Love Your Life, Not Theirs

I read Love Your Life, Not Theirs by Rachel Cruze in only two days! This book is not only an easy read, but Rachel keeps it real when sharing her seven money habits to help you live the life you want:

1. Quit the comparisons
2. Steer clear of debt
3. Make a plan for your money
4. Talk about money (even when it’s hard)
5. Save like you mean it
6. Think before you spend
7. Give a little…until you can give a lot

I won’t address all of the habits, but I’ll pick and choose my favorite parts of the book. 

Comparisons

Rachel starts out with addressing a habit that I think plagues most people, including myself: making comparisons. Comparisons are only natural, but we have to be cautious of them and be mindful that they’re not dictating how we spend our money and live our lives. She discusses how we can so easily fall into the trap of comparing our lives to others. With social media, there’s an even more intense race to “keep up with the Joneses”. There’s always going to be someone you know or follow buying a new car, going on a fancy vacation, getting married, buying a house, etc. The list goes on and on. But just because someone else can afford that life, doesn’t mean you can, too – at least not at the same moment in time. Plus, you don’t know what is behind that vacation or car – it may have taken months or years of saving, or they may be going deeper into debt to afford certain luxuries. The point is, you don’t know someone else’s big picture, so you shouldn’t try to compare yourself to them. Everyone is on their own unique financial journey. 

So, it’s important to try to be happy with where you are in your journey and grateful for what you do have. Instead of always wishing for the next cool thing, we should make more time to count our blessings. Rachel reveals that “Content people don’t always have the best of everything, but they make the best of everything” (23). Content does not mean we have to be complacent. We can be happy for what we have while striving for our goals. But, we should not place all of our happiness on things we can buy – oftentimes, happiness lies in the little things, like spending time with friends and family, or taking a nice walk outside.

What do you value? Your money can tell you

Another important factor Rachel discusses is that “Every dollar you spend is a reflection of your values” (30). She encourages everyone to do a deep dive into budgeting, so that they know where every dollar goes. You can start with looking at your historical purchases, and seeing where your money has gone in the past – and know that if you aren’t proud of what you see, you have the power to change it. Short term sacrifices will only benefit your long term financial goals. I know I personally was more motivated to see how I can alter my budget to reach my goals after reading the book.

My two cents on debt

On another note, I want to say that I don’t necessarily agree with all of her thoughts. For example, I think credit cards can be hugely beneficial if you’re smart with them and ensure that you only pay for what you can afford. I understand where she comes from, as the average American has about $5700 in credit card debt, which is some of the worse debt to have, with extremely high interest rates. So if you have problems with credit cards, know that there is a way to go about life without using them! Cash can be king if you make it work for yourself. But, I personally will continue my credit card usage. I was fortunate to learn smart money management skills from my parents, and have not had an issue with credit card debt. 

But I will admit that I have other debt to deal with, from college and my car. So, I look forward to applying the budget snowball effect onto my debt – paying off the smaller debt first, then gaining momentum to tackle the larger debt. On a side note, I think the coronavirus has given me some much-needed perspective on my spending. While it’s hard not to socialize with friends, I’ve definitely noticed that I can live without going to restaurants super often and unnecessary spending from going out and about. In fact, I feel content just to be able to spend more time with family and focus on some of my hobbies, such as cooking, gardening, reading, and writing this blog. But I digress. My main message I want to convey is that it is possible to make some lifestyle sacrifices to achieve your goals – you might not live up to the same standards as your parents (they likely took years to get where they are today) or some of your friends. But that is okay! As I said earlier, each person is on their own path to building wealth.

Giving

Lastly, I want to share how much I loved the chapter on giving at the end. I am a strong believer in the power of giving and the power of reciprocity, and this book has encouraged me to give more. Of course, you shouldn’t give if you can’t afford basic necessities. But if you can cut out a non-essential, giving can only help you. It’s one of the easy and powerful ways to help put your money towards causes that you value, and know that you are making a positive effort towards something you believe in. Overall, I learned a lot while reading this book, and will definitely take some of her advice when it comes to budgeting, paying off car payments and school, buying a home, and having tough financial conversations with friends and family.

Let me know if you’ve read any interesting personal finance books! I’d love to check them out!