Your Money or Your Life Book Summary - Your Money or Your Life Book explained in key points
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Your Money or Your Life summary

Vicki Robin and Joe Dominguez

9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence

4.2 (329 ratings)
26 mins

Brief summary

Your Money or Your Life by Vicki Robin and Joe Dominguez is a personal finance book. It challenges readers to reassess their relationship with money, offering a nine-step program for achieving financial independence while emphasizing the importance of mindful spending and reducing consumption.

Table of Contents

    Your Money or Your Life
    Summary of 9 key ideas

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    Key idea 1 of 9

    Make peace with your financial past by visualizing your earnings and calculating your net worth.

    If you’re like most people, you probably have no idea how much money has cumulatively passed through your life. In order to get a grip on your finances, you need to come to terms with your financial history. That’s why the first step in transforming your relationship with money and reaching Financial Independence is to make peace with your financial past.

    Calculating the money that’s entered your life will help you gain a clear picture of your financial history and your relationship with money. Maybe you’ve always felt like you’ve had financial security – but that’s just because you’ve been supported by other people. Or maybe you’ve felt like you’ve never earned much, but are actually underestimating your past income. In any case, understanding your history with money can help you shift your perspective on how much you might earn in the future.

    The key message here is: Make peace with your financial past by visualizing your earnings and calculating your net worth. 

    To begin, calculate the sum total of your gross income across your lifetime. This amount should include everything from your first paycheck to the most recent penny you earned. 

    If you don’t know where to start, you can use records from the Social Security Administration, bank statements, or even old résumés to help you recall your year-by-year earnings. Make sure you adjust the amount to reflect unreported earnings like gifts from family members, cash prizes, or money earned under the table. The goal is for the calculation to be as honest and accurate as possible.

    Once you’ve calculated your life earnings, the second step in making peace with your financial past is to determine the amount of money left in your life today: your net worth

    Calculate your net worth by creating a personal balance sheet which tracks your assets and liabilities. Your liquid assets are anything that can be converted into cash. This includes things like money in your savings and checking accounts, stocks and bonds at the current market value, or even spare change in your glove compartment. Your fixed assets are everything you own, from major possessions like your car or house to items that could be sold at a garage sale. Next, calculate your liabilities, which are any debts, loans, or outstanding bills. Subtract this amount from the combined value of your assets to determine your net worth.

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    What is Your Money or Your Life about?

    Your Money or Your Life (1992) is a nine-step guide to taking control of your finances – so you can enjoy your life rather than just make a living. You’ll learn how to adjust your attitude toward your money and time, get out of debt, start saving, and ultimately reach Financial Independence. 

    Your Money or Your Life Review

    Your Money or Your Life (1992) by Vicki Robin and Joe Dominguez is a thought-provoking book that challenges our beliefs about money and helps us achieve financial independence. Here's why this book is definitely worth reading:

    • It offers a unique perspective on the relationship between money and life, encouraging readers to question their spending habits and prioritize what truly matters.
    • With its practical exercises and step-by-step approach, the book helps readers gain control over their finances, leading to a more sustainable and fulfilling lifestyle.
    • Through compelling stories and insightful case studies, it keeps readers engaged and motivated, ensuring that financial education becomes an enjoyable journey.

    Who should read Your Money or Your Life?

    • Anyone who wants to live intentionally
    • College students seeking positive spending habits
    • Furloughed workers

    About the Author

    Vicki Robin is an American writer and speaker. After Robin appeared on the Oprah Winfrey Show, her book Your Money or Your Life became an instant best seller; it has sold over a million copies.

    Joe Dominguez was a Wall Street financial analyst before retiring at the age of 31. He formulated the nine-step program that’s presented in Your Money or Your Life.

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    Your Money or Your Life FAQs 

    What is the main message of Your Money or Your Life?

    The main message of Your Money or Your Life is to achieve financial independence and live a fulfilling life.

    How long does it take to read Your Money or Your Life?

    The estimated reading time for Your Money or Your Life is several hours. The Blinkist summary can be read in just 15 minutes.

    Is Your Money or Your Life a good book? Is it worth reading?

    Your Money or Your Life is worth reading because it offers practical advice on managing finances and finding meaning in life.

    Who is the author of Your Money or Your Life?

    Vicki Robin and Joe Dominguez are the authors of Your Money or Your Life.

    What to read after Your Money or Your Life?

    If you're wondering what to read next after Your Money or Your Life, here are some recommendations we suggest:
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    • The 7 Habits of Highly Effective People by Stephen R. Covey
    • Your First Million by Arlan Hamilton
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    • The Power of Now by Eckhart Tolle
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