Last spring I picked up “Your Money or Your Life,” by Joe Dominguez and Vicki Robin, because I heard it had recently helped one man make a fortune. Originally published in 1992, the seminal personal finance book teaches a nine-step, systemic approach to money management that was created by Mr. Dominguez, who died in 1997. Since its publication, the book has been translated into 10 languages and sold more than one million copies, and a fourth edition will be released later this month.
“Your Money” turned out not to be a vehicle toward amassing money, as I expected. Instead, Ms. Robin encourages readers to work toward having “enough” — a quantifiable amount that would cover their needs and wants — rather than an ever-receding goal of “more.” She proposes people live more frugally, naming consumerism and its trappings as the root of many Americans’ financial challenges.
