Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence
by Joe Dominguez
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List Price: $15.00
Our Price: $8.34
Your Save: $ 6.66 ( 44% )
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Manufacturer: Penguin (Non-Classics)
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Average Customer Rating:  
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Binding: Paperback
Dewey Decimal Number: 332.02401
EAN: 9780140286786
ISBN: 0140286780
Label: Penguin (Non-Classics)
Number Of Items: 1
Number Of Pages: 400
Publication Date: 1999-09-01
Publisher: Penguin (Non-Classics)
Studio: Penguin (Non-Classics)
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Spotlight customer reviews:
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Customer Rating: 
Summary: Some good concepts, some wacky ones, and some impractical
Comment: There were some good concepts in this book, such as the ones about considering each purchase and weighing it against the time it takes to work for it. Living within your means and paying off your debts is also a timely lesson.
However the author requires you to follow their prescriptions to get the full benefit of the book. This includes accounting for every single penny that comes in and out of your ownership. There is one category called "lost money", that in my case because of the stock market, way overwhelms any of the other nickels and dimes. Of course the authors don't recomend investing in stocks. They claim that inflation is not really a big problem, and that you should invest in laddered long term Treasury bonds. This way you get a steady income that is predictable, I guess 30 year bond, would last you the rest of your life. Now that you know the monthly income you have, you just make sure that your expenses are always kept below this income level, and you have reached Financial Independence! Only problem is that expenses grow with inflation, whereas long-bond interest does not. However no guidance was given to that other than to look for items whose price has dropped, like computers, and electronics to offset those whose price has increased.
Unfortunately, price increases in basic necessities, like food, health care, and transportation pretty much wipeout decreases in electronic gadgets. This is the major weakness in their Financial Independence plan based on 30-year T-bills.
That said, the concepts of living within your budget, careful spending, avoiding debt, frugality are useful, even if you don't follow their prescription exactly. But it's not like your grandma never told you that before!
Customer Rating:
Summary: Wish I'd followed this book's advice
Comment: I read this book many years ago, and while I really enjoyed it and got a lot out of it, I ignored its advice to invest in bonds instead of stocks. Of course, with the global economic meltdown that we are now witnessing, I now wish I had done that.
This book was remarkably prescient.
Customer Rating:
Summary: How to be financially independant
Comment: I have read over 50 books by all the most popular financial authors today, and I believe this classic from the early 90's is by far the best if your goal is to be financially independent from your job once and for all. The author himself actually became independent in his early thirties and remained so for over 20 years until his untimely death due to a critical illness. So this book is not about theories it is showing how some one achieved financial independence in real life.
The philosophy of this book is that you earn money through sacrificing your precious life energy through work. It talks about how the majority of people have destroyed their quality of life in pursuit of a high standard of living. The end result being they lose their identity in the position they hold and no longer live, they just work on a treadmill of endless earning and spending with little enjoyment.
The author proposed a nine step plan that will cause you to be mindful with your money. Track your spending, are you really getting the value out of what you have bought for the effort you gave to earn the money? He proposes a chart graph to track your monthly spending against your monthly income, with a third line of savings. When the interest on your savings surpasses your expenses you are completely financially free for the rest of your life. You have the rest of your life to enjoy and do what ever you please. Volunteer, work part time at something you truly love, of just sleep until noon until you are bored. The key to this program is:being frugal, aggressively eliminating all debt and cutting expenses in every way possible and saving diligently. I admit that this program is a little extreme for most people, but I am willing to follow it for the ultimate pay off, financial freedom to do as I please for the rest of my life. The new American dream.
I would highly recommend also reading Dave Ramsey's :"Total Money Makeover" if you find this book to Spartan for your personal tastes. Dave has lead me to being debt free with a large net worth over the past 15 years, and I started with nothing.
Customer Rating:
Summary: I loved this book!
Comment: The other reviewers have pretty much covered the content of this book. Admittedly I haven't used all of the ideas, however now I have become very aware of how I spend my money and how many hours I have to work to purchase the ever evasive 'thing I must have or die'. Totally amazing! I now realize how much stuff I really have that I really do not need. Keeping these things actually cost you more by using up your time and energy to maintain 'your stuff'
Once you can get this change in your thinking, it's amazing how much more money you really have.
Before I purchased this book, I found it referenced and recommended all over the place. That must mean something.
If you're still not sure about it, get it from the library. (Yet another of their money saving ideas.)
xox
MEF
Customer Rating:
Summary: OK
Comment: Ok book on retirement planning. But, like all such books, it pays to be rich before you retire. Nothing of use for us "poor" souls.
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Editorial Reviews:
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Customer Rating:
Summary: Some good concepts, some wacky ones, and some impractical
Comment: There were some good concepts in this book, such as the ones about considering each purchase and weighing it against the time it takes to work for it. Living within your means and paying off your debts is also a timely lesson.
However the author requires you to follow their prescriptions to get the full benefit of the book. This includes accounting for every single penny that comes in and out of your ownership. There is one category called "lost money", that in my case because of the stock market, way overwhelms any of the other nickels and dimes. Of course the authors don't recomend investing in stocks. They claim that inflation is not really a big problem, and that you should invest in laddered long term Treasury bonds. This way you get a steady income that is predictable, I guess 30 year bond, would last you the rest of your life. Now that you know the monthly income you have, you just make sure that your expenses are always kept below this income level, and you have reached Financial Independence! Only problem is that expenses grow with inflation, whereas long-bond interest does not. However no guidance was given to that other than to look for items whose price has dropped, like computers, and electronics to offset those whose price has increased.
Unfortunately, price increases in basic necessities, like food, health care, and transportation pretty much wipeout decreases in electronic gadgets. This is the major weakness in their Financial Independence plan based on 30-year T-bills.
That said, the concepts of living within your budget, careful spending, avoiding debt, frugality are useful, even if you don't follow their prescription exactly. But it's not like your grandma never told you that before!
Customer Rating:
Summary: Wish I'd followed this book's advice
Comment: I read this book many years ago, and while I really enjoyed it and got a lot out of it, I ignored its advice to invest in bonds instead of stocks. Of course, with the global economic meltdown that we are now witnessing, I now wish I had done that.
This book was remarkably prescient.
Customer Rating:
Summary: How to be financially independant
Comment: I have read over 50 books by all the most popular financial authors today, and I believe this classic from the early 90's is by far the best if your goal is to be financially independent from your job once and for all. The author himself actually became independent in his early thirties and remained so for over 20 years until his untimely death due to a critical illness. So this book is not about theories it is showing how some one achieved financial independence in real life.
The philosophy of this book is that you earn money through sacrificing your precious life energy through work. It talks about how the majority of people have destroyed their quality of life in pursuit of a high standard of living. The end result being they lose their identity in the position they hold and no longer live, they just work on a treadmill of endless earning and spending with little enjoyment.
The author proposed a nine step plan that will cause you to be mindful with your money. Track your spending, are you really getting the value out of what you have bought for the effort you gave to earn the money? He proposes a chart graph to track your monthly spending against your monthly income, with a third line of savings. When the interest on your savings surpasses your expenses you are completely financially free for the rest of your life. You have the rest of your life to enjoy and do what ever you please. Volunteer, work part time at something you truly love, of just sleep until noon until you are bored. The key to this program is:being frugal, aggressively eliminating all debt and cutting expenses in every way possible and saving diligently. I admit that this program is a little extreme for most people, but I am willing to follow it for the ultimate pay off, financial freedom to do as I please for the rest of my life. The new American dream.
I would highly recommend also reading Dave Ramsey's :"Total Money Makeover" if you find this book to Spartan for your personal tastes. Dave has lead me to being debt free with a large net worth over the past 15 years, and I started with nothing.
Customer Rating:
Summary: I loved this book!
Comment: The other reviewers have pretty much covered the content of this book. Admittedly I haven't used all of the ideas, however now I have become very aware of how I spend my money and how many hours I have to work to purchase the ever evasive 'thing I must have or die'. Totally amazing! I now realize how much stuff I really have that I really do not need. Keeping these things actually cost you more by using up your time and energy to maintain 'your stuff'
Once you can get this change in your thinking, it's amazing how much more money you really have.
Before I purchased this book, I found it referenced and recommended all over the place. That must mean something.
If you're still not sure about it, get it from the library. (Yet another of their money saving ideas.)
xox
MEF
Customer Rating:
Summary: OK
Comment: Ok book on retirement planning. But, like all such books, it pays to be rich before you retire. Nothing of use for us "poor" souls.
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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