Should We Really Want to “Die With Zero”? (My Honest Opinion)
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- Опубліковано 13 жов 2024
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How should your money habits change as you age? In today’s episode, find out what the book Die With Zero suggests-plus what I think is a better plan.
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My friend said his parents always said, “it’s better to give with warm hands than cold!”
I read this book to help me transition from saving to spending now that I’m early on and retirement. That shifting of gears is much harder than one would think.
The title of the book is very misleading and almost discouraged me from reading it, but I’m so glad I did. I highly recommend it, especially to those who are super-savers or over-achievers, and yes, if you have kids as well. The author has kids himself and speaks of generational wealth and legacy.
Giving you money to your grandchildren instead of your children, allows it to compound more effectively while its in an investment account. Your children should be getting their grandparents inheritance around the time they need it most.
“A good man leaves an inheritance to his children's children.” - Proverbs 13:22.
“Living inheritance” to have positive memorable experiences together now and / or alleviate the overwhelming stress of saving for retirement.
Compound interest of Generational Generosity
Just talked to my parents about this cause they are both retired, but still making more money than they spend based on their investments. They're okay with giving me money, but it needs to go towards something or I need to have a plan. Basically because it's better off in their investment portfolios until I need it.
Good idea to gift your children when they need it vs gifting them when they are 60 when you die.
That’s why a Will exist where you pass the money down to your kids with the knowledge behind it and how to invest and spend
When it comes to giving money to your family the parable of the prodigal son comes to mind also you should enjoy your money and debt is not your money it's someone else's money as far as I'm concerned you should save a bit for a rainy day because when it rains it pours give as God prospers you to those who are deserving and thankful and avoid debt especially consumer debt
This is Rachel's way of asking Dave to hand some cash over!!
C'mon Dave... get the wealth transfer going early!!
You already made her wait for her pool 😂
food for thought
A great way to pass money to your kids without subsidizing them is to help them offset the cost of fully funding their IRA or 401K. You can make an agreement to give them as a gift an equivalent amount to their retirement account contributions. Of course, they will have to fund their IRA/401k out of their taxable income stream, but provided it is at or below the tax free gift level, there's no reason you can't help to level out their income with an equivalent gift.
My parents have done this for us for years. Such a blessing when we didn't have the money to save ourselves
Thank you Rachel🙏🏼
Yes and no. As a geriatrician, we need to be responsible. We are all looking at an average of 2 to 5 years of dependency in the last years before we die. We need to budget for this, guys! Not leave our children a humongous worry about how will mum and dad cope. I am 48. I plan to downsize and hopefully have enough to cover for the cost of carers or a care home, without having to burden or worry anyone.
I think your #3 to enjoy your money earlier on is misleading. The author doesn’t suggest going into debt to live it up today. His idea of ‘Filling Your Time Buckets’ (Ch 7) is a proactive approach to planning your life according to your age and to plan activities according to your ability to do them. For example, take that dream trip in your 50s instead of 70s when you most likely will have health challenges. He also outlines time buckets for early adulthood, not just for those later on in life. So his point is to have a plan for your life and put them into time buckets.
You have to read the book to fully understand the concept. It doesn’t really mean die with no money.
That's smart
I guesss the good thing about being broke or in debt.....it won't be hard to die with zero.
Well, if one is good at investing, giving away money too early will reduce the the total sum in the end.
My dad is giving monthly amounts to my Brother and I now while he’s alive - so we can use it and he can be here to see us use it. Of course most of it is going to investments for future for us both, but we are also saving a portion to take our
Families on a good vacation next year!!! It’s a very cool idea to give to your kids while you’re here to be part of it and see it. See it help them out of debt, build for the future and in our case, take a really great vacation!
We are planning to do the same for our kids in the future!
Love it. Sadly so many are far too scarcity mindset and actually, sadly, wouldn’t want to see anyone enjoy the fruits of their labor. That’s why almost everyone is gung ho to go get a car loan but so afraid of paying for education.
We are doing vacations and experiences and teeth (oh lala). We have a bottom line of what we need for “the end”- which could be inherited. I do love giving NOW- to family and charity.
Well Rachel what worked for you and how your parents transferred wealth to you can work for anyone. Your not wasting money and spend widely and why? Cause your parents taught you knowledge behind having money, how to invest etc
If you don't have a family this would work.
Don’t let the title mislead you. Read the book. The author has a family with kids. I have kids as well and I wholeheartedly agree with the approach the author suggests.
This chick wouldn’t have a job or career if not for her wealthy dad. She better not try to preach at everyone about this, or really anything related to personal finance. Not everyone is born on third base like she was.
Admit it, she adds value. Her recap of the book was informative enough that I don’t feel the need to read it myself.
You have to read the book to fully understand the concept. It doesn’t really mean die with no money.