Customer Reviews

The Debt-Free Millionaire: Winning Strategies to Creating Great Credit and Retiring Rich

5 star:		(1)
4 star:		(4)
3 star:		(2)
2 star:		(0)
1 star:		(1)

 

 

The Debt-Free Millionaire takes an interesting look at how an average individual can go from being highly in debt - to becoming a millionaire.

The author's main premise being that everyone can be a millionaire and this book spends approx 80% of its content on discussing various debt reducing (to eventually eliminating) debt in order to progress to saving, investing and accumulating wealth.

What I liked about this book is that the author is highly encouraging and acknowledges that debt is a very real part of life for many consumers today.

I also thought his comments about how the "pay yourself first" may not be in the best interest of the average person in this day and age because of the fact that the concept of credit has changed dramatically since the "pay yourself first" suggestion was started over 60 years ago.

There is a very deep look at debt and how many people get into it and ther is alot of discussion about the debt traps and how to get out of it.

I liked this book because of its somewhat different approach to debt and I also thought it was extremely well written for the average layperson who is not into trying to decipher financial statements.

I suggest this book for anyone who is in debt or overwhelmed by debt.

I recently read this book from our county library and I will be buying this book for my shelf. I did my own CFA and found I can benefit tremendously from following this program. The idea of reducing my debt load as I near retirement is causing me to sleep better at night. There is no magic bullet to get you out of debt, just a sensible plan and my will to achieve it.

Though the book contains some good info, there are some discrepancies in Tony's "real" life that discredit his plan.

The first is Tony's affiliation with Tower Legal Network which now appears to be defunct. The BBB is reporting "According to information in BBB files, it appears that this business is no longer in business. Mail sent to the business on 08/26/2010 was returned by the U.S. Postal Service as Forwarding Order Expired."

The website reported for Tower Legal Network by the BBB is debtfree.com and that website is still up and running. The debtfree.com blog was last updated on July 22, 2011 so somebody is still active and running it.

But according to Wisconsin State records the Tower Legal Network never filed the necessary reports to keep the company in good standing. On June 14, 2011 the company was administratively dissolved by the State.

The registered agent for the company is Stacy Ann Manganiello and Anthony Manganiello is the spokesperson for DebtFree.com.

DebtFree.com is not an authorized company to conduct business in Wisconsin.

The second is his personal foreclosure of his home mortgage.

Not the expert nor millionaire I would want to take advice from.

For some reason, the author decided to forego the part that teaches about becoming a millionaire. Instead, he suggested to look for other sources of information.
Maybe he should have named the book "Debt-free citizen" to avoid being misleading.

Also, the "eliminating debt" strategy is rather confusing and more complicated than needed. For some if not most people Dave Ramsey's strategy will work much better.
PS See if this book is available in your public library, this is NOT the book to keep.

We saw the author of this book on t.v. being interviewed and it all sounded good. Just need to read it now.

I cannot believe I'm the first five star review for this book. I've read almost every single self-help finance, business, management, goal setting book on the planet and this is one of the best on the subject of finance I've ever read.

I have struggled trying to follow Clayson's advice in "The Richest Man in Babylon" because every time I try and put ten percent aside some bill comes in and I have to dip into that money or declare bankruptcy, have a utility cut off or face some other hardship.

Finally someone explains why that doesn't work. (We didn't have credit cards when Clayson wrote his classic) It makes no sense to save 10% of your money at whatever measly amount your bank is paying when you've got credit cards at 23%.

What a brilliant system...and written in a conversational style that makes it very easy to follow.

I'm not sure why one reviewer said it doesn't get specific enough when it comes to investments? I'd submit it's not an investment book...it's a book on how to get out debt and that it does brilliantly well.

If there was a six star button...I'd use it.

This book was jammed full of helpful information! Will it make me a millionaire? No. However, it will make me a smarter consumer and help me make better choices. Manganiello pointed out a lot of things that I was falling prey to and did not even realize it. There are a lot of marketing scams out there. Some we realize are scams, so we think may be scams but feel they are necessary, others we don't even realize they are scamming us. This book helped me to identify all of these.

This book also helped me to understand how things work. Sure, we all have credit cards and know that they generate interest. Do we really understand how? I think the answer is no for most people. I understood parts of it, but now I understand fully. Manganiello does a great job of explaining it by showing examples.

The Debt-Free Millionaire also has a great appendix with charts and worksheets and a glossary. This is not a book that you can sit down and read in a few days. It is well written and has great explanations. However, it contains a lot of formulas and numbers. I found out it was best to read it a few pages/ a section at a time. If you are in debt (like most Americans including myself), then you should check out this book.

This product doesn't get specific with how to in vest and in what... It is a great method for getting debt free but I haven't seen in my 1st reading anything that would help one become a millionaire,,,