Author Topic: Your Money or Your Life by Joe Dominguez and Vicki Robin  (Read 5273 times)

lifejoy

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Your Money or Your Life by Joe Dominguez and Vicki Robin
« on: February 09, 2017, 02:26:16 PM »
I didn't see a thread already started for this book, but let me just say: it is epic.

http://www.goodreads.com/book/show/78428.Your_Money_or_Your_Life

Also I feel like the Mad FIentist's graph pairs really well with it: http://www.madfientist.com/fi-laboratory/

For myself, I've read the book but I recently listened to the audiobook (for free, through my library, on Overdrive) and it was fantastic.

Anyone else love this book?

dandarc

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #1 on: February 09, 2017, 02:29:56 PM »
I still need to read this book, as it is like the FIRE bible, or at least a founding document.

But, if you're looking for forum threads, if you google:

forum.mrmoneymustache.com "your money or your life" will get you to some existing discussion

FIRE_at_45

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #2 on: February 09, 2017, 03:19:41 PM »
Just the motivation I needed to place it on hold at my library.  I've heard so many great things about this book I'm excited to read it.
I have a journal: A Journey of Self Discovery in the Pursuit of Happiness

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lifejoy

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #3 on: February 09, 2017, 03:56:51 PM »
I still need to read this book, as it is like the FIRE bible, or at least a founding document.

But, if you're looking for forum threads, if you google:

forum.mrmoneymustache.com "your money or your life" will get you to some existing discussion

Definitely like a FIRE bible!!! Damn it's good. I loved the updated audiobook. Vicki Robin has such a nice voice.

Thanks for the reminder about google. I actually went page by page in the book club section of the forum, and went ctrl F on each page to see if this title had been mentioned in its own thread. I think perhaps not? But this book is so great, if it gets mentioned time and time again - that's ok too ;)

Stachey

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #4 on: February 09, 2017, 06:15:06 PM »
Yes YMOYL is the book that started it all I would say.
It was a life changing book for many people, including myself.
I definitely recommend it.
http://forum.mrmoneymustache.com/journals/writing-myself-a-happy-ending-hopefully/

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lifejoy

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #5 on: February 10, 2017, 06:04:33 AM »
In my own book, I told the story of how I never got past the first chapter (?), yet it transformed EVERYTHING for me. Also, Googling the title many years later is how I found this forum :)

Scrubbyfish? Is that you?

Livingthedream55

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #6 on: April 25, 2017, 11:27:01 AM »
Vicki Robin is working on a 2017 version as we speak. : 0 )



FIRE_at_45

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #7 on: April 25, 2017, 12:45:17 PM »
I just finished the 2008 one and it was very good.  MMM has the forward for the new version so that will be interesting as well.
I have a journal: A Journey of Self Discovery in the Pursuit of Happiness

Canadian and not satisfied with your current bank?  Switch to Tangerine using this key 47894562S1 and we both win.

pachnik

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #8 on: April 25, 2017, 04:49:19 PM »
Vicki Robin is working on a 2017 version as we speak. : 0 )

That's good to know.  I just got the 2008 one and keep meaning to try it again.  Tried a few years ago and didn't get very far.  :(   

ditkanate

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #9 on: May 04, 2017, 02:53:11 PM »
Recently bought this book at a thrift store, but haven't had time to read it yet.  Will post a review / notes when I do.

iris lily

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #10 on: May 05, 2017, 06:56:08 AM »
The central idea of the book, that you are trading your life energy for money from The Man, is gold.

The rest of it, figuring up your past income and where it went, tracking spending, and income producing assets to see the crossover point, is all detailed mechanics.

I knew abput the book abput 20 years before I actually read it. That idea of early retirement from a punch-the-timeclock-job was always in my mind, so I didnt need or want the detailed methodology to get there. I have my own methodology, Joe and Vicky didnt corner the market on that. I respect the tedious process of tracking everythng, it is just not for me.
« Last Edit: May 05, 2017, 06:58:19 AM by iris lily »

Heroes821

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #11 on: May 10, 2017, 07:31:01 AM »
Vicki Robin is working on a 2017 version as we speak. : 0 )

Any news on when that will release I heard MMM is doing the forward for it and I've been holding off getting a copy until this one is released.

kite

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #12 on: May 15, 2017, 09:27:43 AM »
Love this book. 
YmOYL and Amy Daczyzyn had an unshakeable impact in my formative years. 

lhamo

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #13 on: May 15, 2017, 07:29:55 PM »
Love this book. 
YmOYL and Amy Daczyzyn had an unshakeable impact in my formative years.

Me, too!

I remember watching AmyD on Phil Donohue when I was in high school.

Read YMOYL as I was nearing the end of grad school (dissertation avoidance technique), after seeing Joe and Vicki on Oprah. 

I guess I also watched a lot of talk shows back in the day.  Podcasts and forums are my thing now....
Wherever you go, there you are

rpr

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #14 on: May 15, 2017, 09:33:15 PM »
By the time I first came across this book, I was well into my upper 30s. Just the exercise of listing how much total income we had made over our working life that far compared to how much we had left (Net Worth) was very illuminating. Of course, the net worth was negative back when we started.  This idea really clicked with me.

lifejoy

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #15 on: May 15, 2017, 09:39:18 PM »
Love this book. 
YmOYL and Amy Daczyzyn had an unshakeable impact in my formative years.

Me, too!

I remember watching AmyD on Phil Donohue when I was in high school.

Read YMOYL as I was nearing the end of grad school (dissertation avoidance technique), after seeing Joe and Vicki on Oprah. 

I guess I also watched a lot of talk shows back in the day.  Podcasts and forums are my thing now....

I wish I could see that Oprah episode!!

iluvzbeach

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #16 on: May 15, 2017, 09:55:47 PM »
Love this book. 
YmOYL and Amy Daczyzyn had an unshakeable impact in my formative years.

Me, too!

I remember watching AmyD on Phil Donohue when I was in high school.

Read YMOYL as I was nearing the end of grad school (dissertation avoidance technique), after seeing Joe and Vicki on Oprah. 

I guess I also watched a lot of talk shows back in the day.  Podcasts and forums are my thing now....

I wish I could see that Oprah episode!!

Me too! If someone knows how to find it, please post info.
Planning to be FIREd in 2020!

Livingthedream55

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #17 on: May 18, 2017, 10:27:12 AM »
Vicki Robin is working on a 2017 version as we speak. : 0 )

Any news on when that will release I heard MMM is doing the forward for it and I've been holding off getting a copy until this one is released.

I am a volunteer reviewer. It's going to Penguin next month. I have no idea after that how longs things take.



Heroes821

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #18 on: May 18, 2017, 12:29:19 PM »
Vicki Robin is working on a 2017 version as we speak. : 0 )

Any news on when that will release I heard MMM is doing the forward for it and I've been holding off getting a copy until this one is released.

I am a volunteer reviewer. It's going to Penguin next month. I have no idea after that how longs things take.

Thanks Livingthedream!. I appreciate that. I figured it'd be ready by Christmas, but I was going to buy a copy for mother's day as a gift. Oh well no harm in waiting.

chrisgermany

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #19 on: May 28, 2017, 04:50:06 AM »
I bought it on a summer trip in Seattle 1992, when I was 34. I was hooked instantly and realised that I could apply some of it living in Germany, too.
We have not been extremely mustachian, never hated our jobs but wanted to get our time back while still able to enjoy travelling.
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rpr

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #20 on: June 24, 2017, 04:48:04 AM »
By the time I first came across this book, I was well into my upper 30s. Just the exercise of listing how much total income we had made over our working life that far compared to how much we had left (Net Worth) was very illuminating. Of course, the net worth was negative back when we started.  This idea really clicked with me.

I finally got around to do a modified calculation for the last 10 years based on one that I read in the book about determining your lifetime income that you have received from all sources and how much you have saved.

Out of every $1.00 earned over the last 10 years:
Taxes = $0.21 (includes Fed+State+FICA)
Savings = $0.42  ***
Spending = $0.37

*** The savings does not include the principal portion of the required mortgage payments nor the down payment on the house. This is considered as part of spending.

So savings rate was 42% of gross income or 53% of take home (disposable income).


lifejoy

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #21 on: June 24, 2017, 05:27:56 PM »
I'm reading the "sequel" called "Getting a Life". I'll let you know if it's any good!

dcamnc

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #22 on: June 25, 2017, 06:24:13 PM »
I'm not trying to be the contrarian, but this is the one personal finance book that people seem to love, that I didn't care for. I don't remember what I didn't like about it now, it's been a while. I'll try the new version when it comes out.

lifejoy

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #23 on: June 26, 2017, 03:47:47 AM »
I'm not trying to be the contrarian, but this is the one personal finance book that people seem to love, that I didn't care for. I don't remember what I didn't like about it now, it's been a while. I'll try the new version when it comes out.

Books can speak to us at different times. I know I've picked up books I'm supposed to love and not cared for them. So maybe the timing wasn't right, or maybe it's just not your cup of tea! :)

nonprofit noodle

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #24 on: October 13, 2017, 08:54:33 AM »
Reading this book now and so excited to learn it is being updated again!!!!!

Rhoon

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #25 on: October 17, 2017, 10:29:21 PM »
Quick Question on this book. If you're already on the FIRE track, will it impart any additional knowledge? Or will it basically say most of the same we all already know?

EarthSurfer

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #26 on: October 18, 2017, 04:21:13 AM »
Quick Question on this book. If you're already on the FIRE track, will it impart any additional knowledge? Or will it basically say most of the same we all already know?

You may want to read through the first few parts if you are lacking a cohesive philosophy in regards to FI.

YMOYL initially focuses on coming to terms with materialism and understanding the relative flood of income we have had in our lives. It also introduces Voluntary Simplicity as a philosophy with frugality as its core virtue. (I consider "Minimalism" as the 21st Century tweaking and rebranding of VS.)

The second part of the book introduces FI hand the tools for achieving it. This section will likely be familiar to you. The authors have a preference for paper based tools for monitoring spending and progress toward FI, which would need to be adapted to the smartphone centric world of today. The FI plan in the original YMOYL version doesn't work in the 21st century low-interest rate environment. I haven't read the 2007 edition.

Twenty years later I still update the same spreadsheet I developed as part of YMOLY to track my finances. It calculates "months of freedom," and it avalanched over to "forever" about 5 years ago.

I also track my spending by category in Quicken and evaluate what I am spending in each area at least every calendar quarter.

I have meticulously maintained a list of every non-consumable item I own. This has been my single greatest defense again buying more stuff! It is hard to feel anything but wealthy when I look at the 21,000 items in my life.
Retired early, retired often since 1998...

nonprofit noodle

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #27 on: October 18, 2017, 08:27:03 AM »
I've found it really useful regarding the psychology of making a switch to the FI mindset. It is both practical and philosophical. I think it would be easy enough to skim to find bits of wisdom. Also, I just generally enjoy reading about FI so I get a warm fuzzy feeling from this book even though I am current reading a section that sounds familiar after reading MMM. It's affirming!

lifejoy

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #28 on: November 04, 2017, 10:07:38 AM »
Quick Question on this book. If you're already on the FIRE track, will it impart any additional knowledge? Or will it basically say most of the same we all already know?

You may want to read through the first few parts if you are lacking a cohesive philosophy in regards to FI.

YMOYL initially focuses on coming to terms with materialism and understanding the relative flood of income we have had in our lives. It also introduces Voluntary Simplicity as a philosophy with frugality as its core virtue. (I consider "Minimalism" as the 21st Century tweaking and rebranding of VS.)

The second part of the book introduces FI hand the tools for achieving it. This section will likely be familiar to you. The authors have a preference for paper based tools for monitoring spending and progress toward FI, which would need to be adapted to the smartphone centric world of today. The FI plan in the original YMOYL version doesn't work in the 21st century low-interest rate environment. I haven't read the 2007 edition.

Twenty years later I still update the same spreadsheet I developed as part of YMOLY to track my finances. It calculates "months of freedom," and it avalanched over to "forever" about 5 years ago.

I also track my spending by category in Quicken and evaluate what I am spending in each area at least every calendar quarter.

I have meticulously maintained a list of every non-consumable item I own. This has been my single greatest defense again buying more stuff! It is hard to feel anything but wealthy when I look at the 21,000 items in my life.

Wow! How long did it take you to make the list of everything you own??

EarthSurfer

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #29 on: November 04, 2017, 12:05:43 PM »
Quick Question on this book. If you're already on the FIRE track, will it impart any additional knowledge? Or will it basically say most of the same we all already know?
...
I have meticulously maintained a list of every non-consumable item I own. This has been my single greatest defense again buying more stuff! It is hard to feel anything but wealthy when I look at the 21,000 items in my life.

Wow! How long did it take you to make the list of everything you own??

It was a project for a weekend and a few weeknights. I was able to borrow the digital camera from the office (back when these were rare $550+ items!). I spread out everything on the floor, and took pictures. I viewed the pictures on a computer as I entered the items into a spreadsheet. I didn't get crazy specific, but I listed "5 dress shirts, 3 flannel shirts, 10 pair underwear, etc." I was very specific on anything that might be part of a disputed insurance claim. (I have an insurance rider to cover specialized tools for my consulting business.)

I lived in a small 1 bedroom condo at the time, and I have always been a minimalist. I have sold off almost everything I own a few times for a bit of "EarthSurfing."

If you ever want to feel incredibly wealthy, do this exercise! You will likely be overwhelmed by the number of things you own, and the things you forgot you owned.

A more insightful exercise is to estimate the cost of each item and the value if you sold it today. I almost immediately cut by my spending and started purchasing far more used items.
Retired early, retired often since 1998...

lifejoy

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Re: Your Money or Your Life by Joe Dominguez and Vicki Robin
« Reply #30 on: November 04, 2017, 03:20:56 PM »
Quick Question on this book. If you're already on the FIRE track, will it impart any additional knowledge? Or will it basically say most of the same we all already know?
...
I have meticulously maintained a list of every non-consumable item I own. This has been my single greatest defense again buying more stuff! It is hard to feel anything but wealthy when I look at the 21,000 items in my life.

Wow! How long did it take you to make the list of everything you own??

It was a project for a weekend and a few weeknights. I was able to borrow the digital camera from the office (back when these were rare $550+ items!). I spread out everything on the floor, and took pictures. I viewed the pictures on a computer as I entered the items into a spreadsheet. I didn't get crazy specific, but I listed "5 dress shirts, 3 flannel shirts, 10 pair underwear, etc." I was very specific on anything that might be part of a disputed insurance claim. (I have an insurance rider to cover specialized tools for my consulting business.)

I lived in a small 1 bedroom condo at the time, and I have always been a minimalist. I have sold off almost everything I own a few times for a bit of "EarthSurfing."

If you ever want to feel incredibly wealthy, do this exercise! You will likely be overwhelmed by the number of things you own, and the things you forgot you owned.

A more insightful exercise is to estimate the cost of each item and the value if you sold it today. I almost immediately cut by my spending and started purchasing far more used items.

Wow. Amazing!!!!

I find that moving does the same trick for me. I've lived five different places in the last seven years and every single time my brain goes: holy heck, why do I own so much stuff???!!!

But I may have to take it up to the next level and try some of your methods.