Joint Book Review: Your Money or Your Life by Vicki Robin

ymoylThe latest version of Your Money or Your Life has been updated from the book that Vicki Robin and Joe Dominguez had written in the early 1990s. It details the 9 steps of the “financial independence” (FI) system.

Amanda’s Take

This was another worthwhile read for me, and should be on your “must read” list if you are looking to improve your relationship with money.

One of the key takeaways for me was something I already felt strongly about:  there are many non-monetary costs to working; they include less time for your family, working endless hours, and stress.  This certainly does not mean one should not work; rather it means one should be wiser about their expenditures and priorities.  The discussion on your real hourly wage is one everyone should stop and consider.

If you are looking for a book on money management that is a bit more in-depth and involved, Your Money or Your Life is worth a peek!

Ronnica’s Take

Reading Your Money or Your Life was inspiring. I like the idea of measuring money in the hours of “life energy” that you gave for that money. It was very eye-opening to realize that I work 62 hours a month for my rent.

The chapter that was most surprising to me was the chapter about finding a high-paying job. In contrast to most advice to find something that you find fulfilling, Robin encourages her readers to pursue paid employment that yields the highest pay while still “consistent with your health and integrity” (p. 233). By doing so, it allows you to focus the bulk of your time on activities that you most want to pursue.

I did step through the steps outlined in the book, but I couldn’t help but compare these steps to Dave Ramsey’s system, which I am more familiar with. Quite simply, I find Ramsey’s plan much simpler to work through.

However, what I think the FI system does better is frame financial principles in terms of life value. After all, money has no inherent value: its value is in its representation of the things that you can do with it for yourself and others.

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