"Don't Wait!" - Why You Should SPEND More Money NOW | Bill Perkins

About this video

• Video Title: "Don't Wait!" - Why You Should SPEND More Money NOW | Bill Perkins
• Channel: The Iced Coffee Hour Clips
• Speakers: Bill Perkins
• Duration: 19:49

Overview

This video discusses the concept of living life to the fullest by spending money now rather than solely focusing on saving for the future. Bill Perkins shares his perspective on wealth, the importance of experiencing life while young and healthy, and challenges the conventional wisdom of perpetual wealth accumulation. He argues that the utility of money and one's ability to enjoy experiences decline with age, advocating for a balanced approach to spending and saving based on individual circumstances and life stages.

Key takeaways

• Embrace the Present: The quote "We have two lives and the second one begins when we realize we only have one" emphasizes the importance of living intentionally once we understand life's finite nature.
• Fear vs. Fulfillment: Excessive saving can stem from fear, hindering one's ability to thrive, especially during periods of peak health and vitality.
• Biological Age vs. Numerical Age: The optimal time to "peak" financially and begin enjoying wealth should be tied to biological age and health, not just numerical age. As one ages, the ability to convert money into experiences diminishes.
• The Utility of Money Declines with Age: The value and usability of money for experiences decrease as physical health deteriorates, making younger years a crucial time for enjoyment and exploration.
• Balance Spending and Saving: While saving provides options, these options expire. The goal is to find a "spend burn ratio" that aligns with desired experiences and life stages, rather than saving indefinitely out of fear or inertia.