Debt-Free Forever Book Report

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Assignment 3: Part II By: MD. ADM3345 - PFP Dr. E. Otuteye March 30th, 2011 The book I chose to do my book report on was “Debt-Free Forever” by Gail Vaz-Oxlade. This book holds the key to managing and eliminating personal debt. Oxlade talks about budgeting personal finances, making more by spending less, preparing for the future, and staying out of debt forever. When trying to get out of debt, we must first analyze the financial position we are currently in. Instructions on how to calculate a person’s financial standing lies within the first couple chapters of this book. Although total debt figures may an eye opener for most, the author ensures us not to panic - there are ways to fix the mistakes we’ve made in the past. Neglecting to look at our credit card statements, and paying the minimum required payments on our debts is not the way out. After embracing our financial deficit, Oxlade requires the reader to set personal financial goals, both short- and long-term, which will be our benchmarks for success. By placing different value on different goals, we realize which goals are most important to us and should be focused on. Oxlade then goes on to explain a step-by-step process on how to budget our personal income and expenses - an essential part when trying to save money. The savings, saved by eliminating unnecessary spending, is purposed to pay off our current debt. The ensuing chapters explained how to make more money, whether it be by looking for a higher paying job, or getting a second or a third. By shopping around for the best deals, (note that this does not mean exchanging quality for quantity), we create the illusion of making more by spending less. The final chapters go on to talk about planning for the future. Saving for long-term goals, such as college funds, retirement funds, and retirement funds, is a substantial part of preparing
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