2019-08-16 Your Money or Your Life

Question 1

Step 1:

Answer 1

Do a balance sheet.

Question 2

Step 2:

Answer 2

Keep track of every penny that goes in and out of your life. (Mint does it for us)

Question 3

Step 3:

Answer 3

Categorize your spendings every month. (Mint does it for us)

Question 4

What is money?

Answer 4

Life energy

Question 5

What is Your Money or Your Life

Answer 5

It’s a transformational program based on feedback mechanisms that are rooted both in self-interest (I’m not going to waste life energy) and higher values (What are my goals? What are my dreams?).

Question 6

What are the two questions to ask myself before any purchase?

Answer 6

1. Is this worth the life energy this is going to cost me?

2. Is this purchase in alignment with my values?

Question 7

What is the point of “Your Money or Your Life” ?

Answer 7

Determine the “enough” that gives you the maximum amount of satisfaction/joy, and not an ounce more which would make you fall into excess and clutter.

Question 8

What is money?

Answer 8

Life energy

Question 9

Why does the “more and is better” mentality doesn’t work?

Answer 9

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.

Question 10

By how much does the people who read and followed the steps in Your Money or Your Life reduced their expenses?

Answer 10

By 20 to 25%

Question 11

What happens when you clearly define your dreams and what you want out of life?

Answer 11

You’ll start to find a wholeness of life, a sense of mastery, of unity, of integrety. Peace of mind.

Question 12

Why do some people find it difficult to reduce their spendings?

Answer 12

They have been thought that purchasing things is an act of patriotism (showing loyalty to the economy), and not buying things would be unpatriotic.

Question 13

How to differentiate between wants and needs?

Answer 13

It’s simple, in the YMOYL philosophy, there is no such thing as a want or need. The question to ask is: “Is the purchase worth the life energy needed to be spent?”

Question 14

What is the difference between thrill and contentment when it comes to purchases?

Answer 14

Thrill is the instant of purchase, and contentment is the lasting satisfaction with the thing that you bought.

Question 15

How to do you calculate your real hourly wage?

Answer 15

1. Take your nominal hourly wage
2. Take into account all of the expenses related to your work (commute, work clothes, any other expenses related strictly to your work)
3. Take into account all of the time needed for your job (amount of time commuting, preparing, etc.)

Question 16

What is financially independent thinking?

Answer 16

Financially independent thinking is being free of the traditional consumerism thinking, where problems are resolved only by buying products. It’s also about being aware of where every penny is going.