One of the best books to get you thinking about how you spend your time and money is “Your Money or Your Life” by Vicki Robin and Joe Dominguez.
The book makes a strong connection between money and your personal life. It says that you have only so many hours of life, and the fulfillment we get out of life depends on how we spend those precious few hours.
Most people trade a significant amount of their life in exchange for money to buy things – unimportant, un-fulfilling, and at times even wasteful things.
The book discusses how to make more conscious decisions about how we spend our money – go ahead and spend money on things that are meaningful and fulfilling to you. But reduce your spending on things that are meaningless to you.
I took these words to heart when I read the book years ago when doing research for my book Family Child Care Money Management and Retirement Guide.
When I read the book I was living in a large home with my wife. We had spent many years fixing up the 100 year old six-bedroom home. We enjoyed the time we spent restoring the home.
But, as I read the book on a business trip I realized that it was no longer a meaningful way for me to spend my time or money. When I got home I told my wife I thought we should sell our home because it wasn’t as important as saving money for vacations or retirement. She agreed and we downsized to a small rambler.
The book encourages us to think about what is important in our lives and how we spend our money. It continues to affect me years after reading it.
The book also is helpful with its attitude of “no shame or blame” when evaluating what one has done with one’s finances. It advises the reader not to feel bad about previous financial decisions in your life.
“Your Money or Your Life” is not an investment technique book. It does offer pragmatic ways of managing money so that you can reach financial independence.
I strongly recommend it.
Image credit: amazon.com
Tom Copeland – www.tomcopelandblog.com
For more information about money, see my book Family Child Care Money Management & Retirement Guide.