Brief Summary:
Perkins argues that we should prioritize “life experiences” and allocate our spending across our lifespan to optimize for enjoyment and create lasting memories. He introduces the concept of “memory dividends,” the idea that the value of experiences compounds over time through recollection. The book outlines strategies for planning experiences by decade, emphasizing front-loading more physically demanding activities while we’re younger. He also discusses how to strategically give money away during our lifetime to witness the impact of our generosity.
What I Liked:
- Creative Thinking: Perkins’ approach is undeniably refreshing. He encourages us to think beyond simply accumulating wealth and consider how money can be used to enrich our lives. The concept of planning experiences by decade is a valuable exercise, prompting us to consider what we truly value and how we want to spend our time and resources.
- Emphasis on Thoughtful Spending: The book stresses the importance of being intentional with our money. It’s not about reckless spending, but about aligning our finances with our values and prioritizing experiences that will bring us lasting joy. This message resonates strongly with the core principles of sound financial planning.
- Focus on Giving: Perkins’ emphasis on giving while living is a powerful message. It encourages us to consider the impact we can have on others while we’re still here to witness it.
What I Didn’t Like:
- One-Size-Fits-All Approach: While the book offers valuable food for thought, it’s crucial to recognize that Perkins’ personal risk tolerance is likely much higher than most people. The book sometimes downplays the importance of having a financial safety net, which could be problematic for those with lower risk tolerance or less predictable income streams. The devil is in the details. The book is very high level and doesn’t get into the weeds of how to actually implement its advice.
- “Bro-ey” Tone: At times, the book’s language and examples felt somewhat geared towards a specific demographic, which might not resonate with all readers. While the advice is generally sound, the delivery was off-putting, at times, for me.
- Endorsement of Annuities: Perkins recommends annuities as a potential investment vehicle. However, it’s crucial to remember that annuities are complex products with varying features and risks. Careful due diligence and professional guidance are essential before investing in any annuity. In many cases, there are more effective and flexible alternatives to annuities available to achieve one’s financial goals.
Most Important Takeaway:
True wealth lies not in accumulating possessions, but in the meaningful experiences and positive impact you create during your lifetime. While the book’s specific recommendations should be taken with a grain of salt and considered in the context of your individual financial situation and risk tolerance, the core message of living a fulfilling life is motivating.