Monday, October 8, 2007

Quotables: Your Money or Your Life -- Prologue

I am currently reading Joe Dominguez & Vicki Robin's Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence and reading Trent's (The Simple Dollar) extensive reviews.

As I finish each chapter, I will post some of the quotes I find interesting and helpful. Think of it as letting the authors reviewing the book themselves.

Today, we flip through the Prologue:
  • What [most money] books have in common is that they assume that your financial life functions separately from the rest of your life. This book is about putting it all back together. It is about integration, a "whole systems" approach to life (xviii).
  • Even though we "won" the Industrial Revolution, the spoils of war are looking more and more spoiled...the old road map for money has us trapped in the very vehicle that was supposed to liberate us from toil (xx).
  • FI (financially independent) thinking is about cartography--making your own map, one that accurately depicts the terrain of your life as it actually is today (xxv).
  • FI (financially independent) thinking will lead naturally to Financial Intelligence, Financial Integrity and Financial Independence (xxv).
The authors make the point that much of our financial shortcomings today have resulted from using the "old road map"--born from the Industrial Revolution--in a time where a much different map is needed. I think it's a strong and plausible argument.

I also appreciate how their approach is designed for individuality. Too many people (especially the most famous ones) in personal finance try to give virtually the same advice no matter the situation.