Money or Your Life
I recently came across a post on the blog Cycler's Life called "The Despotism of the Image". It reminded me that many of our images of success serve interests outside our own. I'm writing about how I challenged my ideals of success.
I began to examine my relationships with money and time shortly after my first daughter was born. Responsibility for another human being changes how you see things and how you want to spend your time. Certainly money provided for my family, but was every bit of the money worth the lost time with my daughter?
The option to spend time with my daughter helped me realize my assumed path to success was hollow -- the path wasn't mine and didn't serve my needs.
At that time, I read a book that gave my re-evaluation some serious teeth. That was 1992, and the book was called "Your Money or Your Life". Even though the book is 15 years old, the message is timeless. Its hard-nosed and practical suggestions can still propel an evaluation of your relationship with time and money.
One of the most helpful concepts brought out by the book -- and re-inforced throughout the book by example after example -- is how to measure your expenditures in work-hours (your "Life Energy"). "Despotism of the Image" describes hours at the job required to pay for a car, for example. "Your Money or Your Life" takes this further.
To calculate your "Life Energy" for example, you should determine your "real" hourly wage by adding up all the time and expense incurred by working a particular job. This includes commute time, decompression activities, and clothes/makeup you wouldn't wear otherwise. The hours are added to the actual work hours and the costs are subtracted from your wages to determine your "real" hourly rate. This can then be used to make rational decisions about whether to drive an additonal 20 minutes each day for an additional $2/hour. It can also help you decide if you want to spend X hours to buy a new bike.
Once this basic concept is laid out, the book goes on to examine the cost of debt. Without this book I would never have known how much time I spend on the job each week to service my debt. In my case, it went from about 18 hours each week in 1992, down to about 6 hours each week today. By focusing on getting my debt in order, I was able to regain 12 hours per week of my life.
What I found most impressive was 1) how conscious you become of your purchases and 2) how completely in control you feel because you know exactly what you're trading in any given transaction. It was perfect for a Dad who wanted to spend time with his kids. Anyone who knows my daughters can say my wife and I have been amply rewarded for our decisions.
My story is about my kids. Others may want to write a book, see the world, or excel in some field of endeavor. No matter how you want to spend your time -- indeed, your life -- you won't know if it is worth it until you can measure how much time it takes to obtain that goal. This book gives you the map and compass for charting your own course.
The book is still in print. It can be ordered from the website http://www.yourmoneyoryourlife.org/.
I began to examine my relationships with money and time shortly after my first daughter was born. Responsibility for another human being changes how you see things and how you want to spend your time. Certainly money provided for my family, but was every bit of the money worth the lost time with my daughter?
The option to spend time with my daughter helped me realize my assumed path to success was hollow -- the path wasn't mine and didn't serve my needs.
At that time, I read a book that gave my re-evaluation some serious teeth. That was 1992, and the book was called "Your Money or Your Life". Even though the book is 15 years old, the message is timeless. Its hard-nosed and practical suggestions can still propel an evaluation of your relationship with time and money.
One of the most helpful concepts brought out by the book -- and re-inforced throughout the book by example after example -- is how to measure your expenditures in work-hours (your "Life Energy"). "Despotism of the Image" describes hours at the job required to pay for a car, for example. "Your Money or Your Life" takes this further.
To calculate your "Life Energy" for example, you should determine your "real" hourly wage by adding up all the time and expense incurred by working a particular job. This includes commute time, decompression activities, and clothes/makeup you wouldn't wear otherwise. The hours are added to the actual work hours and the costs are subtracted from your wages to determine your "real" hourly rate. This can then be used to make rational decisions about whether to drive an additonal 20 minutes each day for an additional $2/hour. It can also help you decide if you want to spend X hours to buy a new bike.
Once this basic concept is laid out, the book goes on to examine the cost of debt. Without this book I would never have known how much time I spend on the job each week to service my debt. In my case, it went from about 18 hours each week in 1992, down to about 6 hours each week today. By focusing on getting my debt in order, I was able to regain 12 hours per week of my life.
What I found most impressive was 1) how conscious you become of your purchases and 2) how completely in control you feel because you know exactly what you're trading in any given transaction. It was perfect for a Dad who wanted to spend time with his kids. Anyone who knows my daughters can say my wife and I have been amply rewarded for our decisions.
My story is about my kids. Others may want to write a book, see the world, or excel in some field of endeavor. No matter how you want to spend your time -- indeed, your life -- you won't know if it is worth it until you can measure how much time it takes to obtain that goal. This book gives you the map and compass for charting your own course.
The book is still in print. It can be ordered from the website http://www.yourmoneyoryourlife.org/.
Labels: less waste, money
posted by Jett @ 5:24 PM
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