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Your Money or Your Life
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.
400 pages, Paperback
First published September 1, 1992
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Displaying 1 - 30 of 2,241 reviews
July 16, 2007
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, 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!
April 10, 2008
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.
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.
April 18, 2007
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.
March 22, 2017
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: http://www.mrmoneymustache.com/2012/1...
"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."
5) Make a large line graph with your findings so you can't deny your income and your expenses.
6) Value your life energy, minimize spending!
As Elizabeth Warren observed in "The Two-Income Trap," this is easier said than done.
7) Value your life energy, maximize income!
I suspect this step is easier said than done as well!
8) This step covers "Capital and the crossover point": when does your money start earning more than your job?
9) What to do with your money - outdated advice about how great US treasury bonds are.
To a certain extent, I enjoy savings more than spending so "Your Money or Your Life" is preaching to the converted for me. I think cost-tracking is essential when it comes to saving money and that Target and the mall are about the worst places on earth to pass time.
However, kids throw a thought-provoking monkey wrench into "Your Money or Your Life's" strategies. When you talk about extreme thrift, surely you can put art classes, play, basketball, Little League, mini-soccer, ice skating, and skiing on the chopping block. However, you only live once. In that life, how do you balance fun with saving? How much should you sacrifice for your children? One of the few child-related anecdotes in "Your Money or Your Life" involves a man whose parents paid for his college, but decides his kids are on their own. With dilemmas like that, you get into the thorny question of values: What do you want your kids to expect out of life? At the same time, as a parent, it's your life too.
With that in mind, I've heard MMM's and "Your Money or Your Life"'s strategies derided as "Live like you're poor now so you can live like your poor later."
There's the rub. "Your Money or Life" notes that you only live once, you don't want to spend your life working a job you hate to buy stuff you don't need. But you could also say you only live once, you don't want to live like a pauper and die with $1 million in the bank. How you strike that balance depends on your goals and values.
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: http://www.mrmoneymustache.com/2012/1...
"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."
5) Make a large line graph with your findings so you can't deny your income and your expenses.
6) Value your life energy, minimize spending!
As Elizabeth Warren observed in "The Two-Income Trap," this is easier said than done.
7) Value your life energy, maximize income!
I suspect this step is easier said than done as well!
8) This step covers "Capital and the crossover point": when does your money start earning more than your job?
9) What to do with your money - outdated advice about how great US treasury bonds are.
To a certain extent, I enjoy savings more than spending so "Your Money or Your Life" is preaching to the converted for me. I think cost-tracking is essential when it comes to saving money and that Target and the mall are about the worst places on earth to pass time.
However, kids throw a thought-provoking monkey wrench into "Your Money or Your Life's" strategies. When you talk about extreme thrift, surely you can put art classes, play, basketball, Little League, mini-soccer, ice skating, and skiing on the chopping block. However, you only live once. In that life, how do you balance fun with saving? How much should you sacrifice for your children? One of the few child-related anecdotes in "Your Money or Your Life" involves a man whose parents paid for his college, but decides his kids are on their own. With dilemmas like that, you get into the thorny question of values: What do you want your kids to expect out of life? At the same time, as a parent, it's your life too.
With that in mind, I've heard MMM's and "Your Money or Your Life"'s strategies derided as "Live like you're poor now so you can live like your poor later."
There's the rub. "Your Money or Life" notes that you only live once, you don't want to spend your life working a job you hate to buy stuff you don't need. But you could also say you only live once, you don't want to live like a pauper and die with $1 million in the bank. How you strike that balance depends on your goals and values.
February 19, 2019
What a bunch of life energy wasted reading this.
January 27, 2013
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.
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.
March 26, 2019
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.
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.
March 7, 2015
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.
Read
May 18, 2023Goodreads is being weird about it, but I read the updated edition by Vicki Robin, which is quite a bit different than the original linked here.
No idea how to rate this book, so I simply won't! But I'd be remiss to not tell y'all that it's kinda changed my life, lol. And Courtney Milan (yes, the lawyer-slash-romance author-slash-very smart person) recommends it as an alternative to Dave Ramsey, if that means anything to you. But since the entire genre of personal finance lives in a castle in the clouds, take everything here with a grain of salt. But to this book's credit, I'm sure Vicki Robin would agree with that assessment.
Anyway, this book basically attempts to apply the ideas of mindfulness and sustainability to managing your money in very practical terms. It's got me logging every single cent that comes into and out of my life into a spreadsheet, which is something. It also warns against being evil for the sake of getting rich, which, in a genre as riddled with mustache-twirling villains as personal finance, is a commendable feat.
No idea how to rate this book, so I simply won't! But I'd be remiss to not tell y'all that it's kinda changed my life, lol. And Courtney Milan (yes, the lawyer-slash-romance author-slash-very smart person) recommends it as an alternative to Dave Ramsey, if that means anything to you. But since the entire genre of personal finance lives in a castle in the clouds, take everything here with a grain of salt. But to this book's credit, I'm sure Vicki Robin would agree with that assessment.
Anyway, this book basically attempts to apply the ideas of mindfulness and sustainability to managing your money in very practical terms. It's got me logging every single cent that comes into and out of my life into a spreadsheet, which is something. It also warns against being evil for the sake of getting rich, which, in a genre as riddled with mustache-twirling villains as personal finance, is a commendable feat.
April 21, 2018
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.
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.
September 11, 2012
In short: A worthwhile read.
The longer version:
Frankly, I found some of the "transformative" concepts to be common sense. Having forgone more lucrative career paths -- much to my parents' delight -- to work on issues that I care about, I have already faced decisions about the lifestyle and social circles that I am comfortable with.
However, it is never a bad idea to get new ideas on how to ensure your approach to money, work, consumption, etc. are in line with your values. And there are some good ideas in here -- the book breaks down a set of questions on values, actual enjoyment per dollar spent, etc., that facilitate a more thoughtful approach. And calculating the true cost of your job (and therefore your true hourly wage) is just a good exercise, in general.
A few critiques: while the writing is accessible, in some places it is far too cute and dumbed down. I realize this book has to compete with the various TV and radio personalities that publish four books a year on how to get rich in America, so the language has to be somewhat punchy. But people who choose this book are a self-selecting group who are seeking something more thoughtful. In this vein, I would suggest skipping the introduction since it almost put me off the book entirely.
Also, some of the ideas are more geared towards the upper-middle-class-mid-life-crises set: I don't need to be constantly reminded that happiness isn't necessarily achieved through sports cars, trophy wives, and luxury vacations. Please file under: problems I'll never have. I could say more here, but I'll hold my sarcasm and feelings of superiority.
On the same token, there aren't a lot of personal stories in the book that read, "Angie was a single mother of three with a dependent elderly mother, barely getting by on her two jobs at walmart and the local laundromat. But Angie's REAL PASSION is interpretive dance. By following the advice in this book, she was able to quit both her jobs and support her family by forming a dance troupe with her three kids and touring around rural Ohio." Why? Because that doesn't happen. Because the vast majority of working poor simply don't have a whole lot of options with the economy in the tank, no universal healthcare, and a government intent on systematically dismantling the social safety net.
The longer version:
Frankly, I found some of the "transformative" concepts to be common sense. Having forgone more lucrative career paths -- much to my parents' delight -- to work on issues that I care about, I have already faced decisions about the lifestyle and social circles that I am comfortable with.
However, it is never a bad idea to get new ideas on how to ensure your approach to money, work, consumption, etc. are in line with your values. And there are some good ideas in here -- the book breaks down a set of questions on values, actual enjoyment per dollar spent, etc., that facilitate a more thoughtful approach. And calculating the true cost of your job (and therefore your true hourly wage) is just a good exercise, in general.
A few critiques: while the writing is accessible, in some places it is far too cute and dumbed down. I realize this book has to compete with the various TV and radio personalities that publish four books a year on how to get rich in America, so the language has to be somewhat punchy. But people who choose this book are a self-selecting group who are seeking something more thoughtful. In this vein, I would suggest skipping the introduction since it almost put me off the book entirely.
Also, some of the ideas are more geared towards the upper-middle-class-mid-life-crises set: I don't need to be constantly reminded that happiness isn't necessarily achieved through sports cars, trophy wives, and luxury vacations. Please file under: problems I'll never have. I could say more here, but I'll hold my sarcasm and feelings of superiority.
On the same token, there aren't a lot of personal stories in the book that read, "Angie was a single mother of three with a dependent elderly mother, barely getting by on her two jobs at walmart and the local laundromat. But Angie's REAL PASSION is interpretive dance. By following the advice in this book, she was able to quit both her jobs and support her family by forming a dance troupe with her three kids and touring around rural Ohio." Why? Because that doesn't happen. Because the vast majority of working poor simply don't have a whole lot of options with the economy in the tank, no universal healthcare, and a government intent on systematically dismantling the social safety net.
October 3, 2014
The unexamined life is not worth living for a human being. -Socrates
This 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? done! 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 is how you're supposed to live your life!, I'm intimidated by the effort required and, full disclosure, afraid of what I might learn about myself were I to do it.
I'm not sure I'm ready to implement this system in my life, but I have a very strong suspicion that this is a book I'll return to in five years, decide to finally implement, and then five years after that hate my[ current ]self for not implementing it the first time I read it.
*life energy is the underpinning idea of the book, and you figure it out by calculating your real wage -- factoring in the amount of time you actually spend to have your job (commute, unrecorded hours, time it takes you to wind down after work, etc.), and the amount of money you have to spend to have the job as well (commute costs, wardrobe, professional fees, therapy, etc.)
This 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? done! 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 is how you're supposed to live your life!, I'm intimidated by the effort required and, full disclosure, afraid of what I might learn about myself were I to do it.
I'm not sure I'm ready to implement this system in my life, but I have a very strong suspicion that this is a book I'll return to in five years, decide to finally implement, and then five years after that hate my[ current ]self for not implementing it the first time I read it.
*life energy is the underpinning idea of the book, and you figure it out by calculating your real wage -- factoring in the amount of time you actually spend to have your job (commute, unrecorded hours, time it takes you to wind down after work, etc.), and the amount of money you have to spend to have the job as well (commute costs, wardrobe, professional fees, therapy, etc.)
November 5, 2010
The material was frusteratingly repetitive. While the points are valid, they were unfocused, and I had trouble overlooking the jumbled-up writing style.
March 7, 2021
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.
- 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.
December 3, 2018
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.
June 28, 2020
Very basic and outdated book. First half of the book can be summed up in keeping track of your net worth as well as creating a chart for your income and expenses. It very briefly touches inflation, doesn't mention the effect of compounding and it recommends investment primarily in treasury bonds - all while constantly promoting the book and the company workshops. Avoid this book.
October 15, 2021
ชอบไม่ชอบนี่แทบจะขึ้นอยู่กับว่าอ่านเอาประเด็นไหนเลย ส่วนตัวรู้สึกว่าหลายๆ อย่างมันเยิ่นเย้อเกินไปนิด แต่ใจความหลักๆ ค่อนข้างมีประโยชน์เลย ตัวอย่าง วิธีการ แบบฝึกความคิดในส่วนแรกๆ ถ้าได้คิดตามลองทำตามก็น่าจะช่วยให้จัดการชีวิตหลายๆ ส่วนได้ดีขึ้น ปัญหาใหญ่ๆ คือมันค่อนข้างเก่าและ conservative มากๆ ในหลายความหมาย มีความเป็น personal finance ในระดับที่เชื่อชีวิตเป็นของเราและเราจัดการมันได้แน่ๆ ซึ่งก็คงเป็นอย่างนั้นในระดับหนึ่งนั่นแหละดูจากตัวอย่างผู้คนที่ทำสำเร็จที่ยกมาก แต่ถ้าอ่านด้วยสายตาแแบบตั้งคำถาม เช่น อะไรนะที่ไม่ได้เล่า มีไหมนะคนที่ทำตามแต่ก็ยังล้มเหลว วิธีการนี้มีข้อจำกัดบ้างไหม ก็คงทำใจอ่านให้พ้นครึ่งเล่มได้ยากหน่อย อย่างที่ว่า ชอบไม่ชอบขึ้นอยู่กับว่าอ่านด้วยสายตาแบบไหนจริงๆ
June 12, 2008
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.
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.
May 20, 2019
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.
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.
February 19, 2009
http://simplemom.net/book-club-readin...
reading dates: January 1 - March 5, 2009
So 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."
reading dates: January 1 - March 5, 2009
So 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."
September 19, 2019
I do not know much about the life of the author. But I imagine that Dave Ramsey had a lost twin sister who was abducted from her evangelical family and raised on a commune near San Francisco and fed a steady diet of locally sourced vegan organic food and the Grateful Dead albums. Her philosophy is to live simply without debts and save for the future. The book is full of inspirational stories along these lines :" Juanita was stuck in a toxic wall street legal firm and in a loveless marriage. She caught a vision of what her life could be like in the program. She realized that by scaling back her lifestyle she could work less and live more. So she left her husband and job and moved to a small town in rural Oregon. She lives in a modest home where she rents two bedrooms to like minded individuals who pay for rent partially with cash and partially with massage and holistic dental treatment. Juanita spends three hours every morning working on a farmers market and co-op. She spends each afternoon advocating for animal rights. She plans to live this way until her body is discovered her face half eaten by her cats. " All kidding aside, this book is a great inspiration for people who are looking to simplify their lives so they dont have to spend so many hours at a stressful job.
October 28, 2020
YMoYL, well, YMMV. If you're a solidly middle/upper-middle class person with a stable income from a job you hate (this is big in the book -- you must hate your job), consumer debt, and absolutely no concept of money management AT ALL, you'll probably find a lot of useful information here. Even then, I'd say save yourself the time spent wading through this poorly written and terribly organized book and just listen to NPR LifeKit's financial episodes.
The updated version of the book comes out strong in the intro, noting of the student loan crisis, “What kind of society turns its young people into a profit center for the debt industry?” But the sum total of advice for those with student loans is a) don't get it in the first place and b) if you do have it, pay it off fast. It's... insane and disappointing.
I am extremely fortunate to have a stable income from a job I LOVE and no debt, so I was expecting to learn investing strategies and other financial particulars to maximize my portfolio. Instead, I learned a lot about treasury bonds (yes, TREASURY BONDS in a book revised in the year of our lord, 2019!!). Granted, the author does note that treasury bonds are not the slam dunk they once were. Does she provide updated advice? No. This book is insane.
The updated version of the book comes out strong in the intro, noting of the student loan crisis, “What kind of society turns its young people into a profit center for the debt industry?” But the sum total of advice for those with student loans is a) don't get it in the first place and b) if you do have it, pay it off fast. It's... insane and disappointing.
I am extremely fortunate to have a stable income from a job I LOVE and no debt, so I was expecting to learn investing strategies and other financial particulars to maximize my portfolio. Instead, I learned a lot about treasury bonds (yes, TREASURY BONDS in a book revised in the year of our lord, 2019!!). Granted, the author does note that treasury bonds are not the slam dunk they once were. Does she provide updated advice? No. This book is insane.
September 8, 2020
Highly recommended!!!
At first, I was about DNF this book because I felt like it was not meant for me. I'm not American and I don't live the American way, so I thought that this book is not the right pick for me.
Well, it turned out that this book speaks to all of us. Why? Because there's no one on this earth who doesn't use money, even though the relationship is different from one another.
I truly feel lucky to stumble upon it because it made me rethink my decisions, habits and how I view my relationship with money. It made me wonder about my values and aspirations. After every chapter I read, I stay the next hours and days thinking about the questions that were asked, trying to find answers. Sometimes I do, sometimes I don't.
I'm willing to start the nine steps program recommended by the authors. I did the two first steps, and I'm going to do the rest in the future inchallah. Certainly, I'll go reread some parts of the book to better apply this program.
Again, do yourself a favour and read this book.
At first, I was about DNF this book because I felt like it was not meant for me. I'm not American and I don't live the American way, so I thought that this book is not the right pick for me.
Well, it turned out that this book speaks to all of us. Why? Because there's no one on this earth who doesn't use money, even though the relationship is different from one another.
I truly feel lucky to stumble upon it because it made me rethink my decisions, habits and how I view my relationship with money. It made me wonder about my values and aspirations. After every chapter I read, I stay the next hours and days thinking about the questions that were asked, trying to find answers. Sometimes I do, sometimes I don't.
I'm willing to start the nine steps program recommended by the authors. I did the two first steps, and I'm going to do the rest in the future inchallah. Certainly, I'll go reread some parts of the book to better apply this program.
Again, do yourself a favour and read this book.
March 30, 2019
คู่มืออิสระทางการเงินฉบับ Practical ถามว่าดีไหม โอเค มันก็ไม่ได้แย่ขนาดนั้น แต่หลายบทตอนคือการฟ่ามน้ำลายแตกฟองในเรื่องที่ควรจะเป็นเรื่องเล็กๆ ในหนังสือการเงินส่วนบุคคลพื้นฐาน
เข้าใจแหละ ว่าหนังสือลักษณะนี้ไม่ได้ออกแบบมาสำหรับคนที่จัดการเงินตัวเองได้ดีพอสมควร และมีเป้าหมายในชีวิตชัดเจน ตัวอย่างในเล่มก็พอจะสร้างแรงบันดาลใจได้ดี แต่ก็ยังสงสัยว่า ถ้าคนที่ไม่มีวินัยทางการเงิน จะมีแรงผลักดันและวินัยเพียงพอที่จะอ่านหนังสือที่มีรายละเอียดยิบย่อยแบบนี้จบหรอฟระ (ฮาฮา)
เข้าใจแหละ ว่าหนังสือลักษณะนี้ไม่ได้ออกแบบมาสำหรับคนที่จัดการเงินตัวเองได้ดีพอสมควร และมีเป้าหมายในชีวิตชัดเจน ตัวอย่างในเล่มก็พอจะสร้างแรงบันดาลใจได้ดี แต่ก็ยังสงสัยว่า ถ้าคนที่ไม่มีวินัยทางการเงิน จะมีแรงผลักดันและวินัยเพียงพอที่จะอ่านหนังสือที่มีรายละเอียดยิบย่อยแบบนี้จบหรอฟระ (ฮาฮา)
May 2, 2022
As a long-time lover of personal finance and money books, I had heard about Vicki Robins's Your Money or Your Life for years. It's a seminal text in the personal finance field and has even been highly recommended by many, including people whose opinion I value highly like Ali Abdaal, who claimed it "changed my relationship with money."
Did it live up to the hype?
The main points of the book are:
- Your money isn't just an inanimate thing, it's a reflection of your life energy (hours worked), and your real hourly wage is what you make when you factor in all the costs of being alive to do your job.
- In our modern world, your job isn't something you do; it's something you are.
- The focus on having enough is more important than the endless pursuit of more.
- Are we spending consciously, and is our life energy being used well when it comes to what we are buying?
These are excellent points. I think it's very easy to detach our money from our energy, and I think it's becoming increasingly easy as we move completely away from a cash economy to a credit economy. When you never physically, tangibly see the money, it's easy to act like it's all a video game. I think the concept of money has never been less real and tangible. The majority of jobs never actually hand over physical money, it's all direct deposited. There's no surprise that the average person has such a weird relationship with the idea of money as a physical thing or as a representation of real-life spent to earn it.
Your Money or Your Life was probably mindblowing (in 1992)
So, I read the 2018 version that was updated to reflect the more modern times, and you could certainly tell that Vicki made efforts to freshen up the book's contents. There is talk about climate change, she addresses the fact that there are online tools to use, and other fun updates.
However, what wasn't updated with the fact that this book is way too long. That isn't to say that the information is invaluable, but this 370-page book could certainly have been 200 pages, maximum. I don't like to be nitpicky about the length of books, but as even someone who is passionate about this topic, Your Money or Your Life was too long even for me. We have the internet now. Nobody has that sweet, sweet, 1992 attention anymore.
Maybe this is just a me problem and the other people don't mind the length and depth and hearing the same point reiterated dozens of times. I'm aware that my poor attention span may not be universal. However, throughout the course of the book, I kept having the "this could have been a paragraph, not a chapter" feeling. For a book about how time = money, it certainly took a lot of money to get through it.
For example, there were several chapters dedicated to very simple money-saving tips. This is fine, okay, sure, but it also just drags the book out like crazy. I think more people would be "readers" if books were succinct and not written to a publisher's arbitrary word count minimum, which is what a lot of Your Money or Your Life feels like.
Your Money or Your Life is actionable, but not practical
I believe there's a distinct difference between a book being actionable and a book being practical. Actionable has a clear, distinct call to action. Practical is the ability for someone to follow through with what is being suggested. "Climb Mount Everest" is actionable. But is it practical?
A lot of Your Money or Your Life can you spend challenging the reader to do a massive inventory of every aspect of their financial life. It's a call to count every penny, with absolutely no excuses. She says repeatedly how half measures will just make you financially slide back into old habits. And while I agree with this in theory, I think it's just borderline impractical for 99% of readers. I consider myself fairly financially literate and responsible, and even I am entirely uninterested in doing the actionable steps of this book.
This book is so long because it spends so much of its time explaining these very actionable but unrealistic principles, that it really does become quite a slog to get through. Some of the book is way too specific, and some is way too broad.
This book excels when it asks the big questions
Like I've said, the actionable aspects of Your Money or Your Life don't really resonate with me, but I do like the big questions that are asked about how your money aligns with your values. Money and values aligning isn't talked about enough, as many people end up spending out of necessity for convenience or compulsion, but not necessarily spending on the things that provide value or bring meaning to their life.
I think it's so easy to desensitize ourselves from our money so much that we end up spending on things that we don't value, or even spend on things that actually go against our value systems, but we become blind to it through a lack of awareness.
Your Money or Your Life is great for people needing an overhaul
I do think that certain people would really benefit from this book. For example, when I was drowning in clutter and desperate for a change, The Life-Changing Magic of Tidying Up by Marie Kondo revitalized my life. I needed those incredibly practical steps to get out of my headspace and into a better mindset. I cannot overstate how important that book was to me. And I can see Your Money or Your Life having a similar effect on somebody drowning in debt and desperate for a change.
There are tons of financial books that are useless (like Get Rich, Lucky Bitch). Thankfully, Your Money or Your Life is not one of those. The book's tagline is "transforming your relationship with money," and I think that this is exactly who the book should appeal to: people whose relationship with money needs a complete transformation and overhaul. If you're like me and are decent with money or have a system in place to handle your financial situation, this book is not for you.
One point that Vicki repeatedly brought up that I really did like was how to take money conversations deeper, by asking "why?" and taking conversations wider by asking "how has society shaped my answer?" I think this is a fantastic exercise, not just for money, but for all discussions. Sometimes it's so easy to take answers at face value, but going deeper and broader in our interactions with others will make us richer, more dynamic, more informed, and more interesting.
The original review posted here.
Did it live up to the hype?
The main points of the book are:
- Your money isn't just an inanimate thing, it's a reflection of your life energy (hours worked), and your real hourly wage is what you make when you factor in all the costs of being alive to do your job.
- In our modern world, your job isn't something you do; it's something you are.
- The focus on having enough is more important than the endless pursuit of more.
- Are we spending consciously, and is our life energy being used well when it comes to what we are buying?
These are excellent points. I think it's very easy to detach our money from our energy, and I think it's becoming increasingly easy as we move completely away from a cash economy to a credit economy. When you never physically, tangibly see the money, it's easy to act like it's all a video game. I think the concept of money has never been less real and tangible. The majority of jobs never actually hand over physical money, it's all direct deposited. There's no surprise that the average person has such a weird relationship with the idea of money as a physical thing or as a representation of real-life spent to earn it.
Your Money or Your Life was probably mindblowing (in 1992)
So, I read the 2018 version that was updated to reflect the more modern times, and you could certainly tell that Vicki made efforts to freshen up the book's contents. There is talk about climate change, she addresses the fact that there are online tools to use, and other fun updates.
However, what wasn't updated with the fact that this book is way too long. That isn't to say that the information is invaluable, but this 370-page book could certainly have been 200 pages, maximum. I don't like to be nitpicky about the length of books, but as even someone who is passionate about this topic, Your Money or Your Life was too long even for me. We have the internet now. Nobody has that sweet, sweet, 1992 attention anymore.
Maybe this is just a me problem and the other people don't mind the length and depth and hearing the same point reiterated dozens of times. I'm aware that my poor attention span may not be universal. However, throughout the course of the book, I kept having the "this could have been a paragraph, not a chapter" feeling. For a book about how time = money, it certainly took a lot of money to get through it.
For example, there were several chapters dedicated to very simple money-saving tips. This is fine, okay, sure, but it also just drags the book out like crazy. I think more people would be "readers" if books were succinct and not written to a publisher's arbitrary word count minimum, which is what a lot of Your Money or Your Life feels like.
Your Money or Your Life is actionable, but not practical
I believe there's a distinct difference between a book being actionable and a book being practical. Actionable has a clear, distinct call to action. Practical is the ability for someone to follow through with what is being suggested. "Climb Mount Everest" is actionable. But is it practical?
A lot of Your Money or Your Life can you spend challenging the reader to do a massive inventory of every aspect of their financial life. It's a call to count every penny, with absolutely no excuses. She says repeatedly how half measures will just make you financially slide back into old habits. And while I agree with this in theory, I think it's just borderline impractical for 99% of readers. I consider myself fairly financially literate and responsible, and even I am entirely uninterested in doing the actionable steps of this book.
This book is so long because it spends so much of its time explaining these very actionable but unrealistic principles, that it really does become quite a slog to get through. Some of the book is way too specific, and some is way too broad.
This book excels when it asks the big questions
Like I've said, the actionable aspects of Your Money or Your Life don't really resonate with me, but I do like the big questions that are asked about how your money aligns with your values. Money and values aligning isn't talked about enough, as many people end up spending out of necessity for convenience or compulsion, but not necessarily spending on the things that provide value or bring meaning to their life.
I think it's so easy to desensitize ourselves from our money so much that we end up spending on things that we don't value, or even spend on things that actually go against our value systems, but we become blind to it through a lack of awareness.
Your Money or Your Life is great for people needing an overhaul
I do think that certain people would really benefit from this book. For example, when I was drowning in clutter and desperate for a change, The Life-Changing Magic of Tidying Up by Marie Kondo revitalized my life. I needed those incredibly practical steps to get out of my headspace and into a better mindset. I cannot overstate how important that book was to me. And I can see Your Money or Your Life having a similar effect on somebody drowning in debt and desperate for a change.
There are tons of financial books that are useless (like Get Rich, Lucky Bitch). Thankfully, Your Money or Your Life is not one of those. The book's tagline is "transforming your relationship with money," and I think that this is exactly who the book should appeal to: people whose relationship with money needs a complete transformation and overhaul. If you're like me and are decent with money or have a system in place to handle your financial situation, this book is not for you.
One point that Vicki repeatedly brought up that I really did like was how to take money conversations deeper, by asking "why?" and taking conversations wider by asking "how has society shaped my answer?" I think this is a fantastic exercise, not just for money, but for all discussions. Sometimes it's so easy to take answers at face value, but going deeper and broader in our interactions with others will make us richer, more dynamic, more informed, and more interesting.
The original review posted here.
March 15, 2018
3 stars for the audiobook, but I'm holding my review until I can get a physical copy because people have told me they're much different experiences and the content is more in the physical copy.
July 4, 2019
This is a fantastic book with a lot of simple but useful ideas. I intend to read it again, and again, .... and again.
Read
June 10, 2023We love advice that comes with concrete, adaptable steps and a non judgmental mindset. Not particularly groundbreaking, but it did start in an interesting place
August 23, 2017
Неплохая книга по управлению личными финансами. Есть свои плюсы и минусы. К "плюсам" я бы отнёс:
- капитальную философскую и психологическую проработку "денежной проблемы". С философской т.зр. у авторов очень хорошо разобрано по косточкам "общество потребления" и приводится множество доводов в пользу разумного минимализма. С психологической т.зр. очень верный холистический подход (мы живём не только ради денег, а ради многих-многих сторон нашей человеческой сущности :)), и очень подробно исследуются механизмы денежных страхов, дефицитарного мышления, неспособности осознать "достаточный" уровень материального благополучия и т.п.
- наличие чёткой 9-шаговой программы достижения финансовой независи��ости, где для каждого шага предлагаются свои инструменты управления личными финансами:
1) Примиритесь с прошлым (подсчитайте, сколько заработали в течение всей жизни; рассчитайте, каков ваш капитал сейчас, составьте баланс активов и обязательств).
2) Контролируйте свою жизненную энергию (подсчитайте, сколько стоит ваше время = энергия; сколько вы зарабатываете в час? ; начните контролировать расходы, записывайте).
3) Заполняйте ежемесячную постатейную таблицу учёта доходов и расходов.
4) Анализируйте таблицу учёта с точки зрения соотношения "деньги/жизненная энергия". Насколько вы удовлетворены тем, как и какие деньги вы получаете/тратите по разлчным статьям вашего персонального бюджета? Соответствуют ли эти траты жизненным ценностям и целям?
5) Сделайте наглядный график (на листе миллиметровки) с двумя линиями: еженедельные (ежемесячные) доходы и затраты.
6) Фокус на минимизации расходов. Цель: тратить деньги разумно, экономить, но не ухудшать качество жизни.
7) Фокус на максимизации доходов. Главная идея: достичь мастерства и заработать много можно только работая по призванию, а не "за еду" (только ради денег). Следовательно, цель: искать возможность работать там, где есть максимальная удовлетворенность и самореализация.
8) Достижение финансовой безопасности (уровень доходов стабильно превышает уровень расходов; есть возможность отложить сумму, дающую возможность 6 мес. ничего не делать).
9) Долгосрочное инвестирование. 3 компонента: а) долгосрочные инвестиции в ценные бумаги; б) долгосрочный депозит ("подушка безопасности" на 6 и более мес.); в) "заначка" (суммы, отложенные на плановые "крупные" покупки/проекты).
"Минусы":
- несмотря на довольно неплохую редактуру, книга все-таки устарела :(. Сама 9-шаговая программа разработана в США ещё в 1950-1960 годы. Соответственно, многие рекомендации, касающиеся способов экономии, увеличения дохода, инвестирования мало полезны (они не вредны :), но их явно недостаточно и эффективность невелика)
- предложенные инструменты управления финансами хороши, но многие из них слишком громоздкие. Например, я лично не вижу смысла подсчитывать, сколько всего я заработал в течение жизни :)) Или вести учёт затрат с точностью до цента (копейки). Или делать слишком подробную (как предлагают авторы) систему постатейного бюджетирования. По-моему, чем меньше этих статей, тем удобнее и эффективнее применять инструмент... И т.д. Но по существу, сами инструменты (если их слегка адаптировать под себя ;)) мало чем отличаются от тех, что предлагают в других книгах по управлению личными финансами. /Особенно прекрасен график из шага №5, однозначно советую взять на вооружение!/.
- поскольку главная работа авторов - проводить обучающие мероприятия по программе "9 шагов", то немного утомляют рекламные пассажи на каждой третьей странице :( . Причём это реклама с грацией сетевого маркетинга, сильно смахивающая на вербовку в очередную секту. Мне вот такие подкаты в книге про управление личными (моими))) финансами не очень нравятся...
Но в целом книга очень неплоха, рекомендую.
- капитальную философскую и психологическую проработку "денежной проблемы". С философской т.зр. у авторов очень хорошо разобрано по косточкам "общество потребления" и приводится множество доводов в пользу разумного минимализма. С психологической т.зр. очень верный холистический подход (мы живём не только ради денег, а ради многих-многих сторон нашей человеческой сущности :)), и очень подробно исследуются механизмы денежных страхов, дефицитарного мышления, неспособности осознать "достаточный" уровень материального благополучия и т.п.
- наличие чёткой 9-шаговой программы достижения финансовой независи��ости, где для каждого шага предлагаются свои инструменты управления личными финансами:
1) Примиритесь с прошлым (подсчитайте, сколько заработали в течение всей жизни; рассчитайте, каков ваш капитал сейчас, составьте баланс активов и обязательств).
2) Контролируйте свою жизненную энергию (подсчитайте, сколько стоит ваше время = энергия; сколько вы зарабатываете в час? ; начните контролировать расходы, записывайте).
3) Заполняйте ежемесячную постатейную таблицу учёта доходов и расходов.
4) Анализируйте таблицу учёта с точки зрения соотношения "деньги/жизненная энергия". Насколько вы удовлетворены тем, как и какие деньги вы получаете/тратите по разлчным статьям вашего персонального бюджета? Соответствуют ли эти траты жизненным ценностям и целям?
5) Сделайте наглядный график (на листе миллиметровки) с двумя линиями: еженедельные (ежемесячные) доходы и затраты.
6) Фокус на минимизации расходов. Цель: тратить деньги разумно, экономить, но не ухудшать качество жизни.
7) Фокус на максимизации доходов. Главная идея: достичь мастерства и заработать много можно только работая по призванию, а не "за еду" (только ради денег). Следовательно, цель: искать возможность работать там, где есть максимальная удовлетворенность и самореализация.
8) Достижение финансовой безопасности (уровень доходов стабильно превышает уровень расходов; есть возможность отложить сумму, дающую возможность 6 мес. ничего не делать).
9) Долгосрочное инвестирование. 3 компонента: а) долгосрочные инвестиции в ценные бумаги; б) долгосрочный депозит ("подушка безопасности" на 6 и более мес.); в) "заначка" (суммы, отложенные на плановые "крупные" покупки/проекты).
"Минусы":
- несмотря на довольно неплохую редактуру, книга все-таки устарела :(. Сама 9-шаговая программа разработана в США ещё в 1950-1960 годы. Соответственно, многие рекомендации, касающиеся способов экономии, увеличения дохода, инвестирования мало полезны (они не вредны :), но их явно недостаточно и эффективность невелика)
- предложенные инструменты управления финансами хороши, но многие из них слишком громоздкие. Например, я лично не вижу смысла подсчитывать, сколько всего я заработал в течение жизни :)) Или вести учёт затрат с точностью до цента (копейки). Или делать слишком подробную (как предлагают авторы) систему постатейного бюджетирования. По-моему, чем меньше этих статей, тем удобнее и эффективнее применять инструмент... И т.д. Но по существу, сами инструменты (если их слегка адаптировать под себя ;)) мало чем отличаются от тех, что предлагают в других книгах по управлению личными финансами. /Особенно прекрасен график из шага №5, однозначно советую взять на вооружение!/.
- поскольку главная работа авторов - проводить обучающие мероприятия по программе "9 шагов", то немного утомляют рекламные пассажи на каждой третьей странице :( . Причём это реклама с грацией сетевого маркетинга, сильно смахивающая на вербовку в очередную секту. Мне вот такие подкаты в книге про управление личными (моими))) финансами не очень нравятся...
Но в целом книга очень неплоха, рекомендую.
April 22, 2022
There were two major problems with Your Money or Your Life.
First, the self-congratulatory way Vicki presents her bromides, vagaries and clichés. As though she was the very first blind squirrel to present this particular nut of wisdom. For example, your wages don't equal your value; or your pay, your success and happiness. Congratulations Vicki! Everyone agrees with you, even Hollywood.
Second the philosophical arguments underpinning it all were harder to follow than a weaving, staggering, happy-go-lucky drunk. And the noxious humanism of it smelled just as bad. Here is a whole and complete paragraph that's sadly indicative of her style:
"The final piece of the puzzle snaps into place when we look at the shift in the religious attitude toward work that came with the rise of the Protestant work ethic. Before that time, work was profane and religion was sacred. Afterward, work was seen as the arena where you worked out your salvation--and the evidence of a successful religious life was a successful financial life."(Chp 7, 7:56 in the audiobook)
If you can make sense of it immediately perhaps you also like to take potshots at Protestants. Let me bullet-point a few issues.
-Protestant work ethic is not defined. Yet we are suppose to follow her with a before and after it.
-Assuming that religious orders didn't work is incredibly anachronistic.
-Financial success tail is a non-sequitur and a straw-man.
Vicki's philosophy, which tries to expound on simple and well-known financial advice (see FPU with Dave Ramsay you'll get the benefits without the crud and have a good time too) comes up as shallow and self-serving humanism: "happiness is your birth-right," "ask yourself 'what if everyone did this?' to be moral and compassionate," "regain quality, values and self-worth as our bottom-line," "dreams are not meant to go away," "happiness is making you outside match your inside." That last is a good place to end because as a Christian we do the opposite; our insides need to be changed to match The Outside, the truth of God's world.
Save your life energy and pick a different book.
First, the self-congratulatory way Vicki presents her bromides, vagaries and clichés. As though she was the very first blind squirrel to present this particular nut of wisdom. For example, your wages don't equal your value; or your pay, your success and happiness. Congratulations Vicki! Everyone agrees with you, even Hollywood.
Second the philosophical arguments underpinning it all were harder to follow than a weaving, staggering, happy-go-lucky drunk. And the noxious humanism of it smelled just as bad. Here is a whole and complete paragraph that's sadly indicative of her style:
"The final piece of the puzzle snaps into place when we look at the shift in the religious attitude toward work that came with the rise of the Protestant work ethic. Before that time, work was profane and religion was sacred. Afterward, work was seen as the arena where you worked out your salvation--and the evidence of a successful religious life was a successful financial life."(Chp 7, 7:56 in the audiobook)
If you can make sense of it immediately perhaps you also like to take potshots at Protestants. Let me bullet-point a few issues.
-Protestant work ethic is not defined. Yet we are suppose to follow her with a before and after it.
-Assuming that religious orders didn't work is incredibly anachronistic.
-Financial success tail is a non-sequitur and a straw-man.
Vicki's philosophy, which tries to expound on simple and well-known financial advice (see FPU with Dave Ramsay you'll get the benefits without the crud and have a good time too) comes up as shallow and self-serving humanism: "happiness is your birth-right," "ask yourself 'what if everyone did this?' to be moral and compassionate," "regain quality, values and self-worth as our bottom-line," "dreams are not meant to go away," "happiness is making you outside match your inside." That last is a good place to end because as a Christian we do the opposite; our insides need to be changed to match The Outside, the truth of God's world.
Save your life energy and pick a different book.
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