- 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: 4.2 out of 5 stars See all reviews (295 customer reviews)
- Amazon Best Sellers Rank: #619 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
"This is a wonderful book. It can really change your life." -Oprah
"The seminal guide to the new morality of personal money management." -Los Angeles Times
"Now as never before, it's time to stop trying to 'get ahead' in a race that both fixed and futile, and figure out how to organize your life so that it can be your life. Your one precious life, lived for yourself and for your community and for your planet. Your Money or Your Life shows you how to make the shift." -Bill McKibben
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
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.
The highlights for me are as follows
- understanding that money is just something you traded your life energy for
- understanding what your emotional relationship to money really is rather than simply what money is in the economy
- understanding that more money and possessions doesn't necessarily equal more fulfillment
- the main downside is the complexity of the overall program. I'm torn about this because I completely agree with most of the principles and methods, but the complexity of actually executing the steps consistently might be a deal killer for many people. I would recommend starting with budgeting and really getting a handle on the inflows and outflows of money in your life and then working out from there to start looking at what's really fulfilling and how you can make adjustments to bring your exchange of life energy more in line wi what's most fulfilling.