Debt-Free on Any Income

by Lyle Shamo, Tracy Shamo

Money- it's a word no one can feel neutral about. Authors and money-management experts Lyle and Tracy Shamo say, "Like it or not, meeting basic needs has nothing to do with poverty and everything to do with how well we manage our money." In this practical guidebook, the authors will help you take control of your money, teaching you how to pay off your debt-including your mortgage and car loans- and stay out of debt. Advanced computer software (included on a CD-ROM that comes with the book) will help you assess your financial status, learn more about where your money is going and discover how to channel it to the right places.

Genres: Finance, Nonfiction, Self Help, Lds, Personal Finance

189 pages, Paperback

First published May 1, 2004

Reviews

[Jennifer · Rating 2 out of 5]

In my opinion, this was not a great book on personal finance. They seem to have taken all their ideas from the free pamphlet "One for the Money" that the church puts out, and just expanded upon them and created a few spreadsheets. I couldn't get the CD to work on my computer, so I wasn't able to check those out, but from the descriptions in the book, I think I could re-create any of them I wanted. Their whole idea is just to do a debt-elimination program where you throw any and all extra money at your debt and keep doing it until your debt is all gone - a great system, but you would do better spending your time crunching your own numbers than reading this book. (Or give me a call :-)

[Tiffany · Rating 3 out of 5]

This was a good book, but I just didn't feel like it gave me any new info. It is extremely close to the One for the Money packet that the church puts out.

[Emily · Rating 5 out of 5]

Basically a Dave Ramsey look alike, but the Excel CD it comes with is a useful tool and the advice is good no matter who else has written about it.

[Ethan · Rating 3 out of 5]

Just skimmed thru it for an hour or two. Ok information, but nothing groundbreaking.

Also, I disagree with them (and Dave Ramsey) about Buying Term and Investing the Difference. Read the book Becoming your Own Banker by R. Nelson Nash to understand why it's not necessarily the great advice it's cracked up to be. The chapter on insurance in Killing Sacred Cows by Garrett Gunderson is also helpful on this topic.

[Angie · Rating 3 out of 5]

Honestly, it's not as good as Dave Ramsey; but it is still full of many useful financial tips!

[Ellen · Rating 5 out of 5]

I really like this book. I like that it is written from an LDS perspective, following the prophets' counsels over the years, and includes allowances for tithing and other charitable donations. I like that the CD-ROM has spreadsheets that are all calculated out to work with each other and make it simpler to figure things out. I like that the author not only tells you what to do, but HOW to do it. I like that the categories of the budget are made to be mnemonic so you can remember them easier. And I like that each category is broken down into reasonable expenses, and the "other" expenses within those categories can be edited with the title you choose for them. (Conversely, the ones that are not categorized "other" cannot be changed, which is a blessing for someone like me who likes to play with things and sometimes messes them up.)

I highly recommend this book for anyone who has debt that they want to get rid of, or learn to budget, or just function in the society in which we live. This book is providing the basis to make one of my New Year's resolutions become a realistic and attainable goal for the coming year.

p.s. I didn't really finish it today, because I haven't completed all the worksheets and exercises. But that's going to take a while, and I'll probably end up buying a new copy of the book for my library and keeping this one.

[T · Rating 3 out of 5]

A good concept book, with an important topic, but when it comes to personal finances I think it is limited. The authors did a great job in explaining the power of making additional payments on principal debt, and then discuss some of the benefits of budgeting. But where I think the book comes up short is it does not adequately address other areas of personal finance, like investments, insurance, tax issues, tuition concerns, etc. Now, all that being said, if someone did nothing else than then take the advice offered in this book they would be well ahead of most Americans, but it does have some holes to consider. Concerning the software, I found it helpful but limited. I already have a program to track my expenses, and it does much more than the spreadsheets provided by the authors. I felt the most powerful part of the software was the portion that showed the effects of debt reduction on savings. I have not had a chance yet to verify those calculations, but that alone has got me thinking more than anything else in the book.

In summary, this is a good book. It is a good reminder of the power of debt reduction. It follows closely principles taught in the "One for the Money," but is more limited than that pamphlet. However, I believe it would be wise to consult other personal finance resources to get a fully view of wise financial concepts.

[Jeannie · Rating 4 out of 5]

I LOVE this book! I bought this several years ago, but wasn't "ready" to work it until just over a year ago - desperate times call for desperate measures. It includes a CD-ROM that works with Excel to help you apply the program - SUPER helpful! You just enter your debts and interest rates and the program does all the calculating - how much you'll really end up paying, how long it will take you, etc. With this program most people can pay off all debts, including their mortgages, within 10 years.

This book follows the "One for the Money" concept by Marvin J. Ashton, and is very similar to Dave Ramsey's program.

We have been "working it" for just over a year now, and it truly works - even for the self-employed, and it is refreshing to see the debt $$$'s go down, down, down. Highly recommend! Be sure if you buy it used, to get the CD! It's worth its weight in gold - helpful and time-saving! Even if you only read the first few chapters and use the CD, it is very helpful.

[Lois · Rating 5 out of 5]

I use these strategies each month to help my husband and I keep on track with our finances. It has been a huge help to us. Instead of just making a budget each month only to find out by the end of the month we already went over, I can keep track weekly on how we are doing to stay within the boundaries we established. Also, I love their idea of placing money into savings the moment the paycheck comes and then budget using the rest. They also have excellent tips on paying off debt quicker and money-saving, shopper savvy ideas. Love it!!

[Sarah · Rating 4 out of 5]

This book comes with a cd and that is how Adam and I have tracked all our income and outgoings. We now know where just about every dollar has gone since we have been about 5 months married. It is awesome. Alot of different books share this same format of budgeting so dont just stick with this book branch out if this one doesn't work for you.

[Amanda · Rating 3 out of 5]

I really like to read these types of books, but rarely do I gain much more insight than I already have. We don't overspend, and don't have any other debt besides our home. However, I liked that the copy I checked out from the library had a CD in the back with some templates, and useful things. Chris and I are using those items for our next few family home evenings.

[Kristelle · Rating 4 out of 5]

I found this book very helpful and enlightening. One of the best things about this book for me was that it was written from an LDS perspective so it factored in things such as tithing, missions and food storage which most other finance books do not. The cd with all of the forms was also very helpful.

[Meg · Rating 4 out of 5]

this book has many great points on mananging your money. But it is really going to be effective if you and your other can read it and do it together. I can't get Chris to read much of anything so I am not sure how it will all go for us. The book points this fact out in the very beginning.

[Robin Hall]

Good read so far. Worth buying just of the CD with all the pre-prepared calculators for loans and debts and also a really good budget page I've begun to use. There's probably more, but I'm not done yet:)

[Joann · Rating 4 out of 5]

I would like this one a lot more if the sample budget had not been quite a few thousand above my own income! Oh well, the "benefits" of marrying a teacher are more than financial.
Over all this is a great book with good ideas and good application.

[Nanette · Rating 5 out of 5]

It has changed how I view my money and I have applied the concepts to my own life and use their spreadsheet to track my finances. I highly recommend it to anyone wanting to get out of debt, mortgage and cars included.

[Chris · Rating 4 out of 5]

We used many of these techniques to become debt-free and found that there is great spiritual and emotional peace in living providently and freeing ourselves from the burden of debt whenever possible.

[Kim · Rating 3 out of 5]

A good plan to eliminate debt. Same basic concept as found in the pamphlet given by the church but the book is more in debt and has chapters toward specific money saving and money planning principles. Comes with a CD to upload forms for creating a budget and a pay down calendar. Helpful.

[Ryan · Rating 4 out of 5]

This is definitely one of the better personal finance books out there! Maybe not quite Dave Ramsey but I'll give them a second to him. They have fantastic ideas and plenty of supporting documents to help you in your efforts to take control of your money.

[Kristen · Rating 5 out of 5]

Comes with software to help you on your journey to elimination of debt. This book has really helped my family.

[Shahna · Rating 4 out of 5]

Iused this book eons ago when we were newly married to help get us out of debt. It has great practical advice that is totally doable. I still have it if anyone wants to borrow...

[Sheri · Rating 5 out of 5]

LOVE this book...although I don't think it is available any longer. I think the author wrote another "Money Mastery"

[Sacha Head · Rating 4 out of 5]

This book reminds me of Dave Ramsey. Good advice.

[Danni · Rating 4 out of 5]

I really liked this book. I had some good ideas. I hope to use some of them.

[Don Gubler · Rating 3 out of 5]

One principle book that hits the mark.

[Kim · Rating 3 out of 5]

This book has some great tips at the end but most of the information on how to get debt free isn't that new! It was a good refresher, though!