Bloggers sometimes make (not very much) money when they put Amazon links in their posts and readers use those links to buy things. I put in these links from time to time, and so does my daughter. But in her recent review of a book called “Die With Zero,” she urged readers to hit the library rather than purchase a copy.
“I’m not even putting an Amazon affiliate link here – that’s how much I want you to not buy the book,” she wrote.
While Abby liked a couple of things about the personal finance tome, she was frustrated by its lack of clear advice, and by its ageist/ableist attitudes. Early on, for example, author Bill Perkins described old age for lots of people consisting of sitting in front of the TV and eating tapioca pudding.
Not only do lots of older people remain active physically and/or socially, who is he to judge the lives of more sedentary people as being of lesser value? (Especially since some people don’t choose the sedentary life, but rather have it thrust upon them due to illness or the need to care for a chronically ill spouse.)
Perkins also mentions that live theater might best be enjoyed when you’re younger, lest you be “too old to hear the actors or to stand in line for the restroom.” Um, wut?!? Not only is that pretty ageist, it’s also a slam against folks of any age who are hard of hearing or completely deaf. That doesn’t mean they can’t enjoy live performances or movies, either through assistive listening devices or ASL-interpreted shows.
Then there’s the fact that the author is a very wealthy man who retired in his early 30s, and the milestone birthday bash he threw for himself: flying several dozen relatives and friends to a tropical island for a week, with a couple of rock stars coming in to play for them.
“After reading that, I felt less connected to his point,” Abby wrote. “I suspect others will come away with the same feeling.”
To be clear: She doesn’t think there’s anything wrong with having (and spending) money. Abby just wasn’t sure what the purpose of his book was supposed to be. It’s an interesting review, so I think you should give it a read.
And nope, I’m not giving “Die With Zero” an Amazon link, either.
Some gift cards to win
My quick-turnaround gift card giveaway ends at 6 p.m. PST today (Dec. 20). Two people will each win a $25 gift card of their choice, through any retailer I can access electronically. Hurry up and enter through this link.
A personal finance site called Wealthy Nickel is giving away a $250 Amazon gift card. You could do some serious shopping with that. Or you could do something philanthropic like having things delivered to someone else: diapers to a family shelter, say, or cans of coffee to a senior center. This giveaway ends at 11:45 p.m. CST Jan. 1.
Year-end money advice
Personal finance writer (and CFP) Liz Weston has some financial tips for people of a certain age. In her latest column for the Associated Press, “A year-end money checklist for people 50 and up,” she mentions four specific categories that need your attention before Dec. 31. Doing so can “help you make the most of your money,” she writes.
One item that caught my eye was “plan for required minimum distributions.” Typically you need to start taking money out at age 72. Recently, I heard about a woman who was panicking about short-term expenses because she believed she couldn’t touch her retirement account until she turned 72.
Maybe she had her money tied up in CDs for another couple of years. Or maybe she’d misheard/misunderstood what her financial advisor told her about having to take the money out beginning at age 72.
Make sure that you understand your money, including RMDs. Fail to educate yourself and you’ll pay the price, quite literally. “If you miss a deadline or withdraw too little, you could face a tax penalty equal to 50% of the amount you should have withdrawn but didn’t,” Weston warns.
Readers: Do you want to die with zero? And do you practice an end-of-year financial checkup or reflection?
I don’t want to die with zero, but I would like to enjoy the benefits of my money while I am alive. I had a considerable inheritance from an aunt who was uber frugal and then developed dementia. She missed out on travel, and lots of other things that she wanted to do. I don’t want to have parties on islands with rock stars, but I do want to spend time with friends and enjoy life before I check out. I have made an effort to go see friends from my home town once a year, and I have tried to say yes to the things that I love the most. As for tapioca and the tv, I think not. I expect to be hiking, biking and skiing well into my 70’s if I’m lucky enough to be healthy and alive.
Agreed!
One thing about the TV comment he made is that some folks can’t go wherever they like due to illness (their own or a spouse/partner’s), lack of transportation or a super-tight budget. If you’re both broke and stove up with rheumatoid arthritis, you might not be able to visit the islands of Greece or witness a caribou migration — but you can watch documentaries about such subjects. Too medically fragile after chemo to go to the opera? That stinks, but at least you can stream operas at home. Etc. etc.
Besides, there is some superb programming out there. At some point I expect I’ll have to slow down, which means I can catch up with shows that I always meant to see.
THank you for saying that. I have a genetic disorder that has gotten worse as I age. I am often in a wheelchair and going places is so hard that I seldom even go to restaurants, let alone concerts or a lot of travel. I read voraciously but I also watch a lot of TV or stream shows (Britbox and Acorn, I love you! If you have not tried them, they each have a free week for you to try. If you like British/Canadian/Australian humor and drama, give them a try). It is easy to be snooty about people who sit in front of the TV, but I thank God to have news and movies and documentaries brought into my home.
I realized when I saw your post that I had not seen a post from your daughter in a while. I subscribe to all of the blogs which I read via the Feedly news/blog aggregator because it saves me massive amounts of time. Her new posts used to show up automatically. When I tried to add her blog back into Feedly, I got a “dead URL” and “unreachable” message. I tried to leave a comment on her blog to let her know, but it won’t let me do that because I don’t have my own blog and can’t fill in the “website” box. Figured that I would let you know.
Thanks. I’ll have her contact you.
After reading Abby’s review of Die with Zero I don’t think I would even bother taking it out of the library. It sounds like a waste of time and I would probably get mad at the ageism/ableism parts. Who wants to feel mad during the Christmas season? This is why I value book reviewers.
I guess I should tell my 66 year old wife that she shouldn’t have run the full marathon she ran this year. And she certainly shouldn’t have won the over fifty age class. She should be eating pudding in front of a TV instead of being out splashing around in a swamp this morning, bird watching. She’s just out of control.
This made me LOL! THAT is the kind of retirement I want to live!! 🙂
Wimmen, amirite?!?
And yeah, that kinda ticked me off, the idea that “old” people live a sad and reduced existence. No doubt some do, for complicated reasons, but seriously…Until my dad died he was dancing a few nights a week and traveling to historic sites or to visit family/friends.
I don’t want to die with ZERO, but I’d like my savings to last to the end, and leave a just a little something to my beneficiaries!
Me too!
Personally, I’m OK if I die with zero. But I have to get my DH with early-onset Alzheimer’s through however long he’ll need to be in a nursing home first (his long-term care insurance will run out early in 2024), and I’d like to have enough to limp through what’s left of my own life. Unfortunately, my crystal ball is cloudy, so I can’t do the necessary calculations.
I don’t want to die with zero. If that happens, that probably means that I spent an extended time in a nursing home.
I don’t want to be a financial burden on my kids, so I’m trying to squirrel away enough to cover time in a nursing home if necessary. However, I hope to not require such care, in which case my kids would inherit my nursing home fund.
Donna, I love your blog and the people who comment (especially Lindsay and A. Marie, who I find on other blogs I read). But I am becoming more and more amused at people’s conception of “old”. At age 87 I don’t feel any older than I did at 75. I will admit that I am slower, was surprised at how pleased my family was when I gave away my car this fall, and certainly no longer walk 10,000 steps a day. Neither do I sit on a sofa watching tv. I ride my exercise bike while watching favorite shows. I guess I qualify as “old”.
I do think it essential to have a financial advisor – or trusted friend or family member – to discuss financial and life changes with. I’ve been receiving RMDs for about 15 years and wouldn’t have realized they have to be adjusted yearly for tax reasons without a little help. Finally, the pandemic affects a lot of financial and personal matters in surprising ways. Pay attention, and good luck to us all.
Loving the comments.
Me too!
The youngest person I ever knew was my grandma. Who lived to be one month shy of 100.
Has that idiot author never seen Betty White? Norman Lear? Thousands of other healthy, active seniors — “seasoned citizens” — who populate our society?
Grandma had a plaque in her kitchen. It read, “Youth is not a time of life. It is a state of mind.”
Hearing about bad attitudes like his
makes me want to go out and join the Gray Panthers!
Indeed. And since the author is at least 45 years old, it won’t be too long before younger people might dismiss him out of hand because he’s “old.” Some already might consider him over the hill.