Getting out of debt can be tricky and difficult but is by no means an achievable goal.
Eliminating debt requires discipline, patience, and a solid financial plan. Books can be a great resource when it comes to constructing a solid financial plan not only to get out debt, but also to build our financial future. In the same way, we spend so much time in front of the television and getting into deeper financial problems, we can change our lifestyles and embrace books, which have so many benefits, including educating ourselves about topics such as personal finance and money management.
Consider challenging yourself to read at least one non-fiction book per month. Here are 20 book recommendations to help educate yourself about money management and getting out of debt.
1. Debt Free Degree: The Step-by-Step Guide to Getting Your Kid Through College Without Student Loans
By Anthony ONeal
This book offers fundamental advice and techniques for balancing your finances. It covers topics such as budgeting and creating a debt-free plan so you can start accumulating wealth.
2. Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money
By Michael Mihalik
3. How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: Based on the Proven Principles and Techniques of Debtors Anonymous
Details a formula proven to be effective for getting out of debt. This is a good choice for people who feel overwhelmed by debt and would like help beginning the journey to freedom.
4. Zero Debt: The Ultimate Guide to Financial Freedom 2nd Edition
Author: Lynnette Khalfani-Cox
Gives expert advice on topics like reducing interest rates and cleaning up a poor credit report. Also gives insider information on your legal rights as a debtor so you stop getting harassed by bill collectors.
5. The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
By Dave Ramsey
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This is the newest edition of the best-selling book authored by Dave Ramsey. It is designed to help you make a financial plan as well as recognize the 10 most dangerous myths about money.
More Info
This is the newest edition of the best-selling book authored by Dave Ramsey. It is designed to help you make a financial plan as well as recognize the 10 most dangerous myths about money.
6. The GOOD Book: Get out of debt!
By Pam Young
7. How to Legally Settle Your Personal and Credit Card Debt for Pennies on the Dollar: Without Filing Bankruptcy
Author: Martha Maeda
Gives a clear understanding of what to expect when settling debt yourself, and provides useful information on subjects like the Fair Debt Collection Practices Act.
8. The Complete Idiot's Guide to Getting Out of Debt Idiot’s Guide to Getting Out of Debt
Author: Ken Clark
This book is authored by a Certified Financial Planner and outlines strategies to overcome any kind of debt including mortgages and student loans.
9. The ABCs of Getting Out of Debt: Turn Bad Debt into Good Debt and Bad Credit into Good Credit
Author: Garrett Sutton
This book not only provides key strategies for becoming debt-free but also covers topics like the psychological and health effects that can result from debt.
10. Zombie Economics: A Guide to Personal Finance
Author: Lisa Desjardins
Recommended for anyone who has a hard time reading traditional finance literature. This book compares debt to the zombie apocalypse and teaches you how to create a “basement full of ammunition” by saving money.
11. How To Settle Debts Yourself
Author: Sandee Ferman
Provides a step-by-step guide to settling debts yourself, and even explains how to settle debts for less than you originally owed.
12. Negotiate and Settle Your Debts
Author: Mandy Akridge
Includes sample settlement letters while giving detailed instructions on how to settle debt yourself. Also covers important legal information on subjects like the Statute of Limitations and IRS Debt Forgiveness laws.
13. The Complete Debt Relief Manual
Author: John Oswald
This book explores almost every facet of debt such as bankruptcy, foreclosure, avoiding lawsuits and how to effectively negotiate with the IRS. Also includes sample letters and checklists.
14. How To Settle Your Debts
Author: Norman H. Perlmutter
Provides the basic groundwork for getting out of debt, and covers issues such as student loan and tax debt. Also contains useful information for business owners who may be facing bankruptcy.
15. Drop Debt: Surviving Credit Card Hell Without Bankruptcy
Author: Harvey Warren
Focuses specifically on credit card debt and is authored by debt-relief expert Harvey Z. Warren. This book also provides in-depth information about the credit card and collection industries.
16. ABC’s of Debt: A Case Study Approach to Debtor Creditor Relations
Author: Stephen P. Parsons
Originally written as a college textbook, this book offers basic paralegal training so you can gain a solid understanding of things such as secured transactions and the law of liens.
17. Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time
Author: Stephen Elias
A guide that walks you through the process of filing for Chapter 13 bankruptcy. This book is especially recommended for people who are considering hiring a bankruptcy lawyer.
18. CliffsNotes Graduation Debt: How to Manage Student Loans and Live Your Life
Author: Reyna Gobel
Focuses specifically on student loan debt and provides insight into evaluating your personal situation so you can effectively consolidate student loans.
19. Mind Your Own Mortgage: The Wise Homeowner’s Guide to Choosing, Managing, and Paying Off Your Mortgage
Author: Robert Bernabé
Explains how to intelligently shop for a mortgage, and also teaches you how to quickly pay off your existing mortgage so you can spend your retirement years in peace.
20. Live Debt-Free: How to Quickly Pay Off Your Credit Cards, Personal Loans, and Mortgages-And Build Real Wealth Today!
Author: Ted Carroll
Includes valuable tips on paying off personal debt, and also provides an appendix of living expenses in 20 different U.S. cities so you can calculate a realistic budget for your situation.
More Books to Arm Yourself With and Stay Out of Debt
21. Maxed Out: Hard Times in the Age of Easy Credit by James D. Scurlock
Author: James D. Scurlock
This book does an excellent job of explaining how the financial system really works. The book chronicles the abusive practices of credit card companies and how credit and lending are pervasive in all aspects of society. Our economy was fueled by lax lending standards and easy credit. A bubble developed with too many Americans living on debt and the bubble burst when the bill came due. Now we are trying to recover from lifestyles that were fueled by debt. The amazing part is that this book was written before the economic collapse of 2008.
22. The Richest Man in Babylon by George Clason
Author: George Classon
The Richest Man in Babylon is an underrated classic. The book is a short read that contains excellent nuggets of wisdom. The Richest Man in Babylon was written from a Babylonian perspective and uses parables and principles to illustrate the importance of financial management. Self-control and discipline are critical aspects of reducing spending and money management. My favorite principle is to never spend more than nine-tenths of your earnings. If you only spend what you have, you will never go into debt.
Remember that no book will get you out of debt. Think of these books as tools to help you on your debt-free journey. By following the principles taught and putting them into action, you can be debt-free!
What are your favorite financial books for getting out of debt?
Hello, my name is Flavian and I am a serial entrepreneur, blogger and life coach.
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