Comments on: Your Money or Your Life: Final Reflections

By: Sherry

Sherry — Wed, 10 Jun 2009 19:18:02 +0000

Trent – this review pretty much sums up my likes and dislikes of the book. I read it about 13 years ago, and it did truly change my outlook on money and work/life etc. The book is great for that. However, I agree with you that the politics are sometimes a bit overwhelming, and unfortunately it is hard sometimes for the good stuff to get through. I keep hoping it will be rewritten, which takes some of the politics out. I think they could keep a lot of the examples of folks in there that are more touchy feely New-Agish, and also include some that are not. To show that regardless of one’s politics, the underlying premises of the book can still hold true.

My son had his graduation from high school on Monday. I tried to find a used copy of this book to give him, and of course couldn’t find it anywhere. However, I think I am going to lend him my copy to read. I think he is mature enough to be able to pull out the useful information and not feel obligated to cure the world’s problems (unless he wanted to do that anyway haha).
I had forgotten that Joe said rent forever. I am leery of any advice that tells you that you must rent or you must own at some point. I think there is no one size fits all solution there.

By: bobmark

bobmark — Sat, 23 May 2009 16:00:10 +0000

From what I can find, Joe retired in 1969 with $100,000 in bonds yielding a $7,000 annual income. By the time he passed away in 1997 at age 58(?), inflation had reduced the value of the cash flow to about $3000. If he had lived to age 75, typical for a 58 year old male, he would have had about $1000 in real terms to live on. He spent too much too early, with no reinvesting to offset inflation.

This is philosophy not personal finance.You shouldn’t have to ‘read between the lines’.

By: Omnivorous Reader

Omnivorous Reader — Mon, 25 Aug 2008 05:46:18 +0000

Trent nailed this one! I also like Michael Fogler’s Unjobbing which is kind of a Tightwad Gazette meets Your Money or Your Life.
I read Tightwad/YMYL/Unjobbing years ago, and they gave me a different view on my life. Unfortunately we have been backsliding since moving to the northwest (soooo much more expensive but better work for spouse). Plan to pull out my YMYL and reread to refocus. I am enjoying the Simple Dollar b/c it reminds me of all we did to off load $38K of debt while raising an infant. With our child a teenager & our only debt a (large) mortgage, I need reminded that this is still debt! And there is guilt b/c I was able to quit working, but spouse has not been able to (health insurance is a huge issue).

By: Dana

Dana — Tue, 19 Feb 2008 22:23:53 +0000

That wasn’t really what I got out of it. The obvious answer, to me, to the question “how do you amass enough money to live off the interest?” is, “Follow the steps of the program conscientiously.” Joe and Vicki might not handhold you and lead you through each explicit detail, but that’s because they were trying to make the book useful to a wider audience. I believe they stated that even single moms on public assistance have been able to get value from the program. :)

As for the twelve-percent bonds, maybe you can’t get those on the primary market anymore, but I’ve been pleasantly surprised to discover that you can still get nine-percent bonds on the secondary market. Now, I am nowhere near ready to buy one thousand-dollar bond, much less multiples. But nine percent interest is nothing to sneeze at, and IIRC the bonds in question don’t mature for at least another ten years.

Even if they’re at six percent, so what? So you re-evaluate your options. I read enough between the lines with YMOYL to discern that not all the people mentioned in the book who’d done the program were actually living off of bond income and nothing else. I read one case of a woman for whom part of her FI income came from renting out her house. The larger point seems to be to separate work from wages (which is, IIRC, actually part of one of the steps) and whatever is going to do that for you in a sustainable way, you should probably think about trying. This would be true even if bonds were still at twelve percent.

By: fi at 30

fi at 30 — Fri, 21 Dec 2007 22:31:00 +0000

As its quite dated, I think its fair to reveal that Joe’s advice to buy 12% government and utility bonds obviously would not hold water today.

It should also be noted that Joe eventually recanted his “rent forever” edict, and became a homeowner. If you buy below replacement cost, in a state with low utility costs, and low property taxes, a home is a good hedge against inflation, as well as some rental income, if you can socially deal with housemates (or build an accessory apartment behind the garage…)

By: Jesse

Jesse — Wed, 31 Oct 2007 16:02:35 +0000

Whats the best Brick and Mortar Bank if You use ING Direct?

By: d.a.

d.a. — Wed, 31 Oct 2007 15:20:44 +0000

Thanks for running this series, Trent. It has re-energized my commitment to getting debt free and creating a balanced work life. Kudos!

By: rhbee

rhbee — Wed, 31 Oct 2007 15:05:52 +0000

It is rather sad that in order to praise this book you have to apologize for its politics. Sad because that means that after all is said and done you still want it to be about “personal finance”. Sad because we have let politics and the politically correct phrase our lives and our future by making us exceedingly leary of any idea that might be liberalizing. Sad because for all the value that this book’s discussion of finance brings to the table it still is only valuable to individuals. And all the changes that the authors hoped to bring about in the world can only be acceptable if they are couched in RichDad/PoorDad clothing. Sad, sad, sad.

By: FinanceAndFat

FinanceAndFat — Wed, 31 Oct 2007 14:54:29 +0000

I agree. The book isn’t perfect, but the overall message is so powerful that it makes the little things I didn’t care for seem irrelevant. I think it truly is a must read for someone who wants to get their financial life in order and break out of the ‘normal’ way of living in our culture.

By: Steve O

Steve O — Wed, 31 Oct 2007 05:58:54 +0000

I have dozens of investment and self-improvement books. But this one stands alone. It really is one of a kind.

I have owned it for years, though I have not read every word. The thing is, it really does make you think in a different way about money and life. In this “consume, consume and consume some more” society we live in, it’s incredibly liberating to find that there is another choice. It’s like getting out of “The Matrix.” Or off the hamster wheel.

And, while this book is not the only reason, I retired this year at age 53.

By: Sunshine

Sunshine — Wed, 31 Oct 2007 02:41:56 +0000

I wholeheartedly agree with you on all points.

By: h

Wed, 31 Oct 2007 00:34:52 +0000

I recently purchased this book for 1 cent (used) on Amazon. It arrived today. I’m really looking forward to reading it. Thank you for bringing it to my attention.