Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence [Unabridged] [Audible Audio Edition] Author: | Language: English | ISBN:
B0034KHDJ4 | Format: PDF, EPUB
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Now more than ever-given today's uncertain economic climate-a transformed relationship with money is the key to a happy and healthy life. Vicki Robin offers Your Money or Your Life, an original audio adaptation of the New York Times best-selling book that has helped more than 600,000 people worldwide gain greater financial freedom. Join this acclaimed author for hands-on tools and insights that will help you reach new levels of comfort, competence, and consciousness around your personal finances.
Direct download links available for Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence [Unabridged] [Audible Audio Edition] Epub Free
- Audible Audio Edition
- Listening Length: 2 hours and 25 minutes
- Program Type: Audiobook
- Version: Unabridged
- Publisher: Sounds True
- Audible.com Release Date: January 15, 2010
- Language: English
- ASIN: B0034KHDJ4
The fundamental premise of this book is pretty good. The idea is as follows: You devote a given amount of time a day into work (say 10 hours). You earn an hourly wage, let's say for argument's sake it is $16 / hour. But there are many hidden costs associated with having a job.
For example, you may spend 30 min. commuting to and from work. After you get back from work, you may spend an additional hour "decompressing" - as in mindlessly watching TV in order to relax. You may also spend maybe another 30 min. or so talking about your work situation to your significant other.
So when you calculate your REAL hourly wages, you have to take all of this extra time into account. After all, you wouldn't be doing all of this stuff if you didn't work at this particular job.
Also, there are monetary costs to working. Such as spending money on nice work clothing. Buying lunch in the afternoon, because it would be too time consuming to prepare lunch every night. If there are things that you might do yourself but don't because of your job (taking care of your lawn, car, house, etc), you have to subtract the monetary costs of outsourcing all of this work.
What the book points out is that your REAL hourly wage is often much less than you think it is. In the example above, $16/hour could easily fall to $10 or $11/ hour.
The book then goes on to argue that when you start looking at stuff to buy - you should think about the cost of a new iPod for example in terms of hours spent working for it, not money. So for example, if you buy a $200 iPod, and you REAL hourly wage is $11/ hour, you've just spent about 18.2 hours of your life working away for that iPod. It really puts things into perspective.
I got this book after reading in several blogs how good this book is. Now I know why. To start with, the nine steps mentioned in this book are:
(1) Making Peace with the Past;
(2) Being in the present - Tracking Your Life Energy;
(3) Where Is It All Going? (The Monthly Tabulation);
(4) Three Questions That Will Transform Your Life;
(5) Making Life Energy Visible;
(6) Valuing Your Life Energy - Minimizing Spending;
(7) Valuing Your Life Energy - Maximixing Income;
(8) Capital and the Crossover Point;
(9) Managing Your Finances.
You really gotta do the steps! Sure the steps take times and discipline to implement, but once I started, I got a lot out of it. Some of the shifts that I experienced:
1. A way of thinking that "money is simply something you trade life energy for".
Because I really want to know how much I trade my life energy for doing my job, I become very discipline in tracking my spending and created many new categories in my Quicken to be able to answer the the 3 Questions in step 4.
2. The attitude of "no shame no blame" when evaluating what one had done with one's finance. The book mentioned many times this mantra that helped whenever I felt bad about my previous decision, I would tell myself "no shame no blame" and no regret (my own addition).
3. The hope of being financial independence. The step of charting and making life energy visible were very helpful. I am looking forward to the time when my monthly investment income crosses over with my monthly spending. The book gave examples of people who successfully crossed over this point which are very motivating.
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