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Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence

Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence

List Price: $15.00
Your Price: $10.50
Product Info Reviews

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Rating: 5 stars
Summary: A Perfect Guide to Financial Freedom
Review: In a few words...because of this book I am now retired on a tropical island without having to work if I chose to. I have a beautiful house near the best beach in Chaweng, Koh Samui doing what I love most for a living -- helping other people achieve success & happiness.

Rating: 5 stars
Summary: Honest, Practical, Life Changing...
Review: Don't bother listening to the negative reviews posted here. They are the result of dimwitted, reactionary people who don't have any interest in life beyond their own material "gain." If you're not ready to read this book with an open mind, don't waste your time. If you are halfway intelligent however, and have a genuine interest in reading a book that could quite possibly change your life, pick this up. PS... used book store ;)

Rating: 5 stars
Summary: Very Helpful Book
Review: I have a collection of books on how to save money, and Your Money or Your Life is my favorite. The other books have more specific tips (like how to pay less for auto insurance). This book is more about how to make your own, better choices.
My favorite idea is to keep track of every penny that comes into and goes out of your life. For each purchase, you decide: did it bring enough value into your life that you wish you had spent MORE because it was so great? Or was it worth just what you paid? Or did you pay more than it was worth to you? They don't tell you to spend less. It's just that most people find most of what they buy doesn't give them value. I think most Americans are used to just spending whatever money they have. This breaks you of that habit.
I even use this idea in going over grocery lists (I found out we spend the most money on food!) Was that can of apricots worth it? Did we waste money on processed food? You just don't REALIZE the money that floats away from you unless you look at it closely.
After saving for 15 years on a teacher's salary, I bought a $163,000 house for cash, with $30,000 leftover (the first $10,000 was money from my family. The rest was savings).
The only questions I have about actually being able to retire on savings now: health insurance is so expensive--could you really afford to buy your own? And the book says you can live on government bonds. With how low interest rates are, is that still realistic? I doubt it. If anyone has info on these problems, I'd love to hear it!

Rating: 2 stars
Summary: Too Much Propaganda, Not Enough Practical Help
Review: I had great expectations for this book. Boy was I dissappointed! This book is really more of a far left environmentalist manifesto than a practical help book. It is just full of references to our evil, materialistic, and exploitative culture and our wanton destruction of Mother Earth. I *am* an environmentally concerned person and consider myself pretty 'ecologically sound' in general, but this book was pretty extreme even for me.

Much of the content on 'how much are you really worth' and 'where does your money really go?' truly is common sense - we have been using this idea for years - our time IS worth much more than our money. We did use some of the prinicples recommended in order to make it possible for me to stay home full time with our children. [We did that on our own, long before reading this book - it really was 'common sense']. The book itself just wasn't that helpful to me.

This book would be useful to you if you are a hard core environmentalist type who would like to drop out of society and live off the land somewhere. For the rest of mainstream society, this book has really very little to offer.

Rating: 5 stars
Summary: No bad information in the book...
Review: If there is one book on simple living and getting ones priorities in order it would have to be Your Money Or Your Life by Joe Dominguez and Vicki Robin. Why? Because of its bluntness in asking excellent questions of how and why we spend our money as we do. True, much of what they write is common sense, for those of us who have tried to live a more deliberate lifestyle, but for newcomers the information will be an eye opener and of such great value.

Ask yourself as the authors do, how much are you worth an hour? Not at work, but all day, even when at home? How much do you spend for lunch? Are you getting a good value, money as well as healthwise? Look at that fast food meal. How much did it cost? How many pounds of weight will it put on you this month/year, and how much will the choice in food you chose, cost you in health care costs, dental care and even how you feel emotionally and mentally?

One of my favorite sections of the book is Chapter 3 titled Where Is It All Going where the authors talk about being honest and writing down every expense for at least a month to see where each nickel, dime, quarter and dollar goes. How much do you spend on ALL food, for meals, snacks and a quick bite in the car? For shelter, including repairs and taxes? Cleaning supplies for the home, laundry and you (soap/shampoo etc)? Clothing, both for work, going out, and around the home? What about transportation like car payments/leases, oil, repairs, insurance, toll/parking fees? Communication expenses like phone, cell phone, long distance, Internet, postage? Health costs like doctors, dentist, insurance, medications, vitamins, gym or exercise equipment. Alcohol and tobacco? Sporting events, or movies or rentals, books, magazine, toys, hobbies, or things like electronic equipment. Gifts and charitable donations.

Now stand back and see if the income, and the outcome are worth the amount of money you are spending. Now buy the book and read Chapter 6 titled The American Dream On A Shoestring where you will discover what your dream is REALLY all about, and how to obtain it in a financially wise manner. And learn to live by what the subtitles in the chapter say: Stop trying to impress other people; Live within your means; Take care of what you have; Wear it out; Do it yourself; Anticipate your needs. Needs is the key word here.

I could write so much more and want to because this is one of those rare books that has no bad information. But Amazon only allows me a certain amount of space. "Does money own you? There's a difference between "making a living" and making a life"

Rating: 1 stars
Summary: Useful for conservative types
Review: Stay in long term bonds sums up the advice for investors. You would have done well over the past three years, but in the long run stocks do outperform bonds. Still, as in investment analyst, I would recommend this to those who are risk averse.

Rating: 5 stars
Summary: A Terrific Book
Review: Your Money or Your Life describes a plan that any determined person can follow to retire from paid employment and be financially self-sufficient. It is the plan that each of the authors used themselves (perhaps in a less defined format, they were learning as they went).

If you want to be financially secure and not have to work for a living then read and follow the plan in this book. It is not a 'get rich quick' scheme, it is a 'get enough slow' scheme.

I have followed the plan myself for about 5 years and I am nearly there. Most folks can do it in 7 to 10 years without compromising their lifestyle.

Rating: 4 stars
Summary: Great concept, but exercises are tedious.
Review: This book presents a very important concept. It helps you think of just how valuable your time is. When most people think they make $XX per hour, they are fooling themselves.

First, think about your net salary (after taxes and deductions), then subtract all expenses necessary to go to work such as gas, car payments, insurance, appropriate clothing, cell phone, etc. This is your true net salary. Then add to your hours worked, all the time you spend commuting, preparing for work, shopping for work, and any other work preparation time. Divide the total hours of work and preparing for work, into the net salary minus all those expenses, and that is your true rate of how much you make.

For me, that figure was depressingly low. Now use that information to see just how much of your life you lose to buy that DVD player, 2nd car, etc. THAT IS THE TRUE VALUE OF THOSE ITEMS. By doing these steps, you will find it much easier to live simply. You will find yourself asking questions like "Is it worth 25 hours a month of working to buy that 2nd car and pay for the extra insurance, gas, etc.?"

The book also talks about minimizing unnecessary expenses, building up your nest egg, and then being able to retire early. The book also plenty of exercises for the reader to do.

I found that basic concept and initial exercises about determining the true value of things to be very useful. All the other exercises discussed later in the book did not hold much value for me, but the initial concept is worth the 4 stars I give this book.

Rating: 4 stars
Summary: Good concepts, lacks a little in presentation.
Review: The steps in this book are valuable in many ways. I think the stress relief I have received from incorporating the step that I have thus far has been well worth the purchase price of the book. I have noticed that you can make it through the book much faster than you get get each of the steps in place. It has been about six months since finishing the book initially, I continue to use it as a reference as needed, and have incorporated 2/3 of the steps.
One issue the book really doesn't cover that well is if you have a spouse that is resistant. It's something that must be seriously considered. Even if it makes perfect sense to you, your spouse may not be interested in life altering changes like those mentioned in the book.
The only real complaint that I have with this book is that the presentation was a little dry. I've read several books on simplicity and sustainability. This one is about as dry as they come. Regardless, it's a good book and I suggest anyone who is looking to get a handle on their financial life to read it.

Rating: 2 stars
Summary: Maybe I'm being condescending/conceited, but...
Review: I found NOTHING of use in this book. Not even was the content kind of common sense, but it was surrounded by fluff. There was nothing in this book that you wouldn't get from any single issue of a good woman's magazine (McCall's, Redbook, etc.). There were no real techniques to help you transform your life--just babbles on and on about HOW we live our lives as opposed to WHY we live that way and, ergo, how to change it. Take it out at the library.


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