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Book Club: Your Money or Your Life


A few weeks ago, a BAD reader I follow on Facebook posted a recommendation for the book Your Money or Your Life by Joe Dominguez and Vicki Robin.  It was originally published back in 1992 and Joe has passed away since then. But Vicki did an update in 2008 and then again in 2018 bringing the contents up to date in regards to the new world of technology and various different financial changes since the early 90’s.

I ordered it that day…I’m ready for some serious changes in my financial life. It arrived this past week and I’ve been slowly working my way through it.  I wondered if anyone else would like to read it and we could have a book club of sorts in a month or so to compare notes and thoughts.

A Slow Start

Mr. Money Mustache wrote the foreword. And then there is some background on Vicki and Joe’s history and the original concept for the book. While the information was interesting, I was anxious to get to the meat of the book. But the beginning of first chapter almost had me putting it down permanently. It is filled with references to the planet and limited resources and so on. And the longer that dragged on, the more I thought “this book is not for me.”  I stuck with it though. And I’ve made it to chapter 2 and I am intrigued.

My Relationship with Money

The authors encourage you to read the book through before you put in the work. The work is broken is broken down into 9 steps. I’m just getting to Step 2 in my reading. But what I am finding is that the book focuses on your thoughts on money, the psychology of that relationship versus more common “steps to save” money or such.  And I believe that this is exactly what I need.

I wrote recently about Money Principles and that has led me to more reading on Money Traps. The thing these two have in common is that they are mindset tools versus practical how to spend or not spend your money tools.  I think this mindset is what I personally have been missing.

Book Club Discussion – in a month

So here I am, sitting in Starbucks while my kids train for their sports, reading Your Money or Your Life. Will you join me?  I figure I can complete my first read through in the next week or so (helps to not have a job to do, plenty of reading time.) I’ll plan to open a discussion on it a month for now for anyone who wants to dive in with me.

I personally couldn’t find a online version of the book, but maybe someone else can. I ordered mine from Amazon.

Previous Book Club Posts

Your Money or Your Life Introduction

Chapter 1: What is Your Enough?

Chapter 2: What are you Trading Your Life Energy For?

Chapter 3: The Opposite of a Budget

Chapter 4: Coming Monday, May 21st

Living Without Loans: 3 Steps


Living without loans can be a very difficult goal to reach but it absolutely can be done. Below we break down how to get there and how to make living without loans easier in 3 not so simple, but achievable steps.

1. Get Out of Debt

Of course the first step to living without loans is to get out of debt and not have any more loans. This is easier said than done but the point is that it can be done. The biggest loan you’re likely to have is your mortgage. Obviously it’s going to take some real time to pay off your mortgage but there are a few ways to have your loan for a shorter period of time. Mortgages of course are practical and serve a great purpose, to eventually own your own home. This article will focus more on other loans as for the vast majority of people, owning a home is not achievable without first having a loan. The best way to pay off your debts?

  • Stop using your cards
  • Pay what and as much as you can afford each month, if you can afford to pay a little extra on top of your monthly repayments, do it
  • Start spending less
  • Make a budget
  • Tackle the debts with the highest interest rates first, while still maintaining your monthly payments on other debts

2. Budget and Spend Less

Now that you have a plan to get out of debt you’ll need to start thinking about how to live without loans. Not only will you need to pay off your debt now, you’ll also need to live like loans aren’t a real option in future, which means budgeting for the future and spending less where possible. Thinking about buying a car? Don’t get a loan for one, buy a used one you can afford. Need to buy some new furniture? Buy it second hand or be patient and shop for bargains. Don’t ever borrow money for anything as cheap or cheaper than a new car. This will only put you further in debt. So how should you go about making a budget?

  1. Figure out your family net income
  2. Track your spending over a number of months and create an average
  3. Set realistic goals based on your averages for things like grocery shopping, bills and other household expenses
  4. Create a plan on how to reach your goals, remember to make it realistic and leave some aside for unexpected expenses
  5. Adjust your spending habits, including paying off debts and not using credit cards any longer
  6. Stick to the plan
  7. Adjust if necessary, either lowering goals if you’re not meeting expectations (to make them more realistic) or setting higher goals for yourself if you’re achieving them

3. Save

Now that you’re spending less, having a budget and know your monthly expenses you can start saving for the future and anything you may have previously used a loan for. Make your money work for you by setting up a high interest savings account.

Some banks will offer higher rates for just opened saving accounts, or by putting a certain amount of money in the account each week or month. Take advantage of this by shopping around for the best rates and make sure you know the ins and outs of the account.