Forum
We're excited to announce the next book to read and discuss will be Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence by Vicki Robin and Joe Dominguez. Bill will have his thoughts up soon, but in the meantime we will open up discussion on the forum.
From the author/publisher:
Brand new for 2018: A fully revised edition of one of the most influential books ever written on personal finance with more than a million copies sold
“The best book on money. Period.” –Grant Sabatier, founder of “Millennial Money,” on CNBC Make It
"This is a wonderful book. It can really change your life." -Oprah
For more than twenty-five years, Your Money or Your Life has been considered the go-to book for taking back your life by changing your relationship with money. Hundreds of thousands of people have followed this nine-step program, learning to live more deliberately and meaningfully with Vicki Robin’s guidance. This fully revised and updated edition with a foreword by "the Frugal Guru" (New Yorker) Mr. Money Mustache is the ultimate makeover of this bestselling classic, ensuring that its time-tested wisdom applies to people of all ages and covers modern topics like investing in index funds, managing revenue streams like side hustles and freelancing, tracking your finances online, and having difficult conversations about money.
Whether you’re just beginning your financial life or heading towards retirement, this book will show you how to:
• Get out of debt and develop savings
• Save money through mindfulness and good habits, rather than strict budgeting
• Declutter your life and live well for less
• Invest your savings and begin creating wealth
• Save the planet while saving money
• …and so much more!
"The seminal guide to the new morality of personal money management." -Los Angeles Times
Saved a few dollars and bought the older publication 3rd party through Amazon, hopefully lessons learned will translate seamlessly. Looking forward to reading entries and contributing to the forum
Everything important is invisible.
w84serendipity liked
I read this book post my divorce in 2009. I was £30,000 in debt, and going through these principles turned that into a £20,000 emergency fund.
In the past eight years, I have not followed these principles. I realised I found it easier to do this when I was single, not so much with a family. I have a lot of shame around money, and a poor belief system. I am trying to change that by re-reading the book and reaching out to mentors to help guide me.
Lee
w84serendipity liked
Some of the exercises in Step 3 and Step 4 are tough if you're in the tails of the distributions. If you're very high income or the majority of your income is passive, you're expending almost no life energy and so it becomes really easy to justify almost any expenditure. Conversely, if you're really poor, it's hard to justify any expenditure because it costs so much of your life energy.
Read Chapter 1 old version.
Feel like I am going to learn a lot about my own relationship with money.
I admit I am wondering if the book applies to the student debt / low wages / high unemployment / high cost of housing generation of today. Does any one have check-books anymore?
Eric 🙂
Read Chapter 1 old version.
Feel like I am going to learn a lot about my own relationship with money.
I admit I am wondering if the book applies to the student debt / low wages / high unemployment / high cost of housing generation of today. Does any one have check-books anymore?
Eric 🙂
I don't see why the principles don't still apply, and there is a 2018 version(haven't read it yet).
Finished the book.
Main take away: Be super conscious about how you spend money and always be thinking of how to get more value out of the dollars you spend. And for poker people, bad bank roll management is equal to devaluing your own life (in hours). And I guess the more you value your own time by the choices you make the more other people are probably going to value your time.
Main critic: It really does not offer much advice in how to start out life in today's world. Most young people can barely find a job that pays rent. The cost of basic living with health insurance after paying for school is so out of whack of what people can actually earn that doctors have actually come out with a new term "shitty life syndrome" which basically means for lots of kids of poor families there is basically no chance for most of them to ever get ahead in life and the resulting consequence of being faced with that reality every day.
I do think one piece of advice that Bill gave to combat this is to find a way to make money other then just getting paid by the hour. Get more money out of each hour you work through leverage. I think of it as find a way to exponential make money. Like A DJ can make money DJing, but also through merchandise, album sales, youtube views....basically he is getting paid more for each hour he spends Djing. Or a teacher using classroom lessons for her class but then selling them again online or using them to teach how to teach on weekends / evenings.
