Your Money or Your Life is all about how you can become financially independent where you don’t have to think about earning money rather you’re happy with what you have.
Most of us work for money and when we don’t earn enough money, we tend to stress out which affects our health and lifestyle. Here, the author simply says, you just have to see things as they are and figure out the problems, that’s it.
Let me first say thank you for reading this. This will be a weekly newsletter, hope you enjoy it. Now I will see you every Sunday at 9:00 AM (IST).
Your Money or Your Life Summary
One of the key lessons I learned from this book was “More Money Doesn’t Mean More Happiness”.
I used to feel that when I had X amount of money, I would be happy but that’s not the case.
You just need enough money, so you can live a comfortable life without worrying about the next paycheque. You’re spending enough time with family, you’re going on vacation without thinking about work, this is true happiness.
Now, what is enough money, we’ll talk about it but in movement.
Everything can be achieved whether it’s happiness or even the car you want to buy with MONEY.
So yes, you have to earn enough money to live a stressless life but if you have enough money then you don’t have to overthink everything, just live a happy life because you have earned it.
This is the core idea of Your Money or Your Life, The author has simplified every single thing, you just have to apply the formula.
I’m keeping my promise, this is the mini-ebook of Your Money or Your Life by Vicki Robin. So download right now and read wherever you want for free. Happy Reading.
How Much Is Enough
X Person earning 10 crore every year is a great amount for a regular person but that might not be the case for the X person. He might want to earn more money or buy a new house in a big city till then he won’t stop.
And this is where the enough comes in.
You have to figure out, how money is enough to live a comfortable life.
For some people 1 crore every year is perfect but for some people earning 100 crores won’t give them happiness.
So from this movement, ask yourself how much money do I need, so I don’t think about money all the time or the next pay cheque.
Now, how to figure out how much money is enough,
To answer the questions, for me Rs 30 thousand is good money to live a comfortable life but if I want to live a luxurious life then I will focus more on how I can earn Rs 1 Lakh every money.
Related: 15 Must-Read Books in Life
A luxurious life can be going to a different country, buying a new iPhone every year, spending money on the things I want, or anything else.
Money will never buy you happiness, money gives you freedom and yes free does give you happiness.
The cache is, you need to figure out how much money is enough for freedom.
So define how much money is enough for you and for your family. Also, think twice before spending a big amount of money on your wants.
See how much money you’re spending on food, your needs, your wants, the gift you’re buying, money you’re spending on vacation, buying things from Amazon, or wasting money on countless useless products.
The last time I wasted money was on PlayStation 5, I thought I would enjoy the games and I would have free time to play games for hours but that was all a lie because I wanted to buy PS5.
I’m not saying PlayStation 5 is a waste of money, I’m saying PlayStation 5 was a waste of money for me.
So what I did is, I promised myself, that before spending money on the things I want, I would ask myself
- Whether I would use this product or not, and if the answer was yes then,
- Will this product add value to my life or not?
If the product is not adding value and I will only use the product 1 or 2 times every month then it doesn’t make any sense to spend Rs 50,000.
Make sense right,
If you don’t spend money on the things you don’t need, you will eventually have a good amount of money left in your bank account, and that money can be used on the things you need or invested the same.
Use Your Money
You need to use your money to work for you but how? Let’s figure it out…
If you’re earning Rs 20,000 every month and you’re spending all the money on your wants and needs then, you will never live the life you always wanted and you will always wait for the next pay cheque.
Now to get free from the paycheck, you need to invest some amount of money where you feel comfortable.
Talking about myself, I usually invest in the Stock Market and Real estate (if I have enough money to buy a house or something else).
Keep in mind, the author dind’t says, you have to start trading, he just says, to invest for a long time.
Now, investments can be anywhere, whether it’s the stock market, bonds, Real estate, or even somewhere else.
So keep some amount of money and invest a fixed amount every money where you feel comfortable.
Do note, that the Stock market will not make you a billionaire but it will earn you additional income which is always good as you don’t have to rely only on one income source.
We do have people who have become billionaires by just investing but when you start your investment journey, don’t think about it, just invest money every month.
Keep in mind, always go slow and be safe.
So have some sort of passive income, it doesn’t have to be big because, over time, the side income can surpass your main income source.
Figure Out Your Worth
You need to know your Hourly Wage. Let me show you how you can figure out your Hourly Wage.
Let’s say, you’re earning Rs 20,000 every month and you’re working 8 hours every single day.
Rs 20000 Monthly Income / 30 days = Rs 666 is your daily wage
Rs 666 daily wage / 8 hours = Rs 83 is your wage
Now, ask yourself whether you’re worth more than Rs 83 or not. If the answer is yes, you’re worth more than Rs 83 then ask your boss for a salary increase or find a better job.
Sometimes, it’s hard to find a job that pays more than Rs 20,000, and in this case, keep doing the current job till you find a better one.
So from this movement, find out how much money you’re earning every hour because this will decide your hourly wage.
Your Money or Your Life Lessons
- Figure out your hourly wage because this will make you realize how much you’re worth.
- Your WANTS will decide your future, so make sure you don’t spend money on the things you don’t need.
- You have to figure out how much money is enough to live a comfortable life, once you figure this out, you will live a happy life.
- Keep in mind that money will never make you happy, money only gives you freedom and yes, Freedom does make you happy.
- You need to have passive income, you can’t only rely on one income source. So start investing whatever amount you can every month.
Your Money or Your Life Quotes
“We Aren’t Making a Living, We’re Making a Dying”
“More is better” turns out to be a formula for dissatisfaction. If you live for having it all, what you have is never enough.”
“If you didn’t have to work for a living, what would you do with your time? What have you done with your life that you are really proud of? How would you spend the next year if you knew it was the last year of your life? Your answers to these questions will tell you a lot about what you truly value.”
“It’s OK to take pleasure in just being rather than always doing. Leisure is not an identity crisis if you know you are not your job.”
“The only real asset you have is your time. The hours of your life.”
“What kind of society turns its young people into a profit center for the debt industry?”
“Don’t ask yourself what the world needs, ask yourself what makes you come alive, and then go do it. Because what the world needs is people who have come alive”
“Consumption seems to be our favorite high, our nationally sanctioned addiction, the all-American form of substance abuse.”
“How much would it take to make you happy,” Almost everyone, in every income bracket, said: 50 percent more than I have now. When asked to rate their happiness on a scale of 1 to 5, there was no significant difference between the top and bottom earners. You could hear a pin drop as people realized that the person in the row ahead of them probably had the “more” they thought would make them happy – and it made no difference.”
Your Money or Your Life Review
Your Money or Your Life teaches you how you can live a comfortable life by understanding your spending. The authors have simplified every single thing related to money which will make you aware of the money you’re earning.
So make sure you read the book because Vicki Robin and Joe Dominguez will give you another perspective on money.
Now, keep in mind, if you have read The Psychology of Money then I feel you won’t learn anything new but if you have never read The Psychology of Money then do read Your Money or Your Life.
Buy Your Money or Your Life:
By the way, we also have a WhatsApp Channel, so if you love reading then it’s better to join the channel. And yes, it’s FREE…
Love What You Read, You Might Like These too…