My First Million
00:47:17 · Bill Perkins
[00:47:17] S0: What comes to mind is a lot of the inheritance one because everybody's kinda like that just... It it makes no fucking sense. It's so obvious. And then they read it in a book, you're like, you're right. This is so fucking obvious. Like, why am I waiting to die to give somebody their inheritance? Like, an inheritance shouldn't be a bequest. They're not kids. They're 60, etcetera. So that's like most of, like, the older cohort, like, that that have discretionary income or they plan on leaving something behind. They've somehow changed their estate planning, and they're actually taking estate planning seriously other than, oh, when I die, whatever's left over is gonna go to this person, this person, this person. The second one is just like, we've completely, you know, people shifted retirement dates, they've completely rethought what they should be doing in the time bucket they're having, or they've done it for their parents. They're like, I've made my parents retire and their sole job is to hang out with their grandparents. Like, I've had that. Like, that's it. Like, your job is now to hang out with the grand... I'm sorry, with the grandchildren and and and and just spend time with them and be around. Right? Or I've done this or... You know what I mean? These things I was putting off or... You know, I just kinda woke up to what I wanted, and then they... They're now doing that.
00:48:34 · Sam Parr
[00:48:34] S2: What about people who who don't have money? Have you had... What are some interesting examples of people who you learn... Who who have read your book, who were just... Who are retired teachers or are teachers, you know, not wealthy people?
00:48:47 · Bill Perkins
[00:48:47] S0: Oh, they have money. If somebody in the military reached out and it's like, yeah, it doesn't make sense. I have a guaranteed pension until I die. Why am I saving up all this money? Like they have no risk, right? Like they're a military pension, right? They have no risk, right? Like, so they're like, what is this lump of cash doing there, right, when I know I'm gonna get x per per month? Like, they they started going to live life. The other people that want money is like they're making different decisions, right? Because really it's about how do you allocate your time, right? It's really about choices, right? Money is just one of the tools you have in your toolbox, your health and your time, right? And so like they're making different decisions on how they spend time and who they're spending it with, you know, that costs no money, right? Making a decision to go see your mother or go play cards with the boys, right? Or or play basketball with the boys or watch TV, right, neither decision requires much money or money at all, right? It's but how do I allocate my time in this time period, and where does my time belong? Right? Some of the people are like, yeah, I'm now driving my kids to school and not complaining about it, or I'm reading them books more or etcetera, right? It wasn't a money decision, it was a how do I allocate my time decision. And then I get some of them was like, the health part really hit me. The idea that I won't be able to do certain things in the future, people are like, I'm getting in better shape. So there's things like that. So people look at the three variables and they look at kind of like, which one, which tool am I not using properly? A lot of people, most of it by and large focuses on the money, either earning it, like I'm spending... There's the other side, I'm spending too much and I'm screwing over my future self, right? There are things that should be delayed, right? But somebody has something to optimize to get a more fulfilling life amongst those three tools, their wealth, their health, and their time.
00:50:47 · Shaan Puri, Bill Perkins
[00:50:47] S1: By far my favorite story in the book is that the beginning. It's the story of when you were working somewhere in your twenties. So you didn't have a ton of money at the You had a job. [00:50:55] S0: Yeah. It's my least favorite story. [00:50:58] S1: And he goes, and you're like, dude, I can't just... How are we gonna get six weeks off? He's like, we're not. We're gonna quit, and we're gonna go, and we'll try to get a job when we get back. And you did what you thought was the responsible thing. He seemed reckless. You seemed responsible for not going. Yeah. And, you know, you're like, as soon as he got back, I could see the glow in this motherfucker's face that I knew I did it wrong. Like, he he had made the correct decision. [00:51:21] S0: And he got... He he... His job was waiting for him. We were fucking peons. I mean, like, what what what what were we doing? [00:51:26] S1: What did we have to lose? And then you said you'd... You finally went in your thirties. And you're like, you know what's not cool? Staying in hostels when you're 33, backpacking through your by yourself because your friends aren't going with [00:51:36] S0: on trains, you know? Yeah. You're a millionaire, but I'm sleeping on trains and going, it just didn't happen. I was too bougie. You know? There... There's not just the physical aspect of it. It's just the aptitude, you know, like like like like kinda like your your personal, you know, like, glow sticks and raving in clubs used to be fun. You know? It's not as fun anymore. I mean, like
00:51:36 · Bill Perkins, Sam Parr
[00:51:36] S0: on trains, you know? Yeah. You're a millionaire, but I'm sleeping on trains and going, it just didn't happen. I was too bougie. You know? There... There's not just the physical aspect of it. It's just the aptitude, you know, like like like like kinda like your your personal, you know, like, glow sticks and raving in clubs used to be fun. You know? It's not as fun anymore. I mean, like [00:51:56] S2: When I was in my early twenties, I used to call myself a $50,000 millionaire because I would host these conferences, and I would make 50 or $100 or something. And then I would go and ride my motorcycle across the country or do some type of trip for, like, six or eight weeks. And it literally costs, like, I think I I paid $1,800 for a six week trip to ride my motorcycle. I stayed... I used couchsurfing.com. So I like... Which was fun. Right? It was like fun to sleep on someone's couch and like get to know them. And it was the most fun that I ever had. And I looked back at that and I was like, I'm so thankful that I was kind of silly at that era and was willing to do that. And it was so much fun. And it kind of creates this like rite of passage a little bit when you do travel like that, when you're young and you are reckless. And it was so much... It was so impactful for my life, and I would never do that now. Not... Would like... It was too grimy. I don't wanna do that shit. Wouldn't even be... Yeah. [00:52:48] S0: I'm so envious of his story. I'm like so fucking envious. I'm like, goddamn it. I want his life. You know what I mean?
00:52:48 · Bill Perkins, Sam Parr, Shaan Puri
[00:52:48] S0: I'm so envious of his story. I'm like so fucking envious. I'm like, goddamn it. I want his life. You know what I mean? [00:52:52] S2: Dude, get envious of my younger life at times. And what's interesting is I don't want that. I don't... If you offer that, I could go do that now. I don't wanna do that. But it was fun to want that then and to be able to do it. [00:53:05] S0: Yeah. That's a that's a great example of time bucketing. Like that experience belonged in that time period and doesn't transfer well to the next one. Even though you can still do it, you just don't you don't want to. [00:53:14] S2: I don't want Yeah. [00:53:16] S1: So have you completely slayed the money monster? Monster? Like, do you do you wake up and do you have businesses? Are you like investing? Are you trying to [00:53:23] S0: do No, businesses deals still work. It's not it's not that you can't work or you can't enjoy solving the puzzle. Like, we get addicted to puzzles, and those puzzles become fun to us. It's just that, using your resources, I use the resource, right? There's no amount of capital I can't convert into fulfillment for me. [00:53:38] S1: Do you do now for work?