worked hard to achieve: Rachel Honeyman, “Proof That 65 Is Never Too Late to Kickstart Your Fitness Journey,” GMB Fitness, November 20, 2016, https://gmb.io/stephen-v/.

  before-and-after pictures on the Internet: Valerie Cross, “Jaime and Matt Staples Win $150,000 Weight Loss Bet from Bill Perkins,” PokerNews, March 23, 2018, https://www.pokernews.com/news/2018/03/jaime-staples-set-to-collect-on-150k-weight-loss-prop-bet-30300.htm.

  regardless of their income: Ashley V. Whillans, Elizabeth W. Dunn, Paul Smeets, Rene Bekkers, and Michael I. Norton, “Buying Time Promotes Happiness,” Proceedings of the National Academy of Sciences 114, no. 32 (August 8, 2017): 8523–27, doi:10.1073/pnas.1706541114.

  average stock market return: J. B. Maverick, “What Is the Average Annual Return for the S&P 500?,” Investopedia, last modified May 21, 2019, https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp.

  7. START TO TIME-BUCKET YOUR LIFE

  the two most common regrets: Bronnie Ware, The Top Five Regrets of Dying: A Life Transformed by the Dearly Departing (Carlsbad, Calif.: Hay House, 2012), https://www.amazon.com/Top-Five-Regrets-Dying-Transformed/dp/140194065X.

  managed to squeeze more enjoyment: Kristin Layous, Jaime Kurtz, Joseph Chancellor, and Sonja Lyubomirsky, “Reframing the Ordinary: Imagining Time As Scarce Increases Well-Being,” Journal of Positive Psychology 13 (2018): 301–8, doi:10.1080/17439760.2017.1279210.

  8. KNOW YOUR PEAK

  rates of homeownership: Derick Moore, “Homeownership Remains Below 2006 Levels for All Age Groups,” United States Census Bureau, August 13, 2018, https://www.census.gov/library/stories/2018/08/homeownership-by-age.html.

  value formula for an annuity: PropertyMetrics, “Understanding Present Value Formulas,” PropertyMetrics blog, July 10, 2018, https://www.propertymetrics.com/blog/2018/07/10/present-value-formulas/.

  more money at the start of retirement: Carolyn O’Hara, “How Much Money Do I Need to Retire?,” AARP the Magazine, https://www.aarp.org/work/re​tirement-planning/info-2015/nest-egg-retirement-amount.html.

  their full benefits: Sarah Skidmore Sell, “ ‘70 Is the New 65’: Why More Americans Expect to Retire Later,” Seattle Times, May 8, 2018, https://www.seattletimes.com/nation-world/nation/more-americans-expect-to-work-un​til-70-not-65-there-are-benefits/.

  plan to work past 65: “When Do Americans Plan to Retire?,” Pew Charitable Trusts, November 19, 2018, https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2018/11/when-do-americans-plan-to-retire.

  forced out of their jobs: Peter Gosselin, “If You’re Over 50, Chances Are the Decision to Leave a Job Won’t Be Yours,” ProPublica, last modified January 4, 2019, https://www.propublica.org/article/older-workers-united-states-pushed-out-of-work-forced-retirement.

  the most common retirement age: “Average Retirement Age in the United States,” DQYDJ.com, last modified May 31, 2019, https://dqydj.com/aver​age-retirement-age-in-the-united-states/.

  as is the median: “Report on the Economic Well-Being of U.S. Households in 2017,” Board of Governors of the Federal Reserve System, last modified June 19, 2018, https://www.federalreserve.gov/publications/2018-economic-well-being-of-us-households-in-2017-retirement.htm.

  “laughing uproariously”: Anne Kates Smith, “Retirees, Go Ahead and Spend a Little (More),” Kiplinger’s Personal Finance, October 3, 2018, https://www.kiplinger.com/article/spending/T031-C023-S002-how-frugal-retirement-savers-can-spend-wisely.html.

  higher in some industries: Government Accountability Office, “Older Workers: Phased Retirement Programs, Although Uncommon, Provide Flexibility for Workers and Employers,” report to the Special Committee on Aging, U.S. Senate, June 2017, https://www.gao.gov/products/GAO-17-536.

  employees with in-demand skills: Stephen Miller, “Phased Retirement Gets a Second Look,” Society for Human Resource Management, July 28, 2017, https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/phased-retirement-challenges.aspx.

  reruns of The Golden Girls: If you don’t know that Jeopardy is a TV game show or that The Golden Girls is a sitcom, chances are you haven’t lived in the United States for very long.

  9. BE BOLD—NOT FOOLISH

  partner in his own firm: “The Big Interview: 5 Minutes with . . . Jeff Cohen,” Chambers Associate, n.d., https://www.chambers-associate.com/the-big-in​terview/jeff-cohen-chunk-from-the-goonies-lawyer.

  positive memory dividends: Kathleen D. Vohs, Jennifer L. Aaker, and Rhia Catapano, “It’s Not Going to Be That Fun: Negative Experiences Can Add Meaning to Life,” Current Opinion in Psychology 26 (2019): 11–14, doi:10.1016/j.copsyc.2018.04.014.

  Illustration Credits

  The net worth data used in the figures on pages 51, 116, 163, and 166 comes from the United States Federal Reserve, (2016), table 2. Data from Jesse Bricker et al., “Changes in U.S. Family Finances from 2013 to 2016: Evidence from the Survey of Consumer Finances.” Federal Reserve Bulletin 103 (2017): 13. https://www.federalreserve.gov/publications/files/scfi7.pdf.

  The data used in the figure on page 81 comes from the Board of Governors of the Federal Reserve System (2018), figure 3. Data from Laura Feiveson and John Sabelhaus, “How Does Intergenerational Wealth Transmission Affect Wealth Concentration?” FEDS Notes. Board of Governors of the Federal Reserve System. June 1, 2018, doi:10.17016/2380-7172.2209. https://www.federalreserve.gov/econres/notes/feds-notes/how-does-intergenerational-wealth-transmission-affect-wealth-concentration-accessible-20180601.htm.

  The data used in the figure on page 172 comes from Ann C. Foster, “Consumer Expenditures Vary by Age,” Beyond the Numbers 4, No. 14 (December 2015), Bureau of Labor Statistics, https://www.bls.gov/opub/btn/volume-4/mobile/consumer-expenditures-vary-by-age.htm.

  Index

  A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

  Page references in italics indicate a figure.

  401(k) plan, 34, 44

  50-30-20 rule, 106

  529 plan, 89

  A

  accumulation of net worth, 166

  age discrimination, 165

  alien robot invasion insurance, 57

  Alzheimer’s and costly medical care, 85

  Anne and Betty (biological age example), 165–66

  annuities, 65–67, 69–70, 75, 159–60, 208m67

  Ant and the Grasshopper, ix–x, 16, 23–25, 47, 118–19

  app (Die with Zero), 14–15, 17, 199–203

  calculations with, 199–200

  fulfillment curve, 200–201

  optimizing fulfillment, 132–33

  savings threshold, 202

  simulations of, 203

  See also DieWithZeroBook.com

  app (Final Countdown), 72

  Arnold, John, 40–42

  ash (by-product), 48

  asymmetric risk, 178–79, 181, 183

  autopilot

  and underutilizing our freedom, 36

  as enemy of rational thinking, 84

  deliberate choices or, 5, 22, 36–37, 191

  habit of working, 42, 118

  heedless spending, 105

  overwhelmed with data, 14

  wasted life energy, 39–40

  B

  balance: between spending and saving, 106–33

  balance: health, money, time, 119–21

  poverty and, 16

  shifting, 153–54

  Shifting Balances, 120

  time, delaying experience, 74, 129–32

  time, value of, 117, 119, 126–28, 133, 151

  work-life balance, 9, 12, 24, 47–49, 94

  See also app; health and healthcare

  balance: risk, reward, 182

  balance rules, problem with, 106–7

  Beiers, Katherine, 144

  Betty, See Anne and Betty

  billionaires, 6–7

  charitable timing, 100

  work and, 93

  See also Arnold, John; Buffett, Warren; Cuban, Mark; Feeney, Chuck; Gates, Bill

  biological age, 165

  birthday party (Bill’s 45th), 149–53

  Bloom, Sylvia, 95–98, 101

  Bloomberg, Michael, 6

  boldness, 177–190

  and risk/reward, 105, 180

  in older person, 187–88

  versus foolishness, 179

  Brewster’s Millions, 41

  bucket list, 54, 145

  buckets, See time buckets.

  Buffett, Warren, 6, 34, 101

  Bureau of Labor Statistics, 56

  by-product argument, 47–49

  C

  cancer treatments, cost of 57–58

  careers

  choices and timing, 181, 183–84, 190

  love my job, 47–49, 60

  moving for opportunities, 185–87

  slaves to our jobs, 13

  starting out, 7–9

  unhappiness in, 183–84

  “Cat’s in the Cradle,” 90–91

  Centaurus, 41

  charity

  age and timing of, 50, 98–100

  charitable foundations, 40

  charitable timing, 95–100, 192

  Compassion International, 101

  educational causes, 98–99

  Morehouse College student loans, 98

  Save the Children, 101

  children

  time with, 93–95, 120

  See also inheritance, children’s; kids

  chiropractor story, 122–23

  Cohen, Jeff, 181–82

  compounding

  as reason to give money to children earlier, 87

  of memory dividend, 30–32

  of poor health, 123–25

  Consumer Expenditure Survey, 56

  consumption smoothing, 9–10

  cookies, as example of deliberate choices, 12

  costs

  of acquiring more money, 162–63

  of survival, 157

  Cuban, Mark, 177–78, 181

  curve of ability to enjoy experiences, 116, 116–17

  D

  dancer, as example of loving your job, 47

  death and deterioration

  experiences before, 34

  money at end of life, 109–10

  prospect of, 2–3

  spending during retirement, 52

  survival instinct, 72–74

  See also Life-Cycle Hypothesis (LCH); mortality risk

  death date, and effect on behavior, 73, 109–10

  debt, for the sake of singular experiences, 105

  decumulation, 53, 71, 171–74, 207m50

  Spending Over Lifetime, 172

  delayed gratification

  Ant and the Grasshopper, 16, 24

  balance of, 24, 199

  golden years and, 118

  logic of, 3

  marshmallow test, 130

  senselessness of overdoing, 56, 130–32, 138, 153

  Depression (era), and fear of poverty, 85

  deterioration of health, 111–15

  DieWithZeroBook.com, 202

  “dissaving,” 47. See also decumulation.

  Dominguez, Joe, 10

  door, as example of the value of memory, 28

  Downton Abbey, 22

  Duty Free Shoppers Group, 100

  E

  Eat to Live (Fuhrman), 133

  economic wisdom

  on annuities, 67

  education spending, 27, 99

  family time, 94

  healthcare spending, 72

  Life-Cycle Hypothesis (LCH), 46

  personal choices, 170

  precautionary saving, 58

  timing of spending, 5, 47, 103–4

  wealth transfers, 83–84

  Elizabeth (working for free example), 43–45

  Employee Benefit Research Institute, 52–53

  energy-processing units (humans as), 16

  Europe, 12, 19–21, 29, 33, 105

  experience points, 25–26, 30–31, 34, 124–25, 155–56, 163–64, 189, 199–200

  experiences

  age and timing of, 4–6, 21, 110–15, 179–80, 182–83

  backpacking trip, 19–21

  Central American vacation property, 32

  choices, 35–37

  happiness and, 13–14, 191–92, 206m33

  impact of failure, 179–81

  life experiences, 18, 24–25

  numerical value on, 24–25

  return on, 33–34

  start early, 34–35, 37

  See also fulfillment curve

  F

  Facebook (FB), 29–30

  Farrell, Joe, 9–10, 103–7

  fear

  as enemy of rational thinking, 84

  boldness as an older person, 187–88

  inaction and, 189

  moving and travel, 184–87

  running out of money, 14–16, 50, 85, 207m5

  versus low risk tolerance, 68–69, 188–89

  Federal Reserve Board, 51, 80

  Feeney, Chuck, 100–101

  Final Countdown (app), 74–75, 209m74

  financial advisers, 34, 69–71, 104, 161–62

  “finish rich,” as antithesis of Bill Perkins’s life goal, 36

  FIRE movement, 10, 104

  Florida, 160

  Freakonomics (Levitt), 104

  Friedman, Milton, 104

  friends and family of Bill Perkins, stories about

  Arnold, John, 40–41

  Baird, 88

  Chris (Lara’s granddad), 112

  Erin, 1

  Greg, 111–112

  inheritor with miserable childhood, 90

  interested in giving to charity after a new business succeeds, 100

  Paulie, 32

  Richey, Cooper, 72

  Ruffo, Jason, 19–20

  Schwartz, Andy, 169–70

  Staples, Jaime and Matt, 125–26

  Tia (sister), 175

  See also Grandma

  frog dissection, and underutilizing adult freedom, 36

  Fuhrman, Joel, 133

  fulfillment, 6, 17–35, 90, 107

  fulfillment curve, 26, 31, 118, 123, 200–201

  fulfillment score, 114, 203

  G

  Gates, Bill, 6–7, 101

  gifts

  cash gift to Grandma, 55

  charitable, 96–101

  to kids, 89–94

  to Morehouse College, 98

  go-go, slow-go, no-go years, 54–56

  Golden Girls, The, 173, 212m173

  golden years, 118–19, 171, 192

  Goonies, The (film), 181–82

  Grandma

  and avoiding risk, 189

  plastic on furniture, 55

  sweater story, 55, 115

  H

  happiness

  acting on, 4–5

  experiences, 13–14

  travel, 110

  See also fulfillment

  health and healthcare

  ability to enjoy experiences based on health, 114, 116, 119, 163, 174

  age and diminished enjoyment, 110–17, 133

  cancer, 1–3

  health curves, 113–14

  health goals betting, 125–26

  insurance, 57, 59–60, 208m57

  preventive care, 59, 125, 133, 174–75

  unknown expenses, 56–59

  value of, 121–23

  weight, impact of, 122–26

  Heinrich, Carolyn, 94

  honorary billionaire, 6

  I

  inertia, See autopilot

  inheritance, children’s

  afterthought or caring, 77–78, 83–84

  age and timing of, 49–50, 79–82, 86–89, 99–101, 207m50

  educational savings plan (529 plan), 89

  give while you are alive, 78–79, 169

  “in vivo” transfers, 83, 85

  Probability of Inheritance Receipt, 81

  randomness, 80–81, 83–84

  insurance

  alien robot invasion insurance, 57

  annuities, 65–67

  health insurance, 57, 59–60, 208m57

  life insurance, 65

  long-term care insurance, 59, 85

  you are not a good insurance agent, 65–69

  investing

  in experiences, 19–37

  in human capital, 27