Your Money or Your Life
Library · Personal finance
- Authors: Vicki Robin and Joe Dominguez
- FinSimLab rating: 4/5
- Reading: Moderate
- Finance level: Beginner
- Published: 1992
A method to measure what each purchase costs in hours of your life and decide how much is enough.
What it covers
The book asks you to work out what you really earn per hour once work-related costs and time are taken into account, and to review every expense against what it gives you. It is one of the reference texts of the financial independence movement and has revised editions.
What you will learn
- How to calculate your real hourly income.
- How to track expenses and judge them by what they give you.
- What it means to reach the point where your investments cover your expenses.
Who it is for
People who feel they earn enough but do not know where the money goes.
Concepts
Mindful spending, Budgeting, Financial independence
What you will not learn
How to choose specific investments: the focus is spending and deciding how much is enough.
Already read a book on this?
- It shares financial independence with The Simple Path to Wealth. If you have read The Simple Path to Wealth, this one mainly adds how to decide what to spend and how much is enough. The Simple Path to Wealth
- It shares what to do with the money you build up with Die With Zero. If you have read Die With Zero, this one mainly adds how to stop spending on what does not matter to you. Die With Zero
We suggest you continue with
Related Academy guides
- The 50/30/20 rule: how to budget your money
- FIRE: financial independence explained
- The 4% Rule: how much capital you need to live off your investments
Put it into practice
More personal finance books
- The Richest Man in Babylon
- I Will Teach You to Be Rich
- The Total Money Makeover
- The Millionaire Next Door
- Rich Dad Poor Dad
- Die With Zero
Descriptions written by FinSimLab for educational purposes. They do not summarise the books and are not investment advice.