Your Money Or Your Life By Joe Dominguez And Vicki Robin Torrent
Stephanie Dejoode
The purpose of Your Money or Your Life is to transform your relationship with money. That relationship encompasses more than just your earning, spending, debts and savings; it also includes the time these functions take in your life. In addition, your relationship with money is reflected in the sense of satisfaction and fulfillment that you can get from your connection to your family, your community and the planet.
If someone thrust a gun in your ribs and said that sentence, what would you do? Most of us would turn over our wallets. The threat works because we value our lives more than we value our money. Or do we?
Your Money Or Your Life By Joe Dominguez And Vicki Robin Torrent
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Learn and practice intelligent use of your life energy (money) which will result in lowering your expenses and increasing your savings. This will create greater fulfillment, integrity and alignment in your life.
Capital is money that makes more money. It keeps working for you and produces an income as surely as your job produces income. When you put capital in a bank or other interest-bearing instrument it is an investment. An investment is the conversion of capital into some form of wealth other than cash with the expectation of deriving income.
The final step to financial independence: become knowledgeable and sophisticated about long term income-producing investments. Invest your capital in such a way as to provide an absolutely safe income, sufficient to meet your basic needs for the rest of your life.
Yes to keeping a chart with your budget (or net worth) visable for everyone in the household to see! One of the biggest reasons people overspend is that their money is some sort of imaginary thing. By putting it in a chart with your direct performance visable for all to see, you are getting right up in their face.
In nutshell, FI is about developing two brains between your two ears. One to motivate you to earn more early on in your life so that you can put that money to work for you, and second to not know how much you make so that you can live simply. Your life will be at FI crossroad sooner than you think,
I never thought of Joe as cheap. I thought he just was comfortable living on less and was aware that there were infinitely possibilities of ways to live in our society; to trade your time for the things that you value seemed to be more important that using money to do this. Also, I felt like he might have really understood what corruption was going on in his Wall St. career and thought that with respect to investing, you should get comfortable with investing at a most basic level (sound like index funds now?). Also at such a low earning level, he probably never paid income taxes and little property taxes after becoming FI.
MMM, 80% of the mind blowing part of this book is that you can put the information in front of you in a way that allows you to align your money plan with your ideal strategy. As simple as this is, I had never thought about it before reading the book.
Glad you finally got a chance to read this book. The exercise on life energy is so eye opening and especially great for tailoring a budget to your own values which is not as restrictive as using a standard template so in some ways I think it helps keep you motivated. I think another great aspect of the book was that intial tracking journal because it makes you realize how much we recieve that we usually do take for granted be it gifts, samples, coupon savings, etc. Once you add that savings into your chart you see that your networth is actually much greater, even as much as it can be reduced by long commutes, etc.
However, given that you asked the question, and I have answered this before, I would say the one thing you can do is track all the money that comes into and out of your life for one month and see what happens.
The book then talks about how precious our time is, how little of it we have, and how we are exchanging our life in order to get money to buy possessions. If this transaction is not fulfilling to you, then they suggest an alternative: reduce your living expenses, increase your income, invest the difference, and retire early.
But once you become aware of the larger games being played, you can learn to ignore the noise and listen to your own direction. You can decide to replace the dominant myths of society with stories of your own choosing that actually serve your life.
This book is designed to help you notice. It will help you to examine your current life, work and relationship with money. You are introduced to The Fulfilment Curve and encouraged to define your own version of ENOUGH.
Chapter 4 builds on the concept of enough, which was introduced in Chapter 1 through The Fulfilment Curve. Of all the chapters this one requires you to do some soul-searching. You are given a number of questions to ask yourself to help you identify what is important to you and how you truly want to spend your life.
If these steps intrigue you and you have a desire to become Financially Independent, then I strongly encourage you to read this book. In fact, I encourage everyone to read at least the first few chapters to learn how to have a different relationship with money. One where you are in control of it and thus regain control of your life.
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For example, if you made $20/hour and bought jeans that cost $40, then you just traded 2 hours of your life energy for those jeans. Seeing money as life energy bring clarity to our spending. Try it yourself. Next time you buy something, convert the price into the hours you had to work for that money. You may never look at buying something the same way again!
The first question you need to answer is: What are you really selling one hour of your life energy for? Most of us think this answer is easy, but that number you see on your paycheck can be very misleading.
The authors clearly believe that bad feelings are not useful for changing our behavior. Instead, they believe that our behaviors will change automatically with increased self awareness. And you get that self awareness by doing these exercises, so you become aware of exactly how the energy of money has been flowing through your life up until now.
Growth.Me book summaries are about one thing: detail. Not just learning more 'information' faster, but getting a clear and deep understanding of each book. We provide you with insights that stick, that you will apply in your daily work and life.
Kristy Shen retired with a million dollars at the age of 31, and she did it without hitting a home run on the stock market, starting the next Snapchat in her garage, or investing in hot real estate. Learn how to cut down on spending without decreasing your quality of life, build a million-dollar portfolio, fortify your investments to survive bear markets and black-swan events, and use the four percent rule and the Yield Shield - so you can quit the rat race forever.
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This fully revised and updated edition with a foreword by "the Frugal Guru" (The New Yorker) Mr. Money Mustache is the ultimate makeover of this best-selling 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.
If brands or influencers tempt you to spend money, unfollow them on social media. Instead, follow authors, brands, and influencers that support your money saving journey. Taking a break from social media is an option, too!
I had the joy, privilege and challenge of speaking tonight via webcast to an evolutionary wisdom group Craig Hamilton hosts. I start with the environmental and social constraints of this moment, with how the money and financial systems sit in and fight against these realities and then went on to talking about Your Money or Your Life, collaborative consumption, community investing and a host of other things. I invite you to click this link and go for the ride with me. Let me know your thoughts.
So, the RealWage sheet calculates your real hourly wage by factoring in your (base salary - (taxes + additional expenses))/actual number of hours to come up with a real hourly wage then divides 60 by that number to come up with the number of minutes (life energy) each dollar costs.
There's a concept that I was introduced to in a book I read recently called spaciousness. And this was a book about how to live life after you're rich. How to be rich. Not how to get rich, but how to be rich. It talked about having spaciousness and that it's OK to have some space in your life. That allows you to do things that are you, that you don't set goals, you discover them, was kind of the premise behind it.
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