I could and will read and re-read this book, not for its literary value but for its simple explanations of concrete ways to observe your own connection with the material world. Whether or not you fully practice its program, it is the sanest and most convincing account of the importance of financial savvy for those of us who proclaimed, 'Money and fancy material things don't matter to me - so why should I try to manage my finances?' Its message from ten years ago rings truer today than it did now I could and will read and re-read this book, not for its literary value but for its simple explanations of concrete ways to observe your own connection with the material world.
Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money & Achieving Financial Independence Authors: Joe Dominguez & Vicki Robin with Monique Tilford Click Here to Get the PDF Summary of This Book & Many More “We shift from comparing ourselves to others to considering our real needs and desires. In times like these, it's more important than ever to know the difference between making a living and making a life. Your Money or Your Life is even more relevant today than it was when the book first hit the stands, and a great publicity campaign will bring this already strong-selling book to a whole new audience.
Whether or not you fully practice its program, it is the sanest and most convincing account of the importance of financial savvy for those of us who proclaimed, 'Money and fancy material things don't matter to me - so why should I try to manage my finances?' Its message from ten years ago rings truer today than it did now, and I think my own generation will even more appreciate its message.
I’m not a big self-help book reader. Yet, just the act of seriously studying this book and hence becoming intentional with my finances has relieved me of debt, anxiety about money, made me more in touch with what is really valuable and joyful to me, and inspired me to look toward a career as a financial counselor.
I would recommend this book to all my friends for it surely has lessons for everyone! YMYL was recommended to me by a friend, who gave up her stable teaching position to run a used bookstore after reading this book. This was my first foray into the self-help genre. The prose is laughably hokey at the most inopportune times, but the message is worth slogging through the mantras and the affirmations. Plus, the 'nine-step program' actually works, if you're willing to commit to it.
I started out, skeptical, with a step I thought I could stick to—keeping track of my spending, and beca YMYL was recommended to me by a friend, who gave up her stable teaching position to run a used bookstore after reading this book. This was my first foray into the self-help genre. The prose is laughably hokey at the most inopportune times, but the message is worth slogging through the mantras and the affirmations. Plus, the 'nine-step program' actually works, if you're willing to commit to it. I started out, skeptical, with a step I thought I could stick to—keeping track of my spending, and became curious about the rest of my financial health from there.
By the time, a year-and-a-half later, I faced the last maudlin step (calculating how much time you have left in your life), I found it so thoroughly shocking (in my case, less than half a million hours based on average life expectancy) that I realized staying in a job that made me miserable wasn't worth it, so I quit. I guess, in that sense, this book delivers on its hokey promise to change your life. I'm kind of squeamish about the 5 stars I'm giving this, because I don't think this is a well-written book.
The tone is nearly unbearable at times: think of the most stereotypical motivational speaker you've ever heard. However, the ideas in this book are impressive, and I find myself thinking about them, rather against my will, even 3 years after having read the book.Part of my struggle with this book is that I actually love my work, so trying to hurry up and earn my money so that I can retire I'm kind of squeamish about the 5 stars I'm giving this, because I don't think this is a well-written book.
The tone is nearly unbearable at times: think of the most stereotypical motivational speaker you've ever heard. However, the ideas in this book are impressive, and I find myself thinking about them, rather against my will, even 3 years after having read the book.Part of my struggle with this book is that I actually love my work, so trying to hurry up and earn my money so that I can retire just isn't that appealing. However, there's a cycle of spending that I can get hooked into, where I'm blowing hundreds of dollars in 3-5 dollar increments. Reading this book helped me interrupt that cycle. Not that I don't still go there, mind you- I just have some alternatives now for getting out of it. Reader beware: the contents of this book might just shake the foundations of your life.it did for me. Easily the most lucid, insightful, and valuable book I've read on money.
Probably because when it comes down to it, the book is not really about money. It's about what we're trading our life energy for.
The book had such a spiritual component to it, that I was tempted to add it to my Buddhism bookshelf.One thing I gained from the book was an incentive to organize our finances from a total net Reader beware: the contents of this book might just shake the foundations of your life.it did for me. Easily the most lucid, insightful, and valuable book I've read on money. Probably because when it comes down to it, the book is not really about money. It's about what we're trading our life energy for. The book had such a spiritual component to it, that I was tempted to add it to my Buddhism bookshelf.One thing I gained from the book was an incentive to organize our finances from a total net worth perspective, not just budgeting from paycheck to paycheck.
Also charting income vs expenses. I've found that mint.com is a very effective site for accomplishing the goals the book lays out.The book makes a strong case for not identifying your definition of yourself with your job. For me personally, this was probably the greatest single insight the book provided It made me realize how much I've done just that. As the author says, 'who you are is far greater than what you do for money, and your true work is far greater than your paid employment.' I thought this was a pretty powerful quote:'Indeed, in terms of sheer hours, we may be more wedded to our jobs than our mates.
The vows for better for worse, richer or poorer, in sickness and health-and often until death do us part-may be better applied to our jobs than our wives and husband.' I suppose my only gripe with the book is the utopia of financial independence it paints where a person is able to live off the interest from their investments.
Although they make it sound like such a future can be right around the corner, as someone with a pretty substantial amount of student debt, I ran some numbers, and barring an unforeseen windfall, that possibility is a loooong way off for us. But even aside from the focus on the financial equivalent of enlightenment, there is so much wisdom in this book, both practical and philosophical, that I would recommend it to anyone. This book's most popular Amazon review is surprisingly negative: 3/5 stars. I agree more with the 5-star Goodreads evangelists. That said, I have a few qualms with the book. It's dated and frequently redundant.
Like most personal finance books, it's full of suspicious stories. The Epilogue summarizes in 9 pages what has been beaten to death in the previous 327!At one point, the author talks about being financially secure whether the Dow is under 1000 or above 4000. When the book was copyrighted This book's most popular Amazon review is surprisingly negative: 3/5 stars. I agree more with the 5-star Goodreads evangelists. That said, I have a few qualms with the book.
It's dated and frequently redundant. Like most personal finance books, it's full of suspicious stories. The Epilogue summarizes in 9 pages what has been beaten to death in the previous 327!At one point, the author talks about being financially secure whether the Dow is under 1000 or above 4000. When the book was copyrighted in 1992, 1000 was a crash and 4000 was ambitious. As of 1/16/2015, the Dow stands at 17,511.57, up about 450% since 1992 so the book's stock market wariness is exaggerated. Also, its advice to buy long-term US treasury bonds is terrible. The present interest rates on those bonds is pathetic: 2.69% on a.30-year.
bond! Read in 2015, Chapter 9, which describes 6% US treasury bonds, reads like a quaint historical document.The other chapters, though they occasionally make redundant arguments, are valuable. In essence, the book advocates extreme thrift in an effort to get off the consumerist treadmill. The goal is to live modestly and be time-rich, rather than to 'live large' and be time-poor.
It makes the compelling case that to always want something better is a recipe for perpetual unhappiness. To quote Lao Tzu, 'He who knows he has enough is rich.' The book is sort of like an early 90s version of Mr. Money Mustache, who actually posted an excellent review of the book:'Your Money or Your Life' proposes a nine-step program:Step 1) Tally up all the money you ever made, look around you and see what you have to show for it.This is sort of dispiriting step because you don't have anything to show for paying the rent!2) Recalculate your salary to show how much 'life energy' is devoted to your job. Track every cent you spend.This is a useful step showing how commuting (time and money), buying work clothes, and eating out add to the cost of working for a living.
It's also helpful in showing where all the money goes!3) Tabulate your findings. Show spending in terms of 'life energy' spent.An illuminating step.4) Did you like what you bought?The book uses the phrase 'gazingus pin' as a term for something you enjoy buying, but don't need.My 'gazingus pins' are Legos and DVDs.
Who knows how many unopened 'cheap' DVDs I've bought! 'Your Money or Your Life' would argue 'DVDs you don't open aren't worth your life energy.
You only have a finite amount of time on the planet.' I read this book in my early 20s ( when I had zero money and zero idea what to do with any if I had it) and it blew my mind.
15 years later I am retreading it and find it just as compelling. Guides you (gently, gingerly) into reevaluating you preconceived notions about money, how much is enough, and whether you really want to work in a conventional job track for 30+ years (hint: if you don't, there are other options!) The basic idea is that every day you go to work you are choosing to trade your I read this book in my early 20s ( when I had zero money and zero idea what to do with any if I had it) and it blew my mind.
15 years later I am retreading it and find it just as compelling. Guides you (gently, gingerly) into reevaluating you preconceived notions about money, how much is enough, and whether you really want to work in a conventional job track for 30+ years (hint: if you don't, there are other options!) The basic idea is that every day you go to work you are choosing to trade your (precious, limited) life energy for money.
So if you are spending it unconsciously on crap you aren't fully enjoying (or a bigger house/car than you really need) then you are effectively trading away hours of your life. If you love your job and you love accumulating stuff, then great. But if you dream of doing other things with your life than staring at your monitor at work, or even if you love your job but would do it differently if money weren't an issue, this book is for you!
Cornily written but the sincerity of the writers and value of the message supersede that 10 times over. This is the first PersonalMBA reading list book I have read. The information that I found most intersting and insightful was:- You have made a lot of money in your life, look around your home, go through your stuff. What do you have to show for it?- The act of earning money is using your life energy, therefore money = life energy. Do you like what you are doing?
Could you be doing something you love and be happier if your finances were in order and you appreciated living in a state of 'enough' This is the first PersonalMBA reading list book I have read. The information that I found most intersting and insightful was:- You have made a lot of money in your life, look around your home, go through your stuff. What do you have to show for it?- The act of earning money is using your life energy, therefore money = life energy.
Do you like what you are doing? Could you be doing something you love and be happier if your finances were in order and you appreciated living in a state of 'enough'?- When you buy something, buy high quality and take care of it to prolong its life. Fix your stuff, do it yourself, learn how to take care of your things so that you don't have to keep rebuying everytime something breaks.- Pay off your debts. Live on less than you make. Save money.- Keep building your savings so that one day, your capital earned on your savings can take the place of your work income. Than decide if you want to keep working or not.- Investing in index funds and treasury bonds.
Index funds focus on tracking the market and not on beating it. Index funds are not managed by expensive managers and tend to have low fees. By saving on fees (as compared to mutual funds) your money can grow faster and you can have more money in the end.
My book had 300 pages. I took a month to read this bc I wanted to absorb the book and think about the lessons. It keeps stating NO BLAME, NO SHAME which I really appreciate.
I used to be a 'I want this, I'll buy it' kind of person. I grew up with immigrant parents working so hard to get all 4 of their children ahead by hard work on their part. Money seemed to be more important than bonding. Not a boohoo story just the truth. I appreciate my parents' hard work and love them but I also grew up wit My book had 300 pages.
I took a month to read this bc I wanted to absorb the book and think about the lessons. It keeps stating NO BLAME, NO SHAME which I really appreciate. I used to be a 'I want this, I'll buy it' kind of person. I grew up with immigrant parents working so hard to get all 4 of their children ahead by hard work on their part. Money seemed to be more important than bonding. Not a boohoo story just the truth.
I appreciate my parents' hard work and love them but I also grew up with their habits and views on money. I have had to reprogram my brain and do different for my kids without depriving us of anything. Just looking at things differently.This book has made me look at advertising and joy differently. I see that my buying things just bc I can I am using my husbands life energy into the equation and ruining the planet at the same time. He will soon be forty and the way he works he has just over 300,000 hours left to live. It just helps put our lives into a different prospective.
We aren't big spenders but we each have our little habits.The book isn't about budgeting. It is about getting satisfaction out of life. A question the authors keep posing is. If you knew you were going to die next year how would you spend that time?I'm keeping this book to read and reread just to keep reminding myself to follow the steps and know I don't need extra clutter to worry about.
I don't want to keep up with the Kardashian's. I want financial freedom and to save money, not be a penny pincher and deny myself things I need. Such an eye opener and lots of facts. Not a get rich quick scheming or invest in this or that kind of book.I would recommend it to people that see money is not happiness.
It is just a means to pay the bills or be in a big amount of debt. Western culture is too materialist and looked down upon if one doesn't have the latest gadget or a mortgage with a car payment you cannot afford. I really appreciated the advice and POV of the 2 authors.
The unexamined life is not worth living for a human being.SocratesThis book is very challenging. In the sense that it is actively challenging the reader to basically change her entire life. It's not the typical finance book that gives tips and tricks, and you can pick among them for those that are easy to work into your life (you know the drill: 'cancel cable? What kind of wastrel pays for cable? Move somewhere cheaper? Let's not get too crazy, I love this neighborhood.'
This book te The unexamined life is not worth living for a human being.SocratesThis book is very challenging. In the sense that it is actively challenging the reader to basically change her entire life. It's not the typical finance book that gives tips and tricks, and you can pick among them for those that are easy to work into your life (you know the drill: 'cancel cable? What kind of wastrel pays for cable?
Move somewhere cheaper? Let's not get too crazy, I love this neighborhood.' This book tells you to track what you're spending, not to find easy things to cut out, but to ask yourself, about every purchase: was this worth what I paid for it, in terms of the life energy. it takes me to earn that amount of money?
Is this purchase aligned with my values? What is the effect of this purchase upon the environment/Earth? And even as I tell myself Of course! This book is phenomenal. It's one of those books where you.have. to do the prescribed exercises to get the maximum benefit out of it. I loved it b/c it addresses the emotional/spiritual aspect of money and work, helps you calculate your true hourly wage (which includes things like commuting time and clothing expenses), and figure out if how you spend your time is in line w/ your values.
It has a spiritual focus but is also immensely practical at the same time, providing you w/ a step-by-step wa This book is phenomenal. It's one of those books where you.have. to do the prescribed exercises to get the maximum benefit out of it. I loved it b/c it addresses the emotional/spiritual aspect of money and work, helps you calculate your true hourly wage (which includes things like commuting time and clothing expenses), and figure out if how you spend your time is in line w/ your values. It has a spiritual focus but is also immensely practical at the same time, providing you w/ a step-by-step way of figuring out where you are and a way to chart your progress.The only caveats were that this book encourages investments in bonds and I don't know that bonds are a good investment, I'd have to do more research on that.
The author also stresses financial independence via interest income (which will free you to pursue your interests instead of working on someone else's agenda). However, I thought owning your own business was also a viable alternative; I don't know that I completely agree w/ his focus on interest income.Overall, the best personal finance book that I've read so far. This is a powerful book. Others probably think the same as I had to wait a year for my hold to come through at the library!
It was absolutely worth the wait.This is not just a book about personal finances. It's a book about life and how to structure yours to match your values. Not in the 'follow your passion' kind of unhelpful advice, but at a much deeper level.
It addresses consumerism, which destroys not just our finances but also the planet and its limited resources. It aims to help you disco This is a powerful book.
Others probably think the same as I had to wait a year for my hold to come through at the library! It was absolutely worth the wait.This is not just a book about personal finances. It's a book about life and how to structure yours to match your values. Not in the 'follow your passion' kind of unhelpful advice, but at a much deeper level. It addresses consumerism, which destroys not just our finances but also the planet and its limited resources.
It aims to help you discover what 'enough' means for.you. no hard rule that applies to everyone but what makes sense for yourself.
Although the exercises are about managing money, all of the questions and advice are connected to life, to the limited amount of hours we have left and helping us figure out how to make them meaningful both personally and in our communities.I read a lot of this book on public transport and many times I found myself arriving at my stop lost in thought, at the same page for the last 20 minutes. Chewing on the questions, absorbing them and letting them shine a light on dusty corners of my soul; maybe reflecting on the origins of a belief I didn't even know I held, or remembering forgotten feelings and dreams. Much of the content is challenging in the best way possible, and makes you question expectations, beliefs, and other knowledge you may have taken for granted. You may not change your thinking each time, but the thought process will likely bring more clarity to your own answers and values.The authors recommend reading the book in one go, then starting again at the beginning and doing the exercises this time. Next I plan to get my own copy and slowly work my way through each step.
I can't wait to find out where this leads me. Note: This is not the most recent edition of the book.
I read the 2008 edition, which I couldn't find when I searched GoodReads.For those who are struggling to save or just get a better understanding of how to handle money, YOUR MONEY OR YOUR LIFE may seem like more than you need to know.The book was actually written with debt-saddled people in mind-seriously debt-saddled, that is. The nine-step program within it (developed by the late Joe Dominguez) provides what I would describe as a holistic Note: This is not the most recent edition of the book. I read the 2008 edition, which I couldn't find when I searched GoodReads.For those who are struggling to save or just get a better understanding of how to handle money, YOUR MONEY OR YOUR LIFE may seem like more than you need to know.The book was actually written with debt-saddled people in mind-seriously debt-saddled, that is. The nine-step program within it (developed by the late Joe Dominguez) provides what I would describe as a holistic approach to financial planning.Dominguez and Vicki Robin co-authored this book (which has just been updated with an assist from Monique Tilford) based on the program originally offered in seminars.
Without going through all the nine steps (three fewer than twelve!), I think the message essentially boils down to this: your money has value, but it represents more than the value placed on it by the marketplace. When you consider what you make at your job, then subtract out how much it costs to do your job (your commute, dry cleaning, lunch, etc.), you may end up with net pay of much less than your official salary. Then add in the fact that you're not only expending money to keep a job, you're also expending time.
Your Money Or Your Life Pdf Download
Therefore, the money you're making not only represents a net value of earnings minus job-related costs-it also represents the life you've sacrificed to maintain that job.Once you understand that money actually represents time in your life, you can start to view spending differently. You find yourself asking, 'Is this sweater (or car or vacation) really worth the two hours (or four hours or forty hours) it's costing my life?' There's also the concept of having enough-just enough so your needs and wants are met, but not too much. A Goldilocks view of acquisition. Because, as the book points out, simply buying things won't make us happy. Going into debt to buy things you don't need will make you less happy still. I love the term the authors use to describe people who work non-stop to support excessive lifestyles.
Instead of 'making a living,' they call it 'making a dying.' Finally, the authors tell you that their program will not only get you out of debt and keep you there, but will help you build savings and, ultimately, lead you to financial independence or FI (the state of having enough money so it will work for you, so you won't have to work for it). Like I said, this book was based on seminars offered for people in debt, but I think it's useful for anyone who's trying to use and invest their money wisely. Sometimes the writing feels a tad repetitive. At least one discussion related to long-term care struck me as a bit simplistic. But mostly the ideas made sense to me.The book has a boatload of success stories.
Each person who's completed the program has different values, different risk tolerances, and so each has chosen a slightly different path toward becoming FI. They illustrate how the program can work for different people in different ways.And how do you know when you've got enough? How do you determine what your money is really worth in terms of your life?
And just how do you become FI? Three words: read the book. This book holds so much good advice, it's really a shame that it's written in such a silly fashion. The authors try to be funny and make jokes, but they're just not funny and pull you out of the text.
When they start talking about gazingus pins and stuff, I was wondering if there actually was such a thing whenever this book was written, before I realized they were just being funny. Maybe in the seminars this book is based on, they were, but on the page, it's really lame.
Also, they try to convin This book holds so much good advice, it's really a shame that it's written in such a silly fashion. The authors try to be funny and make jokes, but they're just not funny and pull you out of the text.
When they start talking about gazingus pins and stuff, I was wondering if there actually was such a thing whenever this book was written, before I realized they were just being funny. Maybe in the seminars this book is based on, they were, but on the page, it's really lame. Also, they try to convince you that surfers will be using the word 'frugal' to describe good waves, i.e.
'That wave was totally frugal!' They say it'll be the hip word of the 90s. Yeah, obviously didn't happen.Having said all that, the advice contained within is fantastic.
At first I was unsure what good some of the exercises would be - do I really need to know how much money I've made in my whole life to know that I'm broke now? Do I need to discover my true hourly wage to figure out that I'm underpaid? However, I did the exercises, and at each successive one a little more of how out of whack my life was made sense. I started keeping track of every dollar I spent, and I'm still doing it. By the time it came to aligning your life with your values, I took action. I didn't even read the last chapters on making money from your investments, because thy didn't really apply yet.My final thought is that, although this book is written in a silly tone, by the time I finished reading it, I had quit my job and gotten a new one that excited me a lot more, had knocked a good chunk off my debt, and had proposed to my girlfriend.
If you're feeling a little lost and think money or work is a big cause of malaise, give this book a shot. I decided not to buy anything in 2018 and it was great (though I fell off the wagon in November because I went to NYC and I was really cold so I had to buy a jacket and shoes.and a necklace). Anyway, I didn't do it to save money, but because I had too many things. I read this book on a friend's recommendation-not because I need to save money, but because I wanted to learn something.
My point is that even if your goal isn't to save more money, this book is really useful. It's useful because i I decided not to buy anything in 2018 and it was great (though I fell off the wagon in November because I went to NYC and I was really cold so I had to buy a jacket and shoes.and a necklace). Anyway, I didn't do it to save money, but because I had too many things. I read this book on a friend's recommendation-not because I need to save money, but because I wanted to learn something.
My point is that even if your goal isn't to save more money, this book is really useful. It's useful because it forces you to think about your money. I admit that I did not do all the exercises in the book, but I did finish it and it made me think differently about my money (and my life!). I feel very lucky and blessed that I love my job so I don't feel like I work just to make money, but I certainly do need to think a lot more about investment and spending. This book is a must-read for everybody. Reading dates: January 1 - March 5, 2009So I didn't actually follow the book club thing, and in fact I haven't visited their forums yet.This book was alright. There was some good advice about reducing expenses, redefining your definition of 'needs,' and the principle of generating enough interest income to cover your expenses.
But the tone was so cheesy, the examples seemed incredibly out of date, and the exercises seem overly complicated for the purpose.reading dates: January 1 - March 5, 2009So I didn't actually follow the book club thing, and in fact I haven't visited their forums yet.This book was alright. There was some good advice about reducing expenses, redefining your definition of 'needs,' and the principle of generating enough interest income to cover your expenses. But the tone was so cheesy, the examples seemed incredibly out of date, and the exercises seem overly complicated for the purpose. I would think most people who need help managing their money would get frustrated at the amount of time and detail needed to record every cent they make or spend ('even the quarter you find in the vending machine!' ) and give up before getting to the helpful parts.I almost threw the book away in frustration when the author tried to argue that inflation doesn't exist. And I cringed at some of the 'feel-good' examples of people who followed the program and now spend their days helping the homeless and treating AIDS in Africa.I guess though, all these books would cease to exist if they only wrote the helpful parts. They'd consist of the following paragraph.'
Stop spending unless you absolutely HAVE to. Save everything you don't spend. Once you've paid off your debt, set aside an emergency fund. Once you can cover yourself in an emergency, invest. If you're young, you can take on risk when you invest, but as you get older, switch to less-risky investments. Oh, and a job with a high salary may not be a good deal if you're working 80 hours a week (the equivalent of two full time jobs) to get it.'
Despite the silly title and the very outdated information about investing in government bonds (which may have been corrected in later editions - I read this book several years ago), this would be my top recommendation to anyone looking for a good personal finance book.You don't have to use everything in the book or agree with all of the authors' points to get something out of this book. One of the more useful exercises is the calculation of your net worth, which includes inventorying everything Despite the silly title and the very outdated information about investing in government bonds (which may have been corrected in later editions - I read this book several years ago), this would be my top recommendation to anyone looking for a good personal finance book.You don't have to use everything in the book or agree with all of the authors' points to get something out of this book. One of the more useful exercises is the calculation of your net worth, which includes inventorying everything you own (this has the added benefit of uncovering items that you want to sell or donate). Best, though, is the process outlined in the book of tabulating and analyzing all of your expenses.
You keep track of every cent you spend by keeping a piece of paper in your wallet, tally it up at the end of the month, and then take a look at what you spent for surprises, areas to change, etc.This is not a 'get rich quick' book, which would be appealing to anyone who is turned off by those sorts of titles and/or has another reason for wanting to get more organized with their finances other than wanting money for expensive consumer goods. The book has its fair share of inspirational talk, and many people will likely find at least some of the book's projects to be painful in what they reveal, but the overall usefulness of the book outweighs the aspects that may be difficult or unappealing to some. I'm going to be the first one against the wall when the 'frugal living' revolution comes.(This is your Depression-era grandparents' personal finance book.
A really radical, anti-consumerist, deeply challenging book. I agree with everything in it, except that I'm also incredibly resistant to everything in it. Reading this was like an exercise in seeing how resistant Inder can become - at times, I felt so threatened, I wanted to physically put it aside. Still, it's good to know it's out there. As I'm going to be the first one against the wall when the 'frugal living' revolution comes.(This is your Depression-era grandparents' personal finance book. A really radical, anti-consumerist, deeply challenging book.
I agree with everything in it, except that I'm also incredibly resistant to everything in it. Reading this was like an exercise in seeing how resistant Inder can become - at times, I felt so threatened, I wanted to physically put it aside.
Still, it's good to know it's out there. As I told Linda, 'It's good to know that this book exists, in case I ever decide to develop a functional, healthy relationship with money.' But right now, I'd rather go bungee-cord jumping off an Indiana Jones-style rope bridge (but well-atired, to be sure). So I've now read it - or skimmed it as fast as I could, anyway - but it may be a while before I can really implement these ideas. I'm still happily drowning in De-Nial.
What Happyreader said. This was interesting, if a little new-agey at times. (It originally came out in the '70s, I believe, and was updated in the mid-90s.) Basically it's a nine-step plan to early retirement, based on determining your optimal comfort level in life, and what sort of income is required to sustain that. I don't currently have any plans to follow the entire program, but I did think that the sections where they talked about determining the real value of something you buy - both in terms of how many hours This was interesting, if a little new-agey at times. (It originally came out in the '70s, I believe, and was updated in the mid-90s.) Basically it's a nine-step plan to early retirement, based on determining your optimal comfort level in life, and what sort of income is required to sustain that.
I don't currently have any plans to follow the entire program, but I did think that the sections where they talked about determining the real value of something you buy - both in terms of how many hours you had to work to afford it, as well as in terms of how much enjoyment you'll get out of it. There's also an interesting visual method for charting income and expenses that I might adopt. We'll see.Overall, some good ideas. Be careful, that book can and most probably will plant a seed of the idea of the Financial Independence and early retirement so you won't be able to live your normal life again:) Or at least to find out that theres another way of living your life without having to work for money until you die.It offers you to go through 9 steps to achieve the FI, though as Vikki said herself she believes only steps 2,3 and 4 are crucial. Though I'd recommend reading it start to finish you can take short cut, r Be careful, that book can and most probably will plant a seed of the idea of the Financial Independence and early retirement so you won't be able to live your normal life again:) Or at least to find out that theres another way of living your life without having to work for money until you die.It offers you to go through 9 steps to achieve the FI, though as Vikki said herself she believes only steps 2,3 and 4 are crucial. Though I'd recommend reading it start to finish you can take short cut, read the epilogue first with all the steps and then read specific chapters to clarify steps you've found confusing.
This book is good. At first glance, you think that it's just a book about money. It's much, much more, though. It's about money, but it's also about digging deep and figuring out what it is you want for your life - what your purposes are, and how your use of money aligns (or doesn't) with those purposes. If we say that we value a set of high and worthy ideas, but our spending shows that we value fast food and cable TV, what does that mean?
And how do we get to a place where we're better al Wow. This book is good.
At first glance, you think that it's just a book about money. It's much, much more, though. It's about money, but it's also about digging deep and figuring out what it is you want for your life - what your purposes are, and how your use of money aligns (or doesn't) with those purposes. If we say that we value a set of high and worthy ideas, but our spending shows that we value fast food and cable TV, what does that mean? And how do we get to a place where we're better aligned? How do we get out of this ridiculous rat race, of 'making a dying,' and get somewhere much, much better?Combine all of these questions with a concrete program for tracking your money and making sure it's working for you - and you've got the type of book that you end up reading over and over again, because it works.
Yes, it's another money book, another self-help book, but you know what? Sometimes these books sell thousands and thousands of volumes because they really do help. And this is one of them. An incredible book and roadmap for people looking to improve their financial control and their ability to enjoy their lives.
Vicki Robin deconstructs many contemporary myths and habits of the typical American consumer (including 'more is better,' etc.), helps us gain emotional stability over our financial lives, and shows us how to align our relationship with money to achieve our dreams. Most people have little to no understanding behind how or why they spend money, where it is going, why they a An incredible book and roadmap for people looking to improve their financial control and their ability to enjoy their lives. Vicki Robin deconstructs many contemporary myths and habits of the typical American consumer (including 'more is better,' etc.), helps us gain emotional stability over our financial lives, and shows us how to align our relationship with money to achieve our dreams. Most people have little to no understanding behind how or why they spend money, where it is going, why they are always rushing and frantic to make 'the next payment,' and what they can do to get out of the 'paycheck to paycheck' grind and relax. She lays bare the reality of paid employment and urges the reader to reevaluate how he is spending his 'life energy' (time/money).Following the steps in the book allows one to: discover the reality about their relationship with money, get out of debt, achieve financial integrity (matching your spending to your life goals), and finally achieve financial independence - the state of never having to work for money again.
For anyone wanting their lives back from endless consumption and the 9-5 schedule, this book literally gives you the blueprint to retire early and spend the rest of your life on your terms. Honestly, I'm surprised that this book is included in so many reading lists throughout the financial independence community. First, a caveat: the book was published in the early 90's, so some of its advice and information is dated by default. Even so, I have a hard time giving the authors a pass on some of the recommendations they made in this book. The most glaring example is their one-ingredient recipe for attaining financial independence: US Treasury Bonds. Yep, according to Robin and Domingu Honestly, I'm surprised that this book is included in so many reading lists throughout the financial independence community. First, a caveat: the book was published in the early 90's, so some of its advice and information is dated by default.
Even so, I have a hard time giving the authors a pass on some of the recommendations they made in this book. The most glaring example is their one-ingredient recipe for attaining financial independence: US Treasury Bonds. Yep, according to Robin and Dominguez, achieving FI is as simple as tracking your monthly expenses, spending less than you earn, and pouring all of your money into US Treasury Bonds. No mention of low cost index funds, no mention of rental properties, and no mention of common financial pitfalls that countless people experience (home ownership, unaffordable healthcare costs, career frustrations, etc).Most egregiously of all, this book utterly fails to account for or acknowledge the fact that their advice is applicable to only a tiny fraction of the general US population. In what reality would a caterer with two children be able to achieve financial independence in their mid 40s earning $25,000 a year? Robin and Dominguez appear to think so, as they cite an 'example' of just such a person achieving FI following their advice. To say that I'm skeptical of this and most of their 'testimonials' would be an understatement.If you are looking for actually useful advice on how to achieve FI, you would do much better to look elsewhere.
Like a lot of things lately, this book was a 'take what you can use and leave the rest' sort of thing. I liked out of the box type of thinking regarding jobs, because, as a boring adult less willing than she once was to take risks, I sometimes have a tendency to lock myself into only traditional options. So, the view the book gives into a world where you don't hate your job is a pretty nice one, and it offers encouragement to take risks to feel more satisfied by your work and subsequently the wa Like a lot of things lately, this book was a 'take what you can use and leave the rest' sort of thing. I liked out of the box type of thinking regarding jobs, because, as a boring adult less willing than she once was to take risks, I sometimes have a tendency to lock myself into only traditional options.
So, the view the book gives into a world where you don't hate your job is a pretty nice one, and it offers encouragement to take risks to feel more satisfied by your work and subsequently the way you are spending your life-hours.Another thing I took from the book is the idea of working with a purpose - not just working to fill the minutes of the day or because it's 'what you do' or even to mindlessly collect money for no other reason than to pay bills and buy stupid shit. Which I liked to be reminded of.The program the book recommends for achieving 'financial independence' is interesting, though outdated. The method relies on investing in things like bonds and CDs, which at the time this version was published (2006?), had interest rates of 4%.
Those days are looong gone.But overall, there were techniques that seem useful, and I'm interested to try a couple to see what can happen from here. One of the missions of the book is to get you to think about/differently your relationship with money, which I think is where it succeeds. (Money is a really weird thing to think about.) I can see myself revisiting this book from time to time. The book was okay, but I've given it a middle of the road rating because I found it excessively wordy. I'll be honest-I skimmed or skipped a good chunk in the middle. None of the concepts in the book are new or revolutionary. This is especially true if you've taken an economics or personal money management class of any sort.
I would distill the contents of this book to two points: (1) track all of your money (e.g. Quicken or Excel), and (2) understand your cash flow and make sure that your sp The book was okay, but I've given it a middle of the road rating because I found it excessively wordy.
I'll be honest-I skimmed or skipped a good chunk in the middle. None of the concepts in the book are new or revolutionary. This is especially true if you've taken an economics or personal money management class of any sort.
I would distill the contents of this book to two points: (1) track all of your money (e.g. Quicken or Excel), and (2) understand your cash flow and make sure that your spending aligns with your life goals.
The rest of the book fills in details and examples of achieving a state of nirvana in your relationship with money.I would hope that everyone who completed college came away with knowledge close to par with what this book offers, but I may be an optimist. While I don't think highly of the book personally given my background and experiences, it is not a bad book and the information contained therein is applicable to the novice who quite possibly never tracked their personal finances before or put a currency value on their time. It's simply old hat to me, although I did find a few useful ideas that I plan to think about more concretely and perhaps absorb into my own system.
Vicki Robin has lectured widely and appeared on hundreds of radio and television shows, including 'The Oprah Winfrey Show,' 'Good Morning America' and National Public Radio's 'Weekend Edition' and 'Morning Edition.' She has also been featured in People Magazine, The Wall Street Journal, Woman's Day, Newsweek, Utne Magazine and the New York Times. Vicki has helped launch many sustainability initiat Vicki Robin has lectured widely and appeared on hundreds of radio and television shows, including 'The Oprah Winfrey Show,' 'Good Morning America' and National Public Radio's 'Weekend Edition' and 'Morning Edition.' She has also been featured in People Magazine, The Wall Street Journal, Woman's Day, Newsweek, Utne Magazine and the New York Times. Vicki has helped launch many sustainability initiatives including: The New Road Map Foundation, The Simplicity Forum, The Turning Tide Coalition, Sustainable Seattle, The Center for a New American Dream, Transition Whidbey and more. In the 1990s she served on the President's Council on Sustainable Development's Task Force on Population and Consumption. Born in Oklahoma in 1945, Vicki grew up on Long Island and graduated cum laude from Brown University in 1967.