Very dissappointed with Your Money or Your Life

[Fireup2020]

Anyone else feel this way?

It was elementary and dry.

From rave reviews on this board, I was expecting a paradigm shift to occur

Did I miss something? Worried that key info went over my head, and while blonde, I am definitely more with it that not.

Will you kindly reiterate your highlights?

 

[bright eyed]

haven't read that one, but i keep falling asleep while reading the raved about four pillars guess informative and interesting are two separate categories! i didn't know i needed to go back to hunting and gathering economic patterns to understand present day investing (you see how far i've gotten in the book, is that chapter 2? )

 

[Celany]

I think it depends a lot on what you are mentally already, with money.

For me, the exercise in adding up all the money I've ever made was important. It gave me a sense of how much I'd already let slip away & strengthed my resolve to stop that.

Also, figuring out my real hourly wage was eye-opening. Being able to look at something that I want & say "I'd have to work XXX hours, to pay for that" put a lot of things into perspective.

And the current mentality for the US seems to be 'be a wage-slave until you die'. The idea of being able to be FI & chose what you want to do with your life more...not to be tied down to a job was really liberating.

Lastly and this may partially be because I'm a woman), reading the book was my first step in feeling more confident in my self-worth as a worker & made me more confident asking for what I deserved salary-wise. I realized that, as long as I'm a great worker (and I am), the worst asking could do was bring on a 'no'. Getting fired from just asking seems highly unlikely.

I will say that the end, buying US treasuries makes no sense at all to me. Everyone that I recommend to the book I tell to read that part if they want, but that I don't follow it at all.

 

[bow-tie]

Celany is right.... considering the mentality of many of the wage-slave lemmings, there are some very powerful messages to be had from Your Money or Your Life.

But some folks are more evolved on that continuum, and the book may not have anything earth-shattering for those people.

 

[Celany]

wage-slave lemmings

something about lemmings never fails to amuse me. poor lemmings...

 

[Deetso]

The book is elementary.  It was a great place for me to gather more information as I was teaching myself about personal finance.  I started with the wealthy barber and moved up to your money or your life.  Its a good place for people who are starting to show interest in personal finance to go to.  If you can keep up on these boards you are already past the book (i think). 

Its a book I try and get others to read to help shifting in their mindset about their jobs and money. (if they show any interest in it)

 

[loosechickens]

I'm thinking that if you are a person who has found your way to these boards, there is not a lot in YMOYL that will make a big deal to you.

But if you are a person, mired in credit card debt, living the American lifestyle, feeling empty, yet being surrounded by others just like you, and hopeless to conceive any other way to live, that book can be a bombshell in your life.

Just realizing that there IS a way out is a major big deal to a lot of folks. If you're the kind of person who can have that kind of epiphany on your own, that's great, but there are a lot of people out there who have had their lives changed by reading that book.

Us.....we were doing YMOYL living before that book was even written. We were among the lucky ones who figured it out on our own. All are not so lucky.

We definitely do not agree with their "put it all in Treasury bonds" scenario, but other than putting our faith in a well diversified portfolio with some protection against inflation, instead, the basic tenets of the book are sound and of great use to many.

But, I agree, if you're here, you're probably way past what that book has to offer. Just don't denigrate it for those who are hopelessly mired and need to be shown a path out.

And that principle of getting to FI so that you can REALLY live your life doing stuff that makes your heart sing.....that part is priceless. For people to realize that they have enough control over their own lives to achieve that goal.......it's a great book. IMHO

LooseChickens

 

[FinanceDude]

I read it but am already practicing most of what they preach. However, it's always good to review why we do what we do in this LBYM world.............