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Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence (Paperback)
by Joe Dominguez , Vicki Robin
| Category:
Frugal living, Way of life, Money & values, Simple living |
| Market price: ¥ 170.00
MSL price:
¥ 148.00
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Out of stock. Being replenished |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
Challenging the American addition to consumerism, this classic may change your views on money as well as your life. |
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Author: Joe Dominguez , Vicki Robin
Publisher: Penguin (Non-Classics)
Pub. in: April, 1999
ISBN: 0140286780
Pages: 400
Measurements: 7.7 x 5 x 0.8 inches
Origin of product: USA
Order code: BA01277
Other information: ISBN-13: 978-0140286786
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- MSL Picks -
This book attempts to demonstrate by means of a 9-step process, how you are now making a "dying" as opposed to making a living, and how you can get back on track, and start directing your actions toward a life of fulfillment and financial independence. The 9 steps look like this:
STEP 1: Look back on your life and add up all the money you have made, and how much do you have with you (in the form of assets of some type) to account for it.
STEP 2: Since money is something we choose to trade our life energy for (central idea of the book), determine how much money you truly get for doing your job, including the fact that you have to spend money in commuting, clothing, meals at work, etc. and start to keep track of every penny that you earn and spend. Just to illustrate the power of this step, I found myself making 25% (hourly rate) less than I thought I was by doing this exercise, and that takes into account the fact that I live 20 minutes away from my work and I half the time I bring my food from home.
STEP 3: Tabulate all your expenses into categories, add them up and convert them into hours of life energy.
STEP 4: Determine to what extent all the expenses you found in your categorization provide you with fulfillment, how they are in alignment with your life's purpose, and how they would change should you not have to work for a living (I start to see some frowning faces now... hold on a bit more!) This chapter brought back memories of reading Stephen Covey and Viktor Frankl, in terms of coming up with your life's mission. A very nice quote by Buckminster Fuller mentioned in it says: "I learned very early and painfully that you have to decide at the outset whether you are trying to make money or make sense -I feel that they are mutually exclusive."
STEP 5: Maintain a chart with your income and expenses month to month, and have it in a visible place: don't hide it!
STEP 6: Frugality and tons of ways to save money -not trying to impress other people; not just going shopping; living within your means; taking care of what you have; wearing things out; doing more things yourself;
anticipating your needs; researching value, quality, durability and multiple use of things ahead of time; getting things for less (find out how!); buying used (secondhand becoming chick); following the nine steps of the program; and 101 more ways... Most readers will probably enjoy this chapter, since it gives out lots of ideas you can start applying right away, but it definitely needs to be combined with the other steps for the entire program to have success for life.
STEP 7: Searching for ways to increase your income by valuing the life energy you put into your job, and exchanging it for the highest pay consistent with your health and integrity.
STEP 8: Having capital money start producing an income for you until you reach the magical crossover point, the point at which your expenses can be fulfilled through your investment income, technically without needing you to make any active income. Sounds neat? Well, this is the most interesting part of the book. Several pages are devoted to how you can better spend your time beyond this point, and volunteering becomes one of the biggest things (giving back) you can do to take fulfillment in your life to a point that can't be reached by making more money.
STEP 9: this step is about making out of you a knowledgeable and sophisticated long-term investor, so that you can manage your finances for a safe, steady and sufficient income for the rest of your life. If you think this might be a little over the authors' heads, consider the credentials of Mr. Dominguez, who had a successful career as a financial analyst in Wall Street before retiring at the age of... (are you ready for this?) thirty-one!
Overall, this book shed valuable additional light on the topic of Financial Independence in ways that previous books I'd read hadn't, simply because it works on the basic paradigms out of which your assumptions come from, such as the fact that you need A TON of money to live a life of fulfillment.
(From quote Manny Hernandez,USA)
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From Publisher
Find financial freedom in the new millennium with a new edition of the life-changing national bestseller
More than three-quarters of a million people everywhere, from all walks of life, have found the keys to gaining control of their money-and their lives-in this comprehensive and revolutionary book on money management. Considered the bible of the voluntary simplicity movement, Your Money or Your Life is now updated with a new Preface, Index, and Resource list to help you put the program into practice. This simple, nine-step program shows you how to:
- get out of debt and develop savings
- slow down the work-and-spend treadmill
- make values-based decisions about your spending
- save the planet while saving money
- Over three years on the Business Week bestseller list
- Your Money or Your Life made all major bestseller lists in hardcover and paperback, including the New York Times, USA Today, Business Week, Publishers Weekly, and Washington Post
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| View all 7 comments |
Amazon.com (MSL quote), USA
<2008-04-02 00:00>
There's a big difference between "making a living" and making a life. Do you spend more than you earn? Does making a living feel more like making a dying? Do you dislike your job but can't afford to leave it? Is money fragmenting your time, your relationships with family and friends? If so, Your Money or Your Life is for you.
From this inspiring book, learn how to
- get out of debt and develop savings
- reorder material priorities and live well for less
- resolve inner conflicts between values and lifestyles
- convert problems into opportunities to learn new skills
- attain a wholeness of livelihood and lifestyle
- save the planet while saving money
- and much more
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Publishers Weekly (MSL quote), USA
<2008-04-02 00:00>
Based on their West Coast self-help seminars, Dominguez and Robin here map a route to financial security through a relaxed, prudent and environmentally-friendly way of life. Systemically analyzing one's overspending, as in the case histories cited, and calculating the "life-energy" cost (time, expenses, stress) of a competitive career, the authors maintain, can lead to reduced occupational expectations and to surprisingly large economies effected by pre-pricing food, clothing, transportation, loan rates, heath care and so on. Resulting surpluses, invested in Treasury bonds, will yield compound income eventually covering the reduced expenses. This "crossover point" brings financial independence, according to the authors, and freedom to choose one's work for greater personal satisfaction and the "commonweal." Some readers may be put off by the finicky detail and intense tone of the course, but few will fail to find here new insight and encouragement.
Copyright 1992 Reed Business Information, Inc. |
Library Journal (MSL quote), USA
<2008-04-02 00:00>
Think environmentally, live frugally, and don't be surprised if your income shoots off the top of the chart that Dominguez, a former Wall Street financial analyst, and Robin ask you to put up on your wall. With this promise, they promote the possibility and goal of having "enough" money in your life. The wall chart of income, expenses, and investments is one of several very detailed records they mandate to support your attitude change. Others are a record of lifetime income and computation of your real working income, translated into "hours of life energy." It would be hard to carry out their nine-step program without frequent recourse to the book for continued inspiration and implementing detail. A marginal purchase for most libraries.
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Ilene Rosoff (MSL quote), USA
<2008-04-02 00:00>
For most people money is a source of stress and a controlling force in our lives: we spend the majority of our day thinking about money (getting it and spending it) or working for it. Vicki Robin and Joe Dominguez, now international lecturers, have developed a unique program for changing the way we interact with money. It's based on getting out of debt, living minimally and moving beyond the obsession most of us have with the green stuff at one level or another. By first minutely considering how much of our "life energy" is actually spent in the acquisition of money, where that money is spent (you'll be amazed), and how our consumption affects the entire planet, we can more comfortably re-prioritize our values, save money by living frugally (buying used, bartering services, paying off debt) and eventually achieve financial independence. The end result is that we can learn to live "at the peak of the Fulfillment Curve, always having plenty but never burdened by excess." Sounds like a bargain. |
View all 7 comments |
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