Customer Reviews

Master Your Debt: Slash Your Monthly Payments and Become Debt Free (Lynn Sonberg Books)

5 star:		(9)
4 star:		(1)
3 star:		(0)
2 star:		(0)
1 star:		(2)

 

 

When I received Master Your Debt by Jordan E. Goodman, I was expecting a finance book similar to one authored by Suze Orman or Dave Ramsey. However, instead of advice on creating a budget, lowering expenses, and paying off debt, Master Your Debt is more about helping you navigate today's financial landscape. Goodman explains how we got into our current mess of an economy and how that has changed the way loans, mortgages, credit cards, and even student loans are handled today.

Of course in order to figure out where you are going and how to get there, you still have to know where you are starting from. Goodman does provide the basics for getting a handle on the current state of your finances and emphasizes that the best way to move forward financially is to be completely honest about where you are. The next two chapters are dedicated to understanding how credit scores are calculated and what steps you can take to improve yours and how to reduce the risk of identity theft. Although identity theft can be devastating to one's finances, it is not a topical I have seen so thoroughly covered in a finance book.

Goodman offers some interesting advice on how to negotiate the best mortgage with the chances in lending practices and also on using a HELOC to repay your mortgage at a faster rate. I would caution that one must be very financially responsible to use his recommended payment methods because, unless you are paying very close attention, it would be easy to simply get deeper into debt instead of reducing it.

Goodman completely covers the new laws covering credit cards that recently went into effect and the impact those laws are having on even consumers who regularly pay their credit card bills in full and on time. Car loans and student loans are other topics with devoted chapters. There is one chapter on what to do if you are already in serious financial trouble and another on different financial strategies at different stages in life.

For the most part, I found Master Your Debt easy to read and understand with the advice given in a very straightforward manner. There were two main downsides to the book for me. First, Goodman regularly promotes companies and services to help with many different aspects of handling personal finances. While I believe that sometimes it can be helpful to work with experts, I am sure that many of these companies charge fees that many people simply cannot pay currently due to job loss or facing foreclosure. He even recommends credit counseling services despite acknowledging that this industry has been cited for promising much more than it delivers. Goodman also admits to having his favorites among these companies or personally knowing people involved in founding or running them. While this does not necessarily mean there are any type of kickbacks involved, it does raise red flags. The second issue, and this is one Goodman freely admits, is that this book will become outdated rapidly. Because Goodman discusses specific financial products and types of loans, there is no way of knowing if those products or loans will even be the same ones available in a few months. Washington and Wall Street are also rapidly changing the way our financial system works so the advice that is sound today may not work tomorrow. Goodman heavily promotes websites and the Internet is certainly not a static place for information.

Despite these flaws, I do think this could be a useful book if only for a limited amount of time and if the reader does a lot of his or her own research before making serious financial decisions.

This book "Master Your Debt" is just what I need. The current world of debt has become so distressing and bewildering that it is almost impossible to follow the changes. Goodman's book is particularly straightforward and easy to understand the new laws and rules. Also,he provides excellent resources and 800 numbers to find additional information and web sites,so you can put his advice into action.
Norma G.Humphrey

With two children going to college in two years, the book was just what I needed. Although I read the whole book, I zoomed in on the chapter "An Education in College Costs". I was unaware of all the different programs that were offered. There are many forms to fill out and if filled out incorrectly you can get less money for college. There are examples given throughout the book and they are very easy to understand. If you are in financial difficulties from credit cards or bankruptcy the book will guide you in the right direction. I liked all the resources that are listed in the Appendix and most of them are discussed in the book.(Review by Melissa's Mother Eileen)

The book was received from FSB associates for review and we were not compensated in anyway for the review

Author Jordan E. Goodman has given us the most wonderful and compassionate advice in "Mastering Your Debt" (Slash Your Monthly Payments and Become Debt-Free). In this difficult time where banks, credit card companies and collection agencies are constantly playing "gotcha" with the debtor, Goodman shows you how you can empower yourself and not allow these institutions to bully you around, with very specific advice. I highly recommend this book for college students on up.
- Sherri Rosen, New York City

I found the chapter 9 of J. Goodman's book "Master Your Debt" contains outdated informations.

This chapter titled "An Education in College Costs":

"Key provisions of both accounts will expire in 2010, and Washington will have to do something to keep them operating afer that..." The accounts that Goodman talks about are Coverdell Education Savings Account and the 529 college saving account.

However, according to the web site [...]:

"Unless Congress acts (again), certain ESA benefits expire after 2012. K -12 expenses will no longer qualify, the annual contribution limit will be reduced to $500, and withdrawals will not be tax-free in any year in which a Hope credit or Lifetime credit or Lifetime Learning credit is claimed for the beneficiary."

Also, "With the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), 529 plans gained their current popularity and tax advantages.

Prior to EGTRAA, 529 plans grew tax-deferred and distributions from 529 plans for qualified higher education expenses were taxed at the beneficiary's federal income tax rate.

After EGTRAA, 529 plans still grow tax-deferred but distributions from 529 plans for qualified higher education expenses are exempt from federal income tax. The 529 plan provisions of EGTRAA, originally set to expire after 2010 due to a sunset provision, were made permanent by the Pension Protection Act of 2006.

This permanency means you can save in a 529 plan knowing that your withdrawals for qualified education expenses will remain free from federal income tax!"

i used to sell Jordan Goodmans big money book, in a call center, and it was packed full of good advice...we had him in the office, and we asked him all kinds of questions, and to this day, i remember some of the tips he gave us..i have always liked to read his advice, it's simple and to the point and great help for the average person...just took this new one out of the library this weekend, scanned it, and found some great advice in minutes...he's the best..

I bought this book on the recommendation of a friend. It did not disappoint. I learned a lot about how to manage my credit cards in the best way, as well as how to get a better car loan rate (which I did after I bought the book). I have referred back to it several times as a refresher. The author writes in language you can easily understand, and is quite honest. I highly recommend it, it really has some sound advice!

I read half the book as soon as it arrived and finished the next day. I could not finish fast enough. Everyone needs to read this book. Its information for a new world and how to operate in it and why we are at this place in time. Simple, to the point, no wasted words, websites to contact for help. Just can't say enough. I bought one for my children and friends after reading my copy. Everyone needs to read this!

This book is a must read for anyone trying to get a handle on their finances. It shows you ways to maximize your money with regard to lifes financial decisions. The section on HELOC will changed the way to pay off your mortgage. Well worth the small investment.

I learned some basic yet sound wisdom from this book. Although not in financial disaster, but learned how to avoid such. I would recommend it to others. Easy reading and written well.