Introduction ✍️
We all subconsciously wish for money somehow because it significantly improves the way you live and how you could live. Don’t get me wrong, I’m not saying that money buys happiness – well, to some extend it does – but rather, I want to dive deeper into the realm of money, how it could be used to fulfil people’s lives.
Summary đź““
The title refers to Bill Perkins’, the author, idea that you should pass with little to no savings within your bank account as it would mean you made full use of your money’s value. As nowadays’ philosophy and social-media culture of saving and investing aim to secure financial stability for future use, the book combats this thought by showing new perspectives which encourages people to spend their money to enhance experiences instead of saving. Perkins argues that this approach allows people to derive maximum value from their resources while enjoying life to the fullest. He wants to counter the mentality of working and saving until retirement, as this would mean you really get to enjoy life when you’re a retiree with possibly hindered physical capabilities. But how exactly could you spend your money rather than saving it?
Who is this book for đź—Ł
Well, there really is no limit or distinct target audience for this book as I would categorize it as life education everyone should’ve at least heard of. It really teaches you another perspective how to see money, something you’re working for your entire life - you’d not want to “let it go to waste” would you?
Creating a personal enjoyment list đź“ť
To make informed spending decisions, Perkins recommends creating a list of things that bring you joy and pleasure, regardless of cost. This list helps identify experiences that should be prioritized while you are best suited to enjoy them. For example, if you really want to skydive or eclipse a mountain range, you’d note that down. Then you decide when you’d want to experience that activity, being heavily dependent on your health situation at that specific age.
Saving with a purpose đź’°
While Perkins encourages people to spend their money wisely and efficiently, he doesn't advocate for reckless spending. He suggests that people should save money but with a clear plan in mind. Money is best used in the present, and any "leftover" funds should be directed toward two key areas:
1. Enhancements of experiences and “add-ons” that make those experiences even more memorable.
2. Generosity towards the people you care about, rather than waiting to pass on wealth through inheritance.
The second point is especially prevalent for charity work or your own family even. You shouldn’t wait to give money to your children or siblings for example, as you would if you’re putting everything into your will for the money to be passed on. Your loved ones definitely appreciate it, but they’d be better off using it in the present, with or without you, experiencing and creating lasting memories.
Keeping the balance ⚖️
It's essential to find a balance between spending and saving responsibly. Perkins does not advocate for mindless consumption but rather encourages individuals to allocate resources for experiences that they can cherish for a lifetime. It doesn’t mean to mindlessly fall into the trap of consumerism, but more so use money to power-up and improve adventures you want to embark on. For example, if you want to travel to Japan but are uncertain if you’d be better off saving that money for your future (which would probably be spent on other, maybe more unnecessary things), why not book a flight? The time you have right now is only finite, and you’d want to make most of it, create and live through experiences which you’d want your children to know about.
Seizing Opportunities while being young 🧒
One of the most compelling arguments in Perkins' book is that it's unnecessary to save a significant portion of your income when you're young. This is because resigning from activities due to financial concerns can deprive you of the exciting and adventurous years of your youth. Perkins suggests that money spent on memorable experiences during these years is a valuable investment in your personal growth and happiness. It may seem flat out wrong, and people who have little risk tolerance would advise against such takes, but think about it: is it really worth to save the money you could use to make the perhaps best years of your life even more exciting? Perkins also underscores the significance of taking advantage of experiences while you're physically capable. As you age, your physical abilities diminish, and you come to value your health more than wealth. Regret often arises when people miss out on experiences that could have enriched their lives back when they were younger.
Last Chances and Special Moments 🌅
Perkins reminds us that there's a "last chance" for everything in life, from taking your children to a toy store to attending a theme park. It's crucial to invest in both personal experiences and time with loved ones to create lasting memories. However, some opportunities may seem like "last chances," but Perkins thinks that life offers multiple chances, albeit under different circumstances. For example, building a Lego set with your grown-up child is an experience which you could still cherish, although it may seem that it would have been more enjoyable or memorable if it were in an earlier stage of the child’s life.
Financial Awareness 🔓
Perkins encourages individuals to have a clear overview of their financial situation to know in which trajectory their heading to. Being aware of your financial status enables you to make informed decisions about spending and ensures that you can live your life and share valuable experiences with your loved ones without undue worry of consuming too much. This goes hand in hand with balance and having a brief overview of what you want to experience. Also, keep in mind that this is obviously not applicable for everyone, as the financial situation is vastly different for each individual. Wealthier people are more privileged when it comes to standard of living, but still, regarding the power of memories moments, the right amount of spending could unlock the keys to a fulfilling and memorable life.