Hi friends,

saving money is a topic I was combating my whole life. I always had an issue with keeping money, because there where so many things i desired. It wasn’t until I started living on my own, when I had to make some adjustments to my spending habits.

Why Saving?

Is a question I regulary asked myself. “You only live once. Of what use is the money when you are old?” Was my usual response. But it is not that simple. As I was digging deeper in the savings rabbithole, I came across the book “Die With Zero” by Bill Perkins. He claims that it would be ideal to pass away with no money left in your bank account, meaning you used your wealth to full extend. Nevertheless, he is not denying the importance of saving money, only looking at it from a different perspective.

Personal Enjoyment List 📝

To make sufficient 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 want to skydive or eclipse a mountain range, you’d note that down. Said examples are most likely to be accomplished at a younger age, as you would probably gain more fulfilment out if it. That is why you also note down the time, you’d want to experience certain activities, as most of them are heavily dependent on your health situation at that specific age.

Giving you a glance what an extract of my personal enjoyment list would look like:

Notice here that I am only focusing on experiences rather than on physical products. Speaking of my own experience, physical things only provide short-term satisfaction, whereas e.g. going to the Rolling Loud Festival will create memories that will last a lifetime. Perkins also talks about justifying to spend money on “add-on’s” that will improve your adventure. Like paying for VIP tickets, where you get to see your favorite musicians up close.

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. I would be very happy to hear your thoughts on this. Feel free to send me your personal enjoyment list by replying to this email. If you want more on this topic, feel free to read my in-depth book analysis here.

Alex xx

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