Download Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018
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Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018
Download Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018
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Product details
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Audible Audiobook
Listening Length: 11 hours and 21 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Penguin Audio
Audible.com Release Date: June 26, 2018
Whispersync for Voice: Ready
Language: English, English
ASIN: B07DLBZ5DW
Amazon Best Sellers Rank:
I found this book worthwhile, but not what I would call 'the perfect solution". I am over 70 and have spent my life living frugally, continually saving and investing for the future and retirement. I have been quite successful at growing net worth, while living comfortably. I truly believe a key component is learning who you are and understanding how you are best suited to reach your goals. I personally think this book is too caught up in looking at every penny. I think each penny is important, but have focused on being sure there is constant savings. I don't expect my approach to work for everyone, but I want to emphasize that there can be many paths to reach the same goals. I suggest reading a wide variety of approaches that focus on saving and investing for the long haul. I have made small changes along the way when trying new things. In the end I have found that success came with simplicity. Look for the big picture in the book and any other. Growing wealth is like growing a big tree, strong trees grow big over a long time.
Basic principles of this book are decent, however, the principles are not gold and it could be summed up well in 50 pages or less...not the redundant, ranting 300 page book it is.First 80 pages of the book are worthless and torture mostly focusing on the consumerism/doomed/horrible smog-infested society we live in, last two chapters most useful and can be read in a bookstore.I did not like many examples given; it seemed to focus on divorce excessively with ~ 80% of case report examples of "FI-ers" being divorced which I found rather odd and unnecessary to mention.Take home points of this book: Spend less than you earn, save, document every penny you spend, become a minimalist and only purchase things you need, the less you need the more fulfilled you will be, the less you will work, etc.Things to consider:1) The "FIer" lifestyle is not for everyone- I equate an "FIer" to the tiny home movement in principle.2) Book recommends that bonds should be the mainstay and the only thing in your portfolio. I strongly would discourage this. "Safe" bonds which I pretty much consider anything that that is not a junk bond or preferred stock bond, are not hitting the high yields that Joe Dominguez saw in his day and on many years aren't comparing to rises in inflation. While you can never predict the stock market, when looking at time tables- it always goes up. Traditionally, stock markets rise while bond yields go down some and visa versa. The best way for security and safety is proper allocation to each of these modalities: bonds (treasury bonds are great as mentioned in the book because you aren't charged state taxes, however, what the book fails to remind you of is that federal taxes are still fair game) and diversified stock portfolio most safely done by investing in mutual index funds with low fees (e.g. Vanguard). The older you are, for safety, the more bonds you should have in case the stock market plummets during your retirement years. For conservatives a 60% mutual funds and 40% bonds is recommended. For a retirement person, 20% stocks and 80% bonds should be considered. When you have all your eggs in one basket, you lose that safety net.3) Other things I disagree with in this book- everyone should have health insurance, you should not forgo this to "save" money; sure buy the less comprehensive plan if you are healthy and pay less and have a higher deductible but you are gambling when you forgo it all together.4) They also suggest in this book "rolling-over" your 401k and 403b accounts to bonds; however, these are pre-taxed dollars and you will likely get slammed- most retirement plans now give options to the "risk" or rather stock/bond ratio you desire. I would more likely suggest rolling money to Roth IRAs (post-tax and therefore tax free with capital gains) or just leave your nest egg to compound growth where they are at.Now I am ranting. Cheers.
The first 8 chapters of the book are great, chapter 9 should just be deleted. The original book recommended putting 100% in Treasuries. Since that is clearly a terrible idea now, the book grudgingly recommends index funds.The thing that drives me nuts is the book says that it took 25 years for the stock market to recover from the Great Depression. This is a lie, when you account for dividends and deflation it took 4.5 years to recover if you put a lump sum in at the absolute peak.If you’re going to try and scare people at least be honest. Also if you’re going to pretend that 100% treasuries was a great idea in the 80s at least mention that a 60/40 stock bond blend would have blown it out of the water.
As a Certified Financial Planner professional with over ten years of experience helping clients with retirement planning, I'm sincerely impressed by this book, and have to say that this is a powerful resource for anyone that is seriously interested in becoming Financially Independent (FI). My only feedback is that the book, doesn't emphasize enough, how difficult it is, when you have a spouse or life partner, to change deeply rooted financial money scripts and behaviors. That said, if you (and your life partner) are dedicated to Financial Independence, then this read, is in my professional opinion, a very worthy investment of "life energy" in deed. Good luck on your financial life journey, and may there be many blessings to you and yours! :-)
The content is good, but it is written as if someone just dictated a seminar that lasted a week. It is full of "take Mary for example, she did blah blah blah and blah blah happened" followed by 3 more examples. Yea, I get it. I got it before the example and now I am just annoyed skimming past the examples thinking about the trees that were killed for no reason. Overall, there is some good content in the book, but it could have been cut down 25% easily. After reading the first half of the book I learned to just skip over the examples and skim some of the paragraphs to keep my sanity to make it through to the end
This is the perfect finance book for someone who is now starting out and really for anyone that is trying to get a different perspective on money and how they handle it.However there are some flaws with it number one being that I don’t believe that financial independence or the crossover point as it is called in the book is that easy to maintain once it is reached as several of the examples in the book spoke of people having to readjust their lifestyle when life changed which is something that we all know will happen.Overall however I think tracking your money, seeing your money as your life energy, tracking your income versus expenses for a long period of time and using the three questions to see if you’re getting the best value both emotionally and in line with your values is excellent advice so I would recommend this book to anyone looking to improve their relationship with money.
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