My Money Or My Life

At the advice of Grumpy Rumblings and Consciously Frugal, I decided to dig into “Your Money Or Your Life”, a best-selling personal finance book.   It was first published in the 1990s but was updated in recent years.   This is not a review, as I’m still on Chapter Three, but knowing that I would never write down a full thought-out review, I thought I would jot down my general impressions.

I’m sure that I read a review that mentions the book’s focus on the environmental consequences of our consumer culture.   I’m not sure if these sections would turn some people off, some who would benefit from the ultimate message. 

There are lots of tasks to do! The book asks you to go through your lifetime earnings and then list your current assets. In other words, what do you have to show for all your hard work?

I’ve been surprised that I’m learning new things, because I’ve read summaries of this book before and thought that was all there is to it.  I guess just as cliff notes are never substitutes for a literary classic, reviews can’t cover everything that is in the book. Plus, it’s very helpful to have messages repeated for some people (like me!). 

I would like to do the exercise of tracking down every expense, but I know my husband won’t be likely to do this and I’m not sure it’s very helpful if only I do this.

I was about to purchase two shirts from Land’s End Canvas (One day only sale!) but I stopped myself. While I could use two blouses for summer and these would be good for weekend and work, I didn’t need it right now.  Plus, I am sure I can find a better deal than $29 per shirt if I really wait for sales, or I may discover that I don’t need any at all or just one.   Changing old habits are tough. I’m not a big shopper but I’m more susceptible to limited time sales/deals and pretty things than I like to admit.

Anyway, I’ll keep posting as I move along on my little personal finance journey…

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10 responses to “My Money Or My Life

  1. Recently we went to the nearby Goodwill to look for used DVDs. There weren’t any (just acres of VHS tapes), but I did find an adorable shirt for Baguette–for $1! And I was reminded that while I almost never go there, I should–they have a large selection that is really well organized, and I can probably get most of my non-work summer wardrobe there for very little money, while helping to support their programs.

  2. We did some of the exercises back of the envelope and ignored other of the exercises. It was fun figuring out how much we spend in general (though we didn’t track it anywhere near as much detail, mainly just tallied up credit card receipts and checking). The book is amazing even without doing a single exercise.

  3. I’ve almost made it through the book, but then the plan is to go back through and actually do all the steps. Have you gotten to the one about taking an inventory of every item you own, not just writing them down but also their value if you were to sell them. That bit seems a bit tedious to me. I was thinking about starting an online bookclub for people who want to do the steps together and discuss, but haven’t quite made that commitment.

  4. If anyone starts an online book club, I’m in. Though I still can’t promise to do the exercises. I would like to figure out my actual hourly payrate.

  5. Oh, that’s another thing, I did figure out my so-called actual hourly rate, but I was skeptical about a lot of the expenses they recommended subtracting. Like gas for the work commute. My commute isn’t that far, so chances are even if I were able to quite work, I could easily spend the same in gas. There were other things I questioned, but memory fails me. Maybe I will give the online bookclub thing a try… If I do I’ll let ya know.

  6. Pingback: Shoobie Doobie Link Love « Grumpy rumblings of the untenured

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