Tuesday, April 29, 2008

Book Review: Become Totally Debt-Free in Five Years or Less

A few weeks back I headed to the library to get a few personal finance books. I couldn't find any super popular books so I decided to just grab what was available. Among others I ended up with Become Totally Debt-Free in Five Years of Less.

There are two main sections. The first, Getting the Right Mindset, is about accessing your situation, living within your means, and making mental changes. The second section, Now It's Time to Become Debt-Free, comprises most of the book and is a compilation of tips on how reduce debt/save money. The tips range from the mundane- clip coupons, pay more than credit car minimums, shopping at garage sales- to things I felt were a bit weird- moving in with family and renting your place out to pay your mortgage down sooner*. The book presents many bite sized tips on how to get out of and avoid debt. Most of the tips are one to two paragraphs long.

If you've spent any time reading personal finance or frugal blogs this book won't do much for you. In the short time I've been writing this blog I've covered many of the topics she covered and read about the others with the folks on my blogroll.

Who could benefit: Someone who is just getting started.
Would I make a friend read it: No.
Will it make its way to my bookshelf: Nope.

*Theoretically I don't have an issue with living with family to save money. However there is no mention of contributing to the household you're staying in. Staying with family in tough times, ok. Freeloading so you can pay your mortgage down faster, not so much.

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