How much money is enough money?
One hundred thousand? One million? Ten million?
Here's a hint - it's less than you think. A lot less.
Zero.
How could that possibly be enough?
Glad you asked.
Many of us (me included) always think we need more than we have. But why?
Yes, we all have basic needs that money will certainly help us obtain. But do we really need to keep accumulating more and more?
I have been working "professionally" for 7 years. And prior to that, I worked another 4 years in my...let's just call it "unprofessional" career.
Earned money as a lifeguard (walk please!), summer camp counselor, pizza delivery driver (welcome to Domino's!), and a spa assistant manager.
Then I graduated college and started earning (slightly) more money as a sales rep for an NBA team and a medical device company, and now business development for a tech startup.
All while pondering -
how much money do I want?
what number would make me financially free?
how much do I need to retire?
And finally - what amount would I like to die with?
Well, a book written by Bill Perkins called "Die with zero" made it clear to me. And it could do the same for you.
Since I know my audience is intelligent, I don't have to spell it out.
But for the few math nerds, I will provide the detailed math: 1-1=0
Not sold?
One moment, let me put my selling pants on.
Ok I'm back.
Why do we earn little pieces of paper with a picture of George Washington on it? Or Benjamin Franklin for my affluent audience.
Is it just to see who can stack them the highest?
I no longer think so.
The whole purpose is so we can live life how we want.
And that starts by covering the essentials - housing, food, clothes, transportation, etc.
Then we may want a few of the finer things - mansion, lamborghini, private jet.
But then what?
After we've obtained all of the "stuff" we need and want, what do we do with the rest of our money?
Experiences. Life is all about experiences. And the sooner we have those experiences, the better.
There is plenty of research indicating that we value experiences much more than any "thing" we purchase.
But you don't have to take my word for it. Although that's typically a beneficial thing to do.
Reflect on your own life up to this point.
What are your most memorable memories?
Buying that brand new iPhone 5? Or when you purchased a ticket to that dream vacation to Greece with your partner?
And they don't just have to be the "best" experiences. Even the ones that ended up going wildly different than you expected. Those can be just as memorable, if not more.
You can remember exactly where you were, who you were with, and what you were doing.
That simply isn't the case when you think about the stuff you buy. Even the really special stuff. Like that limited edition Charizard pokemon card (don't judge).
It is so obvious to me now after finishing this book, but the author convinces me how experiences are the currency of life.
And the earlier you are able to pay for them and have them, the better. Because the longer you live, the longer you get to replay those memories.
So really, there is no point in having a single dollar left when you die. Because that means you overshot and left potential experiences on the table.
But what about my kids? Or grandkids?
What if I want to donate to my favorite charity?
If you already have the money - Give to them NOW!
The money will have a more meaningful impact when they are 22 years old and struggling rather than when they are 62 years old and established.
The money you want to give to that charity isn't helping them do the charitable acts if it's sitting in your bank account. And they may not even exist by the time you die.
Feel free to ask them - would you like a guaranteed $1,000 now or a possible $10,000 in 50 years when I die?
Take a guess at their response...
This book makes a fantastic case for making the most of your life with your money now instead of delaying all gratification until some hopeful retirement age.
Of course, we want to earn, save, invest now to ensure a better future. But at what cost?
Your precious time. AKA your life.
I am willing to bet that you will get exponentially more enjoyment out of a ski trip at age 25 vs. 85 (if you are are lucky enough to still be alive).
I went backpacking in Central America when I was 25 and I promise I did not see too many 85 year olds doing the same.
So what are you waiting for?
Stop sacrificing a guaranteed today for an uncertain tomorrow.
Earn all the money you want. Buy all the experiences you can. And do your very best to die with exactly $0.00 when you take your last breath. To ensure you lived a full life.
Here's a link to buy the book (still not an affiliate link). I am probably missing out on dozens of cents with this decision. But that's ok.