Dying with zero

PhotoCal

Mu-43 Veteran
Joined
Aug 18, 2020
Messages
392
There is a book out where the author proposes how to die without leaving any money behind. The idea is you forecast how long you will live and how well your assets will last.

I think this is an awful idea that will lead to more homeless seniors and greater strain on our social safety nets.

I bring this up because many posters (here and elsewhere) encourage/rationalize spending now "while you can enjoy it". To me, that's just immature behavior.
What does it say about lives that can't be enjoyed without buying more stuff? Doesn’t such materialism harm the planet?

I think trying to forecast so you can "die with zero" has too many unknowns to be possible. It shifts the burden (of elder care) from one's self to everyone else.

I plan to leave money to friends who have made my life richer and to causes that have improved my quality of life (such as the Audubon Society and Americans United for the Separation of Church and State, plus local libraries in places I've lived).
 

PakkyT

Mu-43 Hall of Famer
Joined
Jun 20, 2015
Messages
4,297
Location
Massachusetts, USA
many posters (here and elsewhere) encourage/rationalize spending now "while you can enjoy it". To me, that's just immature behavior.

I think you are reading something much too specific into people's comments. When they say "while you can enjoy it" while you tend to take the glass half empty outlook that they are implying they are trying to spend all their money early, I take the glass half full outlook that they are talking about their discretionary spending which does not include all the things you are claiming would put them in the poor house.
 

PhotoCal

Mu-43 Veteran
Joined
Aug 18, 2020
Messages
392
You are assuming people know about money management and avoiding impulsive behavior.
That is simply not true.
 

PakkyT

Mu-43 Hall of Famer
Joined
Jun 20, 2015
Messages
4,297
Location
Massachusetts, USA
You are assuming people know about money management and avoiding impulsive behavior.
That is simply not true.
Which has nothing to do with the original point of your starting this thread. Why are you assuming ALL people are bad money managers and can't control impulse buys? I will tell you why. Because you are the most negative person on the planet and your only contribution to this web site is to come in and drop your curmudgeonly comments to let everyone know they suck. Even when you start a new thread like this one, it is basically to bad mouth this community's membership directly. Do you get pleasure from that?
 

OldRex

Mu-43 Veteran
Joined
Aug 11, 2019
Messages
347
Location
Sydney
Real Name
Mark
Like Richard, my ideal is to "age DISgracefully", by which I mean nothing extreme like planning to die penniless, nor the other extreme of dying having eked out an unnecessarily meager existence.
My wife has MS and so we have a bit of a focus on doing things in the here and now that may be off the table later on.
 

stevedo

Mu-43 Top Veteran
Joined
May 12, 2012
Messages
629
Location
UK
Real Name
Steve
You are assuming people know about money management and avoiding impulsive behavior.
That is simply not true.

I retired at age 50 and my wife at 48 (8 years ago). We have been travelling the world on our motorcycle pretty much non-stop since we retired. I'd say we know about money management, we never have to work again, and avoiding impulsive spending (which I assume is your point. Impulse behaviour doesn't have to involve impulse spending).

There are many more like us. Your statement is not true. You seem to have just made up some sh!t.

What really intrigues me is why you seem so bothered about what other people do?
 
Joined
Jan 3, 2014
Messages
6,069
Location
Mars
Which has nothing to do with the original point of your starting this thread. Why are you assuming ALL people are bad money managers and can't control impulse buys? I will tell you why. Because you are the most negative person on the planet and your only contribution to this web site is to come in and drop your curmudgeonly comments to let everyone know they suck. Even when you start a new thread like this one, it is basically to bad mouth this community's membership directly. Do you get pleasure from that?

but his post are always so entertaining. they make me giggle like a little school girl
 

Stringer

Mu-43 Regular
Joined
Apr 17, 2010
Messages
61
Location
Hamilton, Ontario
My financial advisor said his job was make my money to last so that the last cheque I wrote would be to the undertaker and it would bounce. He’s not doing a good job in reaching that goal.
The investments are growing at a faster rate than I spend, So I’m looking for anew camera to help with that goal.
 

demiro

Mu-43 Hall of Famer
Joined
Nov 7, 2010
Messages
3,299
Location
northeast US
The real issue here isn't spending but health and healthcare. I had things pretty well planned out, but then went to plant-based diet and cut way back on some other bad habits. Doc says "good job; you may have added ten years to your life". To which I'm thinking, WTF will that decade be like? Broke and scrounging for garden scraps? Really thinking about a big Porterhouse and double Maker's as tools to increase my allowable cash outlay/year as I age.

But in all seriousness, the stark reality is that we can't possibly plan well enough to be certain of our exit strategies in the US [the very wealthy not included]. End of life care can take you from plenty to donate to social causes, friends and libraries to in debt in a sad hurry. I've seen it too often already, and heard the same story from many others. I think we need to develop a way for people to manage end-of-life scenarios. That shouldn't have to include being medicated to a near coma in an elder "care" facility to slowly die while your pockets are emptied and assets auctioned off, while your family and friends look on in pity. Unless you prefer that sort of thing.

No need to thank me for the sunshine. :)
 
Joined
Aug 2, 2013
Messages
1,503
Location
Colorado
Spending my days obsessively growing my wealth is not the richness I desire in life. Exhausting your savings by the time you die could just mean that you planned and saved carefully enough to retire early and fill your life with the richness of experience, rather than a pile of stuff. It could also mean giving your wealth away earlier. A monetary gift to a 30yr son/daughter to help buy a house or finance college might be better than leaving it to them as inheritance in their 50s/60s. I hope to find a good balance. I'm young enough, and started saving early enough, that I have plenty of time to (not) worry about it. I certainly won't begrudge my parents if they die with zero.
 

exakta

Mu-43 Top Veteran
Joined
Jun 2, 2015
Messages
857
I'm interested in dying close to zero. I'm not wealthy so won't have lots of money to leave to my heirs anyway. I expect my wife to outlive me, anyway :)

When we decided to retire (we were born only a week apart), we spoke with our finanical advisor about how long we could expect our retirement investments to last based on conservative rates of return and keeping our withdrawal rate constant. The answer was that we would start eating into the principal in our late 80s and would run out of money altogether at age 102. If rates of return are higher (so far they have been) the date would be pushed out even further.

I look at it like income tax refunds. I prefer to not pay the IRS anything each April, but I also do not want a large "windfall" refund. I'd rather have the refund be small, a few hundred dollars at most.

We are already looking at eventually leaving our house to a smaller space, so a lot of personal belongings will have to go. We are already starting to clear unnecessary stuff out of the house. We aren't interested in spening money on more stuff. If we were to start spending more it would be on things like travel and entertainment.
 

RAH

Mu-43 All-Pro
Joined
Dec 1, 2013
Messages
1,833
Location
New Hampshire
Real Name
Rich
Yeah, I agree with others who say that everyone is NOT an impulsive buyer. I'm old enough to know how to control myself and I do think I have a pretty good handle on how much money I have and how much I can blow. If anything, I tend to be a little too thrifty, I think, after a lifetime of being that way. I joke a lot about GAS, which I suppose might sound like being irresponsible, but I can handle it.
 

Latest posts

Links on this page may be to our affiliates. Sales through affiliate links may benefit this site.
Mu-43 is a fan site and not associated with Olympus, Panasonic, or other manufacturers mentioned on this site.
Forum post reactions by Twemoji: https://github.com/twitter/twemoji
Forum GIFs powered by GIPHY: https://giphy.com/
Copyright © Amin Forums, LLC
Top Bottom