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Animated summary of Vicki Robin’s Your Money or Your Life. This is THE go-to book for taking back your life through changing your relationship with money.
The ultimate playlist of books on how to save money fast: http://bit.ly/2Onqiwa
Top 5 Takeaways of Your Money or Your Life:
1:09 1. Decide Your Own "Enough"
2:56 2. Compare Your Lifetime Income to Your Net Worth
4:35 3. Calculate Your True Hourly Wage
7:33 4. Money isn’t $, € or SEK. It’s Life Energy.
9:21 5. Create a Wall Chart of Income and Expenses
- Advice number 1 is that you must escape the endless race of “more” and decide when you’ve had enough. Enough differs from person to person, but we all have such a point.
- Takeaway number 2 is to make peace with the past by recognizing your spending habits from your earlier life. To do this, compare your net worth with the total amount of money that you’ve ever earned.
- In takeaway number 3 we talked about how you can decide your true hourly salary, and that paid work should be focused around maximizing this number.
- Number 4 is probably the most important takeaway in the book, and that is that money is life energy. Every expense that you have is depleting this energy.
- Finally, takeaway number 5 is that you should create a wall chart to start tracking your income and expenses monthly. Done right, this will increase your gap between income and expenses, which will allow you to generate more investment income. Investment income is what will make it possible for you to answer, “I’ll take both, thank you” when someone asks you “your money or your life?”.
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.