education, a home purchase or medical bills. But it’s just as likely the timing will be off.

You have no ability to actively time distributions to align with major life needs or milestones. The money arrives based on your passing, not when it could make the biggest impact. Similarly, if you want to leave a legacy gift to a charitable cause, the organization may have radically evolved – or even shut down – by the time dollars arrive. You can’t predict if your gift will fit the mission and needs of the future.

2. Lack of Impact Visibility 

When you give during your lifetime, you get the deep satisfaction of seeing exactly how your contributions better lives and make a difference. Whether it’s helping a loved one pay for college, make a down payment on a home, start a business or take a special trip, you feel good seeing how your generosity bears fruit.

Similarly, donating to a charity while alive allows you to confirm the organization upholds your values. You can see how they use funds responsibly to drive impact on causes dear to your heart.

In summary, Perkins advocates being proactive and strategic with giving rather than passive. Seek out opportunities to fund causes and individuals you care about during your lifetime when you can thoughtfully time it and experience the direct impact. Don’t just set and forget your estate. And don’t give small token amounts here and there. Be intentional, deliberate and even radical in your generosity – and do it while you’re still around to feel the joy.

Optimize the Balance Between Time, Money and Health 

Perkins asserts that the three essential pillars for maximizing life’s potential are time, money and health. But rarely do we have all three in equal and ample supply simultaneously. Typically our resources in these areas follow a distinct arc over our lifespan:

Time Pattern

Money Pattern 

• In our 20s, even professionals just starting their career make modest salaries. Recent grads may still be paying off student debt and struggling to save. Money is tight.
• From 30s through 50s, incomes typically rise significantly as we accumulate skills, connections and seniority. These are peak earning years where money is most abundant. 
• After retiring in our 60s/70s, traditional earned income drops substantially or dries up completely. We live off pensions, social security, retirement savings and investments. The danger is outliving savings if money is managed poorly.

Health Pattern

• In our 20s, health is usually excellent barring some chronic issues. We likely have energy, strength, endurance and quick recovery from exercise and injury. 
• From 30s through 50s, we start to lose some vibrancy but are still relatively healthy. Joints and back may start creaking a bit but we’re still moving fluidly. Risk of issues like heart disease and cancer starts rising slowly. 
• After 50 and especially into our 70s/80s, health declines accelerate. Energy levels decrease, aches and pains increase, disease risk heightens. Poor health can really damper quality of life.

The Challenge

Ideally, we want abundant time, money and health simultaneously to maximize life experiences. But as the patterns above illustrate, these elements peak at very different stages of life. Time is freest early and late, money flows best in the middle prime career years, and health deteriorates over time. It’s exceptionally rare for someone to have generous time, money and health all at once. 

So Perkins encourages strategic planning to balance these elements across our life journey. How do we retain sufficient health and wealth to fully enjoy free time in later years? How do we create space for rejuvenation amidst career pressures? How do we fight age-related decline?

There are no easy answers. But Perkins provides some thought-provoking principles to guide life optimization across these crucial dimensions.

Prioritize Health and Time Over Money 

Once you reach a reasonable level of financial security, Perkins strongly advocates focusing on safeguarding time and health over accumulating ever more wealth. Too many people – especially ambitious types – prioritize growing their net worth above all else. They stress about maximizing investment returns, building side hustles and climbing the corporate ladder. 

But grinding yourself to the bone in pursuit of money often comes at the cost of relationships, experiences and health. And after a certain point, additional wealth doesn’t meaningfully improve happiness or life satisfaction. By contrast, poor health can severely limit enjoyment and fulfillment regardless of your net worth. And time truly is our most finite and non-renewable resource. 

Perkins’ key insight is that *once basic needs are covered, time and health are more valuable than excess money.* The freedom to live each day fully present with vitality is precious beyond measure.

Guard Your Health

Make consistent investments in your physical, emotional and mental wellbeing throughout life instead of waiting for crisis and decline later on. Cultivate life-enhancing habits around eating, exercise, sleep, stress management and relationship nurturing. Don’t take youthful vigor for granted. Be proactive to retain vigor into older age so you can participate in all that life has to offer.

Perkins notes how the elderly spend staggering sums on medical costs just trying to manage disease, reduce suffering and prolong twilight years. But band-aid solutions can’t fix a lifetime of neglect. He suggests it’s better to invest diligently in health from the start – diet, activity, checkups, etc. Don’t waste money trying to play catch up later as health deteriorates.

Reclaim Your Time

When possible, use money to buy back time for what matters most. Outsourcing tasks like cleaning, yardwork and cooking liberates hours that can be invested in family, friends, experiences and rejuvenation. Yes takeout meals cost more than home cooking. But the time savings spent laughing together around the dinner table are precious. Look for reasonable ways to eliminate time sinks so you can devote energy to what and who you love.

Time gets away from us so easily in a frenzied world. Be vigilant about protecting space for what nourishes your spirit – creativity, connection, experiences, simple pleasures. Don’t just soldier grimly through each day until your health declines and time runs out.

Use “Time Buckets” to Plan Out Experiences

We’ve all heard of creating a “bucket list” – the things you want to do before you die. But Perkins believes standard bucket lists have a major flaw. They simply mash together a laundry list of life goals without any prioritization or timing. You just throw every dream experience on the same list from climbing Mt. Everest to cruising Alaska to writing a book.

In reality, the optimal timing window to attain certain experiences differs drastically. Mountaineering, for instance, requires you to be in peak physical condition, so likely best achieved in your youth or at latest early middle age. But less physically intense goals like visiting famous museums, taking an African safari or enjoying a river cruise may be just as enjoyable (or more so) in later life stages when you have more free time. 

That’s why Perkins advocates developing “time buckets” instead of a traditional singular bucket list.

Time Buckets 

With the time bucket approach, you divide your remaining life expectancy into age range buckets – for example:

• 30-40 years old
• 40-50 years old
• 50-60 years old 
• 60-70 years old
• 70+ years old

Next, you brainstorm the life experiences and goals best suited for each specific age range time bucket based on where your health, career, family and financial factors may be at that life stage. 

For instance:

Age 30-40

• Adventure travel to remote destinations
• Start a family
• Train for and run a marathon
• Learn to play guitar
• Take career risks like start a new business or relocate abroad

Age 40-50

• Take an African safari
• Participate in kid’s activities like sports coaching 
• Rekindle date nights after kids grow more independent
• Develop consistent meditation practice
• Achieve major career milestone

Age 50-60

• Visit National Parks 
• Volunteer for causes you believe in
• Get advanced degrees or professional training
• Shift to consulting career or go part time

And so on…

Of course life often throws curveballs that disrupt even the best laid plans. But developing intentional time buckets provides a blueprint to aim for, rather than drifting aimlessly. The key advantage is avoiding postponing goals until some vague future time. For each life stage, target 2-3 signature experiences you aim to have completed during that period while you can still get the most enjoyment and meaning from them.

Start Now

Don’t wait until you approach a new decade to refine your time buckets. Start envisioning your ideal experiences for current and upcoming life stages now. What are 1-3 dream experiences you hope to create memories from in your 30s? Your 40s? 50s? Outline possibilities across buckets, then break these down into practical steps to start working towards your visions.

Being deliberate about how you spend your limited time, rather than letting life just happen passively, is critical to avoid major regrets about missed opportunities. Dream big, but also get started now!

Know When Enough is Enough

Perkins advocates determining your “peak net worth” age and then shifting focus from wealth accumulation to optimizing spending on experiences for greatest enjoyment. For most, this peak occurs between ages 45-60. So for example, if at age 52 you achieve a net worth of $2.5 million and determine that’s sufficient, you now change gears to prioritize travel, passions and lifestyle enrichment rather than further padding your portfolio.

Let’s unpack this interesting principle.

What is Peak Net Worth?

Your peak net worth is essentially the age at which you:

a) Hit your goal asset level to fully fund the lifestyle you desire AND b) Before age starts reducing your ability to vigorously enjoy activities

For many people, these two conditions converge sometime in the 45-60 range. By this stage of life, your highest earnings years are likely behind you. And you still generally have decent health to enjoy an active lifestyle.

Perkins stresses that your peak net worth number is unique and some may be higher or lower. Reflect on your goals. For instance, are you fine with a simpler early retirement lifestyle emphasizing experiences and relationships over luxury? Or do you desire deluxe world travel annually?  

Define the lifestyle expenses you want funded in detail. Then project how much net worth is required to generate adequate passive income. That’s your peak number. 

Shift From Accumulation to Spending

Perkins argues too many people continue amassing wealth out of ingrained habit long after they have enough. They meticulously trim spending and religiously pile up assets out of fear and scarcity rather than purpose and abundance. Meanwhile, their health declines until activities become limited. Or their wealth ultimately transfers to heirs who may squander it thoughtlessly.

Instead, he encourages more mindfully spending net worth on enriching experiences once you hit your peak. Of course, don’t recklessly burn through your portfolio! But look for fulfilling ways to reasonably splurge like:

• Taking that dream trip 
• Building a vacation home for family gatherings
• Reducing work hours to pursue passions
• Funding causes important to you 
• Helping loved ones in meaningful ways

The key is maintaining overall responsible financial management. But the difference is your mindset. Instead of endless hoarding, you’re now intentionally distributing funds to maximize enjoyment and social impact.

Challenges 

This “die with zero” concept is logically appealing – don’t let your money just sit there unused! But executing well in reality poses challenges:

• Predicting your exact lifespan is impossible. Running out of assets while still living would be catastrophic. You must build in abundant buffers for longevity risk.
• As you spend down aggressively, anxiety may arise as your net worth dwindles. Personality type matters. Some are comfortable living “lightly”. Others need more stability. Know yourself.  
• Be flexible for life surprises that disrupt plans. Developing some discretionary reserves even in “spend down” mode allows pivoting if needed.

The core mindset shift Perkins advocates of being more intentional in using wealth for fulfillment versus hoarding makes good sense. But meticulous planning can’t guarantee perfect life stage expenditure and asset depletion. Stay nimble.

Take Smart Risks, Especially When Young 

Perkins argues that taking bold risks is often wise in life – especially when you’re younger with less to lose. Many become too complacent and risk-averse over time.

He categorizes three risk scenarios:

1. Existential risk: Where the downside includes ruin or catastrophe from which recovery may be impossible. Avoid. 
2. No-lose” risk: Where downside is essentially zero, but upside potential is massive. Always take.
3. Asymmetric risk: Where the upside substantially exceeds the downside. Lean into asymmetric risks, especially when young. 

Let’s unpack examples of smart asymmetric risks to embrace.

Early Career Gambles

When you’re early in your career with minimal obligations, swing big. Take that Ivy League job across the country. Join an exciting startup. Apply for that dream international posting.  The main risk is career stagnation or setback if things don’t work out. But you likely have time to recover and build new skills. Meanwhile the experiences and connections gained may be invaluable.

Compare this to later career when you have family, mortgages and familiarity with your niche. The opportunity cost of disruptive risks then is far greater.

Entrepreneurial Risks 

In your 20s or 30s without major expenses, exploring a startup idea or creative venture can be rational. Worst case it fails and you lose some time. But you gain invaluable education. Whereas trying to launch a business later on with heavier responsibilities is far more burdensome if cash flow stumbles. Build your safety net first before later life entrepreneurship. 

Relocation Risks

When you’re young and mobile, don’t be afraid to take international job assignments in places ranging from Asia to Latin America even if unsettling. Immersing in new cultures expands perspectives immensely. Later if family and professional networks are established, such dramatic relocations are much more disruptive. Have your adventures when you only have yourself to look out for. 

With lesser responsibilities and higher resilience, smart risks provide asymmetric upside when taken thoughtfully early on. Fortune favors the bold. That’s not to say calculated risks aren’t still worthwhile later in life. But understand the higher stakes then of disrupting stability and plan accordingly.

Die With Zero? Easier Said Than Done  

Perkins’ core thesis is that you should aim to “die with zero” – fully spending your savings by your last day on earth to maximize life experiences. Logically this makes sense to avoid dying with unused assets. But executing well in reality is enormously difficult. Here are my concerns:

Prediction Fallacy

Successfully dying with zero requires you predict your precise lifespan and meticulously calculate spending so you fully deplete (but never overspend!) by your last breath. This is essentially impossible to execute. Lifespan estimators can provide ballpark longevity guidance. But you simply cannot know exactly how long you’ll live or how health and expenses will unfold. Building in buffers is crucial.

Personality Challenges 

Aggressive spend down may work well for risk takers. But for more conservative savers, watching their net worth constantly erode can provoke intense anxiety as the end nears, undermining enjoyment. Know your tendencies.

Life Surprises 

Even the best laid “die with zero” plan can’t anticipate unpredictable life events that disrupt orderly wealth depletion. Illness, family needs, natural disasters, regulatory shifts – you must retain flexibility to pivot.

Annuities Trap

Perkins advocates annuities as an ideal way to fund living expenses until death. But once you hand over your savings to an insurance company, that wealth is gone forever – even if you die prematurely. This financial permanence feels too restrictive to me. Overall, Perkins’ concept encourages rethinking wasteful wealth hoarding. But don’t become obsessed with literally dying penny less. Focus more on mindful spending to enhance life.

Final Takeaways: Live Intentionally 

While I don’t agree fully with all of Perkins’ principles, his book provides wonderful fodder for reflection. Here are some key takeaways:

• Life is fleeting – be deliberate in how you spend your limited time. Don’t take endless tomorrows for granted. Seize the day.
• Invest in shared experiences over status symbols. Cherish memories and connections that enrich your soul.
• Give abundantly and thoughtfully while you’re here to witness the impact. 
• Strive to balance time, health and money across life phases. Make trade-offs wisely. 
• Prioritize vitality and passion. Money loses significance when health declines.
• Cultivate mindful fulfillment vs mindless hoarding. But retain flexibility for life’s twists.

Perkins delivers an engineering-inspired call to optimize our brief time on earth. I don’t agree fully with his “die with zero” doctrine. But the core emphasis on living intentionally, not passively waiting for someday, resonates loudly.  Stop deferring life. Start creating and sharing experiences that matter most to you with loved ones. The clock is ticking. Make it count.

What are your big takeaways from “Die With Zero”? How do you balance indulging today with preparing for tomorrow? I’d love to hear your perspectives in the comments below!