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Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018 Paperback – December 10, 2008
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"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
"Vicki Robin wrote the book on retiring happy. Now a whole new generation is taking her advice. [She is] the millenial money whisperer." -Money Magazine
"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
"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
"If you want to invest in your financial future and (more importantly) your long-term happiness, I can’t think of a better investment than Your Money or Your Life.” —Brandon Ganch, "Mad Fientist"
“Vicki Robin’s Your Money or Your Life offers readers the gift of meaningful, applicable advice so that they can achieve true financial independence on their terms. It is deservedly one of the most acclaimed and referenced financial advice books of our time and will undoubtedly continue that legacy for generations.” — Farnoosh Torabi, bestselling financial author and host of the award-winning podcast So 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"
About the Author
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.
Peter Adeney, better known as Mr. Money Mustache, is an influential financial blogger who retired financially independent shortly after turning thirty, and now writes about how to live a frugal life of leisure.
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The thing that drives me nuts is the book says that it took 25 years for the stock market to recover from the Great Depression. This is a lie, when you account for dividends and deflation it took 4.5 years to recover if you put a lump sum in at the absolute peak.
If you’re going to try and scare people at least be honest. Also if you’re going to pretend that 100% treasuries was a great idea in the 80s at least mention that a 60/40 stock bond blend would have blown it out of the water.
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.
I get it there is always so much else to say. However the original book was so good for those looking for good , profound,advice, Now.
An individual looking for help is not always in the best place to wade through pages thick with non stop sentences.
The original was slim and so helpful. This is not a book an 18 to 20 year old..even older would read.
I can only say to VickiRobin "The road to hell is paved with good intention"
Top international reviews
So an item valued £100, is worth a lot more to someone who earns £50 a week than it is for someone who earns £1000 A week.
This, in theory, should help us make better decision regarding how we spend our hard earned cash.
Changing your mindset in this way could help stop you spending mindlessly on things that aren't really essential or even really wanted. Good advice!
The book is probably longer than it needs to be. I'll probably read it a second time to recap some of the useful tips/advice.
I recommend that everyone starts to think in this way when it comes to their finances!
- prompts you to think deeply about your core values and understand what is truly important to you.
- points you in the direction of taking action according to those values - only spending on what brings you genuine joy and what you actually need to live
- there are many other, better books regarding specific investment strategies. However this is an excellent grounding in understand yourself and then applying that understanding to your financial life decisions
It will change your way of thinking about how you spend your money! This is the best book about personal finnance i have been reading “honestly”
I can’t recommend this book enough.
•And you will be thinking different about money!
This isn't a book about investing or getting a lot of money quickly so much as it is about our relationship with money and how our unconscious financial decisions impact our life satisfaction.
Almost everyone can find something useful in this book.