Die with zero

[diian]

An interesting viewpoint on how to live to live and not live to save.

I have always been a saver and then heard about a book called 'Die with Zero' by Bill Perkins. Should I have spent my 20s and 30s endlessly saving to pay off my mortgage at 39 years old and not enjoying life?

The book talks about dying with £10K is 5 months of working you never got to enjoy, like not taking 5 holidays or having 50 lovely meals out with friends.

It makes me think of my Grandad, he spent his life saving and saving for his retirement adventures but by the time he retired, he had injured his back and had to walk with a walking stick. He never got his adventures and I wish he had done them when he was younger. He ended up with a big share portfolio that passed to my dad, he did nothing with it and died 8 years after my grandad and these shares have now passed to me. How many more generations of the family are these bits of paper going to be passed down to...?

My grandad is the reason I love travel and love seeing my kids travel. Bill Perkins talks about travel in your 20s gives you 50 years of memories whereas travel in your 70s gives you possibly 5-10 years of memories.

I need to have a gap year now I am in my 50s and work towards dying with zero and giving the shares to my kids in their 20s.

Am i having a mid-life crisis or mid-life re-evaluation?

My parents have phenomenal work ethics and have gone from abject poverty to a comfortable, secure life where they need lack for nothing. They have always been generous with financial help for their dc and their dgc. We're OK, we don't need help, but my parents are getting even more generous with gifts. It's very kind of them, but I'd rather they kept the money and were generous to themselves. They say they don't need anything and can afford whatever entertainment they want for themselves. I'd rather know that if they need a stairlift, or a live-in carer, or whatever will make their lives easier or safer, that they won't scrimp on themselves in order to give us extra. I'd rather my parents had a stairlift than that my kids have a family holiday to the Maldives. But it's their hard-earned money, and it's their choice.

My dad lives to this pretty much. Just got to a point of thinking what's the point of saving all this money so started enjoying it instead. Good on him. I intend to do the same. I won't get an inheritance but I don't care about that.

@diian I give 10% of my income to charity so that makes me feel good if I'm ever having a bad day at work - I know I'm earning money which will benefit others. I need to invest more in my pension tho! But I do hope I don't need to spend on a carehome. I shall die happy knowing that whatever is left, when I die, be it 10pence or £10million, will go to charity.

Part of the Die With Zero is about when is the right time to give to other people as well as spending on your own enjoyment. My mother's says (at least weekly) that I will get all her money and her 'bricks and mortar'. I'm in my forties now, have a stable job and a good salary, mortgage will be paid off in 10 years. If she goes at 80 what good will it do me at 60 years old having her money? If I can help my kids with uni costs, house deposit, car, travel abroad, subsidised maternity leave, then I absolutely will.

Having a sensible pension provision is v important to me, however my dad died at 50, and never saw his pension pot. There's a point in having 'enough', whatever that means to you, but not more than enough.

I like the sound of this. I’ve read on here a lot about the FIRE movement and often think that in order to retire early people have lived extremely frugally for decades, are they really going to let their hair down and suddenly start enjoying their life once they reach this ultimate goal of early retirement? I think would it not just be better to work for longer and spend your money as you go along.
I also agree with what people have said about inheritance when you’re in your 60s and in a much better place financially yourself. If I’ve got any money to give away I’d rather my kids have it when it would benefit them most - help with childcare costs, housing etc.

I like the FIRE movement for its suggestion that you can do with a smaller home, cheaper car etc. Not for the idea that you live a pleasure-less existence.

For me, I'm trying to balance:
a) paying mortgage off so that I can retire from paid work and do voluntary work with
b) keeping working as long as I can so I can donate the money.

I'm not rich or anything but as I say, I don't have kids so I have to make my life useful in some other way.

Having savings does buy you a better nursing home rather than what the local authority put you in. When my in laws died they had a lot of savings and we reckon this was saved as it was likely my mil would end up in care ( long term arthirits etc) and fil who saved most of it would have wanted to make sure she had the best care.

But I agree it's annoying when you see some people who saved very little or worked very little , so ended up with low state pensions getting topped up by pension credit to not much less than someone who worked all their life and has a very small private pension which puts them over the threshold for pension credit. the ones on Pension credit get the free TV license, all rent paid, council tax paid, £650 cost of living payment etc .

Sorry should say I'm not referring to people who could not work due to illness or disability of course.

This game isn't certain. I save hard because i am in the fortunate position of being able to work towards retiring early... but yes, i could die before i get there. If i do then I'll be sad about what i could have done instead, but if i don't then i will have heaven on earth.

Not everywhere. Depends on your authority.

Mum diagnosed with Alzheimer’s at age 57, you bet we live for now!

I’ve spent the last 15 years helping to care for elderly relatives and one of my priorities is funding my old age and care needs so the burden doesn’t fall on my dc, or god forbid to the state.

We’re heading into a time when there will be more elderly than earners and the state provisions that are already inadequate will be unimaginably worse.

Giving my dc the best chance at independence and earning a good living, via education and any help we’re in a position to give is another priority.

My gps attitude to life was shaped by the living memories of the workhouse. Our generation have been blessed to live in a time of prosperity, extraordinary economic growth and in the absence of war.

I’m genuinely aghast that people who can afford not to live hand to mouth wouldn’t plan for times of hardship and incapacity.

This is an interesting thread.

I have always worked to save rather than worked to live as I grew up in poverty and was always worried about not having enough. I now have a good amount of savings so maybe I should live a little more but it is not in my comfort zone to spend 10k on a holiday or replace a kitchen because it is dated but still functional.

Maybe I will have my teeth straightened! They are in a shocking mess and it would make me happy to have a nice smile!