Bill Perkins
speaker
1,205 appearances
2 recordings
2 series
first heard Nov 2024
last heard 5 Jun
Bill Perkins’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
The main thing is it's very individual. It's like, what do you want? If you're sitting there like, I just like working and going in and that's all I do. Okay. So I'll be the guy.
What I do is I was like, okay, what's reality and what's fear, fear-based thinking? So we try and get on that. And one of the things I'd look for is why don't you go traveling with the kids? Well, it's a pain in the ass, whatever.
So what I say is when you die, will you have $30,000? Are you on track to die with $30,000, $50,000? I hope so. Okay. So then would you rather consume that $30,000 now and have this experience with your kids, et cetera, or would you rather have $30,000 left over when you die?
What if I'm wrong? Then we can sit down and go down the hard numbers. It's like, do you have insurance if you lose your job? What is safe? What do you envision yourself doing in retirement that you can't afford? What bad thing that will happen that we can't buy an insurance policy for? Is it long-term care insurance? If you get that while you're young, it's actually pretty cheap. It's very cheap.
I look at what risks they're having and I look at ways to mitigate them. So a lot of people who are conservative, like, oh, I'm worried about something happening. I'm like, what's the something happening that you're worried about?
What if this happened? What if I get sick? What if or whatever? We go over like medical insurance. Basically, what happens is people try to act as their own insurance agent. with a client of one.
So they have a client of one. They really don't understand the odds of the bad things happening. And so what they tend to do is put it in this big giant fear bucket of insurance premium, and they just work and save and save and save to think that they have the notional to cover all these bad things happening. And a lot of times I'll point out two things.
I go, one, some of these bad things that you're saving for, you'll never get the notional. Maybe you will or whatever, but most of the people I talk to, do you know it was $25,000 a night for my dad in the hospital? Insurance didn't cover that. It's gone though. It doesn't matter. You know what I mean? He's only got X days. You're not saving.
Some of these things are like, you shouldn't be the insurer. If you're actually afraid of that and that's important to you, you need to buy the insurance policy where they have the lower large numbers and their edge is 6% or 8%. you are gonna be woefully inefficient. And on top of that, you don't even know the odds. Like some of these things are robot alien space insurance.
Wait, you're worried about this? I also like to do a comparison. Okay, here's the risk of this scenario happening and this bad thing happening and it's bad, we'll accept it. And here's the risk of you not doing the thing that you want to do now. Here's the risk of you not doing the trip.
What does that look like on your deathbed when you know you couldn't have gone on a safari and had this wonderful time with your kids and connected with them and something to talk about forever and expanded your worldview? Was it worth the $30,000? Was it worth the insurance policy that you're trying to... Was it worth you trying to play insurance agent?
And so a lot of these are thematic conversations. They're not like hard number conversations. But you have a model. Yeah, we have a model. But the problem with the model is it's an abstraction. The variables we're talking about are infinite. Yep. And we have to abstract and abstract and abstract. So what the model does, it really tells you the direction...
And it's very good on the direction, but the magnitude, it may be off. And so for you as a person, it's like, what's your survival number? We have that model. Really think about, okay, just survival. Not, I'm hanging out. Yeah, not thriving, but surviving. What do you need? Then after that, it's all your choices.
And depending on who you are, because there's infinite choices and what those choices will cost and the experiences you want to have in your life, plus the discovery, the 20 to 30% discovery, right? Maybe all your experience is going to 50 bucket. You didn't realize it. And you're actually inadvertently pushing them in the 70 bucket and you're not going to have them.
And so that's kind of what I try and get people to do is like, are you going to have $30,000 trips in your lifetime? And they'll go, yes. When is the optimal time for you to have $30,000 trips? and with whom. If you're never going to have a $30,000 trip, I'm like, okay, let's think of a different type of activity that will get you the same fulfillment or close to it that's not a $30,000 trip.
You're in that thing, well, I'm saving because of just in case. It should be like, guy, you're not the best insurance agent. You're actually the worst insurance agent. You don't know the odds. You can never have the notional and the edge, the premium that you're extracting from yourself. And that edge is your own life. You have to give up hours of your life to have this insurance premium.
is way, way more than just paying the insurance company. People worry about running out of money. I'm like, get an annuity. You're worried about long-term health and what if I'm sick and I can't move and I need nurses? Get long-term care insurance. It's really cheap when you start early. It's surprisingly cheap. What about this?
There's an insurance product for a lot of things people are like, quote unquote, saving or worried for, et cetera. Let's mitigate the risk with the professionals. Let's get you living your life.
Oh, right now.
They got to habituate. Like you take a rat, you get them to run the wheel, you give them the cheese, you give them the running wheel, they do the cheese, and pretty soon you don't even have to give them the cheese. They see the wheel, they just start running. The reward is no longer the goal. It's just to do the thing.
Showing 1101–1120 of 1,205 · page 56 of 61
← Previous
Next →