
I finally had a chance to read the new edition of Your Money Or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence, a book that had a huge influence on me when I first discovered it back in the late ’90s.
With this book, co-author (and now friend!) Vicki Robin sparked the FIRE, or “Financial Independence, Retire Early” movement… though few people were aware of this until relatively recently. She is a huge inspiration to me, and I definitely aim to be like her when I grow up!
The new edition includes a wider range of examples from Millennial types, and the chapter on investing is FAR better aligned to today’s investing climate.
Intrigued? Vicki has generously shared a VERY detailed summary on the fancy new YMOYL website, but I still suggest you buy the book, and spend some time with it!
In addition to calculating how much money we’ve earned over our entire lives, and what we have to show for it (aka our net worth; this is Step 1), we’re instructed to calculate our real hourly wage, a function of our life energy, and track every cent that comes into our goes out of our lives (Step 2). And we get into the habit of tallying up our spending by categories that are relevant to our lives, and we regularly convert those monthly spending totals into hours of life energy (Step 3).
But my favorite step by far is Step 4: Three Questions That Will Transform Your Life: Continue reading “Your Money Or Your Life: one of the most influential books of my life”