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Back to $100M hedge fund manager: Do not make the mistake of dying rich, with Bill Perkins.

Why Should an Inheritance Be Given Before Death?

Bill Perkins says an inheritance should not be a bequest. Waiting until death to hand the money over makes no sense when the heirs are not children and are already around 60. Older readers who have money to spare, or who planned to leave something behind, already felt the usual plan was obvious nonsense. Reading the argument pushed them to take estate planning seriously.

The old plan was simple. When they die, whatever is left goes to one person, then another. The change is to move the gift during life, while the adults receiving it can still use it, instead of leaving leftovers after death. Some readers also moved retirement dates, or told their parents that the job now is to spend time with the grandchildren.

Transcript

$100M hedge fund manager: Do not make the mistake of dying rich ·

My First Million

More from this episode

  1. How Did Bill Perkins Make His Money?Bill Perkins says the first pool of capital came from trading natural gas derivatives, not from buying barrels and reselling them.
  2. Should You Take More Risk When You Are Young?Bill Perkins says he should have taken more risk when he was young.
  3. What Are the Three Edges of Great Investors?Shaan Puri says the investors he has heard, including Howard Marks and Ray Dalio, tend to win in one of three ways.
  4. Why Do Traders Have to Stay in the Game?Bill Perkins says the swings ran from down 50 percent to up 250 percent, on about $100 million and about $200 million.
  5. When Should You Stop Growing Your Net Worth?Bill Perkins says he is 57 and is not trying to throw a party at 85.
  6. Why Is Wasting Your Life Worse Than Wasting Money?Bill Perkins says he wrote about this because he was very afraid of wasting his life, more afraid of that than of losing money or status. Money is a tool.
  7. Why Do People Fear Looking Foolish in Business?Bill Perkins says most people who never start a business or chase an opportunity skip it because of ego, not because of the money risk.
  8. How Do You Separate What You Want From Cultural Programming?Bill Perkins says a lot of what he thought he wanted was marketing from society or the movies, absorbed until it felt like taste.
  9. Why Is Life Balance a Pendulum?Bill Perkins says a life is not perfectly balanced in each day, month, or even decade. Balance is a pendulum.
  10. What Is the Difference Between Time Buckets and a Bucket List?Bill Perkins says a bucket list treats life like a movie sprint in the last month before death. He thinks a person has many deaths, not one.
  11. How Should You Plan Your Year?Bill Perkins says his family plans in time-bucket periods rather than one someday list.
  12. What Does Bill Perkins Regret Right Now?Bill Perkins says the part of life he is most dissatisfied with is health adherence.
  13. What Is Die With Zero?Bill Perkins says Die With Zero was the title that landed after about 10 or 20 tries.
  14. What Does Bill Perkins Spend His Money on?Bill Perkins says he has not stopped working, and he would not quit just to look finished with money. He still likes the puzzles.
  15. Why Did Bill Perkins Pay $15 Million for a Painting?Bill Perkins paid $15 million at Sotheby's for a second copy of Sugar Shack, painted by Barnes, a football player who became a painter.
  16. Why Did Sylvester Stallone Regret Selling a Monet?Sam Parr says Sylvester Stallone regretted selling a Monet that Parr thinks is called Haystacks. In the 1980s Stallone bought it for $110,000.
  17. Will Bill Perkins Write a Book After Die With Zero?Bill Perkins says his wife does not want another book, because it takes a lot of time, and a rule against new projects is how she helps him stay accountable.

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