“Die With Zero” author Bill Perkins discusses whether giving money to children is a good idea in “Cavuto: Coast to Coast.”
When should you leave money to your children?
“Die with Zero” author and hedge fund manager Bill Perkins told Fox Business’ Neil Cavuto, “Don’t wait until you die.”
The author commented on how to approach the issue of sharing assets with children while spending money to live comfortably.
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“You know, life is about net fulfillment, about a fulfilling journey. I mean, the target is always a grave,” suggested Bill Perkins. “So we have to enjoy the journey.”
He went on to explain his reasons for the spending before his death.
“We want to use all our resources before we die. We don’t want to go to work and receive no reward, so it makes sense to spend the capital you get from work before you die.”
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However, Perkins noted that you don't have to give money to your children, but if they are important to you, it could help you achieve your goal of fulfillment.
The author went on to discuss when and why parents should give their money to their children and returned to the topic of how to spend your capital before you die.
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“What I'm really talking about is when to give money to your children, because the same physics governs our lives, like we're all going to die and decay, and our ability to convert that money into meaningful experiences or things that we'll enjoy, worsens with age.”
“I say don’t wait until you die,” he said.
He explained that the best age at which children should receive money from their parents is between 28 and 33 years when they are mentally and physically mature.
“It goes downhill after that,” he added, referring to age.
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When it comes to his own children, Perkin explained that he would provide resources at the right time.
“I listened to my own advice and did, you know, what I think will have the biggest impact on them in my life, and I enjoy seeing them use it and more “They will have a significant impact on their lives, not when they are 65 or 80,” he said.
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