It’s time to give away another book and since it’s non-fiction month, I thought I’d give away a book that might interest a lot of people: “Your Money or Your Life“.
Forbes recently published an article entitled ‘Your Job in 2020′ and it’s pretty scary. Though I don’t think that automation will move as quickly as predicted in this article, I do know that more and more white collar workers are worried about whether or not they can look forward to being employed for the next thirty, forty or fifty years. Job security has always been a myth, but it’s clear that these are still not good financial times for us, and a lot of us are more concerned than we were a few years ago. And with the progression of technology (if they can get it right), we can expect more job loss and a much more difficult time finding work that we’re qualified to do.
This isn’t all bad news – if you’re financially prepared for it. Personally, I’m not ready yet. Despite having an emergency fund in place, I’m not comfortable with the idea of losing my job any time soon.
What I love about this book is that not only is it a good tool to learn to appreciate money and how to manage it, but it’s also about designing your life so that you can be financially independent enough to do what you LOVE. It’s about waking up from being dependent on a job that you hate, having to wear a uniform every day, having to come home and be too tired to enjoy time with those that you love. A lot of people pretend that their life is good, but underneath the smiley face, there’s a wish that it could be better. And as long as we’re dependent on doing something we really wish we didn’t have to do, we can’t really be fulfilled.
It comes down to controlling spending habits, tracking what comes in and what goes out, eliminating debt and spending money on what really matters. And that’s the most important question that this book asks you: what are you trading your life energy for? The authors help you understand how the stuff you’re buying is forcing you to lead a life that you wouldn’t lead if you weren’t broke. Was that new pair of shoes or the latest fancy gadget worth ten, twenty, fifty, one hundred hours at your miserable job?
What is your time worth? By managing your finances and controlling where your money goes in an intelligent manner, you can eventually become financially independent. This book will give you advice on where to begin to get there.
It will NOT tell you how and where to invest, it will not teach you about mutual funds and ETFs and banking. It will however provide you with enough information so that you’ll know that most advisors are salespeople, that speculation is bad (you can’t time the market, stupid!), that all you need really is a secure investment (like government-backed bonds). The entire point here is STOP SPENDING – START SAVING and think about what will make you a better human being instead of a machine.
When it comes to any kind of education, I never recommend just reading one book and then concluding that it’s the best source of knowledge. I highly recommend complementing this read with other books like:
The Wealthy Barber: The Common Sense Guide to Successful Financial Planning
The Naked Investor (a must-read for Canadians!)
The Little Book of Common Sense Investing
(Oh, and for those who might be wondering – my giveaway books are brand new, ordered from Amazon – not used copies.)
Deadline for Entry: April 29th, 2010 at 12:00pm EST
Method of Entry: Leave a comment on this article OR follow me on Twitter and send me a direct message saying “Enter me in the April draw!”
The giveaway winner will be contact shortly after the contest closes and will be announced on this blog.
So, what kind of saving tips do you use to set some money aside every month? What books have you read to learn about personal finance and investing?
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4 Comments
Hey JL, it’s Jeff – first time caller, long-time listener.
As much as I (and I assume, a vast ‘WE’) groan about learning more about our spending habits and saving our cash, I’ve realized how very important it is not to be living paycheck-to-paycheck, and luckily I never have. One thing I do is every month I have a certain percentage of $ automatically taken out of my bank account and put into multiple savings accounts. To me, if I don’t physically do it, it’s like I never had the money in the first place, which I find helps. Having said that, I’m FAR from knowing how to properly save, and feel i’m in great need of some edumacation on this subject – i’d love to pour through this book’s pages!
I’ve never really purchased any print material on this matter before either- mostly just read some stuff online here n there. If anything, it’s my been-in-the-insurance-business-for-40-years Mother who’s constantly kept me thinking about being financially prepared for the future- so I guess I have her to thank for what I do know, or at least pushing me to someone who knows more. Anyway- hope this counts as being entered in your book draw – thanks Julie!
-jd
Hey Jeff!
Well, you’re definitely ahead of the pack because a lot of people don’t do this automatically. And you’re right – it’s the best way to save. This way, you don’t even see it. It’s what a lot of authors refer to as the “pay yourself first” principle. It takes a bit of trial and error to find the method that works best for you. I think you know enough about saving by just doing this every month but this book can definitely expand knowledge about financial independence, how to perceive money so that it doesn’t become a burden, how to track your savings and more. It’ll also teach you a few investing basics but I would definitely recommend reading a few more books on the subject if you ever decide that you want to open a self-directed investment account (instead of using a financial planner). If you ever need recommendations for that, let me know!
And yep, you are officially entered in the draw! Good luck and thanks for the comment!
Hi you! Just throwing my two cents in
I really find using cash over plastic a very good way of keeping track of my spending. Also, I review my monthly statements EVERY month and put things into categories to see where I’ve spent my money and to check to see if I’ve kept my spending within my means. Often, I’ve found myself thinking I haven’t spent much money, that I’ve “been good this month” until I look and realize, oh yea, I went out to dinner that night, oh yea I had to fix my truck this month. I often see things that I forgot happened and so it keeps me in check in figuring out if I’ve REALLY “been good” or not. It’s hard to look at the statements sometimes, it often makes me wince, but it does keep me in the know about where my money is going.
~Mara
Hey Mara!
Yep, that’s also on the list of best practices when it comes to managing money: write down what you spent money on and review your bank/credit card statements regularly. This helps not only to know where your money is going but also to catch any fraudulent charges or mistakes made by the banks.
You’ve also been entered into the draw for the book. G’luck!
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