Chris Williamson - Bill Perkins

1) Bill Perkins shares his approach to solving the regret minimization algorithm by focusing on net fulfillment instead of net worth. He explains that the purpose of life is to maximize positive life experiences and fulfillment using your wealth, health, and time. Perkins shares a personal story of a friend's death from cancer, which highlights the sense of urgency we should have to live our lives to the fullest. He covers the nine principles in his book Die with Zero, starting with maximizing positive life experiences. Fulfillment comes from the choices we make, and we should focus on what we want to do with our time on earth before it comes to an end.

2) Bill explains that life is the sum of our choices and experiences, and suggests that we should optimize for positive life experiences. He notes that positive life experiences may be different for each person, such as charitable work, travel, or playing chess, but the ultimate goal is to maximize those experiences. He argues that people should not fear running out of money, but rather wasting their life, and that the appropriate trade-off between wealth, health, and time should be determined individually to achieve maximum fulfillment. He also emphasizes the importance of getting off autopilot, understanding what fulfills us, and not letting marketing or cultural expectations dictate our choices.

3) Bill discusses the importance of evaluating choices with intention and purpose, and how life energy is the only resource we have. He encourages people to think about their choices and question whether it is really what they truly want. Perkins shares his analogy of life being like Tetris and how the order in which we make decisions can determine whether or not we optimize our life experiences. He provides an example of his decision to go wakeboarding even though it was a conscious decision that he would not be able to do it again, as it was worth it to him to optimize his life energy.

4) Bill discusses how people who achieve success in their niche often forget about the other aspects of life, such as socializing, traveling, and discovering new things. Perkins argues that people who only focus on their success for years end up losing touch with humanity, as it takes time and effort to build up those socializing and discovery muscles again. Perkins believes in investing in experiences early on in life and explains the concept of the memory dividend, where the happy memories of experiences provide little pieces of fulfillment over the years when they are recalled.

5) Bill discusses the concept of a "memory dividend" and how experiences can provide a fulfilling return on investment. He notes that memories tend to compound over time, creating new experiences and further memories, and suggests that investing in experiences can be just as important as investing in the stock market. However, he acknowledges that there is a push-pull between delaying gratification for financial gain and seizing opportunities for fulfilling experiences, and that everyone must decide for themselves where to sprinkle their activities. Additionally, he points out that Warren Buffett's wealth may not be desirable to many due to the limited time he has left to enjoy it, emphasizing that it is not just about the money, but the experiences that money can provide.

6) Bill argues that life is about fulfillment, not just money, and that we should use the hours of our life exchanged for money in a way that won't waste our time. Perkins emphasizes the importance of using all our resources to ensure maximal fulfillment in life, even at the cost of accumulating wealth. He warns against living in the past or future and urges people to focus on the present moment and the experiences that can be gained from living fully in the moment. He also explains the idea of consumption smoothing and how young individuals often hoard or save money when they should be enjoying experiences and living with less financial worry.

7) Bill argues that people often overestimate how much they will spend in retirement and what they will do during that phase of their life. He believes this fear-based mentality is the reason why some people adopt the mindset of accumulating wealth and delaying gratification. While Perkins supports financial independence and retiring early, he warns against sacrificing experiences and adventures that are meant for the younger phases of life. Ultimately, people need to consider their lives as a complete system and decide which experiences they want to prioritize in each phase. Delaying things meant for single life until later could mean never experiencing them at all.

8) Bill discusses how people can go on autopilot and not think of the total system of their life, citing an example of people going to work in another country but spending all their time in their apartment instead of experiencing what the place has to offer. Perkins emphasizes the importance of getting the order right in life like playing Tetris, as people might regret not optimizing their adventure and fun earlier in life, and instead try to cram it into a period that doesn't work, causing conflict and throwing the total system of their life out of balance.

9) Bill stresses the importance of using all available planning tools to optimize experiences and live life to the fullest. He discusses how he has assistants and a boutique travel firm to help him remove the minutia of his daily tasks and curate unique experiences he wouldn't have done otherwise. Perkins believes that anything worth having is worth working for, and planning is the key to a fulfilling life. He shares his own experience of taking a train trip he had initially thought he would hate but ended up loving, and how it led him to plan trips on trains for the rest of his life.

10) Bill discusses the importance of having an estimate of when you are going to die and what the last 10 years of your life would look like. He suggests using Actuarial tables and continually updating the model to get an accurate estimate. Perkins believes that one's last decade of life would determine whether they are cool traveling to see their grandchildren or even spoil them, and that it is necessary to consider where to live to achieve your future goals.

11) Bill discusses the importance of creating a sense of urgency in life and how Parkinson's Law applies to productivity. He talks about his recent 24-hour trip to Miami, where he did multiple things due to the limited time frame. Perkins says that one should prioritize the time spent with their kids, particularly when they are below 12 as during this period, they want to spend time with their parents. He also mentions how kids become uncool from the ages of 12 to 14 and losing interest in spending time with their parents. Perkins shares his personal experience and explains that his hack to spend time with his kids is by driving them around Houston, which gives them an opportunity to talk and bond.

12) Bill talks about the different seasons in life and how to optimize each period to achieve a more fulfilling life. He emphasizes the importance of taking risks, especially when you're young and have fewer obligations, and that our fear of judgment from others often stops us from making changes. Perkins shares a personal story about one of his flying lessons and emphasizes the importance of making the right decision, especially when it comes to dangerous risky situations.

13) Bill discusses the importance of knowing when to stop working, spending your money before you die and the balance between health, wealth and time. He acknowledges that some people are given a sense of meaning from work, but it’s important to know when it’s time to stop. He advises to work till the day you die, but make sure you enjoy the ride as well. Perkins suggests that people should attach what they are working for, and figure out what they cannot afford right now and bring it forward in the arc of their life, knowing when they have enough money to cover everything they want, including experiences, and when to stop investing.

14) Bill discusses the importance of considering what you want to do in the future and what is required to achieve it, including the costs and sacrifices involved. He mentions that it's crucial to realize that enjoying certain experiences may not be possible as you age and that your mental and physical capacities decline, saying that some people prioritize leaving an inheritance for their children at the expense of their own quality of life. Perkins suggests giving money to children and charity earlier in life to experience the memory dividend and enjoy life experiences fully. Additionally, he emphasizes the importance of finding activities that bring joy and not over-optimizing one's life for wealth.

15) Bill discusses the importance of taking risks early in life. He believes that as you get older, your ability to recover from certain things becomes more difficult, so it's important to take risks while you're young and have fewer obligations and responsibilities. He also emphasizes that risk-taking doesn't only encompass financial risks but can also include taking emotional risks, such as telling someone you love them. Ultimately, Perkins encourages people to live life urgently and to spend their time and money living a fulfilling and adventurous life.

16) Bill advises those who feel like they want to maximize their life but are risk-averse in life decisions and other aspects of life, saying that first, they shouldn't listen to haters and focus on living life adventurously. He notes that a lot of people can't stand whispers and judgments of people who think they won't succeed. Perkins encourages people to put themselves out there and try, because if they fail, they can learn from it and get back up. Perkins also mentions that people should not be afraid to make mistakes or do things differently. He concludes by saying that he wants scars in life and that people shouldn't waste their lives due to the judgment of haters.