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Your Money or Your Life

May 28, 2012 By Shane Ede 8 Comments

Your Money or Your Life

your money or your life
Amazon

By: Joe Dominguez and Vicki Robin

When this book first came onto my radar as a book I might like to read, it was with reviews from my fellow personal finance bloggers that described it as one that will change your life, and that will make your finances follow you rather than the other way around.  Both of those descriptions are pretty accurate.

For someone like myself, who’s been writing on personal finance for over 5 years (Beating Broke turns 4 next month!), I’ve seen just about every bit of advice and every bit of financial knowledge that there is out there.  Or, at least I think I have.  Then something like this book comes along and puts it all together in a different way, or expresses it in a slightly different way, and I learn something new.

So, here’s the short review.  If you find yourself struggling with your money, and with how your money and your life can meet, this is most certainly a book for you.  It’s not your typical personal finance book that’s going to tell you how to balance your checkbook, what to spend on (and what not to), or anything of the sort.  What it is going to do is give you the tools to tracking what you’re spending your money on and then coming to terms with whether those spending habits are habits that are putting you on a track towards a much more fulfilled life.  They go a bit further than that, and get into how you can take your reformed spending habits, track them, and then turn your life into something that you want it to be, that uses money as a tool to further your life-long goals rather than postpone them.

It’s not just a book for those that are struggling with money, either.  I found several small things that I’ll be working on implementing over the next few months that I hope will bring my finances into further alignment with goals and ambitions that have little to do with work, or money.

Have you read it?  What was your reaction?  Did you follow it’s steps, and how did they help (or not) you?

Filed Under: Books, pf books Tagged With: book, book review, dominguez, joe dominguez, pf book, robin, vicki robin, your money or your life

I’m Fine, Thanks

May 25, 2012 By Shane Ede 2 Comments

I’m Fine, Thanks, the documentary that Adam Baker has been traveling the country recording over the last several months is almost complete.  As part of the finishing up process, he, and his crew at Crank Tank have opened it up for funding on Kickstarter.

From the moment that Adam announced the project, I’ve thought it will be an excellent project.  There’s not much that Adam turns out that isn’t top notch, and the topic of I’m Fine, Thanks is one of my favorites.  It deals with complacency, in work, family, and in life and how the different people that he interviewed deal with breaking free of the complacency that they face, and looks to also include several people who have done it and share their story.

One of the biggest things, on my journey from work, to quitting my job, to going back to work, has been recognizing my own complacency with my life, and attempting to break free of it.  It doesn’t mean you have to quit work and walk off into the wilderness.  What it does mean is that you have to recognize the areas that you are being complacent, and make efforts to change them.  I’ve made great strides in the right direction (I think) and still have a long ways to go.

That’s why I think that I’m Fine, Thanks is such a great project.  I’ll be adding to the funding pool, I just haven’t decided how much yet.  Consider doing the same.

Filed Under: The Beating Broke Story Tagged With: complacency

Have You Become Complacent with Your Gazelle Intensity?

May 23, 2012 By MelissaB 16 Comments

If you have tens of thousands of dollars to pay off, gazelle intensity can be exhausting. You can easily begin to feel sorry for yourself and lament all of the things you have to give up and sacrifice when paying down debt.

We started our journey to be debt free on October 20, 2011. Our debt was a mind-numbing $57,966.01. In the 7 months since then, we have paid down almost $10,000. (We are sitting right around $48,000 now.) I am proud of our progress, but we have reached the point where the journey is getting long and difficult. Gazelle intensity has lost its luster.

Mhorr Gazelle (Nanger dama mhorr) © by 5of7

While we have no intentions of adding any new debt, we sometimes want to slow down and enjoy life. I don’t want to work so hard all the time; I want to spend money on treats sometimes.

And just like that it happened. The lifestyle creep began. We had been not been spending any money on eating out, and in May we spent nearly $200. Yes, I don’t think that seems like gazelle intensity either.

My kick in the pants came when I read on Yahoo! that Joe Mihalic recently paid down $90,000 in student loan debts in 7 months. Seven months! That is nearly $13,000 a month. Intrigued, I read more about his story on The Huffington Post.

After he did the obvious measures of selling off his extra vehicle, his motorcycle and cashing in investments and savings, he went renegade and cashed in his $8,000 retirement. (We certainly have enough in our retirement to erase our debt, but I am not as young as Joe, and I wouldn’t be willing to pay the penalties. Most financial experts do NOT recommend wiping out your retirement to pay down debts.)

Then he made the hard sacrifices including:

  • Not having dinner dates the entire time he was paying down his debt (opting instead to take dates out for coffee and bagels)
  • Foregoing travel at Christmas to see his parents
  • Missing two friends’ weddings
  • Finding two roommates on Craigslist
  • Starting a side business as a landscaper
  • Not buying any new clothes
  • Shunning consumerism in general

He was full force gazelle intense, and it paid off. He, as Dave Ramsey says, “lived like no one else so later he could live like no one else.”

While we are generally frugal, we slip up and spend too much money on groceries and other expenses (such as our unnecessary trips out to restaurants this month). There is still some fat in the budget, and that fat can be cut and funneled toward our debt repayment. We still have room to improve.

Sometimes when you are tired and are immersed in your debt repayment, getting out of debt can feel hopeless. You can feel like the debt will never go away, and you can start to doubt yourself and the sacrifices you are making. In times of doubt, read stories like Mihalic’s to see that gazelle intensity does work. He made it through to the other side. You can, too.

Filed Under: Debt Reduction, Frugality, Saving, ShareMe Tagged With: debt, debt repayment, gazelle, gazelle intensity

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