Debt No More: How to Get Totally Out
of Debt Including Your Mortgage by
Carolyn J. White
Inspiring
The first complete personal money management guide dedicated solely to
debt elimination. • Contains the financial forms necessary to take the
readers life back from creditors.
Personal Review: Debt No More: How to Get Totally Out of Debt
Including Your Mortgage by Carolyn J. White
"You can pay off your debts and your mortgage in 5-10 years." During the
next five to ten years, you will need to stop spending and make the
decision to have "No more debt". Emotionally ignite yourself and believe
you can be debt free. You will need to get each member of the family to
believe in the vision of debt free and help encourage them to accomplish
this goal by rewarding them to stop wasting money and buying at a
discount. Be a contratrian moving against the trend, "the more we make,
the more we spend" and transform it too "the more we make, the more we

invest." 9% of the population will retire with an income of 50k. Make it a
goal to own your car and home. Typically, once your income stops, you
have 90 days before the bank wants to foreclose. Suppose a home cost
165k for the initial purchase and the borrower of the loan makes 17 years
of payments totalling 165k then loses his job and is forced into bankruptcy
and foreclosure proceedings. The bank ignores the fact that the borrower
has made 165k worth of payments, eliminates most of the equity in the
home by offering "auction prices", takes possession of the home, and
resells it for a profit. The bank wins through the monthly interest/principal
payments and the resell and financing of the home to a new borrower.
The author lost her home worth $1.4 million, 14,000 sq ft, and received
$5k. She became angry and decided too become debt free.
What is the bottom line? Suppose 45 years of income with a total income
of $2,250,000, Less Total Taxes Paid of $1,187,685, Less Mortgage and
Interest $315,929, Less Automobile costs - $615,929, leaves $416,386 of
money for your family. After 45 years of work you have $416,386 left less
other expenses, such as, medical & dental, insurance, food and clothing,
utilities, furniture, gifts, and vacation/entertainment, school and college,
investment for retirement, child car, and repair on home & auto. Most
people retire with less than 100k.
Break the chain of debt: 1. Get rid of credit card debt. For each dollar paid
it will cost $4 to repay and 20 years. CC debt and medical emergencies
are the number one destroyer of middle class wealth and stablity. 2. Don't
buy new. Offer $500 above dealer trade in value for a car. Let friends and
relatives know you will be interested in buying their car when they are
ready to trade up. Automobile leasing is a cash drain and only makes
sense for businesses which can take a tax credit. 3. Insure for 5-7 times
your income. The rule of thumb for Insurance is "raise your deductibles"
according to risk. 4. Make future payments on your mortgage. Here is
where I disagree. Invest your money and then payoff your mortgage with
the investments in one swoop. Let the money work for you outside the
banking system. 5. Eliminate unnecessary spending and invest the money.
Be a predator on spending waste. 6. Increase your income: 1. get a
second job 2. create a business, turn your hobby into a money making
venture. 3. sell cars, have yard sells, liquidate excessive items 4. reduce
eating out and costly recreation/entertainment. 5. Stop impulsive spending
- Stay away from bargain sales and marketing media. 6. Put a chart on
your refrigator that tracks all the spending. Implement an family open
books policy that shows where all the expenses when. Let family
members provide feedback and ideas to improve the financial health of the
family. Let family member critique the expense ledgers. Make the
decision of overcome the spending temptation. 7. Become a thrift spender:
buy older cars, clip coupons, attend auctions, look for things at yard sales,
buy wholesale, join discount buying organizations, shop at consignment
shops, buy only at end-of-season, and buy discount travel.

Other resources: Money Harmony: Resolving Money conflicts in Your Life;
Overcoming Overspending, A winning plan for spenders; The money
Drunk; 1001 ways to cut your expenses; Great buys for People over 50;
Penny Pinching: How to Lower your Everyday Expenses without Lower
your Standard of Living; The underground shopper; The Wholesale-by-Mail
Catalog; Wholesale Guide to Buying Furniture.
"If it's going to be, its up to me". "The choice is yours!"
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