Saturday, August 2, 2014

Debt-Proof Living


Debt-Proof Living (Aug 1st - 8th)

Mortgages, credit card balances, student loans, car loans, and home improvement loans have become a way of life. All that debt is putting not only our present at risk as we live paycheck to paycheck but our futures in jeopardy, as shockingly few of us have enough put away for retirement. But personal financial expert Mary Hunt wants you to know a radical but simple truth--you really can get out of debt and stay out of debt--for the rest of your life.

If you have been struggling to pay the bills, if you feel like you just can't make your finances work, if you feel like your money situation is getting out of control, you need this book. It can change your life, just as it's changed the lives of hundreds of thousands of others already.


My Impressions
Mary does a wonderful job really breaking down financial terms and giving us examples of them in practical applications.  I think the most important thing a person needs to learn about debt proof living is knowing how interest rates affect your overall balances and Mary did a wonderful job explaining this concept. We live in  a world where our 18 year old mini adults that have just left the nest and going off to live on their own for college for the first time are practically handed a credit card that they can charge thousands of dollars on. It is scary to think about the kind of financial troubles they can find themselves in right when they are starting life if they do not understand the principles on how credit cards work and how these companies make money.

I personally believe that if you have to have a credit card to buy it, you don't need it. Save your money so you have it for emergencies. You should always have at least 6 months bills put up into a savings account so when emergencies happen (flat tire, car wont start, new washer, etc) you have funds available to you without maxing out credit cards and stretching your budget further.

Mary's concept is similar to many others giving out financial advise and that is because what she is saying really works! Spend less than you make, have a plan, make a budget, tithing and having accountability. I know not everyone agrees with the tithing aspect, but for those that follow Christ Jesus it is a biblical aspect. Giving from what you have, not what you have left over!

The only negative thing I will say about this book is I feel at times she was throwing Dave Ramsey under the bus. I personally love his envelope system,especially for teaching my kids about being financially responsible. Its very visual and real showing how quickly money can go,especially in their spending envelope and the importance of tracking every penny you spend, which Mary also feels is important. I will say this though, working at a financial institute I understand the importance of having life insurance in place. Although not everyone agrees with the value of whole life, I have seen and believe it is a very valuable tool for those that can afford it. It is not designed for those who live paycheck to paycheck, but for those who have extra money left over that they want to put to work for them. These policies not only have an excellent death benefit that grows, but also cash that grows that can help offset the cost of college, weddings, first home purchase etc.

Overall I think this is a good resource for those that are starting out and need some practical applications to help them get out of debt and stay that way.

Mary Hunt is an award-winning and bestselling author and the founder and publisher of Debt-Proof Living. Her books have sold more than a million copies, and her daily newspaper column, Everyday Cheapskate, is nationally syndicated and enjoyed by hundreds of thousands of readers. Hunt speaks widely on personal finance and has appeared on shows such as NBC's TODAY and Dr. Phil. She and her husband live in Colorado. Learn more at www.debtproofliving.com.


Disclaimer:  I received a copy of this book for free in exchange for an honest review from Baker Publishing via  Revell Blog Tour.
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