<p><a href="https://peterattiamd.com/billperkins/?utm_source=podcast-feed&utm_medium=referral&utm_campaign=230109-pod-billperkins&utm_content=230109-pod-billperkins-podfeed"> View the Show Notes Page for This Episode</a></p> <p><a href="https://peterattiamd.com/subscribe/?utm_source=podcast-feed&utm_medium=referral&utm_campaign=230109-pod-billperkins&utm_content=230109-pod-billperkins-podfeed"> Become a Member to Receive Exclusive Content</a></p> <p><a href="https://peterattiamd.com/newsletter/?utm_source=podcast-feed&utm_medium=referral&utm_campaign=230109-pod-billperkins&utm_content=230109-pod-billperkins-podfeed"> Sign Up to Receive Peter's Weekly Newsletter</a></p> <p>Bill Perkins is one of the world's most successful hedge fund managers and entrepreneurs, and the author of the bestseller, Die With Zero. In this episode, Bill unpacks the Die With Zero philosophy which challenges conventional thinking related to the balance between health, wealth, and time—the three variables important for fulfillment. Bill makes the case that we should strive for maximum net fulfillment rather than net worth (or even health). He argues that we need to optimize our life to have memorable experiences before it's too late and that most people are over-saving and under-living. Bill also explains how one can apply the principles in Die With Zero to break out of "autopilot" and optimize their life to achieve maximum net fulfillment.</p> <p><strong>We discuss:</strong></p> <ul type="disc"> <li>Bill's upbringing, background, and first job on Wall Street [3:15];</li> <li>A missed experience and feeling of regret that shaped Bill's thinking [14:15];</li> <li>Thinking in terms of time, and the relationship between money, time, and health [17:00];</li> <li>Solving for net fulfillment and allocating your time based on the seasons of life [27:15];</li> <li>How Bill thinks about risk, opportunity costs, and the difference between fear and risk tolerance [35:30];</li> <li>Optimizing for fulfillment, finding purpose outside of work, and more [41:45];</li> <li>Thinking about the order of experiences you want to have based on seasons of life [50:00];</li> <li>Bill's unique perspective on philanthropy and a more impactful way to give money away [54:45];</li> <li>Applying the principles in 'Die With Zero' to maximize fulfillment [1:04:00];</li> <li>How to break out of living life on autopilot [1:14:30];</li> <li>When should your net worth peak? [1:18:00];</li> <li>Taking calculated risks [1:21:30];</li> <li>Bill shares a lesson from his incredible birthday [1:25:15];</li> <li>How Bill's philosophy has evolved since writing Die With Zero [1:34:00]; and</li> <li>More.</li> </ul> <p>Connect With Peter on <a href="https://twitter.com/PeterAttiaMD">Twitter</a>, <a href="https://www.instagram.com/peterattiamd/">Instagram</a>, <a href="https://www.facebook.com/peterattiamd/">Facebook</a> and <a href="https://www.youtube.com/channel/UC8kGsMa0LygSX9nkBcBH1Sg">YouTube</a></p>
Actionable Insights
1. Optimize Life for Experiences
Actively optimize your life to have experiences throughout, rather than deferring them until the end of life, as time is your most important asset.
2. Prioritize Net Fulfillment
Shift your primary life goal from maximizing wealth or even health to maximizing ’net fulfillment,’ which is the overall satisfaction derived from your life’s experiences.
3. Avoid Autopilot Living
Actively resist living life on autopilot, especially concerning work and fulfillment, by regularly pausing to make deliberate choices about how you allocate your time and resources.
4. Understand Time as Currency
Calculate your ’true hourly wage’ (after tax, all-in) and then convert monetary costs into ‘hours of your life’ to viscerally understand the true value exchange and align spending with your core values.
5. Plan with Life’s Seasons
Segment your life into ’time buckets’ (e.g., 20-25, 35-40) and plan desired leisure, career, and experiences for each period, recognizing that certain activities are only possible or most fulfilling at specific ages.
6. Embrace Regret Minimization
Frame your life decisions using a ‘regret minimization’ algorithm, prioritizing choices that will lead to the least regret on your deathbed, rather than solely minimizing financial risk.
7. Utilize All Resources Before Death
Plan to use up all your resources—time, health, and money—for experiences and fulfillment before you die, rather than accumulating a surplus that goes unused.
8. Identify Your ‘Party’ Goals
Clearly define what you are saving for and when you plan to ‘party’ (use up your resources for experiences), rather than indefinitely accumulating wealth without a clear purpose.
9. Give Money Early and Thoughtfully
Engage in philanthropy and give financial gifts to loved ones earlier in life, as smaller amounts given sooner can have a greater impact and utility for recipients than larger sums inherited later.
10. Leverage Memory Dividends
Invest in experiences that generate ‘memory dividends,’ providing ongoing enjoyment and connection through recollection and shared stories with others, rather than fleeting consumption.
11. Mitigate Risk with Insurance
Use professional insurance products (e.g., long-term care, life insurance) to mitigate specific financial risks, rather than self-insuring by over-saving, to free up resources for living your life.
12. Re-evaluate Work’s Role
Critically assess your relationship with work, recognizing that many social and mental benefits can be found and cultivated outside of a job, to prevent work from becoming your sole source of fulfillment.
13. Cultivate Non-Work Social Skills
Actively develop social skills and interests outside of your professional life, such as planning personal trips or hosting gatherings, to foster broader fulfillment and discovery.
14. Use a Death Clock/Memento Mori
Employ a ‘death clock’ or a 4,000-week calendar to visually track the passage of time, serving as a visceral reminder of life’s finitude and the urgency of living deliberately.
15. Aim for Net Worth Peak in 50s
Consider aiming for your net worth to peak in your 50s, aligning your maximum financial capacity with your physical ability to enjoy experiences before health inevitably declines.
16. Scholarship Friends for Experiences
Offer to cover costs for friends and family (‘scholarship your friends’) to enable shared experiences, recognizing that the value of shared moments often outweighs the financial cost.
Educate your children that money is a tool, not inherently good or bad, and instruct them on how to use it effectively to achieve their own fulfillment and chosen adventures.
18. Adapt Activities to Health
Adapt physical activities to your current health and age, choosing lower-impact versions of sports or experiences as your body changes, to continue enjoying them safely and fulfilling.
19. Read Foundational Quality-of-Life Books
Read books like ‘From Strength to Strength,’ ‘4,000 Weeks,’ and ‘Die With Zero’ to gain diverse perspectives and actionable insights on optimizing quality of life and time allocation.