Recommendations for books to read to elimate debt.

[sparks2710]

I know I read somewhere some recommended books to read about minimizing debt but when I was at the library the other day I couldn't find it. I read Dave Ramsey in the past and that was what I was after but they are all loaned out. Then I tried to find the post for other recommended books but couldn't find it. Any suggestions?

[constanz22]

Well, my first recommendation was going to be "Total Money Makeover" by Dave Ramsey.  Can you get on a wait list at the library, or pick up a used copy on Amazon?

[grits]

The Happy Hooker.

[sparks2710]

I am going to be put on the waiting list. I really enjoyed it last time I read it and was really looking forward to reading it again. I looked for it at Walmart last night thinking just maybe it was there but it wasn't.

Are there any other good books?

[grits]

Seriously, have you tried any of the personal finance for Dummies books?

[sparks2710]

Grits, I have not. I just happen to be driving by the library so decided to stop on a whim.

I laughed out loud when I saw your recommendation because we have a tool in our shop we call the happy hooker.

[busymom]

Long before I got acquainted with Dave Ramsey, I read a book called "How to Get Out of Debt, Stay Out of Debt & Live Prosperously" by Jerrold Mundis. I was a business major in college, so I can say this is NOT a book for academics, but just straight talk for how he got out of debt. (No excuses.) I even bought a copy for DD, in case she ever gets into debt some day.

[Rocky Mtn Saver]

Several people have recommended "Your Money or Your Life" to me, although I haven't had time to read it yet.

[constanz22]

Mar 2, 2014 9:51:24 GMT -5 Rocky Mtn Saver said:

Several people have recommended "Your Money or Your Life" to me, although I haven't had time to read it yet.

That was another I was going to mention.  I have not read it either.

The Automatic Millionaire and The Millionaire Next Door.  Don't remember the name of the author.  Size Orman has quite a few money/debt books.

[thyme4change]

I read The Millionaire Next Door.  It didn't have any mechanics for getting out of debt, but it was very motivational for me since my debt was purely lifestyle based.  It was an easy read, so I could just blow through it.  While I read it I created a plan, but that was info I got from other sources.

[thyme4change]

Pat calls it - simple in theory, the hard work is in execution.  

If you want to post all your numbers here, we will help you sketch out a plan.  

Start with making a budget.  Learn where your money has been going, make choices on what you can cut out, and figure out how you are going to track yourself moving forward.

Next, look at that budget to see how much you will have to dedicate to paying your debt - if it isn't more than the minimum payments, repeat step 1.  

Then decide which debt you are going to work on first.  Lowest balance debt and high interest rate are two reasonable ways to start.  You could also start with the one you hate the most - somethings are very emotional.

Pay minimums on everything else and put all the remaining money from step 2 into the one you have decided to pay off.  Figure out if it is going to go fast enough for you - if not, back to step 1.  

[haapai]

I read several while I was digging my way out.  (I came up with the basic plan from other sources, but I still read the books.  It wasn't as if I had anything else to do.) 

It occurs to me that looking up DR in the card catalog and then checking out the three books on either side might not be a bad approach.  I got inspiration and affirmation from the most unexpected places.  Conversely, the books that seemed most written for me were the biggest letdowns.  Several books got thrown at the wall in disgust.  When I finally checked out DR, I wasn't impressed.  Your mileage may vary. 

I was a little perturbed by the one-size-fit-all nature of most of the books that I read.  They all seemed to do a very poor job of describing degrees of indebtedness and admitting that different approaches might be warranted. 

[Rocky Mtn Saver]

If you're looking for reading material, dont forget personal finance blogs. I like, to name just two, Get Rich Slowly and The Simple Dollar.

[Peace77]

Another book is The G.O.O.D. Book (The Get Out of Debt Book) by Pam Young

Another author is Mary Hunt.  She has a blog that us well worth reading.   I think the title is cheapskate monthly.  Her personal story is quite inspiring.  

There is a lot of information on Dave Ramsey's website:  DaveRamsey.com
There is some information on Suze Orman's website too.

Another good author is Larry Burkett.  He passed away several years ago but you might find his books at a library or used bookstore.  The non-profit he started has great information online at www.Crown.org

The best way to get out of debt is to cut down or eliminate non-essential spending AND/OR increase income.
Some ways to cut spending include:  

Reduce the thermostat 1 or 2 degrees
use coupons
pay bills online or use your bank's bill pay service (saves cost of stamps, checks & envelopes)
Bring your lunch and thermos or insulated water bottle with you
use GasBuddy.com to find the cheapest price for gas and combine trips to save gas
If your grocery store gives credit for bringing your own bags, bring them.
cook some meatless meals such as red beans and rice, bean burritos or lentil stew.

Ways to get out of debt faster include:
Always pay more than the minimum even if all you do is round up to the nearest dollar. If bill is $47.35, send in $48.00
Pay accounts that charge interest as soon as the new account period begins.  This is usually 5-7 days after the bill is due.  If the bill is due on the 8th each month, about the 15th of the month, check your account online, if it says min. amount due $xx by ....date, go ahead and pay it.  By paying as early in the accounting period as you can, you reduce the average daily balance and the next month's interest charge will be less.

[sparks2710]

Thank you everyone for taking the time to send me recommendations. I was just looking for reading material. I appreciate all the feed back and will definitely check them out!

[Sum Dum Gai]

I sell an ebook on debt reduction on another site.  I normally charge $9.99 for the pdf version and $19.99 for a print on demand version.  For this board I'll offer it for free though.

Step 1
Stop buying crap you don't need.

Step 2
Pay your bills.

Repeat as necessary.

The key to the whole system is the simplicity.  Finally a getting out of debt guide that pretty much anyone can follow.  The paid version includes a little bit about how to decide which order to pay things off in.  The gist is you put everything in order by interest rate.  Pay the highest rate stuff first.

[Peace77]

Mar 14, 2014 16:23:39 GMT -5 Sum Dum Gai said:

I sell an ebook on debt reduction on another site.  I normally charge $9.99 for the pdf version and $19.99 for a print on demand version.  For this board I'll offer it for free though.

Step 1
Stop buying crap you don't need.

Step 2
Pay your bills.

Repeat as necessary.

The key to the whole system is the simplicity.  Finally a getting out of debt guide that pretty much anyone can follow.  The paid version includes a little bit about how to decide which order to pay things off in.  The gist is you put everything in order by interest rate.  Pay the highest rate stuff first.

For many people, that isn't enough.

To get out of debt, it may be necessary to INCREASE INCOME and DECREASE SPENDING.

Pay more than the minimum amount due each month.

For some people, it might be best to pay the smallest debt first.  This is especially true is the person in debt is struggling or unable to make all the payments each month.   Getting rid of the smallest debt will improve cash flow and give hope that it can be done.

[Sum Dum Gai]

Mathematically you're always better off paying the highest interest debt first. Paying by total and snowballing is the instant gratification answer that makes it feel like you're making more progress than you actually are. The instant gratification mindset is what gets people into debt in the first place. If you want out you have to let it go.