Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century
by Vicki Robin, Joe Dominguez, Monique Tilford
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Book Summary Information
Author: Joe Dominguez, Monique Tilford, Vicki RobinEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2008-12-10
ISBN: 0143115766
Number of pages: 368
Publisher: Penguin (Non-Classics)
Book Reviews of Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century
Book Review: Your Money or Your Life - One of the best personal finance books I've ever read
Summary: 5 Stars
Your Money or Your Life is one of the best books I've ever read on personal money management.
In Your Money or Your Life, money is introduced from a refreshingly new perspective. The book argues that you are currently making a "dying", as opposed to making a "living". A 9-step process is introduced to get you back on track toward living a fulfilled life through smart spending and financial independence.
The basic premise of Your Money or Your Life is that life is too valuable to waste away working 40+ hours every week, one week at a time for the rest of your life... Just so you can have enough money to buy all those material possessions to keep up with the Jones's.
The book goes on to make an eye-opening connection between money and your personal life. Basically, you only have so many hours of life - which the book refers to as Life Energy - and the fulfillment we get out of life depends on how we spend those precious few hours. Most people trade a significant amount of their Life Energy in exchange for money to buy things - unimportant, unfulfilling, and at times even wasteful things.
Your Money or Your Life goes through the exercise of having us determine the number of hours each of us has to work in order to make a purchase. The book doesn't suggest budgeting, but instead uses the connection to force us to make conscious decisions about how we spend our money. You're actually encouraged to spend money on the things that are meaningful and fulfilling to you. On the flip side, the book argues that you should reduce your spending as much as possible on the things that are meaningless to you. Any money you save from reducing your meaningless expenses should be invested toward early retirement.
We are caught in a never ending trap... A sort of self-induced slavery. We go to work everyday to "earn" money, which we then trade for the possessions in our lives. Since our materialistic society has us brainwashed into always wanting more, we gladly accept a mediocre existence of wage slavery in exchange. The more money we make, the more we buy - more cars, bigger houses, bigger TVs, more cable channels, etc. And the more we buy, the tighter the chains becomes. It's no wonder that we go through life in a walking daze.
In summary, you trade Life Energy for dollars, which you then use to buy things. If you buy the things that are fulfilling to you, and minimize wasteful spending, your life will almost immediately become more enriched. More fulfilled.
There is much more to this book than I've described, and it's well worth the money. I believe this book is a must read for anybody who is serious about becoming financially independent and living a fulfilled life.
Your Money or Your Life. I chose Life.
-James Ryan, PostponedLife com
More Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century reviews:
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Summary of Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century
"The seminal guide to the new morality of personal money management" (Los Angeles Times(on the first edition))In an age of great economic uncertainty when everyone is concerned about money and how they spend what they have, this new edition of the bestselling Your Money or Your Life is an essential read. With updated resources, an easy-to-use index, and anecdotes and examples particularly relevant today-it tells you how to:
? get out of debt and develop savings
? reorder material priorities and live well for less
? resolve inner conflicts between values and lifestyle
? save the planet while saving money
? and much more
In Your Money or Your Life, Vicki Robin shows readers how to gain control of their money and finally begin to make a life, rather than just make a living.
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