Here's a book that I don't hear about very often on the podcast's Famous Four, or see much in the forums: Your Money or Your Life by Vicki Robin. The book leads the reader through a perspective on money to drive them towards an FI-wealth mindset. Since I'm new to writing in the forums, and I think a new edition of the book came out recently, I figured I'd take a moment to point to a book that was one of the first to start my journey with real estate.
Robin's primary argument is that "money is something we trade our life energy for." Our life time is limited (at least until we upload our brains like in The Matrix...), so better make the most of it! If that's the case, you better like what you're doing for money.
Consider the trade-offs you have to make to obtain money. While you may earn $$$$$ as part of your work, if you work long hours, have a long commute, posture with expensive clothes, your true earnings are less, $$$ or $$.
So it's important to keep your relationship with money in the back of your mind in all your ventures. You don't want to get mentally exhausted of whatever your primary means of income is, regardless of whether or not it's from real estate, your day job, or something else.
And this is part of why I find real estate so provocative. If you have solid goals to keep you focused, and enjoy what you're doing, the amount of "life energy" that you trade away is so much less. You get more out of it versus other investments, regardless of what part of the industry you are a part of. You are providing housing as a product or as service to other people, enabling their lives, potentially giving them new opportunities.
So if you're looking for something a little different, check out Your Money or Your Life for a quick read.
Thanks for reading!
I’m reading this RIGHT NOW & am loving it! Great suggestion!
Thanks @Natalie Allen, I'll glad you're enjoying it!
You must be reading the latest edition. Please let me know of any new tips!
@Patrick Booth , this is a great book! I just finished it about a month ago and its all basically things I knew but the whole trading money for "life-energy" was a new twist on things for me. Book has me really analyzing the job I am in, the commute it takes and what I am trading my energy for. I would save 3k a year in fuel savings by just working locally not even considering wear and tear on a vehicle. I think a lot more people should read this book. It gave me even more inspiration to get my real estate investing going.
If you want even more of what is talked about in the book become a mustachian, aka a follower of Mr. Money Mustache who wrote the foreword to the new edition of the book. I am working through his posts from day 1 until now. This will take a while but It will be beneficial.
I have been telling more and more people about it. For those not already with those mindsets it could be life changing,