Your Money Or Your Life | Honest Book Review

This book Your Money Or Your Life by Joseph R. Dominguez and Vicki Robin, helped me out when it came to becoming financially independent. 💲Patreon Exclusive💲 https://www.patreon.com/tommybryson 😎Call Me😎: https://bit.ly/30IBr0i 😎Second Channel😎: https://bit.ly/3c4sVPS 👨🏽‍💻Financial Freedom Course👨🏽‍💻$100 OFF CODE: LONGTERM Link: https://longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom 1. Wages and Work (separate Both ) - When we think about work, we think our jobs and the thing we do to make money - But the truth is that’s not really the full story - Work isn’t any paid activity - Work is any activity that is meaningful and purposeful ( paid or on Paid ) Why is this so Important: - We live in a society where what you do for work has become who you are - And its even the language we use - What do you do, I’m a Youtuber, I’m a Dentist, I’m a School teacher ( that’s not who you are its what you do for money ) So it’s important to separate what you do for money and who you are as a Person - You can be an accountant for Money and a Christian, Father, and Husband is who you are - The point is, your identity and meaning is not your job - But that also means you want to work a job, that’s not going to be violating your morals and ethics The fabric of life: ( the things that we should not be asking Money to Provide for Us ) ⁃ God ⁃ Family ⁃ Culture ⁃ Community ⁃ These things give meaning outside of work to life, where now work is the only thing that gives meaning to people ⁃ Where now leisure just leads to loneliness and boredom, because work has ceased to be a means to an end but now is an end itself The key Lesson Here is Simple: - Wages is what you get for working a Job - Work is an activity that’s meaningful and fulfilling 2. Life Energy is the Trade we Often Make for money - Life energy is what we exchange in order to make money - And it's very serious - How much money do you make per hour ( if it’s a salary, just divide you annual salary by around 2000 hours ( that should give you a rough estimate ) - How much do you spend on Car payments and on eating out - Those are the two factors we need for a rough estimate of Life Energy Cost Let's Run the Numbers - You make $40,000 a year aka $20 an hour - You spend on your monthly car payment $500 - Your Eating out Bill is $200 each month How much Life Energy is that costing you really: - $500/20 = 25 hours of work - $200/20= 10 hours of work - That means you spend almost a full workweek on these things Let's take this further and deeper: - You may get $20 per hour flat - But their cost with your job - Cost of transportation - Cost of dress - Cost vacation to unwind - Cost of transition time when you get home - Not being able to always cook at home When you add in all those costs and time: - Your real wages maybe $15 dollar per hour The wrong way to hear this info: - I just bought a water bottle for 25Minutes and counting everything you do - But it is to really view what you do with extreme clarity - And to know that the real cost of things is time and not money - The key is to get enough money without excess 3. The Cross-over Point Here a challenge for you guys: - 720k is a lot of money and that is true - But your version of retirement doesn’t have to be like the average American - If you invest let's say $1,000 per month, at 10 percent for 15 years, you’ll have about 419k which is - Take 4% of that as income for yourself, that’s $20,950 worth of income - If you need 36k, now you only to find $15,050 - If you can make $20 an hour, that’s 752 hours you need to invest - 18 work weeks if the math is right, you work 4-5 months a year and call it a day * PRO TIP* INFORMATION IS EVERYTHING 💲Patreon Exclusive💲 https://www.patreon.com/tommybryson 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻 https://discord.gg/EcZEHpA My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 600,000 Subscribers: https://goo.gl/0wvm6w 😎All My Social Media😎 Link: https://linktr.ee/tommybryson --- Disclosure & Educational Disclaimer: Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.