Debt-free for Life

Debt-free for Life

The Finish Rich Plan for Financial Independence

Book - 2010
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The #1 bestselling author presents his most important book since The Automatic Millionaire and gives Canadians the knowledge, the tools, and the mindset to get out of debt -- forever.

Whether you are working off student loans or trying to meet the minimum balance on your credit card bill, you are probably worried every time you open your mailbox. With salaries frozen and layoffs looming, how will you ever be able to pay down that debt, let alone retire in peace?

Here, David Bach offers a new philosophy made for our times, a paradigm-shifting approach to finance that teaches you how to pay down your debt and adopt a whole new way of living. If you have debt, you can be rich but still not free. When you pay down your debt, you reach Freedom Day, that glorious moment when you need a lot less money just to live. On that day, you are truly free. You can have a smaller nest egg and still retire, perhaps even earlier than you expected.

With his trademark motivational energy and take-action step by step advice, Bach helps you revolutionize your finances. In these lean times, it's still possible to live your financial dreams. Let David Bach show you how.
Publisher: [Toronto] : Doubleday Canada, c2010
ISBN: 9780385666251
Branch Call Number: 332 .024 BAC
Characteristics: xvi, 215 p. :,ill. ;,22 cm

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jya3
Sep 24, 2019

The most productive part of the book was the insight that all debt is a problem if you don't have the reserves or the earning ability to carry it.
As for myself I do not like debt.
Our family has an antipathy to debt because I see it as money that services non-working folks in our communities. Who benefits from debt? Banks. Do the people in the banks do anything to earn the interest from our debts? Not that I can see. The banks use our savings for which we get negligible interest to sell to customers who are brainless for a higher amount of interest.
Basically the banks use citizens to be the medium for their profits.
Is this right? IMO it's not.
Citizens should cut out the debt habit and if this book is one of the few to say it, well this is a good thing.
Debt if you are solvent and earning is fine; debt when you're not solvent, sick or out of work is stressful, damaging to your financial health and it's basically IMO a way to increase consumption for useless products.
A house might be the only debt that is reasonable since we cannot for the most part save up the entire purchase of housing being as it is that the housing is overpriced and that the market itself is a bubble in most parts of the nation.

My advice to all families is buy little, save a ton and ignore the hype about debt leading to profit etc. The stock market itself is the biggest legalized casino which is rigged IMO and we're all made poorer for it. The biggest investors can sway the market and we're at the mercy of the bigwigs.
So basically do what we do-save money, work into your eighties in a part time format as my dad is doing, and do not remain in debt. Pay off the mortgage, do not carry a balance on the one credit card you own and have a major big emergency fund that will last you at least 3 years. Bad times are coming to Alberta soon enough.

b
beanie72
Mar 13, 2011

Not the best book for reducing debt; he does tell you briefly how to do it however he doesn't look at the root cause of the debt i.e. lack of budgeting or spending more than you make. I would recommend Gail Vaz-Oxlade's "Debt Free Forever" over this book hands down as she looks at the root cause and works to get the debt paid down as well as setting up a savings plan.

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