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Debt Free For Life

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Debt Free For Life

The Finish Rich Plan for Financial Freedom
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GOODBYE DEBT--HELLO FREEDOM!Most of us grew up with the idea that there is good debt and there is bad debt. Good debts are generally considered to be debts you incur to buy things that can go up in...
GOODBYE DEBT--HELLO FREEDOM!Most of us grew up with the idea that there is good debt and there is bad debt. Good debts are generally considered to be debts you incur to buy things that can go up in...
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Description-
  • GOODBYE DEBT--HELLO FREEDOM!

    Most of us grew up with the idea that there is good debt and there is bad debt. Good debts are generally considered to be debts you incur to buy things that can go up in value--like a home or college education. Bad debts are things like credit card balances, where you borrowed money to buy things that depreciate or go down in value, like most consumer goods.

    But as America's favorite financial coach, David Bach, points out, in difficult times there is no such thing as good debt. There is only debt. And all debt is too expensive--if what you desire is FREEDOM! In fact, Bach believes the best investment you can make today is to pay down your debt, faster and smarter than you have ever attempted before--starting today!

    In Debt Free for Life, #1 New York Times bestselling author David Bach has written his most groundbreaking and important book since The Automatic Millionaire, giving us the knowledge, the tools, and the mindset we need to get out of debt and achieve financial freedom-- forever! Offering a revolutionary approach to personal finance that teaches you how to pay down your debt and adopt a whole new way of living -- debt free. Bach unveils the Debt Wise program that empowers you to pare down your debt automatically. You'll learn how to calculate your Debt Freedom Day -- the actual date you will be completely free of debt. And you'll discover that when you are debt free, you need a lot less money to live on. You can retire, even with a smaller nest egg -- perhaps earlier than you expected.

    David Bach has coached millions to pay off their debt and now he can guide you. Whether you have home loans, student loans, car loans, credit card debt--paying down your debt is truly a game you can win, if you know the rules. Debt Free For Life will teach you the rules and give you the tools to buy back your freedom.

    From the Hardcover edition.

Excerpts-
  • INTRODUCTION

     

    GOODBYE, DEBT—HELLO, FREEDOM!

     
    Early in the winter of 2010, I was sitting in the greenroom preparing to go on the NBC’s Today show to do our weekly “Money 911” segment. The segment had been airing for more than two years. Each week we would take questions from viewers about their money. This week, most of the questions seemed to be about debt. Reading over the questions, it hit me—in just two years, we had gone from being asked mainly about investments to being asked almost entirely about personal debt.
    As I thought about this, a friend in the greenroom interrupted me with a question of her own. “David,” she asked, “what’s your take on ‘good debt’ vs. ‘bad debt’?”
    Almost automatically, I started giving her the standard answer about how good debts are generally considered to be debts you incur to buy things that can go up in value—like a home or a college education—while bad debts are things like credit card balances, where you’ve borrowed money to buy things that will depreciate or go down in value, like most consumer goods. But then I stopped in mid-answer and looked at her.
    “You know something?” I said. “The truth is that this recession has changed everything. Homes are going down in value and people with college degrees are looking for jobs. Forget what I was just telling you. Forget about the idea of ‘good debt’ and ‘bad debt.’ The truth is that when you’re in debt, it doesn’t
    matter what you’ve borrowed the money for. The only thing that matters is whether or not you can afford to pay it back. And if you can’t, all debt is bad debt.”
    My friend smiled sadly. “Tell me about it,” she said. ”My home is underwater, and my mortgage rate is going up and I can’t refinance because my credit score has dropped.” She shook her head and sighed.
    “So what do I do? What’s your advice to people like me?”

     

    THE BEST INVESTMENT YOU CAN MAKE NOW

     
    This time I stopped and thought before answering. “Here’s what I think,” I finally said, “and this is what I’m going to be telling everyone now. The best investment you can make over the next five years is going to be paying off your debts. So my advice is to pay off what you owe as fast as you can. The faster you pay off your debt, the faster you will achieve financial freedom.”
    I went on to tell my friend that at Morgan Stanley, where I had worked as a financial advisor for nearly a decade, the clients of ours who focused on paying off their debt were able to retire an average of ten years earlier than those who didn’t. “So does this mean I should stop putting money into my
    401(k) plan and instead use it to pay off my mortgage?” she asked.
    I shook my head. “Of course not,” I replied. “You should never stop ‘paying yourself first.’ What you need to do is cut down your spending so you can stop going into debt, and pay off your debt faster. Trust me—getting out of debt has never been more important than it is now. Being debt free for life should be your new financial goal.”
    And with that I headed into the studio with Al Roker to answer America’s never-ending questions about managing their money and getting out of...

About the Author-
  • DAVID BACH is one of America's most prolific and bestselling financial authors of our time. He has written ten consecutive national bestsellers, with over seven million books in print, translated in over 15 languages. His runaway bestseller The Automatic Millionaire, spent thirty-one weeks on the New York Times bestseller list and was simultaneously #1 on the business bestseller lists of the New York Times, USA Today, BusinessWeek and the Wall Street Journal. He is also the author of thenational bestsellers Start Over, Finish Rich; Fight for your Money; Go Green, Live Rich; Smart Women Finish Rich; The Finish Rich Workbook, and the number one bestsellers, Start Late Finish Rich, Smart Couples Finish Rich and The Automatic Millionaire Homeowner. Bach is a regular contributor to NBC's Today and has appeared a half dozen times on The Oprah Winfrey Show to share his strategies for getting out of debt and finishing rich. He lives in New York with his family.

    To read excerpts of David Bach's books, and for more information, please visit www.finishrich.com or www.facebook.com/davidbach

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    Crown Publishing Group
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