2019-08-16 Your Money or Your Life Flashcards
Step 1:
Do a balance sheet.
Step 2:
Keep track of every penny that goes in and out of your life. (Mint does it for us)
Step 3:
Categorize your spendings every month. (Mint does it for us)
What is money?
Life energy
What is Your Money or Your Life
Itβs a transformational program based on feedback mechanisms that are rooted both in self-interest (Iβm not going to waste life energy) and higher values (What are my goals? What are my dreams?).
What are the two questions to ask myself before any purchase?
- Is this worth the life energy this is going to cost me?
2. Is this purchase in alignment with my values?
What is the point of βYour Money or Your Lifeβ ?
Determine the βenoughβ that gives you the maximum amount of satisfaction/joy, and not an ounce more which would make you fall into excess and clutter.
What is money?
Life energy
Why does the βmore and is betterβ mentality doesnβt work?
Because that endless seeking leads you into debt, overwork, illness, fatigue, etc. The temporary satisfaction of acquiring a new thing soon vanishes and the feeling of lack creeps right back in.
By how much does the people who read and followed the steps in Your Money or Your Life reduced their expenses?
By 20 to 25%
What happens when you clearly define your dreams and what you want out of life?
Youβll start to find a wholeness of life, a sense of mastery, of unity, of integrety. Peace of mind.
Why do some people find it difficult to reduce their spendings?
They have been thought that purchasing things is an act of patriotism (showing loyalty to the economy), and not buying things would be unpatriotic.
How to differentiate between wants and needs?
Itβs simple, in the YMOYL philosophy, there is no such thing as a want or need. The question to ask is: βIs the purchase worth the life energy needed to be spent?β
What is the difference between thrill and contentment when it comes to purchases?
Thrill is the instant of purchase, and contentment is the lasting satisfaction with the thing that you bought.
How to do you calculate your real hourly wage?
- Take your nominal hourly wage
- Take into account all of the expenses related to your work (commute, work clothes, any other expenses related strictly to your work)
- Take into account all of the time needed for your job (amount of time commuting, preparing, etc.)