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Title: Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence by Joe Dominguez, Vicki Robin ISBN: 0-14-028678-0 Publisher: Penguin Books Pub. Date: 01 September, 1999 Format: Paperback Volumes: 1 List Price(USD): $15.00 |
Average Customer Rating: 4.42 (122 reviews)
Rating: 5
Summary: I've read this book so much, I can quote it like the bible!
Comment: And that is the effect it has had on my atheist mind! I purchased this book 5 years ago. I read it and never actually followed the steps. Just now I am doing all the steps, and it has changed my life! Some may say there is too much work involved, I say maybe at first, but it is well worth it. I track every penny without even a second thought, and it takes no time at all with a computer. I even read a review that said "the invesment strategy is a little conservative, you could make more money in mutual funds and stocks". That review was written in 1998. I wonder if that guy has changed his tune, Ha! If you are looking for a 'get a lot of money!' book, then look elsewhere. The bottom line is, if you do the steps 100% percent, (not 50%, not 90%) you are bound to live a lifestyle that not only gives you more FREE TIME! but it will be at your choosing. There is no budget plan, no turning your underwear inside out to save on laundry soap, etc. How you save, where you save, and how much you save are truly your choice, and that is why this book is great. Whether you make 500k/yr, or 25k, I garauntee if you do the steps, it will change your life for the better.
I am willing to bet that all the negative reviewers did not do the steps 100%.
I have been doing the steps for 6 months now and I have cut my monthly expeditures by $1500 a month (sold my BMW, cancelled cellphone, havent bought 1 item of clothing, stopped trying to 'keep up with the Joneses', etc), and paid off $13,000 in credit card debt (cut them all up)! not because the book told me to do this, it is because after I read this book I WANTED to do this. My life is worth more to me then slaving at work trying to pay/insure/worry about all this stuff. You may not go to such extremes, that choice is up to you, but you will find yourself getting out of debt, and saving more money regardless.
Convincing your spouse is the hard part. When I started doing the steps, my wife thought I was either in some cult or joined the 'Your MOney or Your Life' Witnesses. And yes, I am ready to go door to door to deliver the book's message. It is that strong. But, my wife is coming along and see's the upside of me staying home more with her and my 1 yr old son, instead of working 7 days a week so i can buy/insure the 'Next New Thing that Nobody Else Has!'
Rating: 5
Summary: WARNING!! This Book May Change Your Life
Comment: =====>
This book's contents can be summarized in one sentence: it outlines a life-changing philosophy and plan for financial independence.
However, this summary does not give credit to the number of features that enhance this riveting book. Some of these features are as follows:
(1) THE AUTHORS LIVE WHAT THEY TEACH. For example, one of the authors, the late Joe Dominguez was a financial analyst on Wall Street before taking an early retirement (at age thirty-one). Did he make a killing on Wall Street that enabled him to do this? No! What he did was to decide to take back his life by gaining control of his money and eventually gain financial independence through a nine-step program.
(2) A MULTI-DISCIPLINE BOOK. As mentioned, part of the magic of this book is that it teaches a life-changing philosophy. But within this philosophy you'll find other areas such as finance, economics, history, simple mathematics, environmental science, psychology, and spirituality. All these are blended together to form an interesting and instructional narrative.
A cornerstone of this book's philosophy is the following equation: MONEY = LIFE ENERGY. That is, you have to work or expend energy to make money. Most people see their life energy as precious.
(3) PRACTICAL ADVICE. Practical advice on how to save money can be found throughout this book. But the truly practical and another magical part of this book is its NINE-STEP PROGRAM. Readers have a chance to peruse the final, workable form of this program that leads to financial independence. (Financial independence as defined by this book is the amount of money that is ENOUGH for you or you and your family.)
A highlight of this program is that you only have to WORK FOR A FINITE PERIOD OF TIME.
A cornerstone of this practical advice, besides the nine-step program, is FRUGALITY. Don't worry! Frugality does not mean budgeting.
(4) DIAGRAMS. This book has many diagrams, charts, and tables. These help the reader gain a concrete understanding of all concepts introduced.
(5) REAL-LIFE STORIES. This book is permeated with real stories of ordinary people who have decided to follow the nine-step program. What I found interesting when reading these stories is their reasons as to exactly why they decided to follow the program.
(6) END-OF-CHAPTER SUMMARIES AND CHECKLISTS. These summaries highlight the major concepts introduced in the chapters. Many chapters also have a handy checklist.
(7) THE EPILOGUE. This is really an end-of-book summary. The steps of the nine-step program are summarized for review, reference, and reminders. The idea here is to read the corresponding chapter for further details. This summary comes in very handy!
(8) REFERENCES (or resources) and NOTES. There are a large number of notes (footnotes allocated to the back of the book) and many useful references.
(9) FINAL WORDS. Many people would not consider this a feature of this book but I think the fact that the authors were able to end the main narrative of the book with these important words indicates that the book was well planned out. These words are as follows: "There is more to life than nine-to-five."
Finally, the book's authors advocate that when you build up savings that you invest in long-term bonds. Critics (mainly investment "experts") who have read this book say that the rate of return on more aggressive but risky investment vehicles (such as stocks) provide a higher rate of return in the long term. What they fail to realize is that the authors are talking about investing your money in vehicles that will give you a STABLE and CONSISTENT monthly income that you can live off.
In summary, this book creates an awareness of how you are spending your money and your precious life energy. It is that awareness that will transform your dealings with money and lead to financial independence.
In conclusion, those who do not value their life energy need not get this book. But for those who do value their life energy, this inspiring and unique book is your essential guide!!
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Rating: 5
Summary: It's your life - Take charge of your personal finance
Comment: YMOYL is one of my top ten books of all time. Why? Because it maturely and rationally analyzes your personal relationship and attitudes about money, status, and life style and basically forces any sentient human being to realize that living within his or her means is a plausible and desirable way to live.
By doing a personal inventory and finding what we really want to do and cutting all the unnecessary crap out of lives that isn't fulfilling. It encourages you to reduce your consumption, reevaluate your career path and dare to do what you really dream to do, or even work less. You rethink the American Dream, maybe you don't need to have a house or a fancy car. Maybe you'd rather have your time. Maybe you just know that the way you are living isn't how you want to.
The books teaches you to see money as your life energy. To think of every dollar as an increment of your time. And it teaches you how very precious your life energy is.
In our hectic, status-fueled, mad world this book is a breath of fresh air. It offers a lot of information on how other humans simplified their lives and to open up the possibilities for you to live this way as well.
Thank you for visiting www.AnyBook4Less.com and enjoy your savings!
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