13
Aug
Your Money or Your Life by Vicki Robin – Summary
31
Jul
About This Book
Want to be free from money worries and live meaningfully? Read “Your Money or Your Life” by Vicki Robin. This book shows you how to manage your money, invest in your future, and spend according to your values. It also helps you find work, purpose, and happiness in your life. By reading this book, you will learn how to have enough income without working. This book has improved millions of lives. If you want to improve yours, read this book today.
Table of Contents
Your Money or Your Life
Author : Vicki Robin
Publisher : Penguin Books; Revised edition (December 10, 2008)
Language : English
Print : 368 pages
3 Sentenses
5 Quotes
Who Is It For
Actionable Takeaways
☀️ 4 Fundamentals
- Do Make a Living
- Don't sacrifice your life for money
- Don't let your paid employment becomes your identity
- Don't spend your hard-earned money in a way that only make you more dependent on your paid employment
- Find your enough
- Identify your gazingus pin, any item that you just can’t pass by without buying or any activity that add nothing positive to your life
- Discover your point of maximum fulfillment, the Goldilocks feeling of just-rightness and nothing in excess
- Let go of clutter. Don't seek inner fulfillment in outer possessions
- Treat every spending as trading your life energy
- Every dollar you spend represents 6 minutes of your life
- Include money in your life in a purposeful way
- Maximize and optimize your most precious resource: your time on earth
- FI = Financial intelligence + Integrity + Independence + Interdependence
💰 9 Steps toward FI
- Make Peace with the Past
- Find out how much money you have earned in your lifetime—the sum total of your gross income, from the first penny you ever earned to your most recent paycheck
- Find out your net worth by creating a personal balance sheet of assets and liabilities—everything you own and everything you owe
- Net worth = Liquid assets + Fixed assets - Liabilities
- Track Your Life Energy
- Establish the actual costs in time and money required to maintain your job
- Compute your real hourly wage
- Keep track of every cent that comes into or goes out of your life
- Do Monthly Tabulation
- Establish spending and income categories that reflect your actual behavior
- Convert the dollars spent in each category into hours of life energy
- Money spent on something / Real hourly wage = Hours of life energy
- Ask three questions of each spending category in your Monthly Tabulation
- Did I receive fulfillment, satisfaction, and value in proportion to life energy spent?
- Is this expenditure of life energy in alignment with my values and life purpose?
- How might this expenditure change if I didn’t have to work for money?
- Create a Wall Chart
- Make and keep up-to-date a chart of your total monthly income and your total monthly expenses
- Put the chart where you will see it every day
- Keep track
- Minimize Spending
- Value your life energy and increase your consciousness in spending
- Stop trying to impress other people
- Don’t use shopping as a reward, a relief, or entertainment
- Buy only what you can prudently afford and avoid debt
- Think repair rather than replace; do it yourself
- Anticipate your needs and watch for bargains
- Research value, quality, durability, multiple use, and price
- Maximize Income
- Increase your income without selling your soul or compromising your health
- Earn more money in less time and free up more life energy for other pursuits
- Concentrate on making money now so that you don’t have to make money later
- Cross Over into FI
- Apply the following equation to your total accumulated capital: Capital × 4% / 12 months = monthly investment income
- Post the monthly investment income as a separate line on your Wall Chart
- Your Crossover Point comes when your monthly investment income exceeds your monthly expenses
- Invest for FI
- Construct a portfolio that matches your ways of thinking and of living, and your tolerance for risk
- Diversify into stocks, bonds, and domestic and international index funds to reduce your overall risk
- Understand that no one can time the market or predict the future
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