Your Money or Your Life: 9 Steps to Transcreating Your Relationship With Money & Achieving Financial Independence

Authors: Joe Dominguez & Vicki Robin with Monique Tilford

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“We shift from comparing ourselves to others to considering our actual requirements and desires. We shift from “more” to “enough” and inevitably obtain even more of what money can’t buy. Priceless.”

Tip 1. Figure out your revenue and net worth. The concept is to number out how much money has actually flowed right into and out of your life.

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Figure out your existing cash circulation.

Figure out your real hourly wage by including right into work-related hours all the occupational time outside the office (commuting, functioning from residence, price of meals, etc).

Step 2. Keep track of all the money coming right into and also out of your life on a monthly basis (for me, approximate making use of bank and credit card statements)

Tip 3. Create a table of earnings and also prices in wide categories. Convert the dollars spent in each category right into “hrs of life energy” invested. Think of purchases and also various other expenses in regards to the amount of life given approximately earn the necessary money.

Tip 4. For each spending category, ask the adhering to questions:

Did I obtain fulfillment, satisfactivity, and worth in propercentage to life energy spent?Is life power spfinishing in alignment with my worths and also purpose?How could this expenditure change if I didn’t have to work-related for a living?

These questions deserve to transdevelop your life and also assist you collection the foundation for yourlife transdevelopment.

Step 5. Create a chart plotting total monthly revenue and full monthly expenses, and also put it somewbelow you’ll see it eexceptionally day.

Step 6. Value life energy by minimizing spfinishing. Beyond a details point on the fulfillment curve, spfinishing even more will lug much less fulfillment, so you’re not giving up happiness.

Step 7. Value life energy by maximizing real income. Work and also weras aren’t the same; wages are simply the money you profession your life power for.

Step 8. Article your monthly investment revenue on a wall chart. Asthe monthly investment earnings curves upward, at some suggest, it’ll cross over the monthly prices line. This crossover allude represents the moment once you have the right to speak functioning for pay.

You only need to job-related for pay for a finite period of time—focus on that goal and make that duration of time as brief as possible.

When you no much longer should work-related for pay, you are Financially Independent.

Tip 9. Invest your capital to carry out safe investment income regardmuch less of your employment status, with 6 months of a cash cushion. Surplus funds can be reinvested, donated, or otherwise provided.

Get acquainted with investment vehicles to secure your financial self-reliance.

While Joe Dominguez concentrates solely on buying UNITED STATE Treasuries, it would most likely be wisest to seek a well balanced investment strategy via an equity component.

Final thoughts:

As with The Millionaire Next Door, the emphasis is on “playing defense” or on managing spfinishing.

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What Your Money or Your Life does is to put regulating spending into a larger context of maximizing fulfillment, minimizing waste, and pursuing a greater function.

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