Bill Perkins

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.

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.

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.

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.

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.

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?

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 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 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 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.