Pay It Down! From Debt to Wealth on $10 a Day
by: Jean Sherman Chatzky
Topics include:
From Publishers Weekly -- The number one enemy of the American family's finances is debt, says Chatzkyespecially credit card debt. The average American family, she reports, has 16 credit cards carrying a debt load of more than $8,000. In this terrific little book, the Today Show financial editor and author of You Don't Have to Be Rich and other titles offers a tough-minded but workable plan for getting rid of that burden.Chatzky's program builds from one simple premise: that it's possible for most of us to get debt-free by saving $10 a day for three years. Following the wisdom of knowing a problem in order to conquer it, Chatzky advises that readers first get their credit scores; she explains clearly how to do that, what the scores mean and how to improve them. She then recommends that readers learn what, exactly, they are spending their money on, and provides appropriate worktables and steps to accomplish that. A large section of the book is devoted to resourceful ways to find the $10 a day, with Chatzky suggesting that readers make hard choices regarding everything from eliminating the cost of their wireless device (their Palm Pilot, for instance), if they have one, to refinancing a car loan and putting on a garage sale. Instructions follow on how to "pay it down" intelligently, and the book concludes with lucid instructions on how to deal with worst-case debt scenarios and how to maintain and enhance one's debt-free financial status once it's achieved. Throughout, the text is personalized by brief stories of those who have worked their way into, then out of, crushing debt, as well as by glimpses of Chatzky's own story.This is that rare book that has the genuine ability to improve many lives. Its power lies in its simplicity and focus, and in Chatzky's caring and thorough but no-nonsense approach. It seems that even a financial naif can follow Chatzky's advice and turn night into day. If enough people do, this book may become the landmark title it has the potential to be. Copyright Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Book Description
Jean Chatzky has been working with viewers of NBCs Today show for a series on how to get out of debt once and for all. Her method, both on TV and in this book, is simple yet powerful: the key is saving just $10 a day that you currently waste. It doesnt sound like mucha movie ticket or lunch for two at McDonalds but $10 really can take you from debt to wealth in just a few years. And because it doesnt feel like an impossible goal, people are more likely to stick with Chatzkys plan than an extreme regimen of spending cutbacks.
Chatzky is focusing on debt because its the single biggest threat to our financial health. The average American family has sixteen credit cards and high-rate debt of more than $8000, not even counting car loans and mortgages. They pay more than $1000 a year in interest alone. Debt makes people feel depressed and overwhelmed, leaving them without enough money for the truly important things in lifeeducation, retirement, owning a home, feeling secure.
Chatzky, one of Americas most popular personal finance experts, writes in down- to- earth, woman-next-door language about how to get started right away, without giving up the things that truly give you pleasure. She offers practical, accessible strategies to help readers find the money to pay off their bills, lower their interest rates, and improve their credit scores. Featuring real-life examples of people featured on her Today show series, Pay It Down can transform debtors into future millionaires.
A Map for Financial Success
Jean Chatzky takes the mystery out of "making ends meet" and draws you into a host of exceptional (though simple) steps to help gain a handle on personal financial freedom.
Casting off all those quick-rich schemes dominating cable television infomercials, she shows you how to set money aside in simple (yet compounding) steps. And, she does it with easy-to-read, quick-to-comprehend, step-by-step instructions that any one can plainly understand.
No complex investment strategies, these are simple solutions that our high-tech, fast-paced world left behind decades ago.
Her approach draws into the simplicity of making choices that will free you from long-term debt and open your eyes to how to better use the money in your hands, while allowing you to keep more of it for yourself. As a financial services industry manager, I'll be resourcing this material for my members and using the book in classroom and seminar settings.
I only wish I had this book in my hands 30 years ago. It should be required reading for all high school students today. They'll wish they had when the reach those sunset years of the daily grind and realize there's not much in the piggy bank for retirement.
Reviews:
Great read! A quick, useful lesson in focusing your finances -- Our entire family have been fans of Jean Chatzky's NBC Today appearances for several years. Her clear, plain-spoken approach to understanding and tackling financial challenges is once again on display with this latest book - which offers straightforward, practical advice on identifying and fixing the common problems that nearly all of us seem to share.
Check out the website at www.payitdown.com. I use it as a good morning reminder that a simple, small and consistent effort can have a great big payoff!
Jean Chatzky does a great job demystifying personal finance -- Let's face it - personal finance isn't rocket science, but, like clean living and exercise, for many of us, it is easier to talk about in the abstract than it is to put into practice.
Jean Chatzky has an uncanny ability to connect with readers and viewers on a personal level, and to help them incorporate sound financial principles into their everyday common sense. This is a good book for reading oneself, and a particularly appropriate present for folks who often find themselves with too much month at the end of the money.
Debt Diet -- I love this book!!!
Jean Chatzky has written a diet book for those of us who have a few extra pounds of debt. Like the South Beach Diet did for people who couldn't tolerate Atkins, this books makes it easy to shed the excess debt and firm up our fiscal condition.
Like any diet guide, the book starts by asking that you "assess your problem" and forces a good, hard look at how you got here, and how bad a problem you have. Only after a careful self-analysis are you able to fix the mess you may find yourself in.
Chapter 2 encourages you to break your debt problem into small, manageable steps. Jean helps you lay out a realistic timetable and set practical goals for yourself.
Additional chapters get more technical, explaining your credit score, how to track your spending, how to find new opportunities to save, and how to make the hard choices to get back on track.
And, like any prectical "diet" book, Jean explains what to do when, inevitably, things go wrong and you find yourself taking a step in the wrong direction.
This is a non-nonsense book with a straightforward step-by-step plan. If you're feeling a budget crunch, if you feel your spending has gotten a little out of hand, this book is for you. I also subscribe to the accompanying web site, www.payitdown.com for an additional daily dose of Jean's wisdom. It's like South Beach, with regular Weight Watcher meetings thrown in. I'm feeling better about myself already.
