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Being a big fan of the Rich Dad, Poor Dad I decided that I would start off this category with a book by Garrett Sutton, ESQ. entitled The ABC’s of Getting Out of Debt. This book is part of the Rich Dad Advisors series by the famous author Robert Kiyosaki, who wrote the forward to this book as well.
This book is slightly different than the average “get out of debt ” book”. Robert Kiyosaki has a unique way of explaining why the rich are rich and the poor are poor. The book teaches the difference between good debt and bad debt, which is a striking difference to the usual All debt is bad debt theory.
The book is divided in two sections: getting out of debt and credit repair, which we will be discussing in the next post.
Garrett uses a mix of personal experiences as illustrations, backed up by legal knowledge, to make his points throughout the book. He empowers the reader to stand up against debt collectors, by knowing their rights and not being intimidated by their often ruthless, and illegal practices.
Garrett writes, ” You can be sure that the credit card company really doesn’t care about you as an individual, or about your unique concerns and issues. you are a billing unit, one of millions of indistinguishable billing units. You merely exist to provide profit.” Now thats putting things into perspective!
As mentioned the book is quick to point out that all debt is not bad. Although, Garrett points out that bad debt needs to be dealt with quickly so that people can get on with their lives.
What I like best about this book is chapter VII, “Emergency Measures for Special Debt Situations”, in which he lays out common scenarios like foreclosure or late car payments, with very specific actions based upon how far along someone is in the collection process. He is very quick to recommend speaking to a debt professional, when the situation calls for it.
I would highly recommend this book to people who have read some of the other Rich Dad books, as you will find this book fits well in the series, and will probably better understand where the author is coming from.
However, if not, or if you are of the mindset, that all debt is bad, and you are focussed on getting completely out of debt, then you might want to pass on it. There are many other books out there that cover this in greater detail.
Overall I give the book a “B”.
Stay tuned for tomorrows follow up, the credit repair section of, The ABC’s of Getting Out of Debt.
~Gary
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