“If you don’t know where you are going, any road will get you there.”

— Lewis Carroll, Alice in Wonderland

 

We like to stay informed—not only on the news of the day relevant to being financial advisors, whether it’s business, economics, taxation, or geopolitics—but also on broader themes around self-improvement, philosophy, and personal finance.

 

Over the holidays, a few of us picked up a book that was recommended to us titled Die With Zero by Bill Perkins. Mr. Perkins challenges some traditional thinking around wealth accumulation, but more specifically, the part that many people find harder: wealth decumulation—the process of actually using the wealth you’ve spent years building.

 

Many of our clients remain in the accumulation phase, building and compounding wealth through their highest earning years. Others are transitioning into retirement or semi-retirement, where the planning focus shifts from “How do we grow it?” to “How do we convert it into lifestyle, security, and legacy?”

 

One of the reasons this transition can feel challenging is simple: none of us knows exactly how long we’ll live. Markets change, inflation shifts, taxes evolve, and healthcare needs can arise unexpectedly. It’s entirely rational to be cautious. In fact, most families we work with have built their wealth precisely because they’ve made disciplined, thoughtful decisions over long periods of time.

 

Perkins introduces his argument by referencing the Aesop fable of The Ant and the Grasshopper, where the ant prepares diligently for winter while the grasshopper enjoys the present. It’s a story most of us grew up with—one that reinforces the virtue of preparation and the risk of living only for today. But Perkins suggests that maybe the ant got some things wrong.

 

In Die With Zero, he argues that the goal isn’t to die with the largest possible account balance, but to maximize meaningful experiences and memorable moments across your lifetime—while still maintaining financial security. His point isn’t to be reckless, but to be intentional: to view wealth as a tool, not a scoreboard.

 

He introduces several concepts that we think are worth reflecting on. He speaks about planning life in “time buckets,” and matching experiences to the periods of life when you’re most able to enjoy them. He also highlights that money can have different “value” at different ages—not in an investment sense, but in a practical human sense, because health and energy matter. Finally, he challenges the traditional idea that the best way to transfer wealth is to wait until death, noting that inheritances often arrive later in life when they may be appreciated, but less likely to change outcomes.

 

And yes—there’s a certain irony in a wealth management team recommending a book that encourages people to spend more of what they’ve spent decades accumulating. But good planning has never been about maximizing statements; it’s about aligning wealth with the life you actually want to live.

 

Of course, this conversation is much easier for those who have already accumulated substantial wealth. If you haven’t saved enough, your choices are limited—and prudence must come first. In that sense, we view Perkins’ message less as a universal rule and more as a helpful framework for families who are already well-provisioned, and who may benefit from viewing their wealth through a different lens.

 

In our experience, the best savers and wealth accumulators are often the most challenged to spend what they’ve saved. Pivoting from a lifelong “saver’s mindset” to a “spender’s mindset” is not easily accomplished, even when the numbers suggest you can comfortably afford it. That’s where planning becomes especially valuable—not just for the math, but for the confidence it can create.

 

A helpful starting point is simply answering: what happens if you change nothing? If you keep saving at the same rate, spending at the same level, and investing with the same discipline, what does your plan suggest you’ll ultimately leave behind? From there, we can run scenarios and provide illustrations that project potential estate values under different assumptions and give you a clearer sense of how much wealth you may be positioned to spend, gift, or donate during your lifetime—while still maintaining the level of financial independence you’ve worked so hard to build. Our team is always happy to have these conversations, and to help ensure your wealth plan reflects not only your goals, but the timing and intention behind them.

 

Team Updates

 

On a personal note, we’re pleased to share a couple of team updates. Johnny successfully passed the Chartered Financial Analyst (CFA®) Program Level II exam, a major milestone that sets him up well for the final CFA Program Level III exam.

 

And in other wonderful news, Stephen and his wife Sam welcomed their first child over the New Year. Baby Charlotte and mom (and dad) are doing well—Charlotte is approximately 23 years away from writing her CFA exams.

 

Finally, the Moore-Miller Investment Group continues to grow, and we expect to announce the arrival of a new team member in early February.

 

Warm regards,

 

Moore-Miller Investment Group