Are You Living the “Deferred Life Plan?”

“Start thinking more about how you use your limited time, your life energy, and you’ll be well on your way to living the fullest life you possibly can.”

- Bill Perkins

Are You Living the “Deferred Life Plan?”

As an official member of the Gen X club, I have distinct memories of TV shows like Miami Vice, Happy Days, and The Partridge Family.?

One of the heartthrob stars of The Partridge Family was the actor and musician, David Cassidy.

He seemed to have the best life you could imagine. A teenage wunderkind who sold out arenas and was so popular his shows turned into stampede risks.

From the outside it looked like a fulfilled and lucky life - as perfect as anyone could hope for. Everyone loved him. He was rich. He was on top of the world.

But after he died in 2017, Cassidy’s daughter revealed that his last words were, “So much wasted time.”

What a terrible thing to realize when it’s too late. And I wonder if it’ll become more common as many of us spend our days aimlessly scrolling our phones.

Regrets are a dangerous liability because their final costs are often hidden for years or decades. And decisions that are easiest in the short run are often the most costly in the long run.

Bill Perkins, author of ‘Die With Zero’, emphasized that an important part of enjoying life is having a well-calibrated sense of your future regret. You need to accurately understand how you’ll feel if you never get to do the things that will create lasting joy.

Maybe regret is the best definition of risk.

Risk isn’t about making “bad” decisions. It’s not even necessarily how you’ll feel when you lose money or try something and it doesn’t work out. Over time, a lot of painful experiences turn into cherished lessons.?

Real risk is the regret (or lack thereof) that might come years or decades later from the things you didn’t do.

Flipping the Script

Perkins flips the traditional script on financial advice, advocating for a life fully lived rather than a life spent hoarding wealth for a future that may never come.?

Dying with zero emphasizes creating meaningful experiences rather than accumulating wealth beyond your needs. This approach encourages us to live fully, building up lasting memories and joy that are more fulfilling than simply having a large bank account.?

It promotes better timing with enjoying activities when they are most meaningful, like traveling when you're younger and more physically able, while saving other pursuits for later in life.?

This philosophy aims to find a balance between working, saving, and enjoying life now, avoiding the trap of endlessly deferring gratification.?

Investing in experiences pays off through "memory dividends," as the joy from recalling your adventures continuously enriches your life.?

Creating a Life You Enjoy

One of the primary reasons I opted out of the corporate game to start working for myself was to create a life that I would fully enjoy and that would work well for me.

This can be a tough one. It’s not something that works for everyone.

Working for myself has required more resiliency, discipline, and focus than I ever imagined. But it has offered me the opportunity to build a business that meets my financial goals while also creating a life that I enjoy.?

This is what I’ve come to call a “Life Giving Business Model.”

Imagine doing work that actually energizes your life with excitement. Work that enriches your life, your wallet, and your soul. That's what a Life Giving Business is all about.

It's about waving goodbye to the obligation mentality and welcoming a more intentional, fulfilling approach to work and life.?

It’s about balancing financial success with personal well-being, giving you the freedom and flexibility to work with your inherent skills and interests while prioritizing your life experiences and building memory dividends.?

We live in a time where it’s easier and more possible than ever to design work that supports how you want to live. And this doesn’t always mean working for yourself.?

I’ve coached several people on how to negotiate remote work as part of their employment arrangement. These people are now working from locations that are often less costly and more suitable to their preferred lifestyles. Places like Mexico City, Vancouver Island, Australia, Costa Rica, and small mountain towns throughout the US.

I’m not going to go into detail about how I’ve structured this for myself. You can read more about that HERE and HERE if you want.

Invest in Experiences

One of the best ways I’ve found to improve fulfillment is to prioritize life experiences. Investing in experiences has always enhanced my overall happiness and fulfillment in ways that material possessions cannot.?

Experiences create lasting memories that provide enduring joy and satisfaction, unlike material goods that quickly lose their novelty. Experiences contribute to our overall well-being by exposing us to new perspectives and strengthening our relationships through shared activities.?

Additionally, experiences often bring immediate happiness and excitement, with the anticipation and the memories continuing to enrich our lives long after the events have passed.?

I’d recommend doing some soul searching and figure out which experiences would be most meaningful. Then prioritize these rather than buying a fancy lawnmower or adding to your wine collection (unless, of course, collecting wine is your idea of a life-enhancing experience).?

It's not lost on me that this is a very privileged stance. But life is short, and if you’re lucky enough to be afforded these options, why not make the most of them.

Here are a few of the most memorable experiences I’ve saved up for and strategically invested in over the years:

Ski trips to Utah

Every winter I join a group of friends to ski the best snow in North America. We book a big house and ski our legs off for 4 days. Cost: $2,000-$3,000

RV Road Trip

Years ago, we bought an old Winnebago motorhome and took a month-long road trip around Oregon. We spent a month exploring rivers, lakes, and ocean beaches. It was the best! I’ve also known friends that have rented a decked out RV and traveled across the country seeking adventure - taking months to meander through national parks and small towns at their leisure. Cost: $5,000 - $20,000+

Week-Long River Rafting Trip

If you love the outdoors and being wrapped in nature for several days, then you might consider this one. I’ve actually done this trip twice. The pace of life slows way down as you grow accustomed to the flow of the river. Oh yeah …none of your devices will have a signal so it’s also a digital detox by default. Cost: $3,000+

Costa Rica Yoga Adventure

Costa Rica is one of my favorite countries to visit. It’s safe, beautiful, and easy to get to from the US. Pura vida is the unofficial national slogan and it means “pure life.” There is a simple, cheerful vibe that I feel in Costa Rica that I haven't really experienced anywhere else. I’m headed back in December and I can’t wait! Cost: $4,000+

Service and Safari in Tanzania

If you truly want to experience a life changing adventure, East Africa won’t disappoint. I spent almost a month in Tanzania right before COVID-19 shut the world down. It was a beautiful mix of service, adventure, yoga, and safari. Our good friend is the founder of The Red Sweater Project - a non-profit organization dedicated to educating children in Tanzania. If you’re looking for an experience that will lift your spirit in so many ways, my wife is taking a group back to Tanzania in 2025. Cost: $6,000+

Mornings at the Sandy River

Not every memorable experience needs to cost thousands of dollars. One of my current favorite experiences is taking the dogs to the river every morning. It’s summer and almost no-one is at our favorite beach spot at 7:30 am. It’s pure heaven to watch the Osprey soaring overhead as the sun hits the river. Cost: $0

Upcoming and aspirational experiences …

Going forward, you can bet that I’ve got my eye on more experiences to shape my perspective and create more memories.

Destination Family Vacation

This fall, we’re gathering a group of extended family members for a week-long vacation at a beachfront villa in Isla Mujeres, Mexico. With many of my family members getting older, I’m really looking forward to creating memories with them while they are still able to do something like this. Cost: $5,000+

Summer House Rental

I’ve always wanted to rent a beautiful lakeside or beachfront house for the entire summer. I’d invite friends and family to come stay and host weekly cookouts under the stars. Cost: $15,000+

Tuscany?

I have always been called towards the beauty of Tuscany, Italy. I’d love to go there with Jill to experience the food, art, history, and beautiful scenery. Cost: $5,000+

I hope you can see that I’m not suggesting squandering money carelessly. But I am suggesting that you spend strategically on life enriching experiences.?

Creating Memory Dividends

The idea of "memory dividends" is another fascinating concept from Perkins’ book. He suggests that investing in experiences pays off over time because memories appreciate in value.?

The joy and satisfaction from recalling your experiences can provide ongoing happiness, much like dividends from an investment. These memory dividends accumulate, enriching your life far beyond the initial experience.?

Memory dividends, like financial dividends, are of most value if you invest now rather than later. You would also benefit most if the memory dividends are diversified, unique, and involve your loved ones. Memory dividends, like interest, compound over time to create a fulfilling life.

Avoiding the Deferred Life Plan

The culture in the US has us wired to work so hard that we risk missing out on living. Many of us fall into the trap of deferring happiness for a later time that might never come.?

Instead, what if we struck a careful balance between earning and spending to achieve the highest life satisfaction? It’s about finding that sweet spot where you’re not sacrificing today's happiness for tomorrow’s uncertainties.?

Many of us delude ourselves that we will start enjoying life when we retire, but the reality is that we will neither have the energy nor health to enjoy life at that age.?

It is likely better to plan that hiking trip to Patagonia now rather than later. Don’t fall into the trap of mindlessly deferring certain experiences when you can have them now.

Time Buckets

The concept of "time buckets" was introduced in Perkin’s book and it’s a practical tool for planning your life experiences to maximize enjoyment.?

Imagine your life as a series of containers, each representing different periods like your 30s, 40s, 50s, and so on. Allocate specific experiences and goals to each bucket based on when they can be most fully enjoyed.?

For example, put physically demanding activities like hiking or adventurous travel into your 30s and 40s buckets. As you move into your 50s and beyond, you might focus on less physically demanding but equally fulfilling activities, such as learning new skills or immersing yourself in a language program. This way, you ensure you don’t have regrets because you waited too long.

In Summary

An intentional life is one we consciously build, one small step at a time, while having the patience to see it through.?

My hope is that you answer the call to live a rich, vibrant life, using some of your money to create meaningful experiences and lasting memories. As far as I know, we only get this one life so it's wise to make the most of our limited time.

Enjoying life now, and ensuring your money serves your happiness and fulfillment is the goal. I don’t know anyone who would rather be on their deathbed with a big bank account in lieu of a heart full of rich experiences and happy memories.?

That’s it for this week.

Live bravely,

Michael