For generations, conventional financial advice has followed a familiar formula: earn more than you spend, save diligently, invest consistently and retire with the largest nest egg possible.

One investor argues we've been striving for the wrong goal.

"My money philosophy is that money is a tool to drive your fulfillment, and that's it," Bill Perkins said in an interview with The Wall Street Journal. "And if you don't have these big, expensive dreams, you don't necessarily need that much money."

Perkins, the founder of hedge fund Skylar Capital Management, popularized that philosophy in his bestselling book Die With Zero. Rather than measuring success by the size of your investment portfolio—or by the wealth you leave behind—he argues that money should be used to maximize experiences, relationships and opportunities throughout your lifetime.

The idea isn't to spend recklessly or ignore retirement planning. Instead, Perkins challenges readers to think differently about when money creates the greatest value. Saving diligently may seem like the responsible choice, but postponing life's biggest experiences until retirement comes with a hidden risk: by the time you've accumulated enough wealth, your health, energy and opportunities may have already begun to decline.

Perkins also contends that wealth is often more valuable when it's given earlier rather than later. Helping an adult child buy their first home, fund postgraduate education or start a business in their thirties may have a far greater impact than leaving them the same money as an inheritance decades later.

That all sounds great, but what how can this philosophy work in Spain?

American retirement planning largely revolves around private investment accounts. Spanish households face a different set of financial realities. Buying a home has become increasingly difficult, wages have struggled to keep pace with property prices in many cities, and younger adults often spend years trying to save a down payment while paying rising rents.

Why Coast FIRE may be a better early retirement strategy in Spain.

At the same time, wealth remains concentrated among older generations. According to the Bank of Spain, household balance sheets have strengthened in recent years, but much of that wealth is held by older households, while younger households continue to face growing barriers to building assets of their own.

That creates an interesting paradox. The people most capable of embracing the Die With Zero philosophy are often those who have already accumulated substantial wealth. The people who could benefit most from money arriving earlier, such as getting family support, receiving early inheritance or getting help buying a first home—are often those who have the least.

Perhaps that's where Perkins' philosophy is most relevant in Spain. Die With Zero is about recognizing that money creates the greatest value when it's used at the moment it can most improve someone's life. So, does Die With Zero make sense in Spain?

What is the die with zero philosophy?

The title may sound reckless, but Die With Zero is not an argument for emptying your bank account before you die, nor is it completely a “fuck you money” mentality. Perkins' central idea is that money has value only when it's used to improve your life. Every euro left sitting in an investment portfolio at the end of your life represents purchasing power that was never converted into experiences, relationships or opportunities.

He argues that many people spend decades striving for the wrong objective. They work longer hours, postpone holidays, delay career breaks and sacrifice experiences in pursuit of a retirement balance they may never fully enjoy. By the time they've accumulated enough wealth, their health, energy or personal circumstances may have changed enough that some opportunities have permanently disappeared.

At the heart of the philosophy is a concept economists have understood for decades: the goal isn't simply to maximize wealth, but to maximize lifetime utility—the value and satisfaction money creates over the course of your life.

Perkins extends that idea by arguing that time, like money, is a finite asset. A €5,000 holiday at age 30 and the same holiday at age 75 may cost exactly the same amount, but they rarely buy the same experience. The same applies to taking a sabbatical, hiking the Camino de Santiago, or spending more time with young children before they grow up.

He calls the lasting value of those experiences "memory dividends." Unlike many material purchases that quickly lose their appeal, meaningful experiences continue generating returns through memories, stronger relationships and personal growth long after the money has been spent.

Studies by Cornell University psychologist Thomas Gilovich have found that people generally derive more lasting happiness from experiences than from material possessions because experiences become part of our identity and are more likely to be shared with others.

That doesn't mean Perkins believes people should stop saving for retirement or abandon financial discipline. His argument is more nuanced. Build a financial safety net, prepare for uncertainty and invest for the future—but don't become so focused on accumulating wealth that you postpone living indefinitely.

Perkins turns the notion of "dying penniless" on its head. Rather than measuring success by the wealth left behind, he argues that money is best used while it can have the greatest impact on your life.

Is helping your children earlier better than leaving an inheritance?

Perkins argues that wealth is often more valuable when it's transferred during a person's lifetime rather than after death. His reasoning is straightforward: money tends to have the greatest impact when people are building their lives, not after they've already accumulated decades of their own wealth.

Helping an adult child buy a first home, fund postgraduate education or start a business in their thirties may change the trajectory of their financial future far more than leaving them the same amount in an inheritance at age 65.

This ideological is especially applicable in Spain, where there is a great disparity in wealth between the older and younger generation. Housing affordability has become one of the defining financial challenges facing younger generations. In many parts of the country, saving enough for a down payment now takes years, even for households with stable incomes. 

Parents who are financially able to help earlier may enable their children to begin building equity sooner, reducing years spent paying rising rents.

Spain's gift tax rules vary by autonomous community, and large financial gifts can have important tax implications. Anyone considering significant transfers should seek professional advice before acting.

The biggest risk: Outliving your savings

Perhaps the biggest risk the Die With Zero mindset has is that no one can predict how long they'll live, how markets will perform or what healthcare and long-term care may cost decades from now. Those uncertainties explain why financial planners have traditionally erred on the side of caution.

In Spain, where life expectancy is among the highest in the OECD, that uncertainty is especially relevant. A retirement lasting 30 years is no longer unusual, and while the public pension system provides an important source of income, many experts expect private savings to play a larger role as demographic pressures increase.

The danger, then, is not that people spend money on meaningful experiences. It's that they underestimate the financial resilience required to weather unexpected events later in life.

Perkins acknowledges this trade-off, but his critics argue that the philosophy can be misunderstood when reduced to its title. The objective is not to arrive at the end of life with an empty bank account. The objective is to avoid arriving there with a fortune that came at the expense of decades of opportunities.

Saving for tomorrow without missing today

Money has a shelf life. Not because euros lose their value, but because the opportunities they can buy often do. A backpacking trip through Europe, a year living abroad, helping your children onto the property ladder or simply spending more time with ageing parents all have windows that eventually close. Wait too long, and no amount of wealth can reopen them.

Perhaps that's why Die With Zero resonates beyond its provocative title. It's less a guide to spending than a lesson in timing. The question isn't whether you should save or spend. It's whether your money is arriving at the moments in life when it can make the biggest difference.

In the end, the goal isn't to die with zero. It's to make sure your best years aren't spent waiting to start living.