This month’s book recommendation is Your Money or Your Life by Joe Dominguez and Vicki Robin. Originally published in the early 1990s, the main purpose of this book is to walk you through a 9 step process for changing not only your finances, but your entire view of money.

In many ways this book is too detailed. The process recommended for handling your everyday finances involves too much time and energy, and we think that while it may be possible to maintain for a short while, most people (including us!) would never be able to keep up with over the long run. We also feel that counting every penny, which this book recommends, is unnecessary to get to a healthy financial situation. However, if you are the type of person who likes to go into so much detail with your finances, this book’s process might be for you.

So, while we don’t see the value of the entire process, we do think there are some worthwhile ideas about how to change the way you see your finances. The process asks you to look at your life and figure out what you truly value and what gives you real satisfaction. Often times, if you really study what you are spending money on, you may see that you aren’t getting fulfillment from because it just doesn’t matter to you. Dominguez and Robin recommend that you develop a “yardstick for fulfillment.” Try to measure how much fulfillment you get from a potential purchase, and you may see that it just isn’t worth it. From the book:

“You come to differentiate between a passing fancy and real fulfillment, that point of perfect balance where desires disappear because they have been completely met. Any less would be not enough. Any more would be too much.”

While this book is popular (see it on The Simple Dollar which goes into much more detail), we don’t think that it’s a must read. It does have some good concepts though, so if you’re interested, pick it up.

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