IMG_6825.JPG

The Money Edit is for women who are passionate about personal finance and financial independence.

This is a place to change your mind about spending, saving and living your best life.

TME Book Club Review: Live Your Life Not Theirs - inspirational or panic inducing?

TME Book Club Review: Live Your Life Not Theirs - inspirational or panic inducing?

It’s coming to the end of February, and I want to make sure we have a chance to chat about Rachel Cruze’s book, Live Your Life Not Theirs.

My friend and fellow money blogger Amanda Sharratt, generously picked this book for the first month of the 2019 TME Book Club. She encouraged us to read it and think about how our spending is influenced by others.

Cash only!

This book was my first introduction to the Dave Ramsey school of thought - live life, spend cash and carry no debt.

I am completely aligned with Rachel’s philosophy of not carrying debt on cars and credit cards. Consumer debt is both stressful and generally unnecessary. For example, a solid savings plan (and some time on the bus!) will allow you to afford a reasonable car, paid in cash.

Social media isn’t real life, and trying to keep up with the Joneses will never get you anywhere. It’s time to live—and love—your life, not theirs. 

- Rachel Cruze, Live Your Life Not Theirs

Was it just me or did this book make you ask yourself, why am I letting other people set the pace for my finances?

Where we differ

As some of you long time readers may know, I used to be a devout follower of Mr. Money Mustache. I read every single blog post he has ever written and harnessed his strength to pay off my student loans, eliminate consumer debt and save for a downpayment on our first home.

In a similar vein, the Ramseys live a debt-free, no nonsense type of life. Although it was effective to help me get on track and pay off debt, the “money is a finite resource” way of thinking was stressful. I was so wound up that I found it very difficult to part with my money when opportunities came up.

An attitude of abundance

In 2018, my attitude toward money changed forever. When I read Jen Sincero’s “You are a Badass” books, I suddenly felt a new kind of freedom that I had never experienced before. Jen opened my eyes to an abundance and growth mindset that completely changed my life.

I have big goals that require me to take risks that are both calculated and scary! My goals don’t require credit card or line of credit use, but they do require a high level of hustle and commitment to create the cash flow we need to build wealth through investments. To be honest, I felt a bit limited by the “cash only” philosophy in Live Your Life Not Theirs.

To answer Amanda’s questions from our original post:

  1. Which of the 7 habits are you going to work on first?

    I am going to work on “living on a plan”. Reading this book reminded me to revisit my day-to-day spending and assess where I need to cut back and redirect money into savings.

  2. Do you talk about money with your spouse and/or your friends? What is one way you can make it more normal and comfortable to to talk about money more often?

    Yes! I talk about money with my husband and friends all the time, although it’s not always a comfortable conversation. I consciously try to be in a non-judgemental frame of mind, understanding that everyone comes from a different background and is doing their best with what they have. The more honest I am, the easier it is for my friends and family to share.

  3. Overall, what did you think of the book?

    I really enjoyed Rachel Cruze’s Live Your Life Not Theirs. It reminded me to get back to basics, review my spending and motivated me to save more.

What about you? I want to know - did you read the book and what were your main takeaways?

The dog days are just beginning

The dog days are just beginning

Everyone wants to Beat the Bank

Everyone wants to Beat the Bank