Mary Hunt's Debt-Proof Living

Rating:
Summary: Two Thumbs Up!!
Review: I discovered Mary Hunt's book, Debt-Proof Living, website and monthly newsletter (cheapskatemonthly.com) shortly after reading "The Burkett & Blue Definitive Guide for Securing Wealth to Last: Money Essentials for the Second Half of Life" (see all my reviews). I found many similarities between these two books in terms of sound Christian principles and advice on becoming good stewards of God's money, while building long-term wealth and security... in other words... "living like you are going to die tomorrow, but planning like you are going to live forever."

Both of these books offer similar advice to get started on the road to financial stability and security by first getting rid of credit card debt and other forms of "stupid" debt (a term the author uses to describe debt that accumulates with high interest, while the value of the item you purchased depreciates and has little or no value when you are done paying for it); building up your savings by paying yourself the first 10% out of every paycheck; using paper (cash) instead of plastic (ATM/Debit/Credit Cards) to pay for purchases; how to increase your charitable giving and feel good about it; and the importance of building an emergency cash reserve equal to 3 to 6 months of living expenses - BEFORE you consider paying down your mortgage, increasing your 401k or IRA contributions or dabbling with other more risky investments (however, both advise that you should begin contributing to your 401k immediately if your employer makes matching or partial contributions - any amount you start with is like giving yourself a raise).

Both of these books are very good and "do-able". The book by Burkett & Blue is focused more on pre-retirement planning and investments - while Debt-Proof Living seems better with the day-to-day details. Both of these books compliment each other, however, Debt-Proof Living makes it easier to get your "spending plan" started now (as the author says, "This sounds better than budgeting, doesn't it? We're all good at spending.")

This is just one little tidbit that helped change my attitude about money - getting that word "budget" out of my vocabulary (yuk) - and replacing it with "planned spending" (I can do that). Overall, a lot of her advice just clicked for me (and my wife); which is another reason why I like this book... it is very easy to understand... and great for couples who want to map out some common goals. In addition, the author provides money-saving advice on everyday subjects, such as the Food Bill, Car Purchases; Insurance for Life, Disability, Health and Auto (I just saved $240 a year on my car insurance using one of her tips - no - not with "Geico" haha); and links to several helpful websites, including her own. My wife and I also enjoy reading her monthly newsletter, especially the reader-submitted tips. Two thumbs up!!!


Rating:
Summary: 13%
Review: I got to page 46 out of 346 (13% of the way though) before I decided to return this book (Amazon, expect it in the mail soon). I knew it was a bad sign when I kept losing track of what she was saying because my mind kept wandering. She's not a very entertaining writer. Also, rather than providing hard facts, she tends to go to "If you do this, then God will provide for you" type talk. Once I got to the chapter where she describes her plan for getting out of debt, I had to return the book.

The basis of her plan is as follows:

Give away 10% of your income, Keep 10% of your income, Spend 80% of your income on good living. Obviously, pay off your credit cards, etc, and don't buy things on credit - wait & buy them with cash, your money will earn interest during this time too.

She doesn't give a real reason for this program other than "it works" and if you do it, you'll be living "according to God's design."

Oh, and 2 pages after she talks about Frugality, a little post card insert advertised her newsletter. I have no time for feel-good finance books that spend too much effort puffing up their authors & advertising their own services. I want facts & a real plan for success.

Much more informative, realistic, and interesting to read are Get Out Of Debt, Stay Out of Debt & live Prosperously by Jerrold Mundis and Your Money or Your Life: Transforming Your Relationship With Money and Achieving Financial Independence by Joe Dominguez, Vicki Robin.

I'll recommend Your Money Or Your Life over this book any day. Maybe this book will help you, maybe not. Your Money Or Your Life will change the way you view money. You can read my review for this book on Amazon.

Rating:
Summary: Hope for the financially lost!
Review: I loved this book. I purchased it with big plans for New Year's resolutions...get out of debt. Unlike other books of this type I have read, I actually enjoyed reading this one! Mary Hunt covers the nuts & bolts of a sound financial plan in easy to read, concise terms. She uses her own life examples and lots of humor. I liked the fact that she made the concepts easy to grasp without being condescending or too technical for the beginner. Her book covers many different areas of personal finance without being too broad. And there are some great charts and calculators for creating very "livable" solutions to your money problems. I highly recommend this book to anyone struggling with personal finances, and maybe a new year's resolution or two!

Rating:
Summary: Very Helpful.
Review: I recently finished reading Mary Hunt's Debt-Proof Living. It is a book that I know will change my life for the better. Hunt offers practical and realistic financial advice for the typical middle-class family. It's like she knew exactly where I am at in my life and she knew what I need to do to improve my situation.

Here is what I liked about the book:

The chapters are well-organized. Any question I had was clearly answered in the book, or she provided information where I could find more in depth answers. She is easy to read and understand.

Hunt doesn't pull any punches. She offered concrete support for why I need to take the necessary steps she suggests to get out of debt.

She's flexible. While her advice is somewhat stern and matter-of-fact, there is some room for flexibility with your finances. I know advice is sometimes hard to follow if you find it unrealistic, too difficult to follow, or if some of the advice doesn't apply to your situation. I think Hunt adequately makes room for everyone in her plan.

For example, she recommends donating 10% of your income to charity, but also mentions that if 10% isn't realistic, giving even 2% is better than giving nothing at all. 10% is not realistic for me at this time, but 2% is. Therefore, I don't feel like I can't commit to the plan in any way.

She's been where I am and triumphed. Most of her advice comes from personal experience. That is helpful to me to see that she found a way to overcome her debt, and empowers me to overcome mine, too.

Her techniques aren't too complicated or impossible to implement. While some of the preparation to start living debt-free might be time consuming, it isn't too difficult to master. She mentions several times that she has a website with calculators to help you figure some of your financial mess out. I perused the website, and while there is a small cost to join, it seems like it could be a helpful tool.

Here is what I didn't like about the book:

She makes it sound too easy. While her advice is practical, some of it is very hard to live by. She emphasizes self-sacrifice and delayed gratification. I don't have a problem with practicing self-sacrifice and delayed gratification. That's the easy part for me. But I have five children and they are the ones who will ultimately have to make many sacrifices, too.

For example, one of my children is graduating high school today, and we were hoping to have a graduation party for him later this summer. Without a credit card, we can't manage it. He only graduates high school once in his life. We can't really delay the gratification. It's now or never. If we don't have the party, he is the one sacrificing and that is a very difficult choice for a parent to make.

If you don't believe in God, some of the book may be hard to take. She has an optimism that by giving to God, God will give back. As a Christian, I like that advice and was practicing it already. But not everyone believes in God, so sometimes Hunt may sound like she is preaching. However, even if you don't believe in giving your money away to God, her preaching isn't that intrusive that you can't follow the plan. Plus, even if you don't believe in God, you can still be a humanitarian and give to those in need.

Overall, I found the book to be a great tool for where I am in my life. If you have more debt than you can comfortably handle, and you want to get organized and get serious about taking steps to financial freedom, this book will definitely lay the groundwork to get you there.

Rating:
Summary: No Matter What Your Finances Are - Read Mary Hunt's New Book
Review: I'm half way through Mary Hunt's new book ... Debt-Proof Living. It truly is a complete guide to Living Financially Free ... no matter whether you're single, married, in debt to your ears, living paycheck to paycheck or no debt whatsoever. Her down-to-earth ideas are great. It's well worth your time. Get your financial life on track. I've read her other books ... they're very good.

Rating:
Summary: Excellent and very sound advice
Review: I've read Mary Hunt's book about 3 times in the past week because I constantly found myself referring back to her sound principles. My biggest debt is my car loan, and even though I already knew the principles behind the RDRP, I got the most out of her chapters on the Contingency Fund (another name for emergency fund) and the Freedom Account. Both are great ideas.

The reason I gave it only 4 stars was two-fold. First, I visited her website and found that 98% of the sites features are only available if you are a member of the website. And that includes almost all of the calculators. All you get for free is a preview issue of the newsletter and her daily tips. Second, I didn't agree with putting rapid debt reduction in the third savings level and then using as an example a list of debt payments based on the minimum payments. Then, the suggestion of adding extra payments to your debt reduction seems to be only mentioned offhandly.

That last point was really only a minor one, but the book is really good and I would recommend it to someone else. And even if you aren't a Christian, you can still follow and appreciate what Mary has to say about giving away 10% of your money. Overall, an excellent book. I just wish more of her site was available to non-subscribers.

Rating:
Summary: Not much useful information here
Review: Most of the frugal tips in this book are really quite obvious to anyone with any financial sense. There is nothing new or revolutionary about what the author is saying and most of her suggestions fall into the basic financial planning category. She also repeats herself constantly. The book could have been about half as long if she didn't rehash the same points over and over. This is not a good book if you are serious about finding ways to save money. The religious overtones throughout the book are a bit offensive, as well.

Rating:
Summary: Yes it IS about staying out of debt
Review: My financial life has taken a great turn for the better in the past 18 months, and it all started when I read this book.

And I must note my total disagreement with the claim in one customer's review that this book doesn't provide guidance on staying out of debt! Actually, it's about Debt-PROOF living - how to handle your financial resources so that you can deal with life without going into debt. Such as having a separate checking account for irregular but expected expenses (the semi-annual insurance premiums, the kids needing school clothes, maintenance and service on the car, etc.), and building a stash of funds for really unexpected and serious contingencies (serious illness, unemployment, etc.). And, of course, learning how to get along by spending less - not becoming a miserly tightwad, but really getting the most out of your money and your life.

That's why this book was literally life-changing for me: not only does the author lay out a path out of debt, but she also explains how to handle your money along the way so that you don't just go run up new stupid debt again.

Not only is the book worth the price, I have found that the rather small amount I spent to subscribe to Cheapskate Monthly online was well worth it. There are more tools and calculators than I've ever needed, plus a very active and supportive set of discussion boards.

Rating:
Summary: Who? What? When? Where? and How?
Review: The five most important questions in life? Right? Well, I know the Who is...me...oh God is it me. What? is the financial mess I put myself in. When? is the timeframe I need to climb out of the hole I'm in, and Where? will I be when it's all said and done? and How? Did I get myself into such a financial straightjacket...I keep Mary's book on my night stand and read a section every morning while the coffee is brewing and I'm getting ready for work. My life started unveiling in front of me as if I were Alice in Wonderland...I have fallen into the dark and cavernous hole in the ground with no way out...or at least it seemed that way until I started reading Debt-Proof Living...I intend to stay on track with a plan and start with an end in mind....I would love to talk with you Mary Hunt...thanks Terri

Rating:
Summary: Very Helpful.
Review: This book and the author's website (www.debtproofliving.com) have really turned my financial life around. Such a practical, reasonable and "do-able" plan. After so many futile attempts to learn how to manage my money, I've discovered a way that really works--the debt-proof living way!