When you use those “true” amounts - the actual portion of your salary that you keep after work expenses are taken out divided by the total number of hours you actually devote to tasks due to work - to calculate your true hourly wage, it can be shocking, and it really recasts how much of your life you’re trading for the things you buy. You add in all of the extra hours you give to work doing things like commuting, doing work outside of your work hours, communicating, travel and unwinding, then you also subtract out all of the money that your work bleeds from you for things like work clothes, work lunches and commuting expenses. Your true hourly wage refers to the amount of money you actually earn per hour of time invested in your work. That core idea has a lot of implications, and Your Money or Your Life walks through them carefully through concepts like the fulfillment curve and the crossover point.įor me, perhaps the most effective point was the discussion of the idea of your true hourly wage.
You’ve traded your time and energy for something that didn’t provide equal or greater value in return.
Then, when you spend that dollar on something that doesn’t provide deep or lasting meaning, you’re essentially wasting your life. Your Money or Your Life‘s premise is that when you work, you are effectively exchanging some portion of your life for every dollar that you make. It happened to be one of a handful that I grabbed at the library when I was completely lost in terms of my financial life and it was heavily responsible for turning my financial situation around.
Best overall for personal finance: Your Money or Your Life by Joe Dominguez and Vicki RobinĪn early edition of this book was the book that turned my financial life around. 10 personal finance books you should read to jumpstart your financial education 1.
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