Customer Reviews

Turn Your Debt Into Wealth

5 star:		(11)
4 star:		(1)
3 star:		(2)
2 star:		(4)
1 star:		(2)

 

 

I checked this out at the library and thought it had good information about how to cut your expenses and the author convinced me to pay off my mortgage early rather than putting my extra money into the stock market. The first few CD's are very entertaining. The last two CD's don't contain any useful information and are somewhat out of scope. For instance, in the last CD he spends a significant amount of time talking about why only one parent should work because it's better on the kids. He also goes on and on about how to be an asset to your company so you will get raises and not get laid off. This is the type of CD that you will only listen to once so I highly recommend checking it out at your local library and saving the cash. After all, you do want to cut down on debt, right?

I've read Hume Publications Successful Investing & Money Management, Money Magazine's 101 Secrets to Personal Wealth, Rich Dad/Poor Dad and other money making guides. None were as helpful, nor as quick to show results for me as John Cummuta's Debt to Wealth Program. I found it a simple plan that helped me pay down debts and saved me wasting money on interest payments. I've used his system to help me pay down a $5,000 home equity loan and a $17,000 business loan in the last 12 months. I've recommended it to my sister-in-law who has started a savings fund for her kid's college education by accelerating the paydown of some debts. This program won't make you a millionaire but it will help you stop paying all that interest to banks, credit cards and car dealerships!

I was thrilled by this book! It contains all the "common sense" that they don't teach in High School. This is the audio book to give your buddy that can't get ahead, and doesn't know why.

This book is NOT for those that are successful, have money in the bank, or have low debt to begin with. I believe this is why the book has several bad reviews... They were written by CPAs, and this is NOT a book for a CPA.

This is for your friend that says "I'm no good with money", or "I can't seem to save anything", but has no problem paying the satelite/cable bill/car payment.

This is all the stuff your Dad is supposed to tell you when you get out of high school.

John Cummuta's earlier series "Debt Free and Prosperous Living" contained the bulk of its information in a book. Then came his Nightingale series "Transforming Debt into Wealth," which relied mostly on the audio with a small workbook. Now the abridged series "Turn Your Debt Into Wealth" contains the same 6 hours of audio presented in the full Nightingale Conant program but does not have a workbook...I think the audio in this new series is John's best work to date. John is very easy to listen to, and his system is easy to follow because it's very practical. I have used this system for the past 10 months, and I'm a year and a half ahead of even John's optimistic schedule. It really works! I look forward to implementing the wealth building plan soon. Everyone I have told about the plan has been able to calculate a debt free date within 3 and 6 years. There are other valid debt elimination plans, but this is the best one. Being able to pay off the first debts in a month or two is a major psychological boost. The other thing I like about John Cummuta is his fresh perspective on wealth building and the American Dream. His plan is attainable with the money you already make. You don't have to get a second job, start a business, or buy real estate. Simplicity is the key. He also helps us understand that we don't need everything Madison Avenue tells us we need. We are free to choose the financial lifestyle that's best for us. THIS SERIES IS A MUST HAVE for anyone in debt, and I also highly recommend this to people who own already own "Debt Free and Prosperous Living."

I almost didn't consider a review, but in my online research for info about Mr. John Cummuta, I found this link, and recalled I could submit a review & felt the obligation; I ordered the course he offers, so I am guessing that the audio series here was in the course -or is very similar to it, so my review of his course will give you an idea of how this item is. (I did online research to see what was up with his course and if I should return it & get my money back or keep it.)

Anyhow, some "oldie but goodie" ideas include the simple but reliable adage to NOT be in debt. Mr. Cummuta tells the reader (or listener in my case; I had CD's) early on that you gotta cut up that credit card. He makes his case well, and as a person who has used credit cards successfully for many years, in college and since, I say from experience: He is right. Most of the time, I had not problems with using my credit card, but recently some emergencies have pushed my balance up to about 5,000 dollars, and let me tell you: The interest of about $50.oo per month is eating me up because (as I'm sure you know) you don't pay on the principal owed until AFTER you've paid that interest.

Suffice it to say that he is right. After he makes his case, he casually mentions another wise man, Solomon, the author of Proverbs, whose proverbs caution the reader to NOT be in debt. (Yes, I was surprised to here him quote the Bible, even as a person who believes in it, but he is right, and he is careful to acknowledge that some people might have different religious beliefs. He is careful to not offend the reader, but merely offer this as supplemental info for the curious; He does well here!)

The elimination of credit card debt is not the only thing he has to offer, but there were new things in his packet (which may or may not be in this particular item; I don't know). He lists four (4) different ways to supplement your income, and is careful to admit that these are NOT "get rich quick" methods. The four he lists are: #1, An intro to e-bay and online auctions; #2, buying & renting residential real estate (the "landlord" thing); #3, Creating & marketing information products; and, #4, Online affiliate marketing business (that is, click-able referrers on your website).

Those were a refreshing addition which stimulated my imagination, but the **main** focus he makes is to pay off your debts in a "logical" fashion, prioritizing the "most important" debt first. He shows the reader how you divide the balance by the minimum payment that the creditor sets, and you get this figure for each debt, that tells you which one is a priority. I think that the smaller the balance in comparison to the payment, the easier it is to pay off, and should be prioritized, with the other debts receiving the "minimum monthly" payment. This is "logical" because the "spare cash" you'd have after that debt is paid can go to the other debts.

He also has a laundry list of tips to cut corners, and some of them are good, like getting a used car, which would cost much less yet be still almost as good as a new one. I think (but don't recall) that he advocates using a clothing line instead of a dryer, still a good idea.

One of his strengths is knowing when add-ons to your insurance are good, and makes the case that a higher deductible is not unsafe, because the insurance company would NOT insure you if THEY thought you were a risk, and he suggests you trust the insurance company, as it is comprised of experts. (John surprised me with his attention to detail: He correctly points out that using spare money to pay off debt is better than investing it, due to the comparison between the two interest rates!)

Well, they offered a money back guarantee, and I strained my brain listening to this guy's CD's. He sure can talk, and talk, and talk, and he makes sense, so this item probably isn't bad.

All in all, since I knew some of this stuff and took notes on the rest, I feel that I don't need his course, but he is "old school," and will guide you right if you need to get out of debt. My online research confirms my feelings that he is trustable.

Although I am returning his course to get my money back, I nonetheless recommend it for you because his ethics are HONEST: His methods is based on the premise that you don't get something for nothing. When he suggests that you put your credit card in water, and then freeze it, to eliminate "impulse" usage (except for emergencies), you will know what I mean: If you don't get his book or course and are still in debt, don't blame Gordon Wayne Watts of Lakeland, Florida, USA -because he has told you -as one who has experience in credit cards -both good and bad experiences.

My review is meant to be helpful, and I sign with my real name to show I'm not some paid advertisement hack. Even though I'm returning it, I am VERY grateful that I was able to review it (and take good notes). Since I am eager to pour over my notes, this is a good indication that my "5-star" review is accurate: Yes, I highly recommend the John C. Cummuta courses.

Gordon Wayne Watts, Lakeland, Florida, USA

This audio book is one of the worst financial books I have read or listened to.

The previous poster is either two things:
1-The author trying to hype his book (I've seen the same comments, from the same reviewer on another web site)
2-This person has never read any other financial book

I usually don't make comments on Amazon but thought I must comment on this to keep people AWAY from this audio book!!!!!

The audio book can be summed up to this:
1-Get rid of your debt
2-After getting rid of your debt, don't have any new debt
3-Live in the middle of no-mans land to buy property at $500.00 an
4-Cut out coupons, and find ways of saving pennies while missing out on saving dollars
5-Live frugally

Also do we REALLY need to go into detail on how to maintain a car???? Leave that to auto repair books thank you.

Yes it's true most of America lives in too much in debt. Though, debt used properly to purchase assets can make you weathly.

The debt reduction system he discusses, is available in many forms on the web and via finanical packages like Quicken. It also sounds like this audio book is repackaged from somewhere else.

The author fails to really discuss how debt (used as leverage) can make you more money. A perfect example is real estate rentals. He says Real Estate is a poor investment becuause it only increase in value only 5% per year. This is true!

BUT he fails to mention if you have only a small amount (say 20%) of money in the investment, you make much MORE than 5% per year.

EX:
House $100,000.00
Increase $5,000.00 (after one year)
TOTAL VALUE $105,000.00

Down payment $20,000.00
ROI (Return on investment) $5,000.00/$20,000.00=25%

This of course doesn't include closing fees and taxes and the positive cash flow you can get from real estate rentals.

Instead of reading/listening to this, look at these books instead:
-Rich Dad, Poor Dad by Robert T. Kiyosaki
-The Road to Wealth: A Comprehensive Guide to Your Money--Everything You Need to Know in Good and Bad Times
by Suze Orman

The first time I came across John Cummuta's material on getting out of debt and building wealth, it captivated me---like being a person blind, seeing the world for the very first time. John explodes the financial myths that are peddled by the mainstream press (and I always believed) like 1) Not paying off your mortgage because of the tax deduction; 2) Building up an emergency fund of six months or more before paying down debt; 3) How the Madison Avenue version of success (new luxury cars, McMansion houses in prime locations, etc.) are the most fulfilling and what everyone should pursue. John not only explodes these myths, he gives you a REALISTIC system for paying off all debt in five to seven years WITH THE MONEY YOU'RE ALREADY MAKING (isn't that a relief? You don't have to give up your life and start "flipping" real-estate properties or become a business owner!) and building wealth so that you can achieve whatever lifestyle is important to you. John's program will give you the most precious thing in life: FREEDOM. I now have the freedom from worrying about my bills every month, the freedom of time to spend with my precious wife and children, and the freedom to life the lifestyle I want to live---not the Madison Avenue version, my version. In my book, this product is worth more than gold.

If you want to live like Eboneezer Scrooge, perhaps this is the book for you. However, the author promotes a very miserly approach to creating wealth. Sadly, by the time you have wealth, you'll be too obsessed with not spending 10 cents more for a bag of potato chips in the flavor you really want. The basic financial principles he is teaching are classic Dave Ramsey. While these are great tools to use, I'd recommend buying something by Ramsey or Orman as opposed to this book. Likewise, if you are serious about becoming wealthy, you NEED to read "Rich Dad, Poor Dad" by Robert Kiyosaki. It is a must!

Overall though, I'd have to say that you should stay away from this book unless you absolutely need to count every single penny in your budget.

For the clueless, the material in this series will be relevant; otherwise, the information is pretty basic and obvious. Jim's course can be summarized as:

1) Live within your means.
2) Pay off your high interest debts first.
3) Keep on paying debts until everything is paid off, then start saving.

What is amazing is how Jim has taken such basic advice, and spun it into a series of books and CDs, thereby making himself rich. Since there's so little meat (since nobody would buy a ten-minute CD), Jim has to fill it up with some material, so he explains the most basic of investment fundamentals, of compound interest, mutual funds, and the difference between assets and liabilities. What does get tiring is his continual ranting against credit card companies, blaming them for financial woes. At no time do the words "personal responsibility" ever emerge.

Also, some of Jim's advice is controversial. Jim recommends paying off your mortgage. There are pro's and con's of this, which need to be thought out, instead of making a universal recommendation. Jim also recommends paying off your debts first before saving for your retirements, which again is an iffy recommendation.

Jim also sets the bar of using 10% of your gross pay, to pay off debts. In one example, he uses someone making $36K/year paying off debt at a rate of $300/month. Well, I'd like to see someone making this amount, suddenly applying this much resources to their debts.

There is no groundbreaking advice in this series. Get it if you need basic education, advice, and motivation; else, skip it.

I have been following Johns plan for about 5 years. Iam really getting close to actually being completely debt free. I would have never believed it possible, five years ago. It is such a fantastic feeling to know that you do not have to work a 9-5 everyday just to survive. This course truly gave me my life and freedom back. There are people with vested interests; who would prefer you never know the information contained in this set. I noticed the financial planner's negative review. With John's program you dont need the "service" of a finanical planners..saving a lot of money right there. This program is designed for the average person who does not understand what a heavy debt load really means to your future. A reviewer mentions homes going up in value and thus a great investment, Homes do go up in value, and yes, you can make a profit, but replacement homes also go up in value so the profit increase usually means breaking even, unless your moving to the country. In addition, living in Las Vegas, I ve seen homes almost double in value in 15 months and I seen the market crash again and people upside down on their homes and losing their tail. Again, incurring massive debt is the sole REASON people are stressed out, cash poor and total slaves to a job,living in constant fear they might lose. Who needs it?? If you have $2000-$8000 in living expenses going out every month, that is really your personal freedom draining out and when you realize that 80-90% of this is usually interest that is making someone other than yourself very wealthy, it should make you more than a little angry. This course is the very way of thinking to obtain your freedom. This course is your ticket out. I cant recommed it enough. Update: in regard to the Ludwig review following mine. No, I am not the author, and I have no vested interest. Mr. Ludwig's attack on myself and the book, suggests he has a strong interest in trying to steer people away from the widsom contained in this course.