[Music] well hey you guys so since I am part of this world of personal finance I always love hearing what other experts are teaching in this field and a lot of us agree on really basic things which is I appreciate right I mean there are things that I mean pretty much anyone in the space it's like car loans not smart mathematically or financially like a lot of people agree on that maybe investing strategies are different maybe even the way we talk about debt is different but I always find it interesting people's nuances when they're teaching about money and their perspective on it so whenever a book comes out around money I usually try to read it and my neighbors kept talking about this one book and I was like I've got to read it it's called die with zero by Bill Perkins and listen y it was a really interesting book and I would say like 85% of it I was like all right I could I could get there so today I want to talk to you about some of my takeaways from that book maybe a few ideas that we kind of differ on but again I think it's always important to learn to grow to understand the people's perspective because it could kind of shift some of yours in a good way and I'd be curious what you guys think so be sure to stick around to the end or drop your thoughts in the comments okay like the title suggests the main concept is to die with zero which makes me very nervous already but listen he argues the author that says normally you would just leave an inheritance or money that you've you know been saving your whole life and maybe you have it designated to your kids or maybe you have it designated to charity or whatever it may be but would it be more fulfilling in your life if you actually did those things while you were alive so there's a statistic that I heard recently that said you actually need the most money when you're around like 26 to 38 cuz that's when people are putting down payments for homes um people are you know replacing cars uh they're paying off their college debt like that age time period is really expensive so he would argue instead of leaving an inheritance to your kids why don't you just give them some money now that's going to help them in their life Propel forward which I thought was really interesting now before I share the main points of the book I want to talk you about one of our sponsors Christian Healthcare Ministries so when you go against what Society thinks is quote normal like avoiding debt for example it might seem weird at first and that is totally okay we want you to be weird if that means that you're doing things intentionally including how you spend your Healthcare dollars and one way to be intentional is with Christian Healthcare Ministries chm isn't health insurance they're a Health cost sharing ministry that's helped hundreds of thousands of families like yours take care of healthcare costs without sacrificing their freedom so find out more and join at chministries.org budget that's chministries.org budget okay so I want to break down kind of the three main ideas that I took away from the book and the pros and the cons of them so number one he would say we don't need a bunch of wealthy 70-year-olds who are now tired of traveling and actually when it comes their day-to-day life you know there's just not that much you know that they need to spend money on but yet they have like could potentially have like millions and millions of dollars and what their plan is is when they die they're going to pass that on you know to their kids or give it away to charity and all of that so the interesting thing with the kids is what if you just started giving them more money now and let them use it in their current lives like we said earlier you know a lot of them in their 20s and 30s you know I mean if it's there they're going to benefit from that money I would say even more in that age range versus you know if they die at 80 and you hand it down to your 60-year-old kids well they're they're fine at that point then it's going on to the grandkids so if that makes sense I I really did I was like man that's a I love that idea because part of changing your family tree is helping your kids and again it's a very fine balance cuz you don't want to just like throw a bunch of cash at your kids again not everyone has that ability to I understand that fully if you're on the baby steps you're probably thinking okay Rachel that's great for someone else but but if you have that mindset there is something about intentionally when you give money or spend money that your kids are able to use for assets or for themselves it's a really beautiful thing now the con is is that your kids still need to build character there's dignity that they still have to work and they still have to provide for themselves so it's almost like you don't want to like give them so much or they don't have to do anything but could you give them enough while you're still alive to help them start off on the right foot it's an interesting concept and number two is if you're planning to donate a large sum of your money do it now so he would say you get to see the impact of your generosity and be able to see what is happening in the world from your generosity and again instead of waiting to die with possibly millions in the bank if you're investing all of that you don't get to see that and and I'm like man you know there is something powerful if you want to do something with that money and help people help them in today's world if you can that's why I'm always Pro giving right we always talk about that even on the budget it's like the Topline item but this is like more of a magnified idea so give even more and don't just wait till you're dead like yeah I like that now the con is obviously the average person we're not Bill Gates and don't have masses of amounts of money to like throw at places now but again it's more of that concept can you live more in the present with your money instead of waiting for decades and decades down the road I don't know it's a good question all right number three is enjoy your money earlier on so a little disclaimer here because I never want to say that you should just rack up tons of debt and go do whatever you want with your life no cuz that's going to end up bringing you less happiness and less enjoyment so again this book there's parts of it that was like okay this is for people that you know maybe further down the road uh financially speaking but his big point was again instead of this hoarding mentality and saving and saving kind of that that scarcity mindset that you're thinking okay what if you just spent some of it and y'all I here to tell you like we talk to people on the Ramy show who are on baby steps you know four five six even seven and they're like oh my gosh I'm so scared to spend money and we like ask them some questions and there's been plenty of calls that I'm like go on a cruise like go spend some of your money and enjoy it and do it while you're able-bodied and and and you're able to go and do things and experience things and there's just something beautiful about doing that with people that you love and you know I think about like going to concerts and if you have the ability to be like yeah I'm going to buy another ticket and bring a friend with me right or um traveling or like whatever you want to spend money on again I lean more experiences I think you get some joy out of that than just buying a bunch of like purses uh but there's something about saying okay I don't want to have this scarcity mentality I want to be able to enjoy some of my money and we want you to do that we say live like no one else so later you can live and give like no one else and that's part of that second part of the statement but instead of waiting until you're 80 years old to start enjoying it enjoy some of it now so I really liked that now the con of that is the baby steps you know we never want you to put that on the back burner I want you to progress quickly and efficiently with your money and so some people could read this book and be like oh my gosh she's telling me just to go and spend everything I have and and and enjoy my life so that YOLO mentality it's somewhat there but I want you to have a strong financial foundation and the actual margin to be able to do it but that's what I love about the baby steps is it can get you there you know in a reasonable time so the author you know he's kind of a little lukewarm on like 401ks and that kind of thing and I'm the opposite I do think generational wealth is a beautiful thing and I would not recommend trying to die with zero but I loved that it stretched me some I think it did give me permission to a degree to be like okay yeah let's go and enjoy let's go and do that like I don't know there was something about it that was freeing to me uh but I would say read it with some you know with some warning I think again some people could read it and be like oh my gosh I'm going to go and just cash out everything and just live my best life we want to be wise we want to be smart and I would not want to go and spend or give all the way down to zero before I die cuz that is scary you want money you up until you're dead for sure uh and if you had some left over that's good too right so uh again there's just this this different concept which I really appreciated and I liked so I'm glad that I read the book and I would be curious yeah what you guys think about it and you know I had Dr Arthur Brooks on the show and he did talk about ways that money actually does bring joy and happiness and the one thing it doesn't is when you just buy a bunch of stuff that materialism and all of that um so when I hear him say that and then I read this book I'm like man there is a beautiful thing of giving today enjoying your money today maybe helping your kids more than you thought you would today if you can so again there's there's some great stuff but the reality check too is after years of working the baby steps that Foundation still has to be laid first now if you thought this episode was interesting and you want to check out my episode on the book that changed how I think about money that one is next remember you guys to take control of your money and create a life you love
