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Time, Money And Life: Attain financial freedom.

Your Money or Your Life

Your Money or Your Life

by Vicki Robin, Joe Dominguez

STASHED IN:

497 reads

Key Takeaways From The Book

  • Visualize your earnings and calculate your net worth to make peace with your financial past.
  • Calculate your true hourly wage and keep track of your spending.
  • Make a list of your monthly expenses and categorize them.
  • Examine how much money was spent in each of your sub...

We Value Money More Than Our Lives

If you were held at gunpoint and had to pick between handing over your wallet or risking your life, you'd probably choose the latter.

However, most of us unintentionally put our money over our lives when it comes to the daily grind. We're trapped in a loop of working to gain money so we ca...

Confronting Your Financial Past

You must confront your financial history in order to gain control of your finances. As a result, making peace with your financial past is the first step toward transforming your relationship with money and achieving Financial Independence.

Calculating the money that has come into your life ...

Visualize Your Earnings and Calculate Your Net Worth to Make Peace with Your Financial Past

Add up all of your gross earnings over the course of your life. This sum should contain everything you've earned from your first paycheck to the most current pennies.

Figure out how much money you have today: your net worth. Everything you own, from large belongings like yo...

Your Life Force Is Money

Each of us has fewer than 9,000 hours in a year, most of which is spent sleeping. Time is, without a doubt, our most valuable resource. As a result, when you get up in the morning and go to work, you're offering more than simply your time in exchange for a wage. You're putting your life's energy ...

Calculate Your True Hourly Wage and Keep Track of Your Spending

Calculate your real hourly income by determining the actual amount of time and money that goes into maintaining your employment in order to determine your life-energy-to-earnings ratio.

You’ll have a better notion of how much life energy your expenditure is worth now that y...

You must be aware of how you spend your money.

You have to break down your monthly spending into categories. Organize your spending in the most logical method for you.

Example: Your monthly food costs, which include eating out and ordering in.

Make a List of Your Monthly Expenses and Categorize Them

Create a monthly tabulation that lists your subcategories after you've categorized your spending categories. Include a space at the bottom of the table to detail your income.

Subtract your total expenditure from your total income to discover your monthly savings once you've put you...

The Hypothetical Question Of Livelihood

Take a moment to write in a journal about what you would do if you didn't have to work.

Remember, there is no such thing as an impossible dream. And you'll be well on your way to achieving it by making simple changes to your spending. Access your spending by asking yourself...

Examine how Much Money Was Spent in Each of Your Subcategories

Examine the monthly tabulation to see if the amount of life energy you put into each of your subcategories corresponds to the level of fulfilment and satisfaction you experienced.

You may find that you've felt so fulfilled that you're considering raising your life energy expenditure. If thi...

Your Life Purpose And Values

Does your life energy expenditure match your life purpose and values?

Let's pretend you squandered 25 hours of your life energy on eating out last month. You may discover that this reflects your value for social time or delectable food; you are happy to spend the money. Perhaps yo...

We Spend More Because Of Our Jobs

if you were financially independent and didn’t have to work, how would you adjust your spending habits? Would you buy more or fewer clothes if you had the option? Should you spend more or less money on gas?

In many circumstances, you may discover that your employment causes you to ...

Keeping Track Of Your Progress

The most vital technique for continuing success is to keep track of your progress.

Making oneself accountable to someone else is a terrific method to inculcate a new behaviour. You might try informing a friend or family member about your financial progress.

Make a Wall Chart

Draw a graph to track your monthly income and expenses on a large piece of paper that you can display on your wall. Money is shown on the vertical axis, and time is represented on the horizontal axis in months. Start with 0 and leave enough leeway for your income to double while making vertical a...

Being Thrifty Isn't Cool But Essential

Being thrifty may appear unpleasant or out of date these days. More is more has become ingrained in us as a result of modern consumer society. Being thrifty was regarded as a virtue by everyone from Plato and Socrates to American historical giants like Benjamin Franklin, Robert Frost, and Ralph W...

The Meaning Of Frugality

Frugality is, at its core, about appreciating what you have. If you have ten gowns that you enjoy wearing over the years, it's fantastic! However, if you're a compulsive shopper who is simply addicted to purchasing clothes that remain unused in your wardrobe, it may be time to cut back on your sp...

Reduce or Eliminate Your Spending Consciously

Using your life energy wisely means consciously minimizing or eliminating your spending. There are several options for reducing your expenses. The most obvious is to stay away from the stores. You won't be tempted to impulse buy if you don't go inside stores.

Unsubscribe from advertising e...

The 40 Hour A Week Mindset

The 40-hour workweek is a concept that originated in Western culture.

New production processes during the Industrial Revolution created a distinction between workday and leisure time. Working conditions deteriorated to the point where workers lobbied for a shorter workweek. Instead of being...

Increase Your Income to Value Your Life Energy

value your life energy and increase your income. Consider the following: Is the amount of life energy you're now investing in your career a reasonable trade-off for what you're getting in return?

Getting the best possible salary in accordance with your health and ethics isn't about desiring...

Financial Independence Retire Early(FIRE)

  • For many people, the idea of retiring early appears to be a privilege reserved for the top 1% of the population. FIRE, or Financial Independence Retire Early, is a burgeoning movement that proves otherwise.
  • FIRE supporters have gained some simple wisdom: if you invest your savings, ...

Generate Income from Your Investments

Make sure you have enough money in the bank to cover six months' worth of expenses before you begin investing. This liquid cash is both your emergency fund and the money you'll use to cover your monthly expenses.

Consider opening a savings account whenever you have at least six months of li...

Investing And Tracking Your Additional Funds

Multiply your capital, or additional savings, by your current long-term interest rate to get the amount you can expect to get from a long-term investment.  

Divide the result by 12 to get the final result. After you've followed the formula, put the result on your wall chart as a new line be...

The Upward Curve

Your money invested will cause the line to curve upward over time. You can follow this trend with a light pencil to find the point where your monthly investment income exceeds your monthly costs. This is referred to as the crossing point. For most people, the point at which their savings equal 25...

Beware Of Shady Brokers

You'll need to become an expert in long-term, income-producing investment now that you've calculated your crossing point and the reality of Financial Independence has become tangible. Financial consultants, shady brokers, and salespeople will try to sway your investment selections while pocketing...

Select Your Investing Alternatives

Rent from real estate or royalties from intellectual property, franchises, or natural resources could be part of your investment income.

You can invest in low-cost index funds. ETFs, or exchange-traded funds, are index funds. Mutual funds that track the performance of stock or bond market i...

Closing Thoughts

Evaluate your financial history as well as your present financial condition before embarking on your journey to Financial Independence.

Realizing that the money you earn from your job correlates to your life energy is the first step in changing your relationship with money. To retire early...

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