#237 ‒ Optimizing life for maximum fulfillment | Bill Perkins | The Peter Attia Drive

Intro

In this episode of “The Peter Attia Drive” podcast, Peter Attia interviews Bill Perkins, a hedge fund manager, entrepreneur, and author of “Die with Zero.” The conversation delves into the importance of optimizing life for maximum fulfillment and the dangers of living on autopilot. Perkins emphasizes the value of time and experiences over material possessions and shares insights from his book and other recommended readings.

Main Takeaways

Optimizing Life for Fulfillment

• The podcast focuses on translating the science of longevity into accessible content for everyone.
• Bill Perkins argues that people are not focusing enough on the most important asset we have, which is time.
• Perkins emphasizes the importance of optimizing our life for experiences instead of waiting until the end of life to enjoy them.
• Three books are discussed: “From Strength to Strength,” “4,000 Weeks,” and “Die With Zero.”
• “Die With Zero” was recommended and highly praised by the speaker.

Personal Journey and Career

• Bill Perkins grew up in Jersey City, New Jersey, and was a slacker in college.
• Perkins’s godfather helped him get a job as a screen clerk in commodities trading.
• Perkins was determined to become rich and saw potential in the trading floor environment.
• The trading floor environment involved yelling and screaming across a pit to write trades on a pit card and in a trade book.
• Perkins gradually moved up and became a successful trader.

The Value of Experiences and Time

• Perkins regrets not joining a friend on a backpacking trip and missing out on rich experiences and lifelong friends.
• “Die With Zero” is about optimizing and prioritizing experiences over time and money.
• “Your Money or Your Life” helps readers understand the value of their time in terms of money.
• By thinking about spending in terms of time, readers can get closer to their values and priorities.
• People need to think about what they really want in life, rather than following a cookie-cutter path.

Allocation of Resources and Fulfillment

• The utility of money decreases as people age.
• Wealth should be spent down for the most fulfillment.
• The wealth management community does not typically teach spending down assets, but it is a standard problem.
• Understanding seasonality and different activities is important for optimizing fulfillment.
• Fulfillment is possible at all wealth levels, even with zero money.

Risk, Regret Minimization, and Decision-Making

• Understanding your own risk tolerance is key to making informed decisions.
• Successful traders think about expected outcomes and are less disturbed by negative outcomes.
• Emotional calculus and stress can cloud thinking and judgment in trading.
• Opportunity costs should be considered in addition to monetary costs.
• Regret minimization algorithm: optimizing for net fulfillment, not just monetary gain or risk minimization.

Summary

Optimizing Life for Fulfillment

Bill Perkins emphasizes the importance of optimizing life for experiences and prioritizing time over material possessions. He recommends his book, “Die With Zero,” which explores the concept of optimizing and prioritizing experiences throughout life. Perkins also discusses other recommended books, including “From Strength to Strength” and “4,000 Weeks.”

Personal Journey and Career

Bill Perkins shares his personal journey from being a slacker in college to becoming a successful trader. He highlights the trading floor environment and the determination that led him to learn everything about the business. Perkins gradually moved up and achieved financial success.

The Value of Experiences and Time

Perkins regrets not joining a friend on a backpacking trip and emphasizes the importance of prioritizing experiences over accumulating wealth. He recommends “Die With Zero” and “Your Money or Your Life” as resources for understanding the value of time and aligning spending with personal values and priorities.

Allocation of Resources and Fulfillment

Perkins discusses the utility of money, which decreases as people age. He challenges the traditional approach of accumulating wealth and highlights the importance of spending down assets for maximum fulfillment. Perkins also emphasizes the need to understand seasonality and different activities when allocating resources for a fulfilling life.

Risk, Regret Minimization, and Decision-Making

Understanding one’s risk tolerance is crucial for making informed decisions. Perkins shares insights from his experience as a trader and emphasizes the importance of considering opportunity costs and using a regret minimization algorithm. He highlights the role of emotional calculus and stress in decision-making and encourages optimizing for net fulfillment rather than just monetary gain or risk minimization.

Conclusion

In this episode, Bill Perkins discusses the importance of optimizing life for maximum fulfillment. He challenges the conventional approach of accumulating wealth and emphasizes the value of experiences and time. Perkins shares insights from his personal journey and career, highlighting the need to prioritize experiences over material possessions. By understanding risk, regret minimization, and the allocation of resources, listeners can make informed decisions to create a more fulfilling life.