Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence Paperback – Sep 3 1999
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The one major downfall in this book comes at the end, with the discussion of where to invest one's money. After a flawed attempt at miniming the dangers of inflation and a well-deserved jab at conflicted brokers, the authors advocate investing everything in treasury bonds, simply because it's the least volatile financial investment. While we currently live in a time of relatively low inflation, there is no guarantee this will remain so, given the ever-growing weight of the national budget deficit and the trade deficit in the U.S. and political and economic instability around the world. The authors brushed aside inflation by pointing out the possibility of product substitutions. However, general inflation occurs when prices of all products rise simultaneously, not just with one particular product. Just ask anyone who lived through the late '70s/early '80s on a fixed income. The yields on treasury bonds have been dismally low, barely over inflation.
It is also wrong to assume that living expenses will stabilize or fall during retirement. The cost of health care is rising.Read more ›
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.Read more ›
However, if you are a person who lives check-to-check and is looking for a way to get out of the earn-and-spend spiral, I'd highly recommend this book or 'The Mindful Money Guide'.
If you are looking for a nuts-n-bolts book on managing your finances, there are better books. If you are interested in exploring your relationship to money and what 'enough' is in your life, then you'll find this book worth a read.
Money is a very emotionally-charged, personal, and difficult subject. Dominquez and Robin attempt to take out the emotional and conduct a rational conversation with you about money and the role it plays in our lives. Money is simply a medium of exchange and you need to understand how you are exchanging it with your life energy. Some of the language is "new agey" and environmentally-oriented, but make sure you see the forest through the trees.
This book is the one that finally motivated me to start tracking my expenses on a daily basis. I've read books by Suze Orman, David Bach, Charles Schwab and countless other money experts. But Your Money or Your Life brings to life how tracking your income and expenses, in a way that works for you, will make you want to think about each and every dollar that you spend. We spend our time earning money, we spend our time spending money, but how much time do we spend thinking about and tracking where our money goes? And you don't have to use Intuit or some other fancy software program to manage your money. Design a format that works for you.Read more ›
Most recent customer reviews
very valuable knowledge for young adults to get started withPublished 7 months ago by Amazon Customer
Fantastic book, changed my life. Bought multiple copies to give to friends and family over the years, which have never been read. Read morePublished 14 months ago by Squid
One of the great lessons of life that I thankfully learned at a relatively young age is that if you do what everyone else does, you'll end up with what everyone else has. Read morePublished on July 5 2004 by Robert Sharpe
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... Read morePublished on May 18 2004 by christin
This book is truly about more than just getting out of debt and gaining control over your money. It is about choosing what is most important to you personally, then making the... Read morePublished on April 29 2004 by Anya
Wow! This book is so much more than about money. It's about life, purpose, fulfilment, values, responsibility, integrity, awareness... Read morePublished on April 27 2004 by Xavier de la Foret
A hard but sure way to get out off the rat-race. The program in this book is very demanding. The demands will be too great for most readers. Read morePublished on April 15 2004 by andris virsnieks
Your Money or Your Life by Joe Dominguez and Vicki Robin, is a collection of simple, common sense observations about money. Read morePublished on April 5 2004 by Dan
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