What If Generational Wealth Isn’t Your Goal?

In Aesop’s fable about the grasshopper and the ant, the grasshopper played all summer while the ant worked hard to store up food for the winter. When winter arrived, the ant was prepared, but the grasshopper faced starvation. Aesop wrote this story around 600 BCE but the debate still rages about how to strike the right balance between enjoying life today or saving for tomorrow. 

Beyond the need to cover the basics, we think it is essential to ask: what is the purpose of pursuing and accumulating wealth? In our experience, people on the path to, or who have already achieved, wealth far exceeding their basic survival needs often fail to consider this question. 

In this article, we discuss a point of view that advocates for spending and giving away whatever wealth we won’t need to cover what we consider to be basic needs, and offer thoughts about moving more toward the “grasshopper” mode but retaining some of the ant-like instinct to save for a future that may last longer than we think.

Should we aim to die with an empty bank account?

Some who have considered this issue decide to become more of a grasshopper and less of an ant, de-emphasizing wealth accumulation and spending more while they are still relatively young and in good health. A subset is doing this aggressively, based on what has been popularized as the “Die with Zero” concept. As the name suggests, the idea is to spend and/or give away all your wealth while you are alive, rather than accumulating as much as you can and leaving a large sum to the next generation and/or charitable causes.

The "Die with Zero" school of thought has been popularized by Bill Perkins, who wrote the book Die with Zero: Getting All You Can from Your Money and Your Life. According to his philosophy, we should prioritize experiences, spending our wealth on meaningful, fulfilling activities throughout our lives to create memories and give to others while we are still here, rather than saving as much as possible for some future we may not live to see, or passing it on to heirs. Those who adhere strictly to this philosophy aim to die with almost no money left, viewing wealth not spent during one’s lifetime as lost opportunities. 

Much of this sounds familiar to Gold Medal Waters, as we have always emphasized that pursuing financial success and wealth is a means to an end rather than a goal in itself. The goal is to use wealth to bring value to your life (we’ve called it “return on life” but can’t claim to have invented that phrase). The specifics of how you do that depend on what is valuable and meaningful to you. Few people would say that dying with a massive pile of money but few meaningful experiences that brought value to life is the best path. 

You like the idea of using your wealth while you’re here – now what?

If you want to follow a “Die with Zero”–style approach, the core financial question isn’t how to spend lavishly, but how to align your money with the life you want to live. That starts with thinking realistically about how long you may live, what kind of lifestyle you want during those years, and how uncertainty (health, inflation, unexpected expenses) could affect your plans.

From there, you estimate the total cost of sustaining that lifestyle over your remaining lifetime and compare it to your total wealth, including assets or income you expect to receive in the future. The difference between what you’ll likely need and what you’re likely to have represents your “excess” wealth.

That excess is not automatically something to hoard or spend recklessly. Instead, it is an invitation to be intentional. You consider how that money could add meaning, enjoyment, or impact to your life, whether through experiences, personal growth, career changes, generosity, or helping others, while you are still healthy and able to appreciate it.

The “Die with Zero” mindset is ultimately about planning thoughtfully, accounting for risk and uncertainty, and then consciously choosing to use your resources in ways that maximize value and fulfillment over your lifetime, rather than leaving those decisions to chance or habit.

Does “Die with Zero” really mean dying penniless? 

While the “Die with Zero” philosophy is appealing, in our opinion it has some pitfalls. One is the idea of aggressive income smoothing, which involves borrowing when you are young to fund experiences based on the assumption that future income will cover it. While this logic can make sense in some contexts, such as buying a home, many people are uncomfortable taking on debt for discretionary spending, and for good reason.

Another concern is the rejection of traditional safety nets. Perkins argues that holding liquid assets you can sell quickly, even at a steep discount, can replace emergency savings. That mindset can work for some, but it requires a high tolerance for risk and emotional detachment from wealth that not everyone shares.

The philosophy also emphasizes taking significant risks, both financially and professionally, on the belief that you can always recover by earning more. While this may resonate earlier in life, it downplays the psychological value of financial security and the reality that risk tolerance and employment options often shrink with age.

Finally, “Die with Zero” doesn’t mean spending for its own sake. If the things that bring meaning to your life don’t require much money, or you genuinely prefer a simpler lifestyle, that’s entirely consistent with the approach. The goal is not maximum spending, but spending intentionally on what you truly value—and avoiding spending on what you don’t.

Key Takeaways from the Die with Zero philosophy

Prioritize Experiences: Money's true value comes from the joy and memories it buys, not from accumulation.

Live Now; Don’t Wait for Later: Plan experiences to pursue for each remaining phase of your life, recognizing that your energy and health will change over time.

Generate “Memory Dividends”: Experiences create lasting positive emotions (dividends) you can "re-live" later, but only if you invest in them.

Give Strategically: Donate or give money to family when it's most impactful (e.g., helping children with a house or education) rather than leaving it as an inheritance they won’t receive until they are at different phases in their lives.

Don't be 100% ant and 0% grasshopper: Save enough for security but don't hoard wealth at the expense of living.

Aristotle instead of Aesop: a focus on flourishing and reason

Aesop’s fable of the grasshopper and the ant frames life as an either/or choice: enjoy today or prepare for tomorrow. We think that’s too simple. If you fast-forward a few hundred years, Aristotle offers a more useful middle ground.

He argued that the goal isn’t pure pleasure or nonstop work, but eudaimonia—living well and fully by developing your potential. Leisure is important, but is best used intentionally, not just for indulgence. And above all, he emphasized the importance of balancing work and leisure to create a fulfilling life.

That balance maps nicely onto money decisions. You can protect your financial security and use your wealth to create a meaningful, satisfying life, rather than piling it up for its own sake. And if choosing to leave a significant inheritance gives you joy, then saving assets to pass to younger generations is an important part of your financial equation. (If you are supporting a special-needs child, setting aside money isn’t optional; it’s essential.)

Spending and saving choices aren’t something you need to solve once and for all. Ongoing financial planning conversations create space to revisit your assumptions, adjust as your life and priorities change, and make decisions in stages rather than all at once. Instead of locking yourself into a rigid plan, you’re continually asking, “Is my money still aligned with the life I want to live?” That kind of regular, thoughtful dialogue helps turn financial planning from a one-time exercise into a steady process of course correction, one that supports both peace of mind and a well-lived life over time.

At Gold Medal Waters, we believe that serving our clients means going beyond traditional advice. We are a fee-only financial advisor dedicated to helping you reach your financial goals based on your unique needs and what you value most. Book a free, initial consultation to learn more!

Disclosure: Advisory Services are offered through Gold Medal Waters, a Registered Investment Advisor. This post and material presented are for informational and illustrative purposes only, and do not constitute investment advice and is not intended as an endorsement of any specific investment. As such, this material is not client-specific, we adjust in individual portfolios based on each client's financial plan, income needs, risk tolerance and total asset allocation. Interactive checklists are made available to you as self-help tools for your independent use and are not intended to provide investment advice. While Gold Medal Waters believes information derived from third-party sources to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability about your individual circumstances.  Investors should carefully consider the investment objectives, risks, charges, and expenses associated with any investment. The information discussed is not intended to render tax or legal advice. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.  Investing involves risk including the potential loss of principal, and unless otherwise stated, are not guaranteed. Past performance does not guarantee future results. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Consult your financial professional before making any investment decision.