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One of my money goals is to “continue following the YMOYL program” (affiliate link) but it occurred to me that I’ve never really explained what that program is. It’s a step-by-step way of handling your money put forth by the authors of the book Your Money or Your Life. The Simple Dollar has a nice review of the book itself, so I won’t go into that here. Instead, I want to explain why I’m excited about doing it and how it has worked for me so far.

I first read this book while on vacation, and oh boy was it easy to lounge around visualizing being able to live on interest alone instead of “needing” to have a job or business. Now I really enjoy doing the work required in my business, but there’s still a difference between doing something strictly because you enjoy it and doing something because you also need the money. To me that difference is freedom: freedom from debt, freedom from fear, freedom from the corporate mold, and more. The feeling you get with freedom is incomparable.

Doing the steps involved in the program was also eye-opening. It was a bit of a shock to see that I’d made less in some recent years than I did the first year I ever worked. (Back when the minimum wage was $2-something an hour, and I made LESS than minimum because it was at a restaurant.) And then there’s how much I was spending on eating out…THAT was what I was choosing to trade so much of my life-energy for? Since then I’ve started this web site, figured up my networth, paid off my student loan, cut back on my spending, increased my long, short-term, and retirement savings, and more. Did I mention the vacation where I read this was in June?

I’m on steps 6 through 8 now (out of 9), and it is very motivating to look at my wall chart every morning and really think about where I want to be. You see, Your Money or Your Life isn’t about choosing between your money or your life, it’s about living the life you really want AND having the money you need to do so. And that’s exciting.