When I first read Your Money or Your Life in 1992, the concept of transforming your relationship with money and achieving financial independence seemed like a worthy goal. I remember thinking and hoping I could skip the transformation work and move quickly to the financial independence part. As usual, I wanted my dessert first. As I learned soon enough, no shortcuts allowed. Now, 17 years later, and living through the worst financial crisis in a generation, I’m glad I didn’t skip dinner.
As a financial planner, I have a front row seat to the pain and suffering so many people are experiencing. For years I have tried to get many of my clients that have never explored their relationship with money to read YMOYL. Many said yes they’ll read it-one day. When the stock market was going up every day, when home prices seemed like they would never stop increasing, the work and commitment required to transform your relationship with money was a chore put off to next month, next year or never. Now, as we experience the worst financial crisis in a generation, whether you like it or not, your relationship with money, or lack of, will play a major role in your life and determine how well you cope with this downturn.
Following the 9 steps and reaching FI means you’ll have the power to create your life the way you imagine it to be. That’s freedom. Transforming your relationship with money is a journey with many twists and turns, but for this FIer, the journey was sure worth it. Good luck to all of you who are taking the first step.