Spoke Truth to a Disgruntled Compulsive Shopper. . .

books:


	• Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence Joe Dominguez, Vicki Robin Penguin (Non-Classics), 1999 - 400 pages average customer review:based on 190 reviews view larger image
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highly recommended

Spoke Truth to a Disgruntled Compulsive Shopper. . .

Like many people, I've spent far too much of my life energy in the pursuit of an abundance (over-abundance) of material things in an effort to try to make myself "happy," only to very slowly wake up to the fact that somehow I wasn't fulfilled, even with an overflowing closet of rarely worn (but very stylish!) clothes, books I intended to read "someday," more DVDs than I could watch in a month, etc. This book is not the only source of insight that's helped me to finally peer through the charade that "more is better" (I credit Yoga mainly for that, and also Buddhist philosophy) but it is a one-stop compendium of much of the enlightenment that I needed. It goes beyond practical tips and information about understanding money, by integrating spiritual and psychological concepts (inlcluding why advertising works) to help you to see why we are all driven to pursue more all the time, without appreciating that we don't have time to enjoy all the things we've already stockpiled, or the tremendous impact all this "consuming" has on the finite resources of our precious planet.

I give it four stars only because, as others have mentioned, the planning and investment advice is now a bit outdated (for example, the authors don't seem to have trusted computer based account management like Quicken). And while I'm sure it would be tremendously informative and reinforcing, I'm not sure it's really necessary to plot income, expenses, etc. on a huge wall chart or do the other tedious recording of every penny spent that the book reccomends. That's just a bit too far toward the other extreme (from spending money completely unconsciously, to focusing too much on money) for my tastes.

Of course, no book, however insightful, will change your relationship to money overnight or magically evaporate the years of conditioning as instinctive shoppers and consumers that we've all been subjected to. As the book acknowledges, that takes time and continually renewing your commitment to your own values. But, again, the book is full of real wisdom and courage to find out what you really want and then bring your actions in line with that (put your money where your mouth is, so to speak).

I highly recommend it if you really want to open your eyes to what's wrong with our consumer culture and find the means within your own life to redefine yourself out of it.

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Most profound book I've ever read

I'm not one to leave reviews for books, but I read through the reviews that gave 1-star and now feel that its my duty to counteract them. While the book is not 100% flawless, it has had very profound and positive influences on my life. I read it two years ago and it has opened my eyes to countless truths which I simply could not see before. Many of these truths are not financial in nature.

People with negative reviews of this book claim that following the program and tracking every penny in your life is unrealistic. This is a lame excuse for laziness or lack of motivation. I've been able to track every cent of my money very easily and only tend to computations at the end of every month. Learn how to use electronic spreadsheets -- it's not hard. All you have to do is keep your receipts in a bucket and read through them once a month.

Another thing that people like to harp on is the dated financial advice in the last few chapters. The book was probably written in the 70s and the financial picture has obviously changed. So, when the authors tell you all the reasons to invest in high-yield treasury bonds, take those reasons and find a different means to the same end. Read a "Personal Finance for Dummies" book written in the last year and it will spell out the modern equivalent. Personally, I'd recommend looking into tax law 72(t), also known as the Substantially Equal Periodic Payment (SEPP). The SEPP program lets you withdrawal from retirement accounts before age 59 1/2 without penalty or having a special financial circumstance.

There is so much insight packed into the first few pages alone that the book pays for itself instantly. The vast majority of Americans are going through life in a quiet desperation and not knowing why. Few people realize their own potential to live without boundaries but are convinced through fear, anxiety and social norms not to do so. This book lays out the exact reasons too many of us feel unfulfilled and helpless, then it frees you. For the negative reviewers of this book to overlook this point is folly.

I will say, however, that there is one section that is dead wrong in its analysis; the part that tries to dismiss inflation as insignificant, practically non-existent. How the authors came to this conclusion is a puzzle, because if you track the worth of a dollar through the last 100 years, it's pretty obvious that it loses its purchasing power. I wish they could rewrite this section and point out that the Federal Reserve is a giant cash printing press that pays for wasteful government programs, but I guess it's too late for that. As the Fed prints more money, the dollars become more abundant and consequently less valuable. Try as it might, the book cannot escape this reality.

So, that's my only reservation about this book. Had I never read it, I'd still be sitting in my lifeless cubicle at work hoping that the world would soon end. Now, I have complete control over my life, am living my dreams and liberating my peers to do the same. It's been absolutely invaluable to me.

I would also recommend the book entitled, "You CAN Retire Young".

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A Big Piece of the Puzzle!

At thirty-three years of age, I was unemployed, way deep in debt, and living in the basement apartment of my brother's house. My brother was letting me live there, rent-free, until I got my act together. It took awhile (Thanks, Jack!)...but a few books made the trip back a lot easier.

This was one of them along with "The Millionaire Next Door," "Die Broke," and "How to Get What You Want with the Money You Already Have." There were many more, too many to mention them all here, but YMOYL was, for me, the biggest piece of the puzzle!

Why? Because before I read YMOYL I had never even considered financial independence (FI) a possibility! Was not, in fact, really even aware of the concept or that I did not have to work for living forever and ever (Amen!) The other book I owe a debt in this regard is, "Cashing In On the American Dream." (Long out of print, unfortunately.)

Since my days in that basement apartment, I have gone on to teach personal financial management at the college level and coach others on the topic. I recommend this book to all my coaching clients for the simple message that, with a plan and the desire to work towards that end, it is possible to achieve financial independence.

Helping my clients to develop a plan to achieve FI is the central goal of my coaching practice. And, in fact, a few years back I achieved FI (although I do live a fairly modest lifestyle). That being said, what I enjoy most about being FI is that I have moved beyond the daily grind of having to work for a living: It is that same freedom that I wish for all my clients!

This book is showing its age in some regards and the investment strategy it advocates is an issue for some readers. Not so much for me as I invest in only cash or equivalents. So, if you are likewise conservative, it probably won't be an issue for you either.

Also, the book does make the case that inflation is not an important factor in personal financial planning; and it was not for a long time, for me, personally. But lately, with gas and food prices spiking, I have seen the affect of rising prices on my budget. So, when/if you read the book, this aspect of its message might cause you to think twice about the value of the book, in general. I say look beyond its few flaws for the larger message that it delivers.

If you are looking for an alternative viewpoint to the predominant financial mores of modern America, this is it.

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WR Curiel, author, The Debt Whisperer: "How to Get Out of Debt and Stay Out of Debt Without Wrecking Your Life, Your Credit, or Your Future" and Money Well Spent: "Seven Steps Towards Greater Financial Peace of Mind"

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A Life Changing Book

This book is life altering! It is hands down the best book I have ever read on how to get out of the daily grind and do something with your life. What's more amazing is that Joe & Vicki had this wisdom decades ago and it is still applicable today. It was thrilling to discover that the life of my dreams is not only possible, but only nine simple steps away. Value yourself enough to get this book (whether you buy it or borrow it is up to you) and discover how you can start making the life you want for yourself today.

your money or your life

Excellent book-the book expresses my philosophy on money more than any that I have every read. I reread my copy often and have given many, many copies as gifts-great for the new graduate and your married couple especially. Not difficult to read and grasp compared to many books of this type.
I recommend it highly.

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reviews: page 1, 2, 3, 4, 5, 6, 7, 8, 9, 10

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More than three-quarters of a million people everywhere, from all walks of life, have found the keys to gaining control of their money--and their lives--in this comprehensive and revolutionary book on money management. Considered the bible of the voluntary simplicity movement, Your Money or Your Life is now updated with a new Preface, Index, and Resource list to help you put the program into practice. This simple, nine-step program shows you how to:

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* Over three years on the Business Week bestseller list
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