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Should You Aim to Die With No Money Left? Bill Perkins, Hedge Fund Manager and Author, Explains Why

Scenic view of a beach along the Oregon coast, featuring trees, cliffs, and vibrant blue waters.

Executive Summary:

  • Maximizing Enjoyment of Wealth: In his book, Die With Zero, author Bill Perkins argues that the goal should be to maximize the enjoyment from your money while you’re alive, not just amass the most wealth.
  • Memory Dividends: Perkins introduces the concept of “memory dividends,” where the value of experiences grows over time, just like your investments. These experiences provide lasting memories, fulfillment, and enjoyment long after they happen.
  • Rethinking Wealth: Rather than focusing solely on maximizing net worth, Perkins advocates for investing in meaningful experiences earlier in life, when you’re healthy and able to enjoy them.
  • Balancing Enjoyment with Financial Security: While embracing Perkins’ philosophy, it’s critical to balance living for today with ensuring long-term financial security. This includes strategies like understanding safe withdrawal rates and doing ongoing retirement planning.
  • Give While Alive: Lastly, Perkins suggests passing wealth to heirs earlier in life when they need it most, rather than waiting until after death.

What if the goal of retirement wasn’t to leave behind the most money, but to maximize the enjoyment you get from your money while you still can?

In Bill Perkin’s book, Die With Zero: Getting All You Can From Your Money and Your Life, he challenges ‘traditional wealth management’ by calling for a more intentional approach to spending wealth throughout your life. Instead of focusing solely on maximizing wealth or leaving a large inheritance, Perkins encourages people to use their money to maximize meaningful experiences while they are still healthy (and alive) and able to enjoy them. 

Central to Bill’s philosophy is the idea of investing in experiences (not just assets) that create lasting memories, or “memory dividends,” that provide ongoing value and fulfillment. Funny enough, Bill argues that just like traditional investing, investing in experiences is more valuable the younger you are, as it gives you extra years for those memories to “compound”, maximizing the total lifetime benefit you get from each experience. 

To understand memory dividends, Bill writes: 

“Think back to one of the best vacations you ever had, and let’s say it lasted a full week. Now think about how much time you spent showing pictures of that trip to your friends back home. Add to that all the times you and the people you traveled with reminisced about that trip, and all the times you’ve thought about it yourself or given advice to other people considering going on a similar trip. All those residual experiences from the original experience are the dividends I’m talking about—they’re your memory dividends, and they add up.”

In other words, memory dividends are the additional benefits we receive from our experiences long after they have ended. 

The concept of memory dividends is a powerful one, as it encourages us to not only focus on investing to build wealth but also investing in experiences to build memories and enrich our lives. And these days, Perkins’ philosophy is gaining attention as more people want to balance living for the moment, while still setting themselves up for the future. 

In this article, I want to layer my skills, views, and philosophies as a Financial Advisor on top of Bill’s philosophy of squeezing all the enjoyment out of your money while you can. Of course, I’m not advocating literally dying with no money left, as I believe that’s the opposite of what most people should be aiming for. But, I do believe there’s a strong case to be made for maximizing the enjoyment you get from your money while you’re still alive. 

Let’s walk through that case together, starting with me and my awesome wife, Paige.

My Personal Experience With Memory Dividends

When my wife and I met, we were in our mid-20s, both working full-time, but with very little responsibility outside of our jobs (her as a receptionist at a medical office and me as an electrician). In other words, no kids, no pets, no mortgage – just a couple of young, working, and relatively unburdened people.

We were avid rock climbers at the time and would do a lot of weekend trips around the state – shout out to Utah and its collection of wonderful rocks! Naturally, we started to wonder how it would be for us to take a bigger trip, exploring crags all around the US. Maybe a couple of weeks, maybe longer? 

One thing led to another, and the adventurous Paige decided it might be better for us to think bigger and spend a month and a half traveling around Europe, exploring the crags and sites abroad. 

And so we did.

I didn’t realize it at the time, but that trip would create some of our fondest memories, contain some of the most unique experiences of our lives (homesteading on a small farm in Italy), and most importantly, (at least for now) would be once in a lifetime. That’s not to say we couldn’t ever travel to Europe for an extended period again, but, I don’t anticipate we’d be interested in traveling like we did: climbing gear and backpacks in tow, cheap Airbnbs, hostels, and even free accommodations through work exchange programs, all while flying by the seat of our pants with a loose (at best) itinerary.

When it was all said and done, we traveled for six weeks, visited four beautiful countries – Greece, Croatia, Slovenia, and Italy – and climbed rocks in some of the most striking places we’ve ever seen. 

Fast forward to today and we’re in our 30’s, with a couple of young kids, and a ton more responsibility. We can’t travel like we did then without significantly disrupting our lives. But what we do have is the memory dividends from that ‘once-in-a-lifetime’ experience we created together. 

Of course, from a financial perspective, we didn’t maximize our net worth with our decision to quit our jobs and travel around Europe. Instead, the trip probably cost us thousands of dollars at the time. But, it’s some of the best money we’ve ever spent, and it’s the reason I feel so aligned with Bill’s idea to maximize the enjoyment you get from your money while you can. 

Now, let’s explore what that can look like for you.

What “Die With Zero” Really Means

Perkins’ concept of “Die With Zero” is not about spending down every last penny but rather about rethinking the purpose of wealth. He argues that too many people hoard their money with a focus on leaving a large inheritance or simply out of fear of running out. Instead, Perkins advocates for a strategic approach to spending—one that maximizes enjoyment and fulfillment during your lifetime. 

His core message is that money can’t bring you joy once you’re gone, so the goal should be to use it while you’re alive to create meaningful experiences.

Again, the idea of “memory dividends” is central to this philosophy. Perkins believes that experiences, particularly those created earlier in life, provide a lifetime of return on investment. Just like Paige and I’s trip to Europe, the memories from these experiences grow more valuable over time, much like financial dividends, enriching our lives with each passing year. 

So it’s not about spending your money for the sake of spending it, it’s about using it to enrich your life by doing the things you love, with the people you care about the most. Sounds great, right? But what about the risks?

The Risks of Literally Dying With Zero

While Perkins’ philosophy encourages maximizing enjoyment during your lifetime, it’s important to acknowledge the risks. 

Running out of money in retirement can be a serious concern, especially if you live longer than anticipated or face unexpected expenses. Healthcare costs, in particular, can be unpredictable and significantly impact your financial situation in later years.

That’s why outliving your money is a key consideration in financial planning. 

So, while it’s essential to enjoy your money during your life, it’s also critical to build a plan that ensures your needs will be covered for as long as you live. This might involve strategies such as utilizing safe withdrawal rates or running annual retirement projections to ensure that you are on track for success, and fine-tuning your plan as needed.

So, while Perkins’ philosophy is thought-provoking, it must be balanced with the practical realities of long-term financial security.

How You Can Maximize Enjoyment of Your Money

To fully embrace Perkins’ philosophy requires a mindset shift, and here are some examples to consider:

  • Don’t delay: Instead of exclusively waiting until retirement to enjoy your wealth, consider spending on meaningful experiences throughout your working years – possibly through a sabbatical or other extended time off.
  • Earmark funds: Next, just like you earmark funds for an upcoming purchase or investment, consider earmarking funds each year to spend on experiences.  
  • Identify Optimal Experience Timing: When it comes to experiences, it’s critical to realize that not every experience is available (or desirable) at every age. For example, most people can’t or don’t want to go heli skiing in their 90s, so it’s critical to do that experience while you still can. 

Again, balancing experience-driven spending with security is crucial. While it’s great to spend money doing the things you love with the people you love, it’s also essential to invest for the future, understand safe distribution rates, and have a plan for future needs. 

A well-thought-out strategy can help you make the most of your money while ensuring you don’t jeopardize your long-term financial stability.

But What About the Kids?

In his book, Bill has an entire chapter dedicated to the question he says always comes up: “Sure, this sounds great, but what about the kids?”

For many wealthy families, leaving an inheritance for the next generation is a key goal, and some will even build in a specific amount they plan to leave after they pass. But, Bill argues that you shouldn’t wait until you’re gone to give money to the next generation. Instead, he believes that by giving money while you’re alive, you not only get to reap the benefits of watching the next generation enjoy the money, but you’re also more likely to give the money when it’s needed the most (when your heirs are young and starting their families, buying homes, putting kids through school, and more).

In Bill’s book, he explains that he has already given his kids close to 90% of their inheritance, which has empowered him even further to maximize the enjoyment he gets from his money, without worrying about what will be left for the kids. 

In addition, he argues that by waiting until you die to give an inheritance, you’re subject to the three R’s: ”Giving random amounts of money at a random time to random people (because who knows which of your heirs will still be alive by the time you die?).”

Of course, there are valuable tax considerations to understand when giving money while you’re alive versus waiting until after you’ve passed, so it’s important to do your research when deciding what’s right for you. 

If you want additional insights into the pros and cons of giving while you’re alive vs waiting until you pass, check out our article: Transferring Wealth: The Pros and Cons of Giving While You’re Alive vs After You’re Gone.

Wrapping it All Up

In the end, you don’t need to literally “die with zero” to take valuable lessons from Perkins’ philosophy. 

Instead, his approach reminds us to live more fully and enjoy the wealth we have while we’re still here to benefit from it. To not delay experiences until it’s too late, and to consider passing wealth to the next generation when they need it the most, and, when you’re around to watch them enjoy it.

Ultimately, by reflecting on how you spend your money, and prioritizing experiences that bring lasting joy and fulfillment through memory dividends, you can find a healthy balance between living in the moment and securing your financial future.

Albion Financial Group is an SEC registered investment advisor. The information provided is intended solely for educational purposes and should not be construed as an offer or solicitation for the purchase or sale of any particular securities product, service, or investment strategy. Past performance is not indicative of future performance. Additional information about Albion Financial Group is also available on the SEC’s website at www.adviserinfo.sec.gov under CRD number 105957. Albion Financial Group only transacts business in states where it is properly registered, notice filed or excluded or exempted from registration or notice filing requirements.

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Quarterly Letter Excerpt: Planners Corner

Retirement planning in America is constantly transforming. The widely accepted concept that everyone can retire is only a few generations old. In such a rapidly changing world, how we achieve such a feat will also continue to evolve, which means that traditional approaches to securing retirement income need to be revised. Longevity is on the rise, traditional pensions (defined benefit plans) are becoming relics of the past, and the onus of retirement planning now squarely rests on the individual.


Given the statistical likelihood of living well into our 90s, especially for non-smokers and those of higher socioeconomic status, the necessity for robust and foolproof retirement planning strategies has never been more apparent. This reality drives us to rethink and innovate in how we protect your financial future.


When creating comprehensive retirement plans for clients, it is important to identify and address some of the potential hurdles future retirees face. I often return to a list that author Larry Swedroe coined as the “Five Horsemen of the Retirement Apocalypse.” One of these five included “historically low bond yields,” which is no longer as relevant today, but I still find this list useful when trying to understand how to best plan for our clients’ futures. So, the following Four Horsemen remain top of mind for retirement planning in 2024:

  • Historically High Equity Valuations: With the U.S. stock market’s long bull run, it is wise to adjust expectations and prepare for potential downturns in equity investments.

  • Increased Longevity: As life expectancy rises, retirement planning must account for potentially longer retirement periods, necessitating a portfolio that can last 30+ years.

  • Long-Term Care Costs: With the likelihood of needing long-term care increasing with age, planning for these costs is essential to avoid financial burden and ensure quality of life.

  • Social Security and Medicare Benefits: There’s a chance that benefits could be reduced or taxes might go up to support these programs. We need to plan for multiple outcomes.

All we have to do is look at annuity sales in 2023 to see that consumers and advisors alike are turning to insurance contracts for peace of mind in the face of these headwinds. In ways, it’s unfortunate to see a record 25% increase in year-over-year annuity sales, as often, it’s primarily the agents who benefit from these products. Most annuity sales tactics use the same general concerns discussed above to incite fear and force quick action at the client’s own peril. My general thought process for insurance and annuities is straightforward: insurance is a great risk transfer tool but an expensive way to invest. If an annuity contract cannot be clearly explained, including all fees and market-based outcomes, I’m not interested.


A critical, yet often missed, step in sound financial planning is customizing withdrawal strategies to suit individual needs. This should usually be the first move in crafting a tailored retirement income strategy. When done in concert with a comprehensive financial plan, customized retirement withdrawal strategies can provide greater financial security because they allow for flexibility. None of us know what the future holds and unlike an annuity contract that locks you into a particular set of terms with possible penalties for making changes, customized income strategies allow you to make adjustments at the margins or pivot when necessary as your retirement years unfold.


As we consider the often jarring transition from saving to spending, it is essential to understand the various withdrawal strategies for portfolio assets available in retirement, which broadly fall into four categories:

  • Constant-Dollar Withdrawal: Start with a fixed percentage, then adjust annually for inflation. It can suit those needing a consistent income to cover fixed expenses.
  • Constant-Percentage Withdrawal: Withdraw a consistent percentage of your portfolio each year. Nice for those with flexible spending needs and lower fixed costs.
  • Variable-Percentage Withdrawal: The withdrawal percentage adjusts based on your portfolio’s annual value. Suitable for flexible spenders without the aim to leave a significant inheritance.
  • Spend Only the Income: This approach only spends dividends and interest, preserving the principal. It suits individuals with low expenses compared to their portfolio size or those wishing to use their current asset base for legacy planning.

Note that none of these strategies are a set-it-and-forget-it approach. They are part of a constant discussion about how we can help you most efficiently and comfortably spend the money you have worked so hard to earn.

Morgan Housel’s “The Psychology of Money” emphasizes the personal nature of financial decisions, reminding us of the wide variance in how people view and manage money. This diversity points to the absence of a one-size-fits-all approach to retirement planning. The goal is to find a strategy that aligns with your needs, ensures stability, and adapts to life’s uncertainties.


As your financial planners, we’re dedicated to navigating the complex landscape of retirement planning with you. If you have friends or family who require sound advice and a comprehensive review of retirement income planning options, please reach out and refer them to our team. Our goal is to ensure that our client’s retirement strategies are not only robust and tailored to their needs but also flexible and ready to adjust to the constantly evolving financial world.

Albion Financial Group is an SEC registered investment advisor. The information provided is intended solely for educational purposes and should not be construed as an offer or solicitation for the purchase or sale of any particular securities product, service, or investment strategy. Past performance is not indicative of future performance.

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Crafting a Foundation for Lasting Income in Retirement 

“Consider it as sculpting a financial architecture…”

Embarking on the journey of retirement is akin to laying the foundation for a fresh chapter in your financial life, where the structure of your income becomes pivotal. In this exploration, we’ll delve into the art of income planning beyond retirement—a strategic composition not just to make your money last but to construct a financial foundation for a lifetime. Consider it as sculpting a financial architecture to support your lifestyle and aspirations. 

Understanding the Blueprint of Retirement Income: 

“The initial step is to decipher the blueprint of your income sources.”

In the realm of retirement income planning, the initial step is to decipher the blueprint of your income sources. Begin by evaluating and documenting your existing and potential retirement income streams, including pensions, Social Security benefits, and withdrawals from your investment portfolio. This exercise transforms your blueprint from an idea into a written account, outlining the contours of your retirement foundation. 

Key Considerations: 

  • Pensions and Social Security: Scrutinize the reliability and sustainability of these income sources, weighing factors like lump-sum versus annuity payout for pensions and potential changes in Social Security regulations or benefit age. 
  • Investment Portfolio: Consider how your investments will contribute to your retirement income. Evaluate the risk profile of your current portfolio and its role in shaping your overall financial structure. 

Building a Structure of Sustainable Income: 

“This exercise transforms your blueprint from an idea into a written account, outlining the contours of your retirement foundation.”

Once the blueprint is clear, the subsequent step is to construct a plan for sustainable income. During this phase, you are crafting a framework for your retirement income that not only covers your basic needs but also adapts to the dynamic nature of your financial landscape. 

Strategies to Consider: 

  • Systematic Withdrawals: Establish a plan for systematic withdrawals from your investment portfolio, ensuring a steady income flow. There are various withdrawal strategies worth considering; this one proves relatively easy to implement. 
  • Tax-Efficient Strategies: Explore tax-efficient methods to optimize your income. This may involve considering Roth conversions, strategic charitable giving, or other approaches to minimize tax implications. Remember that reducing your total lifetime tax payments holds more impact for your financial plan than merely reducing your current year tax liability. 

Fine-Tuning for Resilience: 

“During this phase, you are crafting a framework for your retirement income…”

Just as architects prioritize resilience in building design, your retirement income structure needs fine-tuning for resilience. Integrate risk management strategies to guard against unforeseen challenges and disruptions. The focus should be on the goals you’ve defined for your retirement, without succumbing to the uncertainties of the world around you. 

Resilience Strategies: 

  • Emergency Fund: Maintain an emergency fund to cover unexpected expenses and ensure a buffer against financial uncertainties. 
  • Insurance: Review insurance strategies to ensure alignment with your needs, providing a safety net for unexpected healthcare or other significant expenses you prefer not to bear. 

Adapting to Change: 

“Regularly reviewing and adjusting your plan ensures resilience against evolving personal goals and unforeseen events.”

Bestselling author Morgan Housel encapsulates the transformative nature of time with his statement, “World War II began on horseback in 1939 and ended with nuclear fission in 1945.” In the realm of retirement, where uncertainties abound, one undeniable certainty is change. Your retirement structure should be dynamic, embodying a key principle of financial planning—adaptability. Regularly reviewing and adjusting your plan ensures resilience against evolving personal goals and unforeseen events. 

Adaptability Strategies: 

  • Regular Reviews: Schedule periodic reviews to assess the effectiveness of your income plan and make adjustments as needed. 
  • Flexibility: Build flexibility into your plan to accommodate changes in lifestyle, healthcare needs, or financial goals. 

The Completed Project: 

“Be sure to carefully reflect on the structure you have built, ensuring proper alignment and cohesion with your aspirations and financial goals.”

As you conclude the process of crafting your foundation for lasting income in retirement, be sure to carefully reflect on the structure you have built, ensuring proper alignment and cohesion with your aspirations and financial goals. In this endeavor, you’re not only securing your own financial future but also building a legacy to endure for future generations. 

Just as a completed architectural project stands as a testament to the vision and skill of its creators, your retirement income structure becomes a tangible representation of your financial success. It’s a timeless blueprint, offering enduring stability to enrich your retirement journey and providing a solid foundation for the chapters that follow. As you navigate the complexities of retirement income planning, you’re not just securing your own well-being, you’re shaping a legacy that will resonate for years to come, ensuring that your financial story stands strong against the test of time. 

“You’re shaping a legacy that will resonate for years to come, ensuring that your financial story stands strong against the test of time.”

It is strongly advised to seek counsel from a qualified financial adviser, tax professional, or attorney before implementing any strategy or acting upon any recommendation outlined herein. Albion Financial Group disclaims any responsibility for the consequences of individuals’ decisions based on the information presented and encourages thorough consultation with a financial professional to ensure the appropriateness of any financial decisions made in consideration of personal circumstances and financial objectives.