Your Money or Your Life is a book that’s had a profound impact on many people. The book is all about how you decide to use your life energy; that money is, in fact, life energy. The book asks the question: “What are you trading your life energy for?”
While Greece, Portugal, Spain, the UK and the US of A are all buried in debt, individuals in this country are in no better shape. Personal debt is in line with national debt after a spending spree financed primarily by using one’s home as a bank. Now, the question will be how to pay it back. Or, if we can’t, what are the implications of default?
Governments can print money. Individuals cannot. So the Keynesian theory of spending yourself out of trouble doesn’t work for individuals. Frugality is the only real solution. Your Money or Your Life takes you through the steps, shows you how to analyze how you spend your life energy and shows you how to change.
This a potentially life changing book, one that makes a great gift for someone who seems to always be on the financial edge or who hates their job. It’s worth a detailed read. One way to sample it is through the blog discussion of a young fellow named Trent Hamm who discusses the book section by section as it relates to his own life and attempt to get his financial house in order.
I can relate to Trent from my days as a 30 mile (one way) a day commuter for nine years in my first real civilian job. I realized that commuting was a real cost of life energy and, finally, the commute motivated me to find something else. A few years later I was able to walk to work. Tim Hamm is also a commuter and puts a pencil to the cost coming to the realization that his commute plus the other costs of doing business (clothes, lunches, parking, etc.) reduce his true hourly wage considerably.