For Many of us ,money is surrounded with the energy of lack and limit. We can’t have this or that, because we don’t have enough money and we blame the lack of money for our own unhappiness or inadequacy.
At this point my question to you is what is your relationship with money?Is it good or bad?I will let you answer that for yourself.
Do you want to improve your relationship with money ?Then the book”Your Money Or Your Life” will help you with that.
In this review, i will take you through what the book is ,what it talks about,its cost and finally my thoughts about the book.
I will try all my best to give you every single detail about this book and if by any chance i do not tackle one of the things you really wanted,you can as well ask in the comments area and i will be happy to help you out .
Lets then,get started on this book’s review:
Name : Your Money or Your Life
Genre: Self-help book
Publisher: Penguin Books
Publication Date : December 10, 2008
Book length: 368
What It Is
This is a book that helps you , take back your life by changing your relationship with money.
Hundreds of thousands of people have followed this nine-step program, learning to live more deliberately and meaningfully with Vicki Robin’s guidance.
Whether you’re just beginning your financial life or heading towards retirement, this book will show you how to really have a good relationship with money.
Vicki Robin is a renowned innovator, writer, and speaker. In addition to coauthoring the bestselling Your Money or Your Life , Robin has been at the forefront of the sustainable living movement.
She has received awards from Co-Op America and Sustainable Northwest and was profiled in Utne Magazine ‘s book Visionaries: People and Ideas to Change Your Life . She lives on Whidbey Island in Washington.
Born: 6 July 1945 (age 72 years), Oklahoma, United States
Movies: Escape from Affluenza
Education: Pembroke College in Brown University,Manhasset Secondary School
The late Joe Dominguez was born in Spanish Harlem, and worked for ten years on Wall Street as a financial analyst.
He retired at age 30 in 1969, and spent the rest of his life teaching people how to achieve financial independence by changing the way they think about – and spend – their money.
Today this revered figure in the conscious living movement is admired for the example he set, and his years of effort on behalf of the environment, social justice, and other worthy causes. Here, Joe Dominguez tells about how he went from Wall Street analyst to conscious living hero – through his legendary seminar on Transforming Your Relationship with Money.
He was also the author, with Vicki Robin, of the national bestseller Your Money or Your Life.
Mr. Money Mustache is the website and
pseudonym of 44-year-old, Canadian-born
blogger Peter Adeney.
Adeney retired from his job as a software engineer in 2005 at age 30 by spending only a small percentage of his annual salary and consistently investing the remainder, primarily in stock market index funds .
Adeney lives in Longmont, Colorado , and contends that most middle-class individuals can and should spend less money and own fewer physical possessions, and that they can live with increased financial freedom and happiness as well as a decreased environmental footprint as a result.
He has described the typical middle-class lifestyle as “an exploding volcano of wastefulness,” particularly citing the overuse of and overspending on new cars as an example.
The blog has been featured and cited in various media outlets including Market Watch , CBS News ,and The New Yorker , as well as others.
All this three authors have a rich background in the financial world so you can trust them to give you great advice when it comes to build a good relationship with money.
What The Book Talks About
This book will show you how to:
• Get out of debt and develop savings
• Save money through mindfulness and good habits, rather than strict budgeting
• Declutter your life and live well for less
• Invest your savings and begin creating wealth
• Save the planet while saving money
• …and so much more!
Your Money or Your Life is full of examples, stories and experiences of many people who have followed their nine-step program in their journey to financial independence.
The purpose of Your Money or Your Life is to transform your relationship with money. That relationship encompasses more than just your earning, spending, debts and savings; it also includes the time these functions take in your life.
In addition, your relationship with money is reflected in the sense of satisfaction and fulfillment that you can get from your connection to your family, your community and the planet.
The Nine Steps Include:
Step 1: Making Peace With The Past
The purpose of this exercise is to increase your awareness. It serves to locate you in time and space and review your earning and spending activity in the past.
Step 2: Being In The Present — Tracking Your Life Energy
What is one consistently true statement we can make about money that will allow us to be clear, masterful and powerful in our relationship with it?
Money is something we choose to trade our life energy for.
Our life energy is our allotment of time here on earth, the hours of precious life available to us. When we go to our jobs we are trading our life energy for money.
You could even say that money equals our life energy. So, while money has no intrinsic reality, our life energy does — at least to us. It’s tangible, and it’s finite. It is precious because it is limited and irretrievable and because our choices about how we use it express the meaning and purpose of our time here on earth.
Money is something you consider valuable enough to spend easily a quarter of your allotted time here on earth getting, spending, worrying about, fantasising about or in some other way reacting to.
Step 3: Where Is It All Going? (The Monthly Tabulation)
Don’t worry. Relax. This program is not about budgeting. Budgets, like diets, don’t work. They don’t work because they deal with the symptoms and not the cause. The cause of fat is not really the calories in the food, its the desires in our mind.
Every month create a table of all income and all expenses within categories generated by your own unique spending pattern.
Balance your monthly income and outgo totals.
Convert ‘dollars’ spent in each category to ‘hours of life energy,’ using your real hourly wage as computed in step 2.
Step 4: Three Questions That Will Transform Your Life
On your monthly tabulation, ask three questions of each of your category totals expressed as hours of life energy and record your responses:
Did I receive fulfillment, satisfaction and value in proportion to life energy spent?
Is this expenditure of life energy in alignment with my values and life purpose?
How might this expenditure change if I didn’t have to work for a living.
Step 5: Making Life Energy Visible
Create a large Wall Chart plotting your total monthly income and total monthly expenses from your monthly tabulation. Put it where you will see it every day.
Step 6: Valuing Your Life Energy — Minimizing Spending
Learn and practice intelligent use of your life energy (money) which will result in lowering your expenses and increasing your savings. This will create greater fulfillment, integrity and alignment in your life.
Step 7: Valuing Your Life Energy — Maximizing Income
Respect the life energy you are putting into your job. Money is simply something you trade your life energy for. Trade it with purpose and integrity for increased earnings.
How well are you using your energy both on and off the job? Is your job ‘consuming’ (using up, destroying, wasting) your life? Do you love your life, using each hour — on and off the job — with care?
Our fulfillment as human beings lies not in our jobs but in the whole picture of our lives — in our inner sense of what life is about, our connectedness with others, and our yearning for meaning and purpose.
You may love your paid employment or you may hate it; it doesn’t matter. But you don’t want to recognize that the purpose of your paid employment is getting paid and your real ‘work’ may be far bigger than this one job.
There is nothing in your life that is more valuable than your time.
Step 8: Capital And The Crossover Point
By doing steps 1 through 7, you will move towards FI. With Step 8 the possibility of Financial Independence opens up. Step 8 shows you how you can perhaps leave paid employment a lot sooner that you would have ever thought possible.
What you should begin to see in your wall chart is a growing gap between income and expenses — that is, savings. Before FI thinking takes over, a ‘normal’ person might regard those savings as earmarked for a splurge. But FI thinking sees those savings in a different light. FI thinking calls that gap ‘capital’.
Capital is money that makes more money. It keeps working for you and produces an income as surely as your job produces income. When you put capital in a bank or other interest-bearing instrument it is an investment. An investment is the conversion of capital into some form of wealth other than cash with the expectation of deriving income.
Step 9 is about empowering yourself to make wise financial choices, and your first lesson involves educating yourself so as not to fall prey to unscrupulous brokers, financial planners and sales people who want to put you in all manner of investment vehicles that pay handsome commissions.
Whether we are defining ‘financial independence’ as being out of debt, with enough savings to withstand economic downturns, or as a full-fledged ‘early retirement’ that makes it possible to devote yourself full-time to whatever is most meaningful to you, the following criteria developed by Joe Dominguez apply to whatever you do with your capita (though each person will weight each criteria differently)l:
Your capital must produce income.
Your capital must be absolutely safe.
Your capital must be in totally liquid investment. you must be able to convert it into cash at a moment’s notice, to handles emergencies.
Your capital must not be diminished at the time of investment by unnecessary commissions, or other expenses.
Your income must be absolutely safe.
Your income must not fluctuate. You must know exactly what your income will be next month, next year and 20 years from now.
Your income must be payable to you, in cash, at regular intervals.
Your income must not be diminished by charges, management fees or redemption fees.
The investment must produce this regular, fixed known income without any further involvement or expense on your part.
Best Place to Buy The Book
The best place I recommend you buy the book is on Amazon. The price there is fair and according to my research, it is the most trusted online store at the moment. It will also be very convenient for you to buy there if you were planning to do more online shopping today.
Buy the book from amazon here
I think that this is the perfect finance book for someone who is now starting out and really for anyone that is trying to get a different perspective on money and how they handle it.
Yes the book has its own share of flaws but its worth the read.
Feel free to leave in your comments as well
as your questions.
I hope you found this review useful to you.