Title and Author: Boiled Down Money Goo by Daniel and Deborah Minteer
Synopsis of Content:
This is a guide on how to get out of debt, avoid debt and build personal wealth and financial security written by a couple in the Pacific Northwest who have experienced financial distress, debt and marital strain as a result and who also demonstrated how to escape all that and become financially independent.
They take you on their personal journey from debt and helplessness to independence. When they got married Daniel was deeply in debt with credit cards, student loans, an upside down auto loan and little home equity. His bride, Deborah, was in better condition, having avoided much debt and having some investments, but their combined financial picture was grim when you deducted his debt from her equity.
They soon realized this was no way to live. Taking radical action they eliminated all debt including their home mortgage, owned two cars free and clear and began building investments for retirement. The book describes the techniques they used.
Daniel is an engineer and Deborah is a secretary. On their combined income they succeeded in going from living paycheck to paycheck to being completely debt free and they show you how you can do it too.
You will not find anything new or revolutionary in their approach. They studied debt avoidance techniques such as those taught by Dave Ramsey and other financial advisors and authors and then used great discipline to apply those techniques to their own lives.
What makes this book unique and valuable to read is the inspirational real life story of how they did it. They endured some very frugal years to come out on top. They demonstrate however how the typical middle class American family can eliminate and avoid debt through some commons sense financial disciplines. The process took them two years of very frugal living to get out of all debt except their home mortgage which they paid off in seven years.
This is a well written book in simple language aimed at the average person seeking financial independence and willing to sacrifice some of the material trappings of a consumerist society in the process.
Notes on Author:
The authors are a typical married couple with a comfortable income.
Three Great Ideas You Can Use:
1. Avoid debt by paying cash. If you cannot pay cash you cannot afford the purchase. Financial independence requires sustained financial discipline.
2. Educate yourself about the pitfalls of debt and consumerism. Change your mindset from keeping up with the Jones’s to building financial wealth.
3. Maintain a sense of humor and balance. You do not need to stop enjoying life to save and liquidate debt. You need to set goals and work toward them. Doing this not only improves our financial situation but can strengthen your marriage.
Boiled Down Money Goo by Daniel and Deborah Minteer
Copyright 2011 by Daniel and Deborah Minteer. 200 pages, paperback. Self published and available on Kindle.
Rating for this Book
Over all Rating for Book: Very good.
Writing Style: Easy to read.
Usefulness: Very useful guide for the typical person with a steady income.
Wishing you success and prosperity,
Daniel R. Murphy
Helping People Learn to Build Wealth
Daniel R. Murphy
Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.