Title and Author: Boiled Down Money Goo by Daniel and Deborah Minter
Content Synopsis:
This is a guide on how to get out of debt, avoid debt, and create personal wealth and financial security, written by a couple in the Pacific Northwest who have experienced financial hardship, debt, and marital stress as a result, and who also demonstrated how to escape it all. that and being financially independent.
They take you on their personal journey from debt and powerlessness to independence. When they married, Daniel was deeply in debt with credit cards, student loans, an upside-down car loan, and little home equity. Her girlfriend, Deborah, was in better shape, had avoided a lot of debt and had some investments, but her combined financial picture was bleak when his debt was deducted from her equity.
They soon realized that this was no way to live. Taking radical steps, they eliminated all debt, including their home mortgage, owned two free and clean cars, and began building retirement investments. The book describes the techniques they used.
Daniel is an engineer and Deborah is a secretary. With their combined income, they’ve gone from paycheck to paycheck to completely debt-free, and they show you how you can, too.
You won’t find anything new or revolutionary in his approach. They studied debt avoidance techniques like those taught by Dave Ramsey and other financial advisers and authors and then used great discipline to apply those techniques to their own lives.
What makes this book unique and worth reading is the inspiring real life story of how they did it. They endured some very frugal years to get to the top. However, they demonstrate how the typical middle-class American family can eliminate and avoid debt through some common-sense financial disciplines. The process took them two years of a very frugal life to get out of all debts, except for the mortgage on their house, which they paid off in seven years.
Readability/Writing Quality:
This is a well-written, plain-language book aimed at the average person seeking financial independence and willing to sacrifice some of the material trappings of a consumer society in the process.
Notes on the author:
The authors are a typical married couple with a comfortable income.
Three great ideas that you can use:
1. Avoid debt by paying cash. If you can’t pay cash, you can’t pay for the purchase. Financial independence requires sustained financial discipline.
2. Learn about the traps of debt and consumerism. Shift your mindset from keeping up with the Joneses to creating financial wealth.
3. Maintain a sense of humor and balance. It is not necessary to stop enjoying life to save and pay off debt. You need to set goals and work to achieve them. Doing this not only improves our financial situation, but it can also strengthen your marriage.
Disclosure Information:
Boiled Money Goo by Daniel and Deborah Minter
Copyright 2011 by Daniel and Deborah Mintener. 200 pages, soft cover. Self-published and available on Kindle.
Rating of this book
Overall book rating: Very good.
Writing style: easy to read.
Utility: Very useful guide for the typical person with a stable income.