- Paperback: 384 pages
- Publisher: Penguin Books; Revised edition (December 10, 2008)
- Language: English
- ISBN-10: 0143115766
- ISBN-13: 978-0143115762
- Product Dimensions: 5.1 x 0.7 x 7.7 inches
- Shipping Weight: 9.9 ounces (View shipping rates and policies)
- Average Customer Review: 4.3 out of 5 stars See all reviews (287 customer reviews)
- Amazon Best Sellers Rank: #1,684 in Books (See Top 100 in Books)
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Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century Paperback – December 10, 2008
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Recommended by Millennial Money, The Simple Dollar, Mr. Money Moustache, and other top financial bloggers
"The best book on money period." -Grant, Millenial Money"
"[Your Money or Your Life] changed my life...I started believing that my life controlled my money. I began to see my life without the weight of debt and the need to chase a paycheck because I actually understood the path to get there." -Trent Hamm, The Simple Dollar
"Your Money or Your Life is a wise book...I am thankful to Joe Dominguez and Vicki Robin for getting so much of this started, as are countless thousands of other people who are now more free than they could have otherwise been." -Mr. Money Moustache
"In this time of crashing markets, soaring prices, tent cities, and melting ice caps, no book is more useful to readers and to the planet than Your Money or Your Life." -Mary Pipher, author of The Shelter of Each Other and Seeking Peace
About the Author
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 is also the author of Blessing the Hands That Feed Us: What Eating Closer to Home Can Teach Us About Food, Community and Our Place on Earth. She lives on Whidbey Island in Washington.
Joe Dominguez (1938-1997) was a successful financial analyst on Wall Street before retiring at the age of thirty-one by following the nine-step program he formulated for himself. He taught this formula for many years, and preserved it for future generations in Your Money or Your Life. From 1969 on, he was a full-time volunteer and donated all proceeds from his teaching to transformational projects.
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Top Customer Reviews
(1) Making Peace with the Past;
(2) Being in the present - Tracking Your Life Energy;
(3) Where Is It All Going? (The Monthly Tabulation);
(4) Three Questions That Will Transform Your Life;
(5) Making Life Energy Visible;
(6) Valuing Your Life Energy - Minimizing Spending;
(7) Valuing Your Life Energy - Maximixing Income;
(8) Capital and the Crossover Point;
(9) Managing Your Finances.
You really gotta do the steps! Sure the steps take times and discipline to implement, but once I started, I got a lot out of it. Some of the shifts that I experienced:
1. A way of thinking that "money is simply something you trade life energy for".
Because I really want to know how much I trade my life energy for doing my job, I become very discipline in tracking my spending and created many new categories in my Quicken to be able to answer the the 3 Questions in step 4.
2. The attitude of "no shame no blame" when evaluating what one had done with one's finance. The book mentioned many times this mantra that helped whenever I felt bad about my previous decision, I would tell myself "no shame no blame" and no regret (my own addition).
3. The hope of being financial independence. The step of charting and making life energy visible were very helpful. I am looking forward to the time when my monthly investment income crosses over with my monthly spending. The book gave examples of people who successfully crossed over this point which are very motivating. It is also realistic in saying that we may have set back because there is nothing guaranteed with investment, but if we are conditioned to have control over our spending and income, we would be more confident in handling the setback.
This book is not an investment technique book, so if you are looking at a more technical way of managing your finance such as Asset Allocation by Gibson, you will not get it. This is also not like Needleman's book (Money and the Meaning of Life) that is philosophical. This book I would classify it as a hybrid between the psychology of money and the pragmatic ways of managing money so that you can reach financial independence. For me, the shift in thinking that I got from reading this book, made this book very very worth it.
First 80 pages of the book are worthless and torture mostly focusing on the consumerism/doomed/horrible smog-infested society we live in, last two chapters most useful and can be read in a bookstore.
I did not like many examples given; it seemed to focus on divorce excessively with ~ 80% of case report examples of "FI-ers" being divorced which I found rather odd and unnecessary to mention.
Take home points of this book: Spend less than you earn, save, document every penny you spend, become a minimalist and only purchase things you need, the less you need the more fulfilled you will be, the less you will work, etc.
Things to consider:
1) The "FIer" lifestyle is not for everyone- I equate an "FIer" to the tiny home movement in principle.
2) Book recommends that bonds should be the mainstay and the only thing in your portfolio. I strongly would discourage this. "Safe" bonds which I pretty much consider anything that that is not a junk bond or preferred stock bond, are not hitting the high yields that Joe Dominguez saw in his day and on many years aren't comparing to rises in inflation. While you can never predict the stock market, when looking at time tables- it always goes up. Traditionally, stock markets rise while bond yields go down some and visa versa. The best way for security and safety is proper allocation to each of these modalities: bonds (treasury bonds are great as mentioned in the book because you aren't charged state taxes, however, what the book fails to remind you of is that federal taxes are still fair game) and diversified stock portfolio most safely done by investing in mutual index funds with low fees (e.g. Vanguard). The older you are, for safety, the more bonds you should have in case the stock market plummets during your retirement years. For conservatives a 60% mutual funds and 40% bonds is recommended. For a retirement person, 20% stocks and 80% bonds should be considered. When you have all your eggs in one basket, you lose that safety net.
3) Other things I disagree with in this book- everyone should have health insurance, you should not forgo this to "save" money; sure buy the less comprehensive plan if you are healthy and pay less and have a higher deductible but you are gambling when you forgo it all together.
4) They also suggest in this book "rolling-over" your 401k and 403b accounts to bonds; however, these are pre-taxed dollars and you will likely get slammed- most retirement plans now give options to the "risk" or rather stock/bond ratio you desire. I would more likely suggest rolling money to Roth IRAs (post-tax and therefore tax free with capital gains) or just leave your nest egg to compound growth where they are at.
Now I am ranting. Cheers.
Most Recent Customer Reviews
Highly recommend the first 2 chapters