Book Review & GIVEAWAY: Debt Free For Life by David Bach

by Kristina Tahnyak on June 27, 2011 · 13 comments

Debt Free For Life: The Finish Rich Plan for Financial FreedomDebt Free For Life by David Bach is a very helpful financial planning book that can easily have us waving good bye to debt and hello to financial freedom.  David Bach writes for an audience with all different levels of financial knowledge.  Whether you have never had any experience in personal finance, or if you are very well educated on the markets and the economy, the strategies in Debt Free For Life are easy to understand and even easier to follow.

David Bach’s various chapters in Debt Free For Life can help real people who are living in real less than ideal financial situations.  His chapters such as How Lenders Keep You Broke, and If You’re in a Hole, Stop Digging really speak to a mass audience.  I am not sure if David Bach was in debt during a previous stage of his life, but he definitely writes like he was. David Bach has previously helped thousands of people better their personal financial situation.

Who can benefit from Debt Free For Life

Many people, readers just like you and I, who have the personal financial goal to pay off our personal debts and become debt free.  It is great to have a goal, but what we really need is a plan; Debt Free For Life provides a step by step plan to get our finances in order. Anyone who has any type of debt that they want to pay off can benefit from Debt Free for Life by David Bach. Although Debt Free For Life focuses primarily on consumer credit card debt, it also discusses several successful strategies to help pay off our mortgage and line of credit.  Whether we are overwhelmed with debt or we just have one credit card balance that we can’t seem to pay off, David Bach has solid financial strategies to help us.

Why I Love Debt Free For Life

David Bach combines financial strategies with individual personal action plans to get readers out of debt and into financial freedom.  It has several chapters where readers enter their personal facts and make their own personal action plan to start paying off their debts immediately.

As a professional who works in personal finance on a daily basis I rarely read personal finance books.  However, I enjoyed reading Debt Free For Life by David Bach.  Although I could have lived without all of the self boasting and celebrity name dropping.  It doesn’t matter what we have learned about personal finance in the past, or how we have been living our financial lives to date; Debt Free For Life offers an easy to follow step by step manual to help us start paying off our debt efficiently.  Debt Free For Life is complete with personal questions to answer and charts to fill out that are related to our personal financial situation.

As I read Debt Free For Life I felt like I was listening to David Bach speak to me personally, as if he was standing in my living room.  If you are in debt don’t worry, David Bach is here to help.  His easy to follow Debt Free For Life plan will get you started towards paying off your debts faster.  You are only one book away from saying Goodbye to Debt and Hello to Financial Freedom.

What is the Debt Free For Life Plan

The main strategy to become Debt Free For Life is the DOLP plan.  The Done on the Last Payment Plan is a strategy that ranks our credit cards by balance owing, interest rate, and minimum payment.  After calculating the DOLP ranking of each credit card we can determine their payment priority.  Debt Free For Life starts with being honest about our current financial situation and ends in financial freedom.

Debt Wise is a website that sets our debt free financial plan into action.  David Bach discovered Debt Wise a few years ago and instantly became a fan.  Now David Bach has partnered with Debt Wise to bring every reader of Debt Free For Life a Free 30 Day Trial.  Debt Wise will help us set, implement, and track our personal progress towards becoming Debt Free For Life

Now it’s time to Give Away Debt Free For Life by David Bach

To enter our contest to win a copy of Debt Free For Life by David Bach complete with the FREE 30 Day Trial to Debt Wise leave a comment on this post and tell us the biggest purchase you ever made on a credit card and how long it took you to pay it off.  The winner will be announced next week.

Photo by Amazon

 

{ 13 comments… read them below or add one }

1 februa June 27, 2011 at 6:38 pm

The biggest purchase I ever made on a credit card was a new TV and Home theatre….and it was a Future Shop card at 29.9% interest!!!!! I paid off the first $1100 right away, as thats what we had saved up, and then it took me just over a year to pay off the remaining $600. Yikes! I paid quite a bit of interest that year….

2 Financial Independence June 27, 2011 at 6:59 pm

Hi there,

Very good post, I am very much interest in buying the book. Thanks a lot for a good advice.

3 Jon -- Free Money Wisdom June 27, 2011 at 10:19 pm

This book sounds interesting! Great post. It sounds like a great read…I may have to pick it up.

4 ib June 28, 2011 at 9:01 am

The biggest purchase I ever made on a credit card was a balance transfer to finish my basement. It was a balance transfer for 0% for 15 months. I took all the amount they would give me $15,000. I paid it back within the 15 months. It “bought” me the use of my basement for an extra 15 months.

5 Michelle June 28, 2011 at 1:27 pm

Christmas…need I say more? My husband and I did that once out of desperation but we both have fairly large “immediate” families and came to understand the true meaning of desperation when it took years to pay off that one Christmas. Never again.

6 Kathleen Crocker June 28, 2011 at 1:38 pm

The biggest purchase we made was taking Walt Disney World vacation, ALL on credit!!!! And it wasn’t just WDW, we also went to Sea World & Universal Studios. This was approx 8 years ago, and we are STILL paying on it today!!!!!! The “goal” was to quickly pay it off, but I fell down w chronic back problems & ended up having major back surgery & leaving the work field in 2008.

7 Kandace June 28, 2011 at 11:06 pm

Furniture for our living room. 0% interest on 6K for 9 months. We took every bit of 9 months to pay it off but we did it before the interest charges kicked in.

8 Christine June 29, 2011 at 1:43 pm

Hmm I’d have to say anytime I go on vacation. I end up usually charging my vacation costs and my boyfriend because of the cashback. So far about 1,300 but I pay it off every month.

9 Tiffany July 1, 2011 at 6:45 am

A cruise to Grand Cayman which was about $1300 for two of us. I’m pretty sure I am still paying it off as it was one of the last credit card purchases I made before I stopped using them.

10 Carrie July 1, 2011 at 9:24 am

Awesome question! Well, on a true credit card, that would be my crazy Siamese cat, who cost about $400. I did not know he was crazy at the time, and I paid that off in a month. If debit cards count, then that would be the vacation we just took, and that was $1,550. With it being debit, we already had the money on the card.

11 Kathy July 1, 2011 at 12:18 pm

I got sucked into agreeing to a flippin’ $700 camera to be added to my order. They went through the spiel so fast, it didn’t register with me. They taped my ‘yes’ & played it back to me when I called back to cancel & return the stupid camera.

Suffice it to say that I am VERY wary of speaking to sales people now.

12 Kelli July 1, 2011 at 4:56 pm

The biggest purchase I ever made on a credit card was my honeymoon. It was about $1500. It ended up taking my husband and me about 10 years to completely pay it off because, like idiots, we kept charging other purchases on the card plus we had other credit cards to pay off as well as car loans, student loans, etc., etc.

13 Krystle July 2, 2011 at 11:07 am

Furniture for my first apartment at $800. It took me 2 years to pay it off.

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