Listen to my full conversation with Bill on YouTube

Go to college, get good grades, find a ‘stable’ job, work 40 hours a week in a boring cubicle, work until you’re 65+, and save your best adventures until retirement.

Who decided this was the norm?

Recently, I spoke with Bill Perkins, hedge fund manager, Hollywood film producer, high-stakes poker player, and author of the best-selling book Die With Zero (one of my favorite all-time books).

We spoke about how making 100M changed his lifestyle, why he spends money on a personal driver, and the power of investing in Memory Dividends.

Bill gave me a lot to think about how (and when) I want to spend my money.

4 takeaways from our conversation:

1) Stop Giving A F*ck

As an energy trader, there were several times when Bill’s firm was close to bankruptcy. He was forced to learn how to manage his emotions.

“It doesn’t matter how smart you are, you need to have a certain level of stoicism,” Bill said.

“My biggest secret sauce is not giving a f*ck. Most people don’t try because they can’t handle the emotional shame from their friends.”

But he made a great point:

“If you’re a boxer, you’re going to get knocked out. If you’re an insurance agent, the catastrophe will come. If you’re an entrepreneur, you will fail at some point.” (Tweet this)

Success isn’t about avoiding failure. It’s about learning how to navigate it when it inevitably happens.

In Million Dollar Weekend, I talk about The Coffee Challenge. The next time you order a coffee, ask for 10% off.

Best case? You get the discount. Worst case? They say no and you move on.

What you’ll realize is rejection isn’t a big deal.

“A lot of people fear running out of money or being embarrassed. I fear wasting my life,” Bill said.

Stop letting the opinions and judgments of other people rob you of your best life.

2) Build The Machine That Builds The Machines

“Most of the time, I’m trying to fire myself,” Bill said.

Chances are, someone out there is a better COO, CMO, CFO, or [insert whatever role] than you. 

Your job is to find those people who are better than you and put them in positions to do their best work.

If your business can’t run while you’re sick or on vacation, you don’t have a business. You have a more stressful job.

“That’s the secret sauce,” Bill said. “Delegating and getting a team going.”

3) Spend Money On Health & Experiences

When I asked Bill how he likes to spend his money, his answers were fairly typical.

But his REASONS for those things were unique:

#1: Experiences. “It’s eye-opening when you realize that a lot of what you prefer - you were conditioned to prefer. I don’t like eating fried crickets because I didn’t grow up eating them. I love traveling and challenging my worldview.”

#2: Get a driver. “In terms of longevity, hiring a driver is a tremendous benefit. They’re not distracted by texts or calls - which reduces the odds of dying significantly. You can also work, read, or listen to a podcast while they drive.”

#3: A personal chef. “If you have knee problems because you were 40 lbs overweight and you can’t walk Paris, you got 1/1000 of Paris. With a chef, I don’t have to think about what I need to eat - all of my proteins and nutrients are taken care of.”

#4 Health. Another thing that stuck with me is to maximize the time while your health is in better condition. It doesn’t matter how much money you have, if you’re 85 with back problems, climbing the Great Wall of China isn’t going to be pleasant.

You’ll also likely make more in the future, so be mindful of how much you’re saving for just the future. 500 bucks may seem like a lot now - but to your 40-year-old self, it’s not as much.

4) Create Memory Dividends

“Unlike material possessions, which seem exciting at the beginning but then often depreciate quickly, experiences actually gain in value over time: They pay what I call a memory dividend.”

Let’s say you go on an incredible backpacking trip to Asia with your friends when you’re 24. You’ll probably have at least 50 years to enjoy those memories - and talk about the trip whenever you hang out.

In short: A memory dividend is the re-experiencing of an experience.

Most people have a skewed definition of risk.

Starting a business isn't risky.

Having a day job that can be taken away from you is risky.

Living a life that seems more like a resume than an adventure is risky.

Waking up when you’re 80 and regretting the shape your life took is risky.

Rooting for you,

Noah 🌮

Ps. I LOVE Die With Zero and am going to give out 5 books - Go follow Bill on Twitter for a chance to win a copy.