Good morning. I haven’t done a book review in a long time and don’t have really good excuses for why not. I have a stack of books right here beside my computer ready for book review, but just the act of sitting and writing a book review has alluded me for more than a year because of my perpetual need to stay busy. This last week knocked me for a loop with the serious challenges that have developed with the boat, so sitting and writing may help me with a bit of perspective.
This morning I’m reviewing Your Money or Your Life by Vicki Robin. The original copyright is in 1992 but it’s been updated and revised for republishing in 2018. First, for those of you (like me) who have never heard of the FIRE movement, this is one of it’s bibles and popular lore says this book helped START the movement when originally published in 1992. The FIRE movement has caught on with lots of young investors and folks who just want to be financially independent, but you’ve got to be smart enough in your youth to actually follow its tenants. I wasn’t, one of the reasons I grabbed up this book and read it cover to cover, and will pass it on to someone who might actually get some use out of it. The forward in the book is by one of the FIRE movement’s Guru’s- Peter Adeney a.k.a. Mr. MONEY MUSTACHE. If you’ve never heard of him or his philosophies on money and wealth building, take a close look at this book. He’s mentioned in numerous places and the updates to this book largely focus on several of his tenants…. namely the use of Index Funds for investing vice individual stocks. This book is laid out in nine chapters and a total of 323 pages, making it a quick read if you’re really interested in the philosophies. In my book reviews, I don’t like to rehash the whole book, as this isn’t Cliff Notes time, but I will tell you that the book makes very good points as it guides the reader through several important exercises as part of what the author calls the 9-step program. You’ve got to know where all your money is going, what you’re bringing in after taxes and exactly what you’re trading (for) when you’re spending that hard-earned money. The last two chapters in the book intrigued me the most as the tenants of the FIRE movement were briefly explored (not as in-depth as possible) and brief snippets of Mr. Money Mustache’s quotes were used. The last chapter was of the most interest to me when I read the book over a year ago, as I had no experience with Index Funds and really didn’t know what they were. After reading this book and having a bite of the iceberg, I was able to dive into my own research to find out if we could even get into this segment of the market with the little investment capital we had. Note: It didn’t take much to get into Index Funds and they seem to be healthier than individual stocks and much less cumbersome than Mutual Funds (a point this book also made). I had to reread the book to make sense of several of the important points and have come out of the books with multiple dog-eared pages full of great info, specifically geared toward the situation me and my wife are in (or were in). Since our engine seized, we’ve had to use that hard-earned stock and index fund investing to start paying for the work with no idea if things are covered by insurance, but time will tell on this one. I don’t feel bad spending the money to get the engine rebuilt, but it still stings as I sell off assets I personally spent so much time researching, buying and holding.
Having re-read the book a couple times and now spending a few hours reviewing it for my website, I would recommend this book for those looking for a bit of a financial pep talk or a glimpse into the FIRE movement. I would not recommend this book to those who are long time institutional investors or folks who have financial risk aversion. The book is available on Amazon and if you click on one of our links and buy the book, we get like….1/2 a percent of a percent of the sale. Yes, that means some of our links are monetized as we attempt to pay for repairs to our engine. But, in all the years we’ve been running the blog…. we’ve never gotten a check from Amazon yet…but we’ll keep trying.
What we did get this week was our FIRST Patreon subscriber…. which is awesome cool. A shout out to CASH for becoming our FIRST Patreon subscriber but not our last! Hey, if you like our writing, pics or just some of the adventure of getting ready to cast off the docklines…follow us on this website, our YouTube site, Patreon or our Pinterest page.
Don’t forget to check out Quincy’s Corner tomorrow morn-