Optimizing life for maximum fulfillment | Bill Perkins (#237 rebroadcast)

Bill Perkins grew up in Jersey City, New Jersey and initially pursued engineering and sports, but later transitioned to the finance industry in New York City.

Bill Perkins’ journey from Jersey City to a philosophy that embraces living fully began through personal experiences and reflections. As a former football player and engineering student at the University of Iowa, Perkins navigated a path that led him away from conventional expectations.

Perkins' early career path included working as a peon and clerk on the trading floor, where he immersed himself in learning the business and developing a diligent work ethic.

After college, Perkins, inspired by the film "Wall Street," aimed for riches in the stock market. He lived modestly at his mother’s home in New York City with a job that paid just below $16,000 a year. To supplement his income, he drove a company limo at night. Perkins eventually worked his way to an apartment on the Upper West Side alongside a colleague, embracing the life of a "Buppy" (black urban professional).

Starting as a screen clerk and then a peon on the trading floor, Perkins went from mistakingly delivering food orders to traders to becoming a fixture in the energetic Wall Street environment. Despite his self-proclaimed history of being a "fuck up," he dedicated his energy to learning everything about the business, staying up at night reading books about trading, the oil business, and options. His efforts paid off with quick raises and career advancement.

Perkins' personal experiences and exposure to books like "Your Money or Your Life" led him to develop a deeper understanding of the value of time and the trade-offs involved in how one allocates their resources.

A transformative moment in Perkins' life philosophy came when he read "Your Money or Your Life." This book shifted his perception of money to one that valued experiences over accumulating wealth. Perkins began to view every dollar as a unit of time from his life and realized that not spending on experiences equated to wasted life hours.

He expressed regret for being on autopilot d ...

Bill Perkins's "Die with Zero" book advances the idea of optimizing life by using money as a means to balance time, health, and experiences to achieve maximum fulfillment. Perkins challenges traditional notions of wealth accumulation, presenting an alternative philosophy emphasizing living fully over mere financial growth.

The three key resources that Perkins believes should be balanced are time, health, and experiences.

Perkins asserts that these elements—wealth, health, and time—are the three variables essential for fulfillment and balancing them is key. He emphasizes money's role as a tool to facilitate the optimization of these resources rather than an end goal. In his view, the relentless pursuit of wealth should not come at the costly expense of time and health. Reflecting on the finite nature of hours in life, Perkins advocates for decisions that align closely with one's personal values.

Perkins illustrates that extreme approaches—such as maximizing health to the detriment of experiences and time—should be avoided. Optimal living involves a careful balance where health is considered alongside other important aspects of life. He rejects the idea of spending every moment working on health, as this significantly limits the potential for engaging in varied, enriching experiences.

Perkins introduces the concept of "net fulfillment" as the ultimate objective, rather than pure wealth maximization.

Bill Perkins's concept of "net fulfillment" revolves around understanding the utility of money, health, and different life experiences and aligning choices to maximize fulfillment across life's stages. He engages in practices like marking off time on a calendar to remind himself not to live on autopilot but rather to purposefully enjoy his time. Perkins considers this "net fulfillment" as the primary goal, not the accumulation of wealth or attainment of peak health.

Through his perspective, Perkins encourages people to ponder when their wealth should peak, arguing that often, the conventional peak of financial resources after retirement is mistimed and limits the ...

Bill Perkins advocates for prioritizing experiences over material possessions, advising people to allocate their resources towards creating moments and shared experiences with loved ones, instead of indefinitely postponing gratification.

Perkins also stresses the importance of giving philanthropically throughout one's life, rather than waiting to leave large bequests after death. He argues that giving during one’s lifetime can have a greater positive impact.

Perkins encourages people to be intentional about allocating resources towards experiences and shared moments with loved ones, rather than delaying gratification indefinitely.

Perkins emphasizes the importance of being intentional about creating shared moments and memories. He talks about the value of organizing social events and parties, explaining that such gatherings fulfill him more than material possessions could. Perkins shared this perspective at his wedding, encouraging attendees to value and maximize the few times they may gather in their lives.

He also suggests considering what experiences one wants each year in different life areas, such as health, travel, and leisure, to fit them into the "game" of life. Perkins uses the analogy of Tetris to explain the importance of getting the order of experiences right in one's life to maximize fulfillment. He discusses time buckets, advocating for experiences to match life stages.

For example, Perkins discusses going on a ski trip now, rather than later in life, and asks about one’s survival number for retirement to help prioritize experiences over possessions. He encourages evaluating optimal times for experiences, like traveling with family or wakeboarding before a potential future back ailment could prevent it.

Perkins also talks about creating experiences like parties, by finding excuses to do so rather than waiting for conventional events like weddings or funerals. He stresses the joy derived from watching loved ones enjoy these experiences.

Perkins emphasizes the importance of philanthropic giving, but advises that the timing and approach to giving can have a greater impact when done earlier in life.

Perkins asserts that the return on investment in philanthropy can be greater than any market return, arguing that life is urgent, and it is crucial to give while alive to witness and enjoy the impact of your contributions. He questions whether saving for unlikely risks is worth missing fulfilling experiences.

Perkins cites stories to illustrate his points, such as a woman who bequeathed a significant amount of money to charity after her death, which he argues would have been better given during her life. He relays the example of a millionaire who retired young to solve social problems, ...

Bill Perkins addresses the common human tendency to fall into autopilot, particularly relating to work and careers, and the mindset changes required to lead a more fulfilling life.

Perkins acknowledges that people often develop ingrained habits and routines, especially around work and careers, that can lead to neglecting other areas of fulfillment.

Perkins highlights the difficulty of transitioning from habitual behaviors to actions reflective of one’s true values. He recognizes societal pressures to accumulate wealth by certain ages and observes the diminishing utility of money later in life. Perkins encourages regular reflections on values and priorities and warns of the dangers of living life on autopilot when it comes to work and fulfillment.

Perkins encourages people to regularly reflect on their values, priorities, and the tradeoffs they are making, in order to consciously design a life aligned with their true desires.

Perkins uses the calendar as a tool to shift his mindset, wake up from autopilot, and become more present and intentional with life decisions. He discusses the imbalance many face by focusing too much on wealth at the expense of health and experiences. This habitual behavior, he posits, can prevent one from enjoying life’s moments. He speaks about contemplating the balance between time spent on activities like exercise versus indulging in enjoyable experiences.

Perkins emphasizes intentional design in one’s life, considering what trade-offs are worth it, and reflecting on how to allocate time to align with fulfillment goals. He stresses that, regardless of wealth level, it's crucial to get off autopilot and use resources like time, health, and wealth properly for a fulfilling life.

Perkins emphasizes the importance of understanding and managing risk, not through fearful avoidance, but by proactively mitigating risks and focusing on the opportunity costs of inaction.

Throughout the discussion, Perkins touches on understanding the risk of decisions made or not made and thinking with a regret minimization framework. He speaks about the potential of missing out on experiences while habitually pursuing work. Perkins urges people to evaluate their work roles, assessing if their actions contribute to their overall fulfillment or if they might find more enjoyment in life through experiences beyond work.

Perkins advocates for a "regret minimization" framework that considers the long-term impact of decisions, rather than a pure risk minimization approach.

Perkins discusses the importance of exploration and discovery in life and the need to break free from routines that limit such experiences. He challenges people to think about what truly fulfills ...