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Bill Perkins17 June 2023

Why You Should Spend All Of Your Money Before You Die - Bill Perkins - #642

0Frameworks
18Insights

Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Myth Buster· 2

Myth Buster22:00

Why You Can't Stop Working for Money (The Rat Wheel Experiment)

Perkins explains why people find it so hard to stop earning and start spending: money starts as a direct route to fun experiences when you're young, but over time the reward gets abstracted away and people keep chasing the number itself — like a lab rat trained to run in a wheel for cheese that will eventually run even without the cheese.

  • Early in life, money equals direct access to fun (concerts, friends, trips).
  • Over time, the connection between money and the actual experience it was meant to buy gets lost.
  • People develop a hedonic/ego attachment to the number itself, independent of what it can buy.
  • Comparison: a rat trained to run a wheel for cheese will keep running even once the cheese is removed.

you take a rat and you can train it to run in a wheel for cheese... eventually you could just show them the wheel and…

Bill Perkins · 22:30

the abstraction of money takes you away from what it was for.

Bill Perkins · 23:30
#money#psychology#myth
Myth Buster41:00

Old People's Net Worth Keeps Growing Because They Can't Spend It

A myth-busting data point: despite people over-saving out of fear of running out of money in retirement, the actual data shows retirees' net worth keeps growing because their willingness and physical ability to spend declines with age, not because they can't afford to.

  • People systematically over-plan and over-save for retirement expenses.
  • Data shows older people's net worth keeps climbing even accounting for healthcare costs.
  • The reason isn't insurance or costs — it's that their aptitude and desire to consume experiences (travel, activity) drops.
  • Example: renting a Ferrari for a skydiving trip is a very different experience at 45 vs 75.

the data is just overwhelming, old people don't spend money, their net worth just keeps growing.

Bill Perkins · 41:00

it's not even if they can, it's not enjoyable — their joints hurt, their back hurts.

Bill Perkins · 41:30
#retirement#money#myth#aging

Hot Take· 3

Hot Take24:30

There's Tons of Advice on Getting Rich, Almost None on Being Rich

A hot take on why so many people accumulate wealth but never actually enjoy it. Perkins argues there's endless advice on getting rich but almost none on how to actually be rich, and that many wealthy people treat their fortune like a trophy to admire rather than a resource to spend on life.

  • "There's tons of advice online about how to become rich and almost no advice online about how to be rich."
  • Compares wealthy people to Scrooge McDuck, hoarding and admiring money instead of using it.
  • Attributes the pattern to conditioning: people get trained to excel at one narrow skill (earning) at the expense of everything else.

accumulating wealth is taught but enjoying wealth is not.

Chris Williamson · 24:30

Rich guys are the dumbest... they found the treasure, and then they just sit around and shine it and take pictures of it.

Bill Perkins · 25:00
#wealth#mindset#hot-take
Hot Take75:30

"Culture Is the Dreams of Dead People"

A sharp framing for why so many people default to conventional life choices without examining them: what feels like personal preference is often just inherited cultural scripting about marriage, careers, and love that was never actually chosen.

  • People adopt cultural scripts about who to marry, how to fall in love, where to work, without questioning them.
  • Perkins gives the example of coaching a friend on dating: treating it like any goal requiring deliberate effort (time spent, network used, criteria set) rather than waiting to "bump into" someone.
  • Notes people default to marrying/working with whoever is geographically closest ("propinquity") despite having far more options today.

culture, dreams of dead people... other people's dreams. This is what you should do, this is how you should get married.

Bill Perkins · 75:30
#culture#autopilot#hot-take
Hot Take46:30

Bill Perkins' Problem With FIRE and 'Monk Mode' Grind Culture

Perkins critiques both the FIRE movement and "sigma grind mindset" monk-mode culture, arguing they're versions of the same mistake — trading away years of relationships and experience for a promised future payoff, similar to accepting a prison sentence for a cash reward you'd never actually take.

  • Compares extreme grind/monk-mode culture to accepting money to serve a prison sentence — no amount of later reward makes up for the lost years.
  • Notes formerly-wrongly-imprisoned people would trade back their settlement money for the years they lost, showing time isn't fungible with money after the fact.
  • He believes in delayed gratification and hard work but says these movements take the idea "way out of balance."

this monk is another version of go to jail for money.

Bill Perkins · 46:30

they would gladly give you that money back and get that time back.

Bill Perkins · 47:30
#fire-movement#hot-take#balance

Explainer· 3

Explainer01:30

The Chuck E. Cheese Tokens Problem: Working for Money You'll Never Spend

Perkins explains the core insight that sparked his thinking: he didn't want to spend his life earning money he'd never actually spend or use, comparing it to hoarding Chuck E. Cheese tokens or Skee-Ball tickets without ever redeeming them for anything.

  • The fear wasn't poverty, it was working hard for money that goes unused.
  • Analogy: winning a huge pile of Skee-Ball tickets and never cashing them in for a prize.
  • This realization pushed him to treat life as an optimization problem rather than a pure wealth-accumulation problem.

I didn't want to have unused Chuck E Cheese tokens.

Bill Perkins · 01:30

you don't want to be playing Skee-Ball, get a million tickets and just walk out.

Bill Perkins · 02:00
#money#fulfillment#mindset
Explainer25:30

Why Successful People Forget How to Live

Perkins describes how people who spend decades hyper-focused on one skill (career or wealth-building) let all their other "life muscles" atrophy — the ability to socialize casually, travel without a business reason, or simply enjoy free time — making it genuinely painful for them to slow down and live.

  • Years of single-minded focus on one "vertical" atrophies unrelated life skills: making friends, choosing a restaurant, taking unstructured time off.
  • Rich, successful people often can't relax even once they have the means to.
  • Compares it to a New Year's gym newcomer: motivated but out of practice, so it feels painful rather than rewarding.

they now have forgot about life because guys don't know how to say hi to their neighbors or invite somebody to dinner.

Bill Perkins · 26:00

that's what it's like for successful rich people when it's like okay let's go be human.

Bill Perkins · 27:30
#success#burnout#psychology
Explainer92:00

Why Most Traders Wash Out: The Emotional Math of a 60/40 Win Rate

Perkins explains a counterintuitive fact about elite commodities traders: even the best in the world lose money on a large share of their trades, and the psychological toll of that losing ratio — not lack of skill — is what pushes many talented traders out of the game.

  • Most traders reportedly need 5-7 winning trades to offset the emotional weight of one losing trade.
  • Even the best professional traders are only right around 60% of the time.
  • That mismatch between required emotional "win ratio" and actual win ratio burns out very smart, skilled traders.
  • Perkins says he personally doesn't let losing days affect him, which he credits for his longevity in the field.

the best in the world... are having four bad days for every six, and if they need one to seven, the emotional math doesn't work…

Bill Perkins · 92:30
#trading#psychology#risk

Story· 8

Story00:00

Why Bill Perkins Wrote Die With Zero to Save His Own Life

Bill Perkins explains he wrote Die With Zero to save his own life, driven by a deep fear of wasting it while grinding on Wall Street. He frames the book's purpose using a drowning analogy: pulling someone from the water doesn't stop them dying eventually, it just gives them more experiences before then — which is what he says the book's principles do for readers.

  • Perkins started young, broke, working Wall Street commodities trading, questioning what wealth was actually for.
  • He didn't want to accumulate money he'd never spend ("unused Chuck E Cheese tokens").
  • Used the analogy: saving a drowning person doesn't save their life, it just gives them "more I love yous, more walks in the park."
  • Distilled life into three optimizable variables: wealth, health, and time.

I wrote the book to save my own life so that I don't drown in the sh*t.

Bill Perkins · 03:00

they're still gonna die, they're just not going to die that day... you gave them more I love yous, more walks in the park

Bill Perkins · 03:00
#mortality#purpose#origin-story#fulfillment
Story05:30

The Death That Inspired Die With Zero's Opening

Perkins tells the story of his friend Aaron Broadson's husband John, who was suddenly diagnosed with terminal cancer. Perkins helped research the illness and later arranged an emergency flight so John's kids could see him before he died — he died mid-flight. Perkins opens his book with this story because sudden death forces clarity about how people want to spend their time.

  • Perkins did deep medical research (previously funded gene-sequencing research published in a journal) to confirm John's diagnosis was terminal.
  • Aaron had promised not to let the kids see John in his declining state, then broke that promise near the end.
  • Perkins arranged the flight; John died in the air before landing.
  • The story illustrates everyone has the same situation, just a longer/vaguer timeline ("you've got four thousand weeks").

I told them he didn't want the kids to see him this way... I got her a plane, got him on the plane... and he…

Bill Perkins · 07:00

that's everybody's story, it's just we have an elongated time frame.

Bill Perkins · 07:30
#mortality#death#story#urgency
Story19:00

The Deliberate Choice to Take His Last Wakeboarding Trip

A personal anecdote about the conscious decision to go wakeboarding one more time, four years ago, sensing correctly it would be his last opportunity given his back. He contrasts this deliberate choice with drifting through such decisions on autopilot.

  • On a beach, friends invited him wakeboarding; he almost declined out of laziness.
  • He consciously thought "if I don't go now, when will I get another opportunity?" and went.
  • It turned out to be his last wakeboarding session — his back can no longer take the impact.
  • He now does wake surfing instead, and treats each outing as possibly his last, aiming to "go out on a high."

I was like, if I don't go wakeboarding now, when is the next time I'm gonna have an opportunity to go... this may very well…

Bill Perkins · 19:30
#aging#decision-making#story
Story33:00

The Friend Who Borrowed From a Loan Shark to Backpack Europe

Perkins shares a friend's story (Jason Ruffo) who borrowed money from a loan shark to backpack through Europe in his 20s, and says he'd now give up a significant chunk of his net worth to have had that same irreplaceable experience at that age instead of saving conservatively.

  • Friend took on high-interest loan-shark debt to fund a backpacking trip in his 20s.
  • Perkins says he'd pay millions now, or trade a large percentage of his current net worth, to go back and take that trip instead of saving.
  • Illustrates that some experiences belong to a specific life stage and can't be recreated later, however much money you have later.

there's a significant percentage of my net worth that would be outsized that I would give up to go back and... be in the pocket…

Bill Perkins · 33:30
#regret#experiences#money
Story63:30

Turning Down a Longevity Hack: The Hyperbaric Chamber Math

Perkins describes running the numbers on a supposed longevity intervention — repeated hyperbaric chamber sessions to lengthen telomeres — and deciding it wasn't worth it once he accounted for the 4-5 hours of unproductive time each session actually cost him.

  • Was considering replicating an Israeli study on hyperbaric chambers improving telomere/biomarker health.
  • The protocol required a 45-minute drive, descent time, an hour inside, and the return trip — roughly 4-5 hours per session, done repeatedly over months.
  • He concluded the time cost of a marginal longevity gain wasn't worth trading away fulfilling hours now.
  • Frames it as "I'd rather die sooner" than sacrifice years of quality time for a small statistical shot at living longer.

I did the math and I was like, it's not worth it... four or five hours of non-productive time.

Bill Perkins · 64:00

that's not more fulfilling, that's less fulfillment points... I'd rather die sooner.

Bill Perkins · 64:30
#health#longevity#decision-making
Story83:30

The Near-Fatal Flying Lesson That Ended His Pilot Training

Perkins recounts a near-fatal moment during flight training — a shimmying front wheel on a touch-and-go landing forced a split-second decision to abort rather than try to clear a wire — and how that close call, combined with his wife's pregnancy, ended his pursuit of a pilot's license.

  • During a touch-and-go at Sugar Land airport, the Cessna's front wheel shimmied violently on the runway.
  • He had to instantly decide between aborting or trying to power through and clear a telephone wire.
  • His instructor confirmed aborting was the right call — the wrong call likely meant a fatal crash.
  • After the scare, while his wife was pregnant, he read accident reports and realized "I am the guy who would do that," and stopped pursuing flying beyond that point.

there is a very very close door on like Bill go, I can do this... does it clip the wire and the plane crashes... you're…

Bill Perkins · 84:30

I am the guy who would do that, who am I kidding... I don't have the right to take the risk.

Bill Perkins · 85:30
#risk#near-death#story
Story101:30

The Emergency Airlift That Reframed His View on Risk and Recovery

Perkins recounts an emergency airlift for his daughter, who developed an infection risking spread toward her brain while traveling and needed two surgeries, and how her fast recovery a week later reframed his sense of how much resilience young people have.

  • His daughter was airlifted from a small Aspen hospital to Denver Children's after an infection threatened to spread near her brain.
  • Her resting heart rate spiked to 150-160 before surgery; Perkins describes panicking as a parent.
  • A week after two surgeries, she was asking to go to camp and swimming, stunning him with how fast young people bounce back.
  • He connects this to his "take big risks early" thinking: young people (and young decisions) can recover from setbacks far faster than older people can.

a week later she's like can I go to camp, can I go swimming — what are you made of, rubber and magic?

Bill Perkins · 102:00
#family#health#risk#story
Story58:00

Reluctantly Trying the Orient Express and Falling in Love With Train Travel

A personal story about reluctantly trying the Orient Express train trip — expecting to hate it — and discovering an unexpected love of long-distance train travel, which then became a new activity he started deliberately prioritizing while he's still physically able to enjoy it.

  • Perkins expected to hate the trip (formal dress code, sitting with older travelers) but went anyway to avoid a "cookie cutter" life.
  • He ended up loving it: the views, pace, and people he met, and discovered a whole community of train travel enthusiasts.
  • Started planning further trips (Machu Picchu, Japan) but consciously decided to front-load train travel now, since some destinations (like walking Italian city streets) will be harder to enjoy at 86.

this is going to be the worst trip of my life... I loved it, I absolutely loved it.

Bill Perkins · 58:30

can you go walk around the city streets and climb the steps of Italy at 86? Maybe not — so let's push training now.

Bill Perkins · 59:30
#travel#story#experiences

Q&A· 1

Q&A34:30

Why Almost Nobody Would Trade Places With Warren Buffett

A quick Q&A on why almost nobody, given the choice, would actually want to swap lives with Warren Buffett despite his fortune — because he no longer has the time left to convert that wealth into fulfilling experiences, proving money alone isn't the point.

  • Chris raises that few people would truly want to trade places with Buffett.
  • Perkins: it's because Buffett has far less remaining time to convert wealth into fulfillment, not because of the money itself.
  • References a friend, Alex, who said he'd trade all the wealth he'll earn in the next 20 years to have his current health and time back.

if it was just about the money you would exchange places with the super rich guy regardless of his age.

Bill Perkins · 34:30

right now is more important than all of the wealth I will generate over the next two decades of my life.

Bill Perkins · 35:30
#wealth#time#fulfillment#qa

Tool· 1

Tool74:00

The 'Uber Driver' Hack for Bonding With Teenage Kids

A practical parenting tool Perkins stumbled on: once his daughter hit the age where she no longer wanted to hang out, he realized driving her places was the one context she still needed him for — so he started prioritizing being the one to drive his kids everywhere, even flying in from other cities to do it.

  • Around age 12-14, kids stop wanting to spend deliberate time with parents.
  • Perkins noticed his daughter still needed rides, so driving became his main channel for connection.
  • He went from fighting over who drives the kids to flying back from other cities specifically to drive them.
  • Frames it as a concrete answer to "what does doing my best as a parent look like right now."

majority of the time that I'm gonna spend with them is when I'm driving around Houston.

Bill Perkins · 74:30

I will fly in from another city to drive them.

Bill Perkins · 74:30
#parenting#tool#connection