In this episode, Bill Perkins, a high-stakes gambler, energy trader, and author of Die with Zero, shares his journey from humble beginnings to making $100 million in a single year. He delves into the world of energy trading, the importance of taking risks, and his philosophy on maximizing life fulfillment by spending money at the right time.
Key Insights & Timestamps
Intro
- Bill Perkins made $100 million in a year trading natural gas and oil.
- He emphasizes that money is not the end goal but a tool to enable choices and experiences.
Who the hell is Bill Perkins?!
- Grew up in Jersey City, inspired by the idea of wealth as freedom.
- Started as a screen clerk in commodities trading, worked his way up, and became a trader.
- His motivation: “If these idiots can be rich, so can I.”
From nobody to making his first $1 Million
- Bill describes his first million as “anti-climactic.”
- He views trading as a puzzle-solving game, which he finds intellectually stimulating.
- The most exciting financial milestone for him was making $35,000 a year, not the millions that followed.
WTF is Energy Trading?!
- Energy trading involves betting on the price movements of commodities like natural gas and oil.
- Traders make money by hedging risks for businesses that need to lock in prices for their commodities.
- Bill explains that traders are not competing against each other but rather providing a service to businesses that need to hedge their risks.
Risky Trading Stories
- Bill shares a story of being down 50% in his fund, facing pressure to shut it down, but he persevered and eventually turned it around.
- He compares trading to boxing: “You’re going to get knocked down, but you have to get back up.”
What is it like to make $100,000,000 🤯
- Bill doesn’t care about the money itself but focuses on the experiences and choices it enables.
- He thinks in terms of “time buckets” and allocates resources to maximize fulfillment throughout his life.
Do Multi-Millionaires Pay Taxes?
- Bill’s biggest tax bill was $54 million.
- He acknowledges that paying taxes is part of the game, even if you don’t agree with how the government spends the money.
Die With Zero Philosophy Explained
- Die with Zero is about maximizing life fulfillment by allocating resources (wealth, health, and time) wisely.
- Bill argues that people should spend their money on experiences and things that bring them joy, rather than hoarding wealth for a future that may never come.
- He emphasizes the importance of getting off “autopilot” and making intentional decisions about how to spend your time and money.
Advice for people making $50k right now?
- Bill’s advice: Optimize your time and focus on experiences that bring you fulfillment, regardless of your income level.
- He suggests cutting out time-wasting activities like excessive TV watching and instead investing in experiences that enrich your life.
How Bill spends his millions!
- Bill enjoys traveling, challenging his worldview, and spending time with friends and family.
- He owns a boat that holds 16 people, which he uses to create memorable experiences with loved ones.
- He also hires a driver for safety and productivity, allowing him to use his travel time more effectively.
What Does a Millionaire Teach His Kids About Money?
- Bill teaches his kids about the value of time and the importance of doing their best.
- He wants them to understand concepts like Net Present Value and Future Value, but more importantly, he wants them to be kind, compassionate, and capable of navigating the world.
How do you know Dan Blizerian?
- Bill shares stories about Dan Blizerian, who became famous for his hedonistic lifestyle.
- He explains that fame can be a double-edged sword, as it attracts attention but also limits personal freedom.
How Die With Zero saves lives
- Bill believes his book saves lives by helping people optimize their time and resources to live more fulfilling lives.
- He compares it to saving someone from drowning: “I gave you more time, more experiences, more adventures.”
Bill and I Make a $1,000 Bet
- Bill challenges the host to a prop bet: land a 360 on a wakeboard by the end of the summer.
- The stakes: $1,000.
Key Takeaways
- Money as a Tool: Money is not the end goal but a means to enable choices and experiences that bring fulfillment.
- Risk-Taking: Success often requires taking massive risks and persevering through failures.
- Die with Zero: The philosophy of spending your money and time wisely to maximize life fulfillment, rather than hoarding wealth for an uncertain future.
- Optimize Your Time: Regardless of income, focus on experiences that bring joy and fulfillment, and avoid wasting time on autopilot activities.
- Teach Kids Values: Beyond money, teach children the importance of kindness, compassion, and making the most of their time.
Bill Perkins’ insights challenge conventional wisdom about wealth and success, urging listeners to live intentionally and make the most of their finite time on Earth.
