Download "Your Money or Your Life Book Summary, by Vicki Robin" as PDF. And even enough little ‘luxuries.’ We have everything we need; there’s nothing extra to weigh us down. Create a chart plotting total monthly income and total monthly expenses, and put it somewhere you’ll see it every day. You are free of the guilt, resentment, envy, frustration and despair you have felt about money issues. Cut out high expenses, fees and commissions of middlemen and popularly marketed investment products.

People who do a half-hearted job often get a life to match. Once you have changed the nature and function of your interaction with money, through following the steps, your relationship with money will be transformed — you will reach new levels of comfort, competence and consciousness around money. The purpose of Your Money or Your Life is to transform your relationship with money. Create a table of income and expenses in broad categories. In this book, the authors present a nine-step process for achieving financial independence. (The Monthly Tabulation).

Financial Intelligence is knowing that if you spend your life energy on stuff that brings only passing fulfillment and doesn’t support your values, you end up with less life. Deduct from your weekly income the costs of getting to and from work; the cost of the clothes you buy to wear at work; the extra cost of at-work meals; the amount spent to relax and wind down after the stress of a work day; job-related illness; and all other expenses associated with maintaining you on the job. With Step 8 the possibility of Financial Independence opens up. Cost of work related meals, coffee breaks, lunches, $20 a week. You have only a finite amount left. It seems like common sense, but its application is anything but common. Perhaps we cling to our affluence — even though it isn’t working for us or the planet — because of the very nature of our relationship with money. It is very important to be aware of your spending habits.

You may not see this effect until you have been following the steps for a number of months. I know Vicki is super busy but the FIRE community in South Africa is growing and I want her message to be one that South Africans consider. Now that you have a plan, invest your money wisely.

The investment must produce this regular, fixed known income without any further involvement or expense on your part.

But FI thinking sees those savings in a different light. a big piece of work to find them. But YMOYL has provided us with the framework to approach the Living section of our spending and make informed […], […] it is time to follow YMOYL’s process for examining your monthly spending by category.

If you have ten dresses but still feel you have nothing to wear, you are probably a spendthrift. It gives them a sense of self and purpose, but it can also take away time from friends and family. Age and average remaining life expectancy. Her open mind allowed her to recognize the value of Joe’s new road map for money and apply it to her own life. To let go of clutter, then, is not deprivation, it’s lightening up and opening up space for something new to happen. Research value, quality and durability. It’s a form of exchange, and it pays our bills. It’s also important to develop practical skills so you can live a more self-reliant lifestyle. and 20,000 other business, leadership and nonfiction books on getAbstract. Not only that, but doing this step impeccably may even get you a better job with better pay. The main example of this is in the book title: if you had a gun to your head would you rather give up your life, or your money? So far we have established that money equals life energy, and we have learned to compute just how many hours of life energy we exchange for each dollar. Financial Integrity is achieved by learning the true impact of your earning and spending, both on your immediate family and on the planet. You can predict when your time will be freed up from having to work for money. Figure out your earnings and net worth. It is a form of Financial Independence to ‘just say no’ to unconscious spending. Enough is. I retired from the US Navy in 2010, and have not had to start a “new career” because I followed the steps in this book.

We shift from “more” to “enough” and ultimately get more of what money can’t buy. We all have an idea of what money is. It is precious because it is limited and irretrievable and because our choices about how we use it express the meaning and purpose of our time here on earth. The number that results from this step — your. In order to gain Financial Intelligence you first need to know how much money you already have earned, what you have to show for it, how much is coming into your life and how much is going out. Click Here to Get a Free PDF with 40+ Business & Marketing Book Summaries. For each spending category, ask the following questions: These questions can transform your life and help you set the foundation for your life transformation.

The old road map for money has trapped us in the very vehicle that was supposed to liberate us from toil. Love hearing your words on Audiobook. I’ll summarize each and give my thoughts: Step 1: Making Peace with the Past. This is a very basic, fundamental practice for any business — and you are a business. Your Money or Your Life is full of examples, stories and experiences of many people who have followed their nine-step program in their journey to financial independence. From birth to death we have become financially dependent — on our parents for our first financial sustenance, on ‘the economy’ in order to get a good job, on ‘the job’ for our survival, on ‘unemployment’ handouts to tide us over between jobs, on our pension to pay our way in old age and on Medicare if we get sick before we die. It is about integration, a ‘whole systems’ approach to your life. After you have tracked your expenses and income for a few weeks, plot them on a graph. Enough is a wide and stable plateau. There is nothing in your life that is more valuable than your time. Our greatest hope is that you will apply these steps to your own finances and apply your life energy to the challenges that face our species and our planet. On your monthly tabulation, ask three questions of each of your category totals expressed as hours of life energy and record your responses: At the bottom of each category, make one of the following marks: Mark a minus [-] or a down arrow if you did not receive fulfillment proportional to the hours of life energy you spent in acquiring the goods and services in that category, or if that expenditure wasn’t in full alignment with your values and purpose or if you could see expenses in that category diminishing after Financial Independence. Unless you are thinking about helping others along the line, you will keep striving for more but never find enough. It is knowing what is enough money and material goods to keep you at the peak of fulfillment — and what is just excess and clutter. It’s what they do for a living, and it can be the source of their income. Establish the actual cost in time and money required to maintain your job, and compute your real hourly wage. When we go to our jobs we are trading our life energy for money.

Is your life whole?

Work and wages aren’t the same; wages are simply the money you trade your life energy for. Consider all the “life energy” that goes into keeping up with what everyone else has (keeping up with the Joneses). You had better know how much you are selling it for.

If we have the money, we can buy whatever we want, whether or not we need it, use it or even enjoy it. Enough comforts. It’s about identifying, for yourself, what you need as opposed to what you want, what purchases or types of purchases actually bring you fulfillment, what represents ‘enough’ for you and what you actually spend money on. It comes in whether or not you go to work.

This way of life is debilitating, stressful and hard on your health, relationships and family.

You also need an income apart from your job. You do this by becoming more conscious of your unexamined and unrewarding spending patterns — painlessly.

What Your Money or Your Life does is to put controlling spending into a larger context of maximizing fulfillment, minimizing waste, and pursuing a higher purpose. It serves to locate you in time and space and review your earning and spending activity in the past. It’s about using this high self-esteem to bring about greater fulfillment, greater satisfaction and a greater sense of wholeness, alignment and integrity. Impatience, denial and greed are actually part of what is being transformed. The monthly income from your investment capital will be equal to your actual monthly expenses. An investment is the conversion of capital into some form of wealth other than cash with the expectation of deriving income.

At some point in the last forty years, though, conditions began to change.

Step 2.

You are in the business of selling the most precious resource in existence — your life energy. It challenges us to ask what’s more important, the physical possessions we accumulate or happiness and time spent with family/friends? This program is not about budgeting.

I’ve been listening to the audiobook and plan to start the steps over the Christmas break.

If someone thrust a gun in your ribs and said that sentence, what would you do? It is absolutely necessary that you diligently do every step.

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