Die Broke it's the book where I first encountered colorful letters about how the last check you write should be to your undertaker, and it should bounce. In other words, if you're getting close to spending all your money just as you're dying, then you should turn to Uncle Sam—and us, the Canada Revenue Agency (CRA).
The problem is that no one can accurately predict when they will die. As one anonymous troll once said, planning for retirement would be a cinch, if only you knew the date of your death.
Summary of It's Zero
So, I was intrigued when an old friend from college mentioned how much he enjoyed reading a book on the subject It's Zero (HarperCollins, 2021), by Bill Perkins. My first reaction was that it sounded like it Die Broke, but I valued my friend's opinion enough to check out a free copy on the Libby app and on the paid book service Everand (formerly Scribd). Books have common ground: there is a trade-off between time, money and life. Indeed, the It's Zero the subtitle is “Getting the most you can with your money and your life.”
In effect, we exchange our time and life energy for money, which can be considered a form of stored life energy. Therefore, if you die with a lot of money, you have essentially “wasted” your precious life energy. Similarly, if you experience mobility problems or other problems in your 70s or 80s, you may not be able to walk and participate in many of the activities you've been saving. The idea of ”money as life force” is memorably expressed in another classic book on financial independence: Your Money or Your Life (Penguin Random House, 2008).
But, what about the children? The matter of inheritance and leaving money to your heirs is handled with wisdom by Perkins in It's Zero. The advice is equivalent to the old bromide that “it is better to give with a warm hand than with a cold one.” In other words, why not give them some of your money when they really need it, and you're still healthy enough to enjoy their company, and maybe even their gratitude.
It's Zero review
After reading It's Zero and I started writing this column, I talked to blogger Mark Seed of MyOwnAdvisor. Independently, he published a review of It's Zero on the website Cash flow and portfolios back in January 2024, and a book giveaway promotion.
“It was good” in terms of content,” Mark said in an email. “Some of the writing wasn't so good, but the premise is good: avoid hoarding money that you can give away, spend, enjoy, etc.” Preview with the following quote from Perkins: “The real golden age —the period of greatest possible enjoyment because we have more health and wealth—especially coming before the typical retirement age of 65.” The review goes on to say that most of us know this intuitively, but “many of us may have stopped for years of semi-retirement or enjoying retirement, then we find that we have saved too much or put too many valuable experiences for too long.” Reviewers like the basic premise and the idea that it's better to give now than later, but they also find it repetitive and lacking a real recipe for use. It's Zero the mantra.
Staying It's Zero the mantra
If you read and accept the thesis, you may find that this book changes the way you behave every day. This happened to me recently, when my wife and I spent a few days in Fergus and Elora, Ont., celebrating a birthday. At first, we booked a smaller room for the same price. Once inside, we asked to see the large and luxurious room. We were both educated It's Zero and, after discussing the letter, we both decided to upgrade our room, despite the almost double price. A small example, but it might be a start for us.
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