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Summary: It Really Works
Review: This book literally changed my life, because it changed the way I think about money. By doing the principles set down by the authors, my husband has been able to leave the grind of a twenty year job to start a home based business. The only real difference in our lifestyle is that now we think before we spend, and we don't eat out as much. A small price to pay for the reduction in debt and job stress in our lives
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Summary: Do the Steps - it works!!!!!!
Review: This is a wonderful book to help you understand what it is that you value and how to head towards financial independence (FI as the authors call it)! There are several steps involved and I would highly recommend doing each of them! We did! We are not FI but we have such a clear understanding of how are money flows. The wall chart was crucial for us and made the difference in watching our mortgage get paid off 11 years early. Very exciting to see the visual. It makes whatever goal you have more tangible and you're able to watch the progress - DO THE STEPS - you'll be glad you did.
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Summary: The best book on money that I have ever read.
Review: This book is timeless. I essentially developed this same plan through trial and error (and lots of soul searching) over the last three years. It was great to see my scattered thoughts and philosphies put down in such a concrete, well-documented manner.You should read the other reviews below with a bit of skepticism. 1) The investment advice in this book is not dated; it is conservative. Conservative is precisely what you need if you want to sleep well every night and live off of your money. Actually, many folks who are already financially well off follow this advice. The 15 year bull market seems to have turned everyone into an investment guru. 2) Someone way down the review list claims that saving $800 per month will not let you save $300,000 within 30 years. They asked for a hole in their logic, here's one: compound interest. Actually, at 5% and $800/month you will hit $300k in 19 years with virtually no risk. Low risk bonds should return 7% to 8% over this period and get you there in 17 or 16 years respectively. The recent bull market would have accomplished this in 10 years or less. There are a few other minor holes in the logic that would shorten the window another couple of years... 3) You have to have discipline to follow this plan. Otherwise, you will be working for a long time. If you are looking for a get-rich-quick book, look elsewhere. Like all important things in life, this also requires dedication and commitment. I am young, but I will be retiring to part time work in just under 10 years while my co-workers will be on the job an additional 25 years. 4) It takes me approximately 30 minutes each month to track my expeses to the dollar using Quicken and credit cards that automatically categorize expenditures via online account access, (of course the credit cards are direct drafted from the bank so I do not incur interest -- make credit cards work for you and take advantage of the system, some even pay you cash back). 5) This books compliments "The Millionaire Next Door" quite well if you understand your own personal philosophy on life and work. I suggest you check out both books out at the library; skim TMND and read YMOYL thoughtfully. TMND suggests working hard and living frugally; ultimately this results in accumulated wealth. YMOYL suggests working hard short-term, living frugally all the time, then moving to a more personally satisfying life. But YMOYL quantifies this and defines what you need and why you would need it. YMOYL is a plan; TMND is an analysis of recorded data.
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Summary: Boring and irritating!
Review: This book was such disappointment! I bought it because I've seen all the reviews and I thought it would be good, but it's not! I'm sorry I gave my money for it! The book is boring, patronizing, obsessive. How on earth could you track down every cent you ever earned in your life? Or your allowance? A lot of the book is philosophical and not practical. When they started talking about Adam and Eve I freaked out. What's that got to do with your money? I really tried to read it (because I paid for it), but when I came near the end of the book, I just gave up. I couldn't take it anymore, it was so awful. I definitely wouldn't recommend it to anyone. I'm wondering why so many people find it useful!
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Summary: Your money or your life? Take my life I need the money.
Review: A thought provoking book. The simple concept around which this book is written is this: Your income depends on the number of hours you work, so if you spend frivolously, you are not just spending your money, you are spending you lifetime. e.g. You earn $10 per hour tax paid? then if you spend $400 on something (that is probably really of no benefit to you, that you didn't really need), you are really spending 40 hours of your lifetime for that useless item. To most people that is a working week. Multiply that a few times and most of our working lives are spent for NOTHING. The book goes on to show that financial independence is a real possibility for most people so long as you change your ideas about what is important in your life. An excellent, thorough, positive book by people who have really done it. Recommended reading for everyone.
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Summary: Very thought provoking. One of the best I've ever read.
Review: The first thing I did when I finished reading this book was to set aside time to read it again. This is a truly outstanding book. First some pros and cons, and yes, there are some drawbacks. You guessed it: this is not a "get rich" type book. It's not about making money and all that. Some people might classify it as "psychobabble" because it talks about your relationship with money and how it fits into your life. The primary focus of the book is to show just how much of our waking hours are dominated by working for a living and to show you how to get past that. After following some of the advice in the book, I found myself facing the realization that most of my waking hours are devoted to money. I didn't believe it at first, but after doing the exercises, I was pretty surprised. To give you a taste, here is perhaps my favorite quote from the book: "And they call this making a living? Think about it. How many people have you seen who are more alive at the end of the work day than they were at the beginning? Do we come home from our 'making a living' activity with more life? Do we bound through the door, refreshed and energized, ready for a great evening with the family? Where's all the life we supposedly made at work? For many of us, isn't the truth of it closer to 'making a dying'? Aren't we killing ourselves - our health, our relationships, our sense of joy and wonder - for our jobs? We are sacrificing our lives for money - but it's happening so slowly that we barely notice....After all, if we didn't work, what would we do with our time?" I can't think of anyone who could not benefit at least somewhat from reading this book and really pondering the message. Other than "Rich Dad Poor Dad" by Robert Kiyosaki, I can't remember a book I have recommended to so many people. I'm giving this book 5 stars because I can't give it more than that. If you work for a living, find yourself in debt, don't have time for your kids or just feel burned out, could it possibly be money related in some way? Since the vast majority of people work for a living, I suspect it's job related. I would rate this book as one of the most influential I have ever read. Consider this. We spend over half our waking hours either: (1) working (2) going to work (3) coming home from work (4) eating out because we're too tired from working all day (5) looking forward to the weekend because we hate our work (6) recovering from work (7) dumping your kids in day care because you have to work. You get the point. This is a really good book. Email me with your thoughts and stories how this book has changed your life. I have many thoughts and stories to share.
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Summary: This book transformed my attitude concerning money...
Review: After years suffering from the effects of a financial catastrophe early in my 20s, I always felt inferior to those who had good credit. This book showed me that it was possible to have the life I wanted by making money choices that are in line with my values and what I want my life to be. I no longer feel limited by life, I now have control over my future - and I know my financial situation and that knowledge is powerful. This book has replaced financial inferiority and chaos with peace and fulfillment... I reccommend this book to everyone I know.
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Summary: BUY THIS BOOK! NOW! MY FELLOW ROMANS.
Review: 40,000 men, women, and children die of starvation daily in the world. There are two appraches to help. One is conservative. One is liberal. The first involves becoming a Libertarian. Buy "Why Government Doesn't Work" by the Libertarian presidential candidate, Harry Browne. Read the book. And vote for Browne and against all government programs. The second is to follow the 9 steps of this book. The problem is easy to understand. Frances Moore Lappe stated in "Diet for a Small Planet" that the problem of starvation is caused by overconsumption. Then she did further research and discovered that she was wrong. In a later edition she states that every country is an "open bread basket". That is, every country in the world has enough food to feed it's own inhabitants. But the governments sell the wheat and other grains outside the country for higher prices. This includes the U.S. Now Donella Meadows, author of "Limits of Growth", states, "If you want to know how to make the maximum contribution you possibly can to the world - and to your own happiness - follow the steps in this book." Now the approach of this book will stop this problem if the world does it. BUY DECREASING OUR CONSUMPTION, WE WILL CUT DOWN THE DEMAND FOR OTHER GOVERNMENTS TO SELL OUTSIDE THEIR OWN COUNTRIES. There will be no motive for them to sell to other countries. Now I talked to Vicki Robin on the phone. She told me that anybody of any political party can follow this book. And her secretary told me, and this is very importantant because it is not stressed in the book, YOU CAN FOLLOW EACH STEP OUT OF ORDER. You can do step 2 first! Or another step. Step 2 involves keeping track of all the money that comes in and goes out for 1 month. The secretary has been financially independent for 10 years beacause of this program! So for you who hate your work, BUY THE BOOK. The steps will seem hard. Believe me. Counting every cent that you have ever earned (step 1) is not easy. But the secretary told me that you can jump around from step to step. In fact, the secretary told me that after all these years, she STILL hasn't totally completed the steps. But Vikki assured me that it is necessary to eventually complete all 9 steps. So whether you are a left-winger or a right-winger, buy this book and start feeding some babies. Good luck.
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Summary: Changing life veiws
Review: This was an incredible eye opener for me. They offer clear and concise information step by step on reevaluating your worth, self-wise and monetary and help to put what is really important to you in perspective. I would recommend this book to anyone who is unsatisfied with their life, but can not quite put their finger on "why?"
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Summary: Good, but Note
Review: Dominguez and Robins have done a stellar job of explaining and spreading the message that more isn't necessarily better--in fact, pursuing the SUV, Ralph-Lauren-matching-linens, American dream is down right expensive to your quality of life. The pair have also done a wonderful job of giving a detailed road map for taking financial control of your life. I do, however, have a few problems with Your Money or Your Life. First, the money diet they suggest is too difficult for all but the tightest of spenders--especially if you have children. Second, the authors suggest shopping at Walmarts and discount supermarkets. Naturally these megastores can save you money, but ultimately if you're goal is quality of life, you're better off shopping at smaller, independently-owned stores and cooperatives which offer organic produce and nontoxic products. Unfortunately these products do cost more, but it's worth it for your health, peace of mind, and a better planet. Last, their investment advice--buy very long-term U.S. government bonds--is a weak, even ridiculous strategy. For a simpatico--or even substitute--companion book which offers more options and good investment advice, check out The Mindful Money Guide. It's well written, funny, and covers the full range of money issues--emotional/psychological, right livelihood, investing, spending, and charitable donations.
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