MBA2352 Must Read: Die with Zero by Bill Perkins

Summary

The $100 MBA Show: MBA2352 Must Read – "Die with Zero" by Bill Perkins

Episode Release Date: August 21, 2023
Host: Omar Zenhom

---

Introduction

In episode MBA2352 of The $100 MBA Show, host Omar Zenhom delves into the transformative ideas presented in Bill Perkins' acclaimed book, Die with Zero. Recognized for delivering practical business lessons without the fluff, Omar leverages his 20+ years of entrepreneurial experience to unpack the book’s insights, strategies, and actionable takeaways that can reshape how listeners view their finances and life experiences.

Overview of "Die with Zero"

Die with Zero challenges conventional financial wisdom by advocating for optimizing life's experiences rather than accumulating wealth for the distant future. The central thesis posits that money's true value lies in the experiences it can fund, and if one doesn't utilize their wealth to create meaningful memories, it merely remains as numbers in a bank account.

Quote:
Omar Zenhom introduces the book's premise succinctly:

"Die with Zero is a guide on how to make the most of your money while you're still alive. And its main focus is that money really has only one value."
(00:32)

Key Takeaways

1. Money as a Tool for Experiences

Perkins argues that money should be seen not as an end but as a means to purchase life experiences. This perspective shifts the focus from saving for the sake of saving to leveraging financial resources to enrich one's life.

Quote:

"Money is a way for you to buy units of time. Because why do we work so that we can pay bills for the most part and to enjoy life."
(07:00)

2. The Compounding Nature of Memories

The book emphasizes that memories compound over time. Engaging in fulfilling experiences early in life allows individuals to reminisce and derive joy from those memories throughout their years.

Quote:

"Memories compound over your lifetime. You reminisce about them, you think about them, you look at your old photos... they give you joy."
(03:18)

3. Optimal Timing of Experiences

Perkins encourages individuals to schedule meaningful experiences during their most physically capable years. Delaying adventures or fulfilling dreams may result in missed opportunities to fully enjoy them.

Quote:

"If you wanted to go skiing in the Alps, maybe you want to do that before you're 50 or 60... you'll enjoy it more when you have more stamina."
(10:04)

Target Audience and Cautions

Omar highlights that Die with Zero isn't suited for everyone. It primarily targets individuals who have disposable income and are contemplating how best to allocate their wealth for maximum life satisfaction.

Quote:

"This book is not for people that are barely making ends meet... but most people in the modern world that live in a decent society are not in the situation where they're living day to day."
(04:53)

Perkins also warns against the extremes of being an unthinking spender or an overly frugal individual. The goal is mindful spending that prioritizes meaningful experiences without neglecting future needs.

Quote:

"Spending without thinking is not a good idea... You don't want to end up being penniless at retirement."
(06:17)

Personal Reflections by Omar Zenhom

Omar shares how Die with Zero revolutionized his perception of money, viewing it as a facilitator for experiences rather than merely a safety net.

Quote:

"I got me thinking about money in a different way, a way I probably didn't think about it before... Money is time."
(06:53)

This paradigm shift led Omar to reassess his spending habits, prioritizing experiences over material possessions and embracing minimalism to enhance life satisfaction.

Quote:

"I started seeing money as a tool to have these experiences. So that means every time I think about spending money, whether it's buying something, I now compare that or ask myself, do I want to buy this thing, or would I rather have an equivalent experience with that money."
(07:58)

Applying the Lessons to Life and Business

Omar underscores the applicability of Perkins' principles beyond personal finances, extending them to business practices. Building a business should not come at the expense of personal happiness and meaningful experiences.

Quote:

"If you're not enjoying building your business, not enjoying your team, you're not enjoying your meetings, enjoying the creative process, then you're kind of wasting your life."
(13:22)

By integrating the book's teachings, entrepreneurs can strive for a balance between revenue growth and personal fulfillment, ensuring that business success contributes to a richer, more satisfying life.

Conclusion

In this insightful episode, Omar Zenhom effectively distills the essence of Die with Zero, encouraging listeners to rethink their financial strategies and life priorities. By embracing money as a tool for enriching experiences and strategically timing those experiences, individuals can lead more fulfilling lives and, in turn, build businesses that align with their personal values.

Final Thoughts:
Omar emphasizes the importance of challenging one’s perspectives and being open to transformative ideas, even if they initially seem uncomfortable or unconventional.

Quote:

"I like books that challenge me... even if I don't agree with everything, that's okay. That's how you grow."
(13:01)

The $100 MBA Show episode MBA2352 serves as a compelling invitation to explore Die with Zero, offering listeners both philosophical insights and practical strategies to optimize their lives and businesses.

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Learn More:
For additional resources and deeper dives into practical business lessons, visit 100MBA.net.

Transcript

[Ryan Reynolds]

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[Mint Mobile Announcer]

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[Narrator]

It looks like Jim from sales just got in from his client lunch and he's got receipts.

His next meeting is in two minutes. The team is asking can he get through his expenses in that time?

He's going for it.

Is that his phone?

He's snapping a pick. He's texting round.

Jim is fast, but this is unheard of.

That's it. He's done it. It's unbelievable.

[Ramp Announcer]

On ramp expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com heyo.

[Omar Zenhom]

Welcome to the $100 MBA show. Because a better you equals a better business. That's why we deliver practical business lessons. I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of Webinar Ninja, an inhibited software company I started back in 2014. And today's episode is a must read episode. On our must read episodes, I share with you a book that has influenced me as an entrepreneur. I share with you its takeaways, its insights and why you should read it too. Today's must read is Die with Zero by Bill Perkins.

[Bill Perkins]

Die with Zero is a guide on.

[Omar Zenhom]

How to make the most of your money while you're still alive. And its main focus is that money.

[Bill Perkins]

Really has only one value.

[Omar Zenhom]

It's to create the experiences you want out of life. Otherwise it's just numbers in the bank.

[Bill Perkins]

Now this book was very, very controversial when it came out and it still is.

[Omar Zenhom]

And I could see why after reading it. But in my mind, it's worth the read because it will broaden your mind.

[Bill Perkins]

It will allow you to see things a different way.

[Omar Zenhom]

You'll see different perspectives on the way.

[Bill Perkins]

You think about money and wealth and.

[Omar Zenhom]

Make you reevaluate why you're doing all.

[Bill Perkins]

This work in the first place. Building this business, growing your wealth. What is it all for?

[Omar Zenhom]

In today's must read, I'm going to share with you, some of my favorite takeaways, some of the things I learned from this book, the things that really stuck with me, some.

[Bill Perkins]

Some of the things I've really changed my mind about.

[Omar Zenhom]

After this book, I'll also share with you who this book is really for, who would benefit the most from this, and how. You can apply some of the things.

[Bill Perkins]

That are mentioned in this book, not.

[Omar Zenhom]

Only in your life, but in your business. So let's get into it. Let's get down to business. Die with Zero starts off by telling you that if you don't die with $0 or near to it, then you didn't really optimize your life properly.

[Bill Perkins]

At the end of the day, money.

[Omar Zenhom]

Buys you time, and time is experiences. The value of life is really memories and experience you have. And money in itself only has value if you use it to build these experiences and doesn't really have value in itself.

[Bill Perkins]

Like the digits in your bank account.

[Omar Zenhom]

Give us a sense of security, but doesn't really have any value unless you utilize it.

[Bill Perkins]

And there's a running concept in this.

[Omar Zenhom]

Book that comes up over and over. And this concept is the idea that.

[Bill Perkins]

Memories compound over your lifetime.

[Omar Zenhom]

What is meant by this is that.

[Bill Perkins]

When you have a great experience, think.

[Omar Zenhom]

About one of the best trips you had, or weekends or whatever it might be.

[Bill Perkins]

Once you've had that experience, the memories of that experience stay with you.

[Omar Zenhom]

You reminisce about them, you think about.

[Bill Perkins]

Them, you look at your old photos.

[Omar Zenhom]

And they give you joy. They give you those bittersweet feelings when.

[Bill Perkins]

You share them with a person that.

[Omar Zenhom]

You had that experience with. It's a great moment. And there was a study that was done that proved that experiencing your memories.

[Bill Perkins]

Reminiscing about a great time, gives us just as much joy. The same neurons fire in our brain.

[Omar Zenhom]

As when we had the experience in the first place. So really, you're reliving it, right?

[Bill Perkins]

You're really reliving that joy.

[Omar Zenhom]

So the idea is that you should have as many great experiences as early as possible in your life because then these memories will compound over time. You can enjoy these memories over and over for the length of your life.

[Bill Perkins]

But if you save all your memories.

[Omar Zenhom]

Like a lot of people save for retirement and say, hey, I'll do that later.

[Bill Perkins]

I'll go see Venice later.

[Omar Zenhom]

I'll go see the Great Wall of China later, well, if they ever do it later in life, they don't have much time to enjoy the memories now. It's a very interesting thought, and I.

[Bill Perkins]

Tend to agree with this Because a.

[Omar Zenhom]

Lot of my favorite moments in life are just reminiscing on some of the.

[Bill Perkins]

Great trips and the great memories and the great moments of life.

[Omar Zenhom]

And what is life other than great experiences? That's really what a great life is filled with.

[Bill Perkins]

Now, I want to give a word.

[Omar Zenhom]

Of warning about this book. And actually, Bill Perkins, the author, talks about this at the start of the book.

[Bill Perkins]

And he says, this book is not.

[Omar Zenhom]

For people that are barely making ends.

[Bill Perkins]

Meet, that have little or no disposable.

[Omar Zenhom]

Income, because these people will never have the problem of dying with zero, because they're barely kind of making things happen. But he says most people in the modern world that live in a decent society are not in the situation where they're living day to day.

[Bill Perkins]

Most people are trying to plan for.

[Omar Zenhom]

The future, save for the future, have some sort of money in savings, or is planning to have some savings in the future. And the reason why he addresses this is because he talks about the idea that what are you saving for in the first place? If you are saving for buying a house or a car, is that actually.

[Bill Perkins]

Going to give you more joy and.

[Omar Zenhom]

More satisfaction in life than actual experiences?

[Bill Perkins]

He also gives a word of warning of people that are just naturally big.

[Omar Zenhom]

Spenders, that live that YOLO life. You know, you only live once, that don't look at price tags and just spend money without really thinking about it. He says these people need to be a little bit mindful about how they spend their money because you don't want to end up being penniless at retirement. And he talks about these are kind of two extremes that this book is not for. And he does give some tips about people that do spend money without thinking about it. He gives the example of people that love coffee and maybe go get a Starbucks coffee every morning. And they may love their coffee, but how much do you love your coffee?

[Bill Perkins]

Have you done the math? How much money are you spending on.

[Omar Zenhom]

Coffee every single day? Most people would be surprised how much money they spend. They might realize, hey, I can actually.

[Bill Perkins]

Go on a trip every few months.

[Omar Zenhom]

With the price or the amount of.

[Bill Perkins]

Money I'm spending on coffee every single day. As long as you're aware of that.

[Omar Zenhom]

And you're making a conscious choice that I prefer to have coffee every morning from Starbucks than to go on a trip every few months, that's okay.

[Bill Perkins]

Now, you know you're making that choice.

[Omar Zenhom]

But spending without thinking, not a good idea. Very early on in this book, you.

[Bill Perkins]

Realize that Bill Perkins is a very.

[Omar Zenhom]

Analytical person, somebody who loves to Optimize their life, their finances in a big way. So what did I learn from this book?

[Bill Perkins]

How did it change me?

[Omar Zenhom]

Well, it got me thinking about money in a different way, a way I probably didn't think about it before.

[Bill Perkins]

Seeing money as a tool rather than a lifeline. Money is basically a way for you.

[Omar Zenhom]

To buy units of time. Because why do we work so that.

[Bill Perkins]

We can pay bills for the most.

[Omar Zenhom]

Part and to enjoy life. Well, in order to get the money.

[Bill Perkins]

We have to work.

[Omar Zenhom]

So basically, if I have enough money, I don't have to work, then I.

[Bill Perkins]

Can do other things.

[Omar Zenhom]

So really, instead of time is money, Money is time.

[Bill Perkins]

It's units of life.

[Omar Zenhom]

Really.

[Bill Perkins]

Think about it.

[Omar Zenhom]

If you were given a billion dollars.

[Bill Perkins]

Right now, you'd probably never need to work again.

[Omar Zenhom]

You certainly wouldn't have to work again.

[Bill Perkins]

Meaning that all the hours that you.

[Omar Zenhom]

Would normally be working, you'd have free.

[Bill Perkins]

To do whatever you want. So you're actually buying life with money. So you got to see it that.

[Omar Zenhom]

Way instead of seeing money for money's sake, like, just, I want money so I can spend it on things.

[Bill Perkins]

Once you see it that way, you start realizing that, well, what do I.

[Omar Zenhom]

Want to do with that time? How do I want to spend that? What are the activities I want to do?

[Bill Perkins]

What are the things I always wanted.

[Omar Zenhom]

To do, whether they're trips or learning new skills or having a new season in my life.

[Bill Perkins]

And when I started thinking this way after reading this book, I started seeing.

[Omar Zenhom]

Money as a tool to have these experiences. So that means every time I think about spending money, whether it's buying something.

[Bill Perkins]

From a shop or a store or.

[Omar Zenhom]

A big purchase, I now compare that or ask myself, do I want to buy this thing, or would I rather.

[Bill Perkins]

Have an equivalent experience with that money?

[Omar Zenhom]

And this is really what is behind the whole idea of minimalism.

[Bill Perkins]

You don't really need things to enjoy life.

[Omar Zenhom]

You need to have experiences that are enjoyable.

[Narrator]

And we're back, folks. It looks like Jim from sales just got in from his client lunch, and he's got receipts.

His next meeting is in two minutes. The team is asking, can he get through his expenses in that time?

He's going for it.

Is that his phone?

He's snapping a page pick. He's texting.

Ramp Jim is fast, but this is unheard of.

That's it. He's done it. It's unbelievable.

[Ramp Announcer]

On ramp, expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.

[Narrator]

Now.

[Omar Zenhom]

A lot of people get triggered in this book because they're like, hey, what about charity?

[Bill Perkins]

What about inheritance? Giving it to your children, giving to your family members?

[Omar Zenhom]

Well, he addresses that really quick.

[Bill Perkins]

When he says die with zero, he's.

[Omar Zenhom]

Talking about money that is yours, right? So let's put aside the money that you put aside for your family. And he actually recommends, hey, why don't.

[Bill Perkins]

You give them the money now before you die, when they need it when.

[Omar Zenhom]

They'Re younger, instead of later? And the second thing he addresses is.

[Bill Perkins]

That when you die with zero, he's talking about money that's yours, not anybody.

[Omar Zenhom]

Else'S or charities or anything else.

[Bill Perkins]

The other thing that he really drills.

[Omar Zenhom]

Home in this book is that most of us tend to have a fear of maybe being poor when we're old.

[Bill Perkins]

And don't realize that our spending when we're older is far less.

[Omar Zenhom]

Besides health care, you might have to spend a bit more on health care, but outside of that, you just don't.

[Bill Perkins]

Do as much when you get older.

[Omar Zenhom]

Look at your family members that are.

[Bill Perkins]

In their 70s and 80s and 90s.

[Omar Zenhom]

They just want to sit put and.

[Bill Perkins]

Just enjoy their golden years. They're not spending money on expensive holidays or vacations for the most part.

[Omar Zenhom]

They're not buying new cars every five minutes.

[Bill Perkins]

They're not spending money on skilling themselves.

[Omar Zenhom]

Up or learning how to fly.

[Bill Perkins]

You just don't spend as much money. And therefore, we delay our gratification for no reason. We really can't do much when we're older, physically.

[Omar Zenhom]

I mean, if you ever wanted to climb a mountain like Everest one day or kayak in the sea or whatever it might be, you want to do that when you're younger. You don't want to delay those activities or those dreams. Because now, when you're younger, you're healthier.

[Bill Perkins]

You'Re fit, and you're able to do.

[Omar Zenhom]

It with more enjoyment.

[Bill Perkins]

As you get older, it's going to.

[Omar Zenhom]

Get harder and harder to do some activities. So you want to kind of look at all the things you want to do in life, all the experiences, and.

[Bill Perkins]

Place them in the right timing.

[Omar Zenhom]

If you wanted to go skiing in the Alps, maybe you want to do.

[Bill Perkins]

That before you're 50 or 60.

[Omar Zenhom]

Not saying that you can't do it in your 60s, but you'll probably enjoy it more when you have more stamina. The other big takeaway I got from this book is that you have to understand a fact, and we have to.

[Bill Perkins]

Really internalize this to our core, and.

[Omar Zenhom]

That'S we will die. This is a fact.

[Bill Perkins]

This is guaranteed. The funny Thing about death is that it's all around us. We see people die all the time. We see it in the news, we see around our family members and friends.

[Omar Zenhom]

And we're hyper aware of it, but we just don't think about it, about ourselves. So knowing that, what are you going.

[Bill Perkins]

To do now so you don't have regrets later? You're going to get closer and closer.

[Omar Zenhom]

To death every day. And I don't want to sound too.

[Bill Perkins]

Morbid here, but the truth is that you're going to get older at some.

[Omar Zenhom]

Point and you're going to be like.

[Bill Perkins]

Wow, that went by fast.

[Omar Zenhom]

Sometimes I think about that in my 40s. Wow, my life has gone so fast. How much time do I have left? The other day I realized I've lived more than I have left for the most part. I mean, I don't know when I'll pass. I could pass tomorrow. I don't know. None of us knows. But the point is that if I look at like an average lifespan, I have less left on average than I have used or have lived. So the clock's ticking. If you're waiting on something to happen or change in your life, to have experiences, you may want to reevaluate, maybe.

[Bill Perkins]

Making that extra million is not worth.

[Omar Zenhom]

It because it's going to take you.

[Bill Perkins]

Five years in your life.

[Omar Zenhom]

Remember, time is money, but money is time. And this is the concept that he repeats in the book called Money Equals Life Energy. There's so much more I can dive into in this book, but I'm going to let you read it and enjoy it. I got to say, it made me really think because not everything he's going to say you're going to agree with. But you got to really respect the fact that he is talking about a.

[Bill Perkins]

Topic and does a lot of research.

[Omar Zenhom]

In an area that a lot of people don't want to talk about. That our life is finite, that we will die and we need to make sure that we make the most of it. That wraps up today's episode.

[Bill Perkins]

Today's must read.

[Omar Zenhom]

If you love today's episode and want to hear more automatically, go ahead and hit subscribe or follow on your favorite podcast app. We're on Spotify, Apple Podcasts, overcast every podcast app. So go ahead and hit subscribe so you get our next episode right away. Before I go, I want to leave you with this. I like books that challenge me. I like books that I pick up.

[Bill Perkins]

Or read the summary. I'm like, oh, I'm not sure about that.

[Omar Zenhom]

And then I read it. And even if I don't agree with everything, that's okay. That's how you grow. You kind of push yourself outside your comfort zone and start thinking and reading about things that maybe you're not used.

[Bill Perkins]

To reading and start thinking about, hey, maybe I need to sharpen my skills here. Maybe I need to reevaluate the way.

[Omar Zenhom]

I think about this.

[Bill Perkins]

Maybe I'm wrong.

[Omar Zenhom]

You know, this is really important in life to recognize that there's probably a.

[Bill Perkins]

Lot of things that you're wrong about.

[Omar Zenhom]

And if you're open to that, you.

[Bill Perkins]

Can grow, you can learn, you can become better.

[Omar Zenhom]

And this book really is applicable to not only you personally as an individual in your life and how you spend your personal wealth, but your business. Some of us just want to grow.

[Bill Perkins]

And build revenue at all costs. At all costs? Why? If you're not enjoying building your business, not enjoying your team, you're not enjoying.

[Omar Zenhom]

Your meetings, enjoying the creative process, then.

[Bill Perkins]

You'Re kind of wasting your life. This is your time on earth.

[Omar Zenhom]

I'd rather take a hit on revenue, but enjoy it and say, I'm proud of what I built. Because not only did I make money, I made memories.

[Bill Perkins]

Good ones.

[Omar Zenhom]

Thanks so much for listening and I'll check you in. Wednesday's episode Q and A. Wednesday. I'll see you then. Take care.

[Narrator]

And we're back, folks. It looks like Jim from sales just got in from his client lunch and he's got receipts.

His next meeting is in two minutes. The team is asking, can he get through his expenses in that time?

He's going for it.

Is that his phone?

He's snapping a pick. He's texting.

Ramp Jim is fast, but this is unheard of.

That's it. He's done it. It's unbelievable.

[Ramp Announcer]

On ramp expenses are faster than ever. Just submit them with a text. Switch your business to ramp.