- Paperback: 185 pages
- Publisher: Clifton House Pub Llc (October 1, 1998)
- Language: English
- ISBN-10: 0966165152
- ISBN-13: 978-0966165159
- Product Dimensions: 5.5 x 0.8 x 8.5 inches
- Shipping Weight: 12 ounces (View shipping rates and policies)
- Average Customer Review: 15 customer reviews
- Amazon Best Sellers Rank: #6,672,515 in Books (See Top 100 in Books)
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Debt No More: How to Get Totally Out of Debt Including Your Mortgage
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From Library Journal
After having experienced debt and the loss of assets, White, chief financial officer of an undisclosed $30-million-a-year corporation, turned her situation around and now knows the joy of being debt-free. She provides readers with a regimen for accomplishing the same feat (with the cautionary note that the ideas are hers and that legal, financial, and other professional advice is not intended). By taking responsibility for managing and spending money wisely, learning how to see through the hype of credit card offers, creating and interpreting personal financial statements, setting financial goals, eliminating unnecessary spending, and paying close attention to automobile purchasing, insurance (life, health, home and auto) needs, and taxes, she explains, readers could eliminate debt during a five- to ten year period. Helpful and simple forms and instructions are included along with a useful bibliography and a current list of Consumer Credit Counseling Services. Recommended for all public libraries.?Steven J. Mayover, Free Lib. of Philadelphia
Copyright 1998 Reed Business Information, Inc.
Top customer reviews
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What is the bottom line? Suppose 45 years of income with a total income of $2,250,000, Less Total Taxes Paid of $1,187,685, Less Mortgage and Interest $315,929, Less Automobile costs - $615,929, leaves $416,386 of money for your family. After 45 years of work you have $416,386 left less other expenses, such as, medical & dental, insurance, food and clothing, utilities, furniture, gifts, and vacation/entertainment, school and college, investment for retirement, child car, and repair on home & auto. Most people retire with less than 100k.
Break the chain of debt: 1. Get rid of credit card debt. For each dollar paid it will cost $4 to repay and 20 years. CC debt and medical emergencies are the number one destroyer of middle class wealth and stablity. 2. Don't buy new. Offer $500 above dealer trade in value for a car. Let friends and relatives know you will be interested in buying their car when they are ready to trade up. Automobile leasing is a cash drain and only makes sense for businesses which can take a tax credit. 3. Insure for 5-7 times your income. The rule of thumb for Insurance is "raise your deductibles" according to risk. 4. Make future payments on your mortgage. Here is where I disagree. Invest your money and then payoff your mortgage with the investments in one swoop. Let the money work for you outside the banking system. 5. Eliminate unnecessary spending and invest the money. Be a predator on spending waste. 6. Increase your income: 1. get a second job 2. create a business, turn your hobby into a money making venture. 3. sell cars, have yard sells, liquidate excessive items 4. reduce eating out and costly recreation/entertainment. 5. Stop impulsive spending - Stay away from bargain sales and marketing media. 6. Put a chart on your refrigator that tracks all the spending. Implement an family open books policy that shows where all the expenses when. Let family members provide feedback and ideas to improve the financial health of the family. Let family member critique the expense ledgers. Make the decision of overcome the spending temptation. 7. Become a thrift spender: buy older cars, clip coupons, attend auctions, look for things at yard sales, buy wholesale, join discount buying organizations, shop at consignment shops, buy only at end-of-season, and buy discount travel.
Other resources: Money Harmony: Resolving Money conflicts in Your Life; Overcoming Overspending, A winning plan for spenders; The money Drunk; 1001 ways to cut your expenses; Great buys for People over 50; Penny Pinching: How to Lower your Everyday Expenses without Lower your Standard of Living; The underground shopper; The Wholesale-by-Mail Catalog; Wholesale Guide to Buying Furniture.
"If it's going to be, its up to me". "The choice is yours!"
However the main topic ended up being "if your smart you'll get out of debit, and you'll do it quickly". I am usually reluctant to buy into allot of fear tactics. I expect most are intended to just sell books and tapes after the seminar, which I expect they could have since all of their arguments were valid. This book "Debt no more" was discussed. The author was not there. But the person talking about it was as excited about it as you would expect an author to be. Needless to say it was VERY HIGHLY recommended. Though strangely, it was not offered for sale after the seminar.
I purchased the book, and I finally have a practical plan for resolving my financial dilemma.
It is refreshing and encouraging to find an author who genuinely seems to care about helping people, and who has the expertise to do it, rather than those who are more interested in selling books.
If you need a plan, a real that will work, this is definitely the book to get.
Like many, I wanted to get completely out of debt, but I didn't want to pay a financial advisor a fortune to help me figure out how to do it. DEBT NO MORE helped me take charge of my finances.
The book is filled with worksheets, exercises complete with instructions, real life examples, and an appendix of Consumer Credit Counseling Services.
DEBT NO MORE provides techniques that will teach readers how to save money on credit cards while paying them off, how to get the best deals on automobile purchases, how to reduce insurance costs, how to pay off mortgages within 5-10 years, and how to create a surplus of money for retirement, education, and entertainment.
Thanks to reading DEBT NO MORE, I was able to analyze my debt situation and figure the fastest way out of it. I am well on my way to paying off all my creditors!
The only thing I would change is that the author tells you where to go to find the "best" credit cards. Is there really such a thing? Getting another credit card will, over time, put far too many people back to square one. If you keep in mind that if you can't buy something for cash, that means you can't afford it -- this book can take you the rest of the way.
If you think this book is useless you're probably looking for an easy way out of debt (expecting an inheritance?).