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A review by diz_tn
Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018 by Joe Dominguez, Vicki Robin
5.0
I thought I knew just about all I could know about the basics of simplicity, budgeting, and how to get to financial independence on the slow and steady. This book changed my mind and changed my attitude. Wow! There's nothing new per se as far as techniques. However, this book will give you such insights that it will change your mindset.
A few of the things I learned:
* When creating a budget (the book does not call it a budget, nor does it even suggest you stick with one btw), use completely unique to you categories! I'm a numbers person and come up with a budget quite easily. Yet all my adult life I've been trying to fit my expenditures into these categories that quite often don't fit. Maybe this is common sense to most. But as a follow-the-rules, color-in-the-lines type person, this was a major insight for me.
* Calculating your true hourly "wage" and applying to to everything you spend money on. I'd heard of this concept in a more limited fashion. But thinking about EVERYTHING involved in a job - not just the commute, meals, and dress clothes, but the health care costs, all the hours you spend venting to friends and family, and time and money spent doing things simply to destress! Also, asking the question "was it worth it?" is what makes this part so powerful, not just figuring out how many hours of your life you gave up for that thingamajig.
* The Cross-Over Point, where your investment income equals your monthly expenses. This was the big one for me. Yeah, I'm a numbers person, but the whole knowing when you can retire thing I never could grasp because I'm also a visual person. Seeing it all charted on a graph like that...I finally GOT it.
I'm buying this book for all my friends and family!
A few of the things I learned:
* When creating a budget (the book does not call it a budget, nor does it even suggest you stick with one btw), use completely unique to you categories! I'm a numbers person and come up with a budget quite easily. Yet all my adult life I've been trying to fit my expenditures into these categories that quite often don't fit. Maybe this is common sense to most. But as a follow-the-rules, color-in-the-lines type person, this was a major insight for me.
* Calculating your true hourly "wage" and applying to to everything you spend money on. I'd heard of this concept in a more limited fashion. But thinking about EVERYTHING involved in a job - not just the commute, meals, and dress clothes, but the health care costs, all the hours you spend venting to friends and family, and time and money spent doing things simply to destress! Also, asking the question "was it worth it?" is what makes this part so powerful, not just figuring out how many hours of your life you gave up for that thingamajig.
* The Cross-Over Point, where your investment income equals your monthly expenses. This was the big one for me. Yeah, I'm a numbers person, but the whole knowing when you can retire thing I never could grasp because I'm also a visual person. Seeing it all charted on a graph like that...I finally GOT it.
I'm buying this book for all my friends and family!