Finance book review of ‘You Only Live Once,’ By Jason Vitug
Financial education is vital to financial success. And finance books are a big part of that education. So here is our finance book review of ‘You Only Live Once,’ by Jason Vitug. While some may have adopted the YOLO- you only live once motto, it might not be the best for financial health. But, education helps with some of those financial no-no’s.
Jason Vitug wants to return some balance to the phrase. His new book, “You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life,” seeks to speak to young people living paycheck to paycheck while thinking what they need in life is a bigger paycheck. So instead, Vitug suggests a different solution: purposeful living.
The good
Vitug blends his autobiography seamlessly with the advice in the book. He began his career as a server in a tiny restaurant and worked his way up to the boardrooms of Silicon Valley. His lifestyle changed, but his relationship with money didn’t. At each stop, he thought the salary would make him happy and provide financial security. When it didn’t, he was forced to take a different perspective.
Instead of looking for more money, he started to evaluate if the money he was spending brought him closer to the life he wanted to live. When he saw it wasn’t, he changed to a financially secure life.
The not so good
Financial security, in this book, looks about like it does everywhere else: no debt, minimal living expenses, a stable emergency fund, and a lifestyle that fits your means. But unfortunately, this book has no silver bullet or magical solution to financial struggles. Instead, it’s the same advice people are getting from any financial guru.
That’s the main criticism of the book: Most of the information and advice is pretty elementary. A significant portion of it is devoted to the inner workings of credit cards. While many people don’t understand the credit system, readers might question where any new information exists in this book. What can readers find in “You Only Live Once” that they couldn’t get from any other financial literacy program?
To read or not to read?
“You Only Live Once” is unique in how timeless information is presented. Because Vitug has lived and worked at various stations in life, it’s much harder to dismiss his advice as condescending or out of touch. Rising young professionals and recent college grads who may be struggling to make ends meet can see themselves in Vitug’s story, making his advice more relatable. Others who could benefit from a refresher on the basics of financial literacy will appreciate the easy-to-read and relatable advice. While folks looking for advanced advice on personal finance will be disappointed, it might be worth looking at anyway. Give it a try.
After all … you only live once.
Have you read ‘You Only Live Once,’ By Jason Vitug? What did you think? Do you think that our finance book review was spot on or not? Let us know in the comments. And, if you like this post, make sure you check out our MoneySmart Tips blog.
