Review on Book: Your Money or your Life


Share on: Whatsapp

What is the subject of this book?

This book differs from other finance books in that it discusses a person’s own choice, freedom, and desires that he wishes to fulfil—rather than deprivation and discipline. After reading the book, you will understand how to use the money to attain your goals and your ambitions. Getting out of the current snares of consumerism, greed, clutter, and debt.

Having a relationship with money can assist you in overcoming financial difficulties. It can be a step-by-step approach to achieving financial independence by changing your relationship with money. The book is around 300 pages long and explains the need and proper use of money for a successful life.

In addition, the author of this book has mentioned five steps for reaching your financial goals. As previously said, these methods are relatively basic and can assist anyone in achieving financial freedom:-

Determine your own sufficiency:

This is where we begin. Enough is neither too much nor too little; it is exactly right. You will never be fulfilled if you do not learn enough about yourself. In an experiment, people from various professions and economic levels were asked to rate their happiness on a scale of 1-5. Furthermore, they were asked how much money would make them happy.

In all of the situations, the outcome was the same. They all aspired to make 50% more than they are already making every day or month. But, does money guarantee happiness? The answer is questionable.

When comparing your lifetime salary to your net worth, consider the following:

It is an evaluation of your previous earnings and spending patterns. “There is no shame, no blame.” There are two steps involved in doing so:

To begin, figure out how much money you’ve made in your life. You can accomplish so by using resources such as your bank’s online records, your résumé, your social security statement, and so on.

The second step is to determine your net worth. It’s fairly straightforward. All you have to do is stick to this formula- (net worth*liquid/fixed asset – liability)

Determine your true hourly wage:

What exactly is work? Work is described as anything that people do not want to do but must perform in order to be compensated. Work can now mean a variety of things to different people. It could be-

  • Making a living
  • Security
  • Tradition \sService
  • Learning \sPower \sSocializing
  • Time management, for example.

So, in general, employment has two functions: financial function (making money) and personal function (stability, tradition, etc.). Now you must ask yourself why you are earning and what your hourly wage is. Is it worth the time and effort you’re putting in?

Money isn’t measured in dollars, euros, or rupees. It’s the energy of life.

Your one and only asset, as well as the only true currency, is life energy, which you will never be able to replace. Track your spending over the course of a month to see where you spend your life energy. So, what exactly is life energy? It is our allotted time on Earth, the hours of valuable life that we have accessible to us. When we go to work, we are exchanging our life energy for money. In other words, money can be thought of as our life energy. Also, for each expense, ask yourself these questions.

Did I receive fulfilment in proportion to the amount of life force I expended?

Is this use of my life energy in line with my life’s purpose?

Make a wall chart out of your income and expenses:

Tracking your income and expenses each month is a good place to start if you want to become financially independent. A wall chart is just a huge sheet of paper on which you write a graph depicting your monthly earnings, expenses, investments, and so on. The idea here is to keep your costs as low as possible. Over time, you’ll have more money than you can invest, and your investment returns will exceed your spending. If you can accomplish this, you will be financially self-sufficient.

Leave a Reply

Your email address will not be published.