Die With $0

Подписаться 69 тыс.

Просмотров 19 тыс.

50% 1

Would you be interested in dying $0 in your bank account?
Well that is the goal set forth in the book by the same title: Die With Zero.
The author argues that the very best way to live your life is to use your money to spend - spend on things that bring you joy, spend on experiences, spend on those you love - spend rather than hoard money in a bank account.
Do you think you could spend it all? Spending that last dollar on the day you take your very last breath? Would that help you to feel like you had a life well lived?
Share your thoughts in the comments down below!
Thanks for watching ‪@ErinTalksMoney‬
Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.
Looking for more money videos, I post new videos every week, subscribe to my channel: / midge087
While you are here, why not check out some of my other videos:
I gave up on being debt free: • I'm No Longer Debt Free
How much do you need invested to live off dividends alone: • How Much Do You Need I...
What's the net worth and income of America's top percentiles: • Net Worth and Income o...
How can your friends keep you poor: • Are Your Friends Keepi...
What is the three bucket strategy to retirement: • Is the 3 Bucket Strate...
Looking to start investing in individual stocks, join Robinhood and get a free stock: join.robinhood.com/erinm1666
#spendingmoney #diewithzero #spenditall

Опубликовано:

5 июл 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 251

@joethecomputerguy1 Год назад

I remember speaking to my Dad weeks before he passed away. He felt so guilty because he went on a little vacation and spent $10,000. I told him he should do that more often. His kids are doing just fine on their own. We don't need anything you might leave us. I told him to please enjoy it and don't feel guilty at all. He earned it and should enjoy it in his retirement.

@garynovak7977 2 года назад

Watching Erin read the quote: "Say it. Say it Erin." Erin ... does not disappoint. Now, I'm 63 years old and retired. I have this piece of advice for any and everyone. Want to control your stress? Keep your finances under control. Want to be happy? Pay off your credit cards, pay off your home, pay off your auto loans. Your stress level will fall and your happiness will increase. I've seen too many people living on the edge of their financial resources. Then times get tough. They lose a job and can't find a job. They lose the house with a mortgage, second mortgage and third mortgage. They used that money for boats or RVs or motorcycles. Bankruptcy ensues. The marriage is stressed or broken. Forced into retirement and they are forced to live on next to nothing and if a health crisis happens, everything else can be gone as well. Yes, enjoy your life .... but save your money.

@ErinTalksMoney 2 года назад

Amen! 🙏

@hogroamer260 2 года назад

Nailed it! I'm 61 and just marked 5 years of retirement, same behavior as you!

@martingainty9623 2 года назад

You nailed it Gary When all debts (including the house) is paid off..then and only then you can afford to be generous Be careful on giving $ to Charities..my own mum that lived near RI gave 200k to Jamaican Scam Artists..what a waste! Another thing is to have income streams..NOT PENSIONS..when you die all pensions stop..if you have income streams your kids will get your income streams Borrowing is evil..paying with cash is sacred...this comes from Pastor Dave Ramsay who worships at the altar of Financial Independence Can i get an amen?

@johns7002 2 года назад

Good advice!! I have one more thing to add. Be very careful about how you interact financially with people that hold this kind of philosophy. Once they have exhausted their resources their only choice will be to turn to you.... I speak from experience.

@petersmith2040 Год назад

“You’ll own nothing, and you’ll die happy”!

@joemiller8029 2 года назад

You hit the nail on the head Erin. Debt is very stressful. And it is slavery. "The borrower is the slave to the lender." Live within your means.

@evelynbarry5046 Год назад

the author is assuming that working is a waste of time but I think most times it can give our life some meaning. Just ask retirees. I retired at 42 and I am 50 now. Although I hated my job at the time it did give me some purpose everyday, I enjoyed talking to co-workers, I took advantage of weekends. As a retired person, sometimes the only person I talk to in a day is my kid. Yes, I travel, but even that gets old.

@sandro-nigris Месяц назад

Erin you are fantastic! I can't recall a book summary better than this. So informative and clear. I love it. You did a great job. And I learnt something today. Thanks.

@mikehlavinka2964 2 года назад

Aaron, you are wise beyond your years. I've only recently started looking at my life in these terms, looking at giving away my wealth to my airs now so that I can enjoy seeing the fruits of my labor. Being a part of first homes, weddings and graduations that I've helped along the way will bring me more joy and anything I purchased for myself. Watching you glean ideas that compliment and and some that are extremely contrarian to your beliefs is enlightening. Glad to see you take away so much from one book.

@janetchang1527 10 месяцев назад

Totally agree with you about the “going in debt” part for experiences.. it’s absolutely ridiculous …..I read it too and thought that if a young person read this and followed this a lot might be broke all their lives.. and to be honest when you are in debt you won’t be enjoying life coz you are constantly stressed everyday……

@bobhouse9331 2 года назад

Good morning, keep up the good work, I still can't get over your financial story about being completely debt free and feeling so good about owning a home. You're doing a great job with your channel!

@ErinTalksMoney 2 года назад

Thanks Bob - I'll be debt free again as some point!

@vulpixelful 2 года назад

I agree with all of the main points from the book. Super savers can take their health for granted, and life is about balance. I'm personally not fulfilled by budgeting, saving, and investing. I'm fulfilled when getting to my financial goals allows me to have experiences with the people I care about. Money is a trust-based currency to get goods and services with, not a goal in and of itself.

@ErinTalksMoney 2 года назад

Very true! (and I still stand by if can be really hard to nudge super savers into spending - speaking as a super saver - but it's just as important to spend on things you enjoy) You sound like you have a really great balance! 😊

@beatricerights 3 месяца назад

I'm a super saver because I grew up poor. I lived with a man who was never there for me. I feel that money gives you independence and freedom.

@travis1240 2 года назад

I read this book too... I'm a saver so I expected to read some contrary opinions. He makes some really good points on the value of experiences and some of the trade offs involved. However I think he underestimates how miserable people are when broke, how much having wealth gives you options, and the value of never going broke.

@SunRise-ul7ko 2 года назад

Im learning how to spend more, after saving all these years. It's not easy to change a habit, specially when you feel guilty spending. My first full time Job after leaving school, as a teenager back in the early 80's paid me AU$2.60 an hour. That was a hard drudgery working in a factory, back then. Now life is so easy.

@operoverlord 2 года назад

Kinda like u've seen the sun rise in your life.

@davidroush1224 2 года назад

Difficult to just change gears and start spending. Especially when everything is paid off, you have all the household goods you need, cars, etc. What do you spend it on - just eat out and travel more ? That gets old after a few years. But we are trying to do more fun things and the trick that helped was taking a weekly "allowance." I chose $500/week. I hit the bank machine for cash and will use that to puck up a lunch tab/etc. when out with friends. If I don't spend it, I keep track in a spreadsheet and save up for large purchases - we have upgraded flights to first class a few times which was nice on those 8-10 hour flights. That has helped us, but as we get older we just want less so we are gifting more to young relatives and charities. Whatever works - good luck mate !

@Natoflyboy 5 месяцев назад

Agreed debt is stressful

@robpalmer2032 2 года назад

Love your perspective. Thanks so much. Sounds like a great book.

@oferzeira8125 Год назад

For us, super savers, the book must dwell on the shelf in front of our eyes ..(After reading the book , being 65, I certainly aimed for new targets....no regrets and not looking back) For me and my wife it served as an eye opener. I definitely agree with the remarks you mentioned. Thank you, and please summarize more up to date personal finance books.

@randolphbehm877 2 года назад

This one really spoke to me. It is important to find life experiences that make you happy but don’t cost a lot of money. We have a tendency to equate high dollar things with things that make us happy.

@rnggall9640 2 года назад

love your take on the book.

@ErinTalksMoney 2 года назад

Thanks!! 😊

@jltsoyowdycjltsoyowdyc1076 2 года назад

Your getting better and better every video. You are clearly getting more comfortable and sound much more conversational than when you started. All I can say is way to go! Big,big thumbs up!

@ErinTalksMoney 2 года назад

I appreciate that!!! Thank you!! 😊

@evadeanu1 2 года назад

Thanks for the great post today! Definitely food for thought.

@ErinTalksMoney 2 года назад

Thanks for watching Enid!

@chucknasty8417 2 года назад

Omg. Beautiful hair.

@ErinTalksMoney 2 года назад

well thanks! 😊

@ashleyhakins2298 2 года назад

Love how lively you are in this videooooo

@mjones9088 2 года назад

Agreed on the debt advice.

@Freebirdleonard 2 месяца назад

Well balanced review, thank you!

@robertschneller8795 2 года назад

My wife and I are 64, in our eighth year of retirement. We saved more than most at our income level but I wouldn’t call us super savers. As we think about memories, the best memories are the great vacations we had and the time we spent with our loved ones. I also think about the possibility of outliving our money, which is unlikely but nevertheless on my mind a lot. No, I don’t want to die with zero because we can’t predict our death very well. But I do encourage everyone live the day-to-day below your means so you can have great experiences throughout your lives. The balance is hard to hit but trying to live a balanced life with a good job, good savings and great experiences along the way is my advice for a worthwhile and fulfilling goal.

@lailaatallah1857 Год назад

Erin: I’ve always wondered about this book. Haven’t bought it yet. Your insightful, challenging, nuanced personal take on this book 📕 and it’s assertions is exceptional! In this age of lazy, regurative, black and white thinking, this video and your channel as a whole are a true breath of fresh air!

@ErinTalksMoney Год назад

🙏

@ron5493 3 месяца назад

Great job. Good to see the passion

@masqueradinglampshade4369 Год назад

I really enjoyed your analysis and review of this book given that I have a very similar mindset/perspective as you do about money and time (as I'm sure many others watching do too). I've decided to borrow this book from my local library. I don't expect to agree with much of it, but given life is an endless pursuit of knowledge, one must lend an ear to the other side and take their preachings in equal measure if they wish to attain any sense of a whole understanding of something.

@Toogoodtobetrue458 6 месяцев назад

You’re great thanks

@lmr691 2 года назад

while watching this (great video) hubby asks what meal out will cost for upcoming birthday; told him; he points pair of shoes he wants instead! Get real, “you will get both!” We are OLD, buy what you want and yes we will eat steak at restaurant for your birthday!He’s too funny!

@ErinTalksMoney 2 года назад

That's adorable!! Happy birthday! 🎂

@robbob939 7 месяцев назад

First, it was smart to rent the book from a library. With that said, you do not know your needs when you grow old. It really depends on the kids you have, but many times giving your kids money is doing them a disservice if all they do is spend to "keep up with the Jones" or live beyond their means. It is extremely important for your kids to learn to live within their means while they are young. It is not selfish to save money for your old age so that you do not become a burden on your kids. Nursing homes are extremely expensive. The alternative is letting your kids take care of you at home which is an extreme burden. I watched three daughters go on shifts to be with their parents in the home 24/7 to take care of them. After about 3 years, it got to the point that the parents had to go in a nursing home as it was beyond their ability to care for them. If it was not for the savings the parents had, the burden on the family would have been extreme. The children were very thankful that their parents had the money in savings during this time. With that stated, many (and maybe most) people may not go in a nursing home. However, you do not know which group you will fall in when you are old. You were right to be outraged about living beyond your means and counting on future pay raises. You do not know if the pay raises will happen, and, if you will even have a job 1 year from now. This book mixes some good advice with a lot of bad advice.

@rdgale2000 2 года назад

I get the feeling that Mr. Bill Perkins is a little out of touch with the lower and middle class of America. He is the son of a professional football player, went to a 'preparatory school', and now is a hedge fund manager, and film producer. The advice he is giving MAY be for those who already have some level of money to support their life style. Can you see someone making $22,600.00 a year in this market buying a home, having children, and meeting all other financial requirements and still planning to go on a cruse to somewhere? My feelings are that this book is written for the upper class who already have a firm financial basis.

@ErinTalksMoney 2 года назад

I had that same thought. Professor Google estimates his net worth at $60,000,000 - so it is probably easy to make such bold statements when you are at that level of success.

@robinschmuckal5252 2 года назад

I have not read this book. Your summary and analysis are spot on. Well done.

@elmateo77 2 года назад

If you haven't read the book, how do you know the summary is accurate?

@mitchthornton1820 2 года назад

Really enjoyed this Erin ..

@manoimayai6371 10 месяцев назад

❤ ❤❤ thank you. Erin

@Antandthegrasshopper Год назад

Coming from a 57 y/o old to the young crowd... 1) Save 10% in your 401K and no more. Rest 20%-30%-40% of your income in a brokerage A/C and into Dividend growth ETFs. This way if you choose to retire early, you can easily do it with the earning/dividends from your brokerage A/C. No need to bust your ass till 65 if you want to retire early! 401K is only good but for a very long time horizon! 2) Geo arbitrage to a LCOL country and buy private insurance until you reach Medicare age!

@beatricerights 3 месяца назад

thank you!

@raymondnovock4311 2 года назад

Great video! I'm a saver and I enjoy your content. Life is a balance with money , always be prepared for a rainy day. Live your life the way that makes you happy!

@ErinTalksMoney 2 года назад

Well said!

@markwilkins1544 2 года назад

Hi Erin, I love watching your videos. And I agree 100% with you on the idea of going into debt is a terrible idea. And I like the fact that your changing up where your filming your videos. It’s nice to see a different background scenery every now and then. Keep up the great work! I know you do a lot to prepare for your videos so I wanted to say thank you soo much for your hard work You are awesome! 😊

@ErinTalksMoney 2 года назад

Thanks Mark!! I finally bought a camera 😂 Up to this point all my videos had been filmed on my iPhone! This is the first one that I shot on the new camera - makes me feel a little fancy pants 😂

@markwilkins1544 2 года назад

@@ErinTalksMoney Erin, you did a great job filming with your new camera 😊 I don’t know if you do or not, but would it be possible to get an autographed picture of you?

@China786 Год назад

Brilliant as usual ❤❤

@timvincent2069 2 года назад

Hi Erin! Life is all about balance. You can’t be such a tightwad that you never spend and you save, save, save. On the other hand you need to be wise and save for the future and take care of your family and others where possible. I think your sentiments were right on with this book. Good to see that you are repping your alma mater! I think of freezing cold though when I think of Northern Michigan! Have a great week Erin!

@ErinTalksMoney 2 года назад

I loved northern Michigan - coldest weather I have ever experienced was -45 🥶 🥶 🥶 (PS, I don't like the cold....but Michigan is beautiful ...in the summer 😂 )

@timvincent2069 Год назад

@@rafaelw8115 Whatever buddy

@filighterwithlamboonyourpa1262 2 года назад

I loved the book. The graphs/triangles in the book are great visuals to help folks understand that many activity windows close and guard against over frugality at the expense of missed life experience opportunities. The story of the trader that took the trip to Europe when in his mid 20's is a great example of maximizing an experience that is age sensitive on the level of joy the experience can create. Wholistically, I agree with the message of the book and as an early retiree, it is so hard to open the spigot and spend after a lifetime of savings. Continued compounding above your expense burn only means your estate will grow at the expense of missed opportunities aka using the tool of money to create lifelong memories for yourselves or your offspring that continue to pay dividends. Keep posting the great content!!

@ErinTalksMoney 2 года назад

I hear you - experiences truly do pay a different kind of dividend, a valuable memory dividend! The book had a lot of great points! (I just cannot wrap my head around, "spend more than you earn.")

@wildfoodietours 2 года назад

A great reminder to live for today but also plan for tomorrow. I love your prudent and sensible approach to saving and investing, Erin. :)

@ErinTalksMoney 2 года назад

Thanks for watching!! 😊

@robwmckenna 2 года назад

Erin, my parents are currently working through Roth conversion- so that my brother and I don’t pay it in taxes. I told them exactly this, LAST WEEK, spend it all- enjoy your money, you set us up so we (hopefully) won’t need it. Also me: checking my spreadsheet to see how much money my kids will inherit, based on conservative assumptions, after my wife and I pass away at any age from retirement to 120. I love your passion!!!

@ErinTalksMoney 2 года назад

I have that same attitude - to my parents, you worked hard, you enjoy what you have saved for a lifetime. Then I would want to turn around and save it up when I eventually have a kid to pass it on to them to make their life easier 😂😂

@hogroamer260 2 года назад

I'm doing the exact same for my daughter so take it from me, they are doing everything they want to do in life and don't want to see their hard earned money going to Uncle Sam when you only have ten years to pay the taxes. Likely, it will be on top of your working income and put you in a high tax bracket. It makes them feel good, empowered even. Hope that puts it in perspective for you.

@lowstringc 2 года назад

Erin, you may possibly be my spirit animal. When you went off on that quote I was up and yelling too!

@justinhoskins2569 Год назад

I could agree that saving money without a purpose is a waste.

@markbayer524 2 года назад

Another great video Erin! Also a good juxtaposition to your just got a mortgage video. I pretty much agree with your entire take on this book. Thanks again for a well thought out, rational perspective. And as a Michigander, thanks for promoting “Up North” with you tee!

@ErinTalksMoney 2 года назад

Thanks Mark! I will always be Michigan proud! ✋

@dm3988 2 года назад

My father had this attitude to die with zero. I found it to be a very selfish attitude. He left nothing for his wife which life is difficult now for her. I paid for his funeral which was an expense that was unwanted when I was grieving.

@ninoslanguagejourney6002 Год назад

That's a pretty f*** up thing to do I absolutely agree

@BittermanAndy 4 месяца назад

That's not at all what the book recommends, though. Nothing in the book says "screw other people, spend all your money on yourself". Quite the opposite - it talks a lot about providing for your spouse and kids while you're alive, and while they're young enough to get the most out of it.

@kiltedpiper98 7 месяцев назад

Love your response in this video. Your passion around #5 was awesome, and I agree with you. I do agree with the author on generosity after death is no where near the same as generosity during life. The money has to go somewhere.

@robtroller 2 года назад

Ha! Epic rant (well deserved), and epic hair day!

@ErinTalksMoney 2 года назад

haha! 😂

@scottmuench6855 2 месяца назад

Best book review ever!

@meddings222 Год назад

Had an economic professor in under grad. He said his daughter asked him since he was an economic professor, he was going to leave her a lot of money right? He told her, no, since I'm an economic professor, my plan is to spend my last penny as I take my last breath, you're on your own kid.

@ErinTalksMoney Год назад

ouch! lol I always liked Warren Buffett's advice, leave your kid enough to so something, but not so much that they do nothing

@Mekias 2 года назад

The author is making a fundamental mistake by equating spending money with happiness. I agree with the basic premise that experiences in life are worth more than your bank account. However, you can still have great experiences without spending all your money. Money also provides a sense of well being that you can handle any difficulty or hardship that life throws at you. This author seems to want people to live in the moment exclusively and ignore the potentially catastrophic consequences.

@ErinTalksMoney 2 года назад

That seems like a very accurate assessment. Spending money does not guarantee happiness, you are so right!!

@TheFirstRealChewy Год назад

I don't believe that's the author's intent. The intent is to die with $0. Hence you used all your money up by your last day. Hence you should optimize your life. Unless you are leaving the money to a loved one, we can agree that leaving the money to uncle Sam isn't what you worked all your life for.

@BittermanAndy 4 месяца назад

You need to read more than just the title before jumping to conclusions about what the author is saying.

@SCPVIDEOPRODUCTION 2 года назад

08:53 LMAO!!!!! That was awesome!

@kentloar2175 2 года назад

Say yah to da UP, eh? Michigan Tech alumni here! :-D ... great video!

@silentkills123 2 года назад

What the actual heck. haha loved it

@Tex9Down 2 года назад

I’m buying this book tomorrow,

@muffemod Год назад

If you annuitize your nest egg, you can get to $0 on death.

@vwchan841 Год назад

One can learn from many sources. You don't have to agree with every word but as someone who is planning to retire early a lot of the concepts of this book sound spot on IMHO. Of course, don't blow it all on one night in Vegas but your life is precious and it should be enjoyed to the fullest. I know too many people who died prematurely and never really enjoyed their life and money. That, happens more than you think.

@stephenwright133 2 года назад

Life is about balance. We have spent on experiences that we will remember for a lifetime and have also saved for the rainy day or the time when we don't have to work if we choose not to. For us it has been about buying what we need and occasionally splurging on experiences that we want. Did we buy the biggest house we could? No, we bought what we needed because we knew we wanted to have enough left over to go on vacations, save for the future, and be there for the ones we love. Do we buy new vehicles every few years? No, we haven't had a car payment in years because cars just don't mean that much to us other than to be reliable and get us from point A to point B. Honestly, I get what the author of the book is saying, but I also cringe on parts of it. Yes, spend some today, take some risks when you are young, but also save for your future self as well. One of the gifts we are giving to our kids is that they don't have to worry about us as much as we age. We've got it covered.

@ErinTalksMoney 2 года назад

I LOVE this!!! Thank you for sharing Stephen! 😊

@rabidfollower 2 года назад

Without knowing how long you will live, it is difficult to do what the author suggests. Also, being frugal is a source of happiness for some people; the author shouldn't try to gaslight them into spending more money. The danger of this author's advice is how it would affect people with low income and low net worth. It would likely only lead to more spending for them when they should be doing the opposite. Regarding giving money to the young, many parents do save for college funds for their kids, and things of that nature.

@ErinTalksMoney 2 года назад

Right, you never know when it's your time! (PS - clearly I love saving money! it does bring me joy! 😂)

@dlg5485 Год назад

I like the fact that this book has many seemingly disparate pcs of advice. It shows that the author is open minded and understands that we're not all built the same with the same objectives and goals. It's important to remember that we don't all have to agree 100% of time. When it comes to advice, know yourself well enough to understand what advice you should take to heart and what you should ignore. Use what works for you and leave the rest.

@dlg5485 Год назад

@@rafaelw8115 shut up

@bryanwhitton1784 2 года назад

Good morning. I liked your video. I had a whole book written about my perspective on life as a response. I deleted it and changed to just good morning.

@ErinTalksMoney 2 года назад

First off, good morning Bryan! And ...really?!?! Why delete your response??!! I would have loved to read it.

@bryanwhitton1784 2 года назад

@@ErinTalksMoney Most folks don't like my view of life and the end of it. I do agree with you, you don't play on credit. When I raced I raced on my funds. When those funds dried up I quit racing. My friends that raced said they race on credit card and then paid them off in the winter. Nope, not for me. That makes no sense. I know for a fact that they never paid them off over the winter. All that interest paid on top of the general expense of racing. Now I have used credit cards for other reasons. When my business went south I tried to keep it alive using my credit cards. I reduced my paycheck so I could keep it going. But in the end I wound up with about $45K worth of CC debt and another 10K to the IRS. Then the company folded. Was it worth it. Fiscally, no. I learned a lot though and from that perspective it was probably cheaper than college and more applicable. :-)

@bridgetlove1884 2 года назад

What if you miscalculate your expiration date by 10, 20 years? You will do your kids a big disservice by now being financially dependent on them. Leaving my kids a huge inheritance is not my top priority but at least expect to keep our principle intact from date of retirement and that will be a nice windfall. I believe that is happy medium.

@ErinTalksMoney 2 года назад

Seriously! If you miscalculate that's a HUGE issue!!!

@roboticsforfun5000 2 года назад

Love your rant and "I need to take a minute" reaction to that most outrageous advice. I would have burnt that book. There is a statistic that shows wealthy people are more likely to live past 90 and continue to have life experiences till they die without worrying that their health bills becoming a debt to their children. That means I have a choice between experiences now or a long life of experiences. Yes, I do believe in taking time out from work to enjoy life and I have done so several times, spending only money that I have in excess of emergency funds and absolutely no mortgage. The concept that I can enjoy spending borrowed funds is too hard for me to grasp. I am happy to help my family and friends... to some extent. I get real angry when I help pay for my nephew's college, only to find that my sister's family bought themselves a new Mercedes on a auto loan .... especially when I make sensible choices in life, like buying a brand new VW sedan all cash. In the end, what did all my nephews and nieces learn from this? Beg or borrow from that cheap aunt who has lots of money. If we continue to be so "generous", we are responsible for breeding that kind of thinking.

@brianandbarikelly5349 2 года назад

LOL. I loved the rant too and totally saw it coming. 🤣🤣

@ErinTalksMoney 2 года назад

I can't burn the book it was a library book - I would have had to pay for it if I did that 😂 Teaching money lessons to kids is such a. hard area to navigate. Especially when you have money. It's easy to say no, we don't have the money - well maybe easy isn't the word, but easily understood. On the the other had, how do you say no, when you are perfectly capable of affording it? Hw do you teach them. that we are saying no because this is not in alignment with our values, it's not a need, or the intent is to teach you delayed gratification. How do you teach kids to have that hunger to make something of themselves, to save for a rainy day, to build wealth on their own, when they clearly see that you have already made it - and they feel some sense of entitlement to what you have? I think these are incredibly difficult things to pass on - and they become very real issues to consider when parents are quite successful.

@stephenwright133 2 года назад

I hear you on the relatives who want to borrow. I always think to myself am I willing to gift this money to them without expectation of repayment? We had one cousin just straight up ask us for $5,000. We asked what for? To put some racing brakes and some other equipment on a car they already couldn’t afford. Hard conversation, but we didn’t give them the money. A year later the car was repossessed due to missed payments. This is a person still living with his parents at age 29. Sigh.

@johns7002 2 года назад

@@stephenwright133 Here is how I think I want to handle that one. Just pay it forward, but only once. Here is how it works; I loan money to Joe. Then when Frank wants to borrow money I tell him "sure thing, Joe has your money and you can collect it from from him."

@SilviaManentFinancialAdvisor 2 года назад

I am taking my money to the grave!!! Great video Erin!

@ErinTalksMoney 2 года назад

Thanks Silvia!

@oferzeira8125 2 года назад

Liked your criticism. Personally, me and my wife spend on experiences but still keep on saving .(we are retired) Excellent idea to introduce and discuss relevant books.

@evadeanu1 2 года назад

Agree! I’d like to see more of this

@jdgolf499 2 года назад

I don't plan to die with zero. I want to leave something to the kids that will make life comfortable, but not so much that it would impact the way they live! That "kids" money will also be our cusion for some catastophic event late in life, that could derail the retirement of a surviving spouse. As, nice shirt. NMU I would asume.

@ErinTalksMoney 2 года назад

That sounds like a wonderful plan! (NMU for sure! 😊)

@narraelle007 Год назад

thank's for the French translate ^^ God bless you ^^

@Ramcharger2Travel Год назад

Erin this author sounds like a young idealistic kid who comes from money, anyone who grows up poor doesn't think this way. You will do whatever it takes to never be poor again!

@beatricerights 3 месяца назад

yep

@goon5544 2 года назад

Just because something is expensive doesn't mean it's going to add that $ amount of value to your life. I got a pretty good idea of what will add real value to my life, and I do spend money on the things that bring me enjoyment. Other than maybe some trips when I get a bit more money, I'm happy and always grateful for what I have in my life and feel like there's really not much else I need that I couldn't buy right now.

@dm3988 2 года назад

I disagree that adult children cannot benefit receiving their inheritance in their 50’s and 60’s. Many people haven’t saved enough for retirement or still have a mortgage or are putting their children through college. The inheritance can help a great deal.

@casualviewer8189 2 года назад

Love the “money is a tool” quote. My wife and I are very young and 25-26 and we are planning on saving and investing super heavily over the next 5 years and when we turn 30 we are going to quit our jobs to go hike the PCT. 2650 from Mexico to Canada. I could not be more excited

@ErinTalksMoney 2 года назад

That sounds epic!!! Good luck!!

@mikehlavinka2964 2 года назад

Don't be afraid to do it in segments at various points in your life. Think of it as a celebration for various goals you have set. It will keep you primed and excited for the next phase.

@benji-L Год назад

It was worth watching this just to see the part starting at 8:50 The way you got so upset was both amusing🤑and a testament to your passion about saving and investing. Basically, I agreed with everything you said.

@TallDarkStrngr Год назад

The book makes some excellent points and some terrible ones. It is clearly written by an extremely wealthy person who is removed from the realities of the middle class. The good points are: 1. prioritize experiences, 2) enjoy your life as much as possible while you are able-bodied enough to do so, and 3) help your children financially when they are young (as long as they are hard working and will put the money to positive use). The bad points outweigh the good ones, however. They are 1) Spend money now because spending money is the only way to enjoy experiences (false), 2) spend more than you earn, 3) estimate your likely longevity and plan to spend your money down ...this is easier said than done and assumes you'll not eventually be a $300k per year long-term care burden on your children. The greatest anxiety you can face in your golden years is .....running out of money.

@clartro 2 года назад

I too am very conflicted with this concept

@floydcalkins3298 2 года назад

You’re best video yet! I’m 50 and trying to save as much as I can for retirement.. My goal is to retire from my crappy ole job at 59-1/2 at the latest.. There’s a lot of happiness in having money in your account.. trying to spend it down to zero.. that would not be good for my health.. if I have money when I die.. I’m sure my wife will enjoy herself.. lol

@ErinTalksMoney 2 года назад

Thank you for the kind words! Good luck on retiring by 59 1/2!!

@hogroamer260 2 года назад

I had planned to work to 60 as late as my 55th birthday. A year later, I could see my job stress was being misdirected at my wife. Not in an extreme way but she is such a great person, I knew she didn't deserve to have to live with a guy that seemed to be angry at the world . I decided I would retire 6 months later. I'm a planner and knew everything would work out. I didn't expect my retirement account would still have the same balance, five years later, with no Social Security. And I have been generous and doing what I want. You sound responsible so don't be surprised if you retire a few years earlier. You can always get a "fun" job to supplement.

@khc8800 2 года назад

This is one of your most refreshing videos, taking on an ideology that goes completely opposite of your own, yet coming away with some useful advice. Seems the hedonistic apologist author of that book ignored the most basic concept of money management - that nobody can predict future expenses! If you don’t have a reliable safety net, how much extra is too much? Nobody ever knows! Only fools pretend to know the future.

@loborocket 2 года назад

I joke with my kids about spending my last nickel to pay the backhoe operator who throws the last bit of dirt onto my grave. Mostly to just inspire them to save and not count on anything coming to them. I do think “savers” need to be reminded to spend sometimes. My mom was a saver and died early, never getting to use the $ she saved. I am a saver too, but am just now shifting my thoughts to spending. My kids are just about out of the house and mortgage just about gone. Now it is time to start spending before my health declines too far to fully enjoy.

@elmateo77 2 года назад

So your mom left you a bunch of money, but you're planning to leave your kids nothing? Seems legit.

@ErinTalksMoney 2 года назад

Happy spending!

@loborocket 2 года назад

@@elmateo77 ummm… no that is not at all what I said. First off I said it was a joke, and 2nd off my Dad was still alive and got $ when my mom died. 3rd I used the $ I did get to adopt my 2 children. But you can go on jumping to conclusions about my life and finances.

@kirklandphil 2 года назад

@@loborocket, I also joke with my kids like that, it's hard when they have grown up with no money issues, I grew up in a family that had little and I just naturally wanted my kids to have everything. But as they got to High school I made it clear they need to get good grades and get to College if they wanted any chance at the same life they were used to. So far so good. Sorry about your Mom.

@danh2716 2 года назад

Anyone that has run a Monte Carlo simulation on their retirement savings should realize that in the VAST majority of successful retirement plan scenarios you will reach the end of life with FAR more money than you "need." That's prudent. Not wasteful.

@markhellie6837 2 года назад

I love Bill Perkins. His weight loss prop bets are great.

@ps.2 2 года назад

Absolutely not. Peace of mind is worth a great deal to me. In particular, the peace of mind of knowing I'm unlikely to ever run out of money. I would get far more anxiety from trying to cut it close to the bone, than joy from spending that extra money. From this review, it sounds as though the author may be totally discounting this. As for the argument that you get more joy out of passing along unneeded wealth before you die than after? There's something to that, which is why I donate to charity in my working years at all. But there _is_ such a thing as anticipatory joy and pleasure from knowing I _will_ be giving someone a gift - even if I will not be around to get the thank-you note, as it were. And I think the author may be totally discounting this as well.

@kay203 Год назад

This book is definitely for financial fanatics to remeber life isnt about accumuluating money. But, if you live paycheck to paycheck or suffer from debt, not time to read this book

@LostInThe0zone 2 года назад

I appreciate you reviewing that for me so I don't have to waste any of my hard earned resources on it. However, I do want to point out that there may be times where borrowing to meet cash flow requirements should be considered worthwhile. We were nearly at peak earning when it came time for our children to start their college education. We borrowed and reduced our retirement set aside during that period. Of course, this strategy is not without risk, but we felt that we likely could recover (which we did) because of our own investment in our education.

@richardgannon8292 2 года назад

Hi could u do a video on the Different between a Ira and a Ruth Ira and what is a Ruth Conversion and the pro and cons

@roboglesby1057 2 года назад

Like Charlie Munger says, “tell me where I’m going to die and I won’t ever go there.” Same thing with “when.” No day is guaranteed.

@randolphh8005 Год назад

The comment about inheritance is very on point. We are in our early 60’s and our parents are in their 80’s. We don’t need any money from them. Makes more sense to go to the grandkids, or give it a lot earlier. We want to die with zero also, but figuring out when you will die is impossible, even if you get very ill. I’m a big believer in enjoying life along the way, BUT, money is not the only thing that matters. Once you are old you realize that your needs, wants , and desires are still real. Living in poverty for 20 years when you are old is no better than living in poverty when you are young! Our plan is to spend down assets over the next 20 years, but we have zero debt, a plan to maximize Social Security, and some longevity annuities. Oh and yes we have a reverse mortgage, which is actually LOW risk if the balance is “zero’ which ours is, which then makes it a growing line of credit for emergencies only. We still should have a bit of our portfolio at 85 with our spend down plan, if we don’t we will just take less trips.

@rickd1156 2 года назад

Hi Erin ... can you do a show on best index funds for dividend income ... thanks!

@hoovey86 2 года назад

There is a theory in economics that people spend out of their "permanent income", meaning the rational amount that you will earn across your lifetime. It's why we have mortgages, car loans, and student loans. In a lot of instances, it makes sense. However, when the "rent" on the time value of money exceeds your actual income growth rate, you're gonna have a bad time.

@elmateo77 2 года назад

That theory has some major holes though, the biggest one being compound interest. $1,000 invested now could turn into $10,000 or even $100,000 in the future. And the opposite effect when you owe money can be even worse, due to the insane interest rates on credit cards and some loans. So someone might only earn $2 million from work over their lifetime, but bring in another $5 million from investments, most of which will come from money they invested in their early years.

@daisukeuehara7152 Год назад

I agree with you!! We should not spent more than we earn. It means that we are broke! and in debt.

@bryantlicious3590 Год назад

I actually agree with the author on giving when you’re alive. You’re making a sacrifice and taking on risks which is a generous effort. The intent is all there. When you’re dead you’re essentially leaving behind your leftovers. Technically it’s giving because it’s a gift, but the intent of giving isn’t really all there.

@edgarswoodworking1972 2 года назад

This is a great video Erin! There really does need to be a balance in our savings and spending. Life isn’t just enjoyable when you are young . My wife and I are blessed with enjoying life even though we are older. So many of the things we enjoy doing don’t take alot of money yet almost anything you do does cost so I feel that you can enjoy life much more if you at least have some disposable dollars to do what you want with. Thank you for sharing your insights with all of us!

@jodylarson4697 2 года назад

Back in the late '90s there was a similar book called "Die Broke" by Stephen Pollan and Mark Levine. Similar idea, but dated somewhat now. I'm older, and I know a number of people my age who are in a real bind because they didn't plan for being retired and/or unable to work. They woke up and realized Social Security wasn't going to be enough. It's not fun. I managed to plan ahead, and right now I have a comfortable lifestyle. However, one major illness could change that. I don't have long-term care insurance--I never could afford it, and at my age now, I can't get it for any kind of reasonable price. The author says you're going to end up on Medicaid anyway, but I hope he realizes exactly what that means. He should visit a mostly-Medicaid nursing home sometime--a few hours there might change his mind. I'm fortunate that I can save money for "eventualities" as well as for things I enjoy.

@ErinTalksMoney 2 года назад

My thoughts exactly! No one dreams of heading to a medicaid facility. (And no one regrets saving a little extra)

@irefusetoaskmydoctorifyour6401 2 года назад

Yeah, but it seems so self-discouraging though. You work hard and save and live a financially responsible life only to end up (possibly) seeing every bit of your hard work and your legacy get handed over to the medical / industrial complex in the last 24 - 36 months of your life, just so, as Chris Rock famously put it, "at least you'll die on a mattress!"

@danh2716 2 года назад

Completely agree. My grandmother had a stroke and spent the last 8 years of her life in a nursing home. Having money to augment government insurance was the difference between having a room by herself in a quality home vs spending the last 8 years with random stranger roommates who would die and then be replaced...

@jodylarson4697 2 года назад

@@irefusetoaskmydoctorifyour6401 But that's what my money is for---for paying for my care when I need it.

@TheFirstRealChewy Год назад

Makes perfect sense to me. I don't live to make money, I make money to live. Unless I have plans for the money upon death, I could care less what is left.

@kirklandphil 2 года назад

Well, that was fun...Thx, sorry after 64 years I'm a saver. Call me whatever you want after I'm gone. And I feel giving the kids a bunch of money in their 30s does nothing but build laziness, but I did pay off all their college debt. Now they need to figure it out on their own,

@ErinTalksMoney 2 года назад

hahaha! Fair! (I think helping your kids though college is a HUGE deal!!!)

@Moneymalzy Год назад

Okay i agree with the book. If you wait till you are dead to give money you are selfish zero debate. You dont have a choice it has to go somewhere. Ive been listening to erin. Probably 10 videos of hers. I dont agree some things in this book. But ive been saving crazy no. Its boring and easy. Over spending my money was fun, challenging and i pushed my body, my mind to the fullest. But id rather be mike tyson than a warren buffet. Id rather be marylin menroe than oprah winfry. Erin you rocked it at the end thats why you are married and living your life.

@Ellis1127 2 года назад

Late 20’s 🤪😜, I think entering my mid 40s was rough! Save, save and save so you can live well in retirement.

@ErinTalksMoney 2 года назад

I'm mid -thirties and most days I still feel like I'm twenty - so, so far so good! I remember having my 30th birthday with a former employer, and he told me, well your 30, it's all down hill from here! 😂

@hogroamer260 2 года назад

@@ErinTalksMoney OMG, that's EXACTLYwhat my wife told me on my 30th!!! Excuse me, ex-wife.

@chemquests 2 года назад

Our culture is too focused on the individual life. Imagine compounding wealth over generations! The wealth I build I intend to be piled on top the wealth my children build to change the trajectory of my family tree. How about future generations being able to help more people than I can within my life with my limited resource?

@MS-ih8tg 2 года назад

Like spending. Hate wasting

@Azel247 2 года назад

Save what you need to retire with enough money, but don't save more than that. Calculate your annual expense, adjust for inflation, and make a monthly saving target. Spend the rest of it on improving quality of life.

@hogroamer260 2 года назад

Maybe throw in $100k for that unplanned medical event we never want.

@rabidfollower 2 года назад

We need to keep in mind that it's possible that we may leave this world without achieving all our life's goals. When you achieve one goal, you'll want another. We want to keep ourselves constantly motivated. When we wake up in the morning, what keeps us going is there is a goal ahead. I don't think none of us would ever reach a point where we feel we have done everything we have wanted. And even if did feel it, we wouldn't be thrilled. Who wants to live even one day where there is nothing to be done?

@stevesteve8098 Год назад

Here is a person who has never visited a government run retirement home.... Next time ur off on a holiday.. go find such an establishment in the country you are visiting..... what you see is coming to your country in your lifetime.

@cybercab Год назад

I'd be afraid to run out of money.

@johngill2853 Год назад

When you get over 70 there is a product called a single premium immediate annuity. Why I say over 70 is because of mortality credits. An insurance company will take a lump sum and give you a check for the rest of your life and because of mortality credits the check is quite large. There are many calculators online if you want to see what you can actually get at 70 or above (don't suggest younger because mortality credits are low) I also don't suggest all your money but it's a way to die with basically zero money and get paid for it