AARP The Debt-Free Millionaire: Winning Strategies to Creating Great Credit and Retiring Rich

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John Wiley & Sons, Dec 19, 2011 - Business & Economics - 304 pages
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The desire to get out of debt can sometimes be smothered by the sheer volume of information, and misinformation, available. To overcome such obstacles, what you need is one place to find the right answers, right away. That's why author Anthony Manganiello—founder and creator of DebtFREE.com and President and CEO of Centricity, Inc.—has created The Debt-Free Millionaire.

Since 1995, Manganiello has helped hundreds of thousands of people get out of debt, and now, he'll show you how to do the same. Throughout these pages, he skillfully outlines a plan that will allow you to eliminate debt, develop better credit, and retire comfortably. You'll learn everything from how to perform a Cash-FLOW AnalysisTM—a straightforward approach to assessing your financial standing—to putting your plan into action. Along the way, Manganiello reveals how debt and credit should fit into your financial life and addresses how to employ specific strategies that will lead you to accumulate wealth instead of what you're most likely doing now, consuming it.

No matter what your current financial situation, the five simple steps comprising this plan will put you in a better position to prosper in the years ahead. You'll also find that as you progress through the Debt-Free Millionaire Plan, you'll be fairly well insulated from the economic ups and downs experienced by others who are stumbling through life without a plan.

After reading this book, when you think of what a millionaire is, you'll realize that the only difference between you and becoming a millionaire is a matter of time and distance. The strategies outlined here will help you close that gap as quickly as possible.

 

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Contents

What Youre Going to Learn
What Is Wealth?
How Money Works
The Debt Dollar Drain
Am I Serious? Do I Think That You Can Really Become a DebtFREE Millionaire?
Good DebtBad Debt?
What DebtReallyIs
Fuzzy Math
Debt Settlement and Collections
Whys and Why Nots for Debt Settlement
How You Can Estimate Whether a Debt Settlement Service Payment Can Improve Your CFI
The Potential Impact of Debt Settlement Services on Your Credit
The Credit Rebound
Summary
Bankruptcy
How Did You Get Here Anyway?

The Definition of Credit You Need to Know
Your Credit Score
Your Credit Report
Your Financial Circumstances and Behaviors
Hold OnDont Go Requesting Your Credit Report Just Yet
The Starting Point
Why You Need a CashFLOW Analysis
Whats the Difference between the CashFLOW Analysis and That Free 20Minute Phone Call?
The Industry within an Industry
What Does All This Mean?
Now That You Know What the CFA Is and Why You Need One
The CFA Categories
The Personal Financial Information Youll Need to Complete Your CFA
Completing the CFA
Final Thoughts Before We Continue
Having a Healthy CFI
Having an Adequate CFI
Having a Poor CFI
The Debt Credit Solutions Stairway
Its Time to Start Climbing
Strategically Applying Your CFI
The Snowball Effect
Can You Really Pay Off Debt That Fast?
But What If Im Barely Breaking Even Each Month?
Overall Summary of Potential Credit Impact
Let the Descent Begin
The Need to Restructure Your Debt
The Potential Impact of Mortgage Restructuring on Your Credit
Summary
The Fortunado Financial Descent
Credit CounselingDebt Management Programs
Financial Realities Begin to Hit the Fortunados Again
How You Can Estimate If a Credit CounselingDebt Management Service Payment Can Improve Your CFI
The Potential Impact of Credit Counseling or Debt Management Services on Your Credit
Summary
Economic Realities in the Workplace
What Is Debt Settlement?
Why I Think Debt Settlement Is Necessary
Potential Credit Impact of Bankruptcy Filing on Your Credit
Summary of the Effects
Marketplace Realities for Lenders
A Few Things to Consider before Filing for Bankruptcy
Too Good to Be True DebtRelief Options
The Story Starts with You
Adjusting Your Income for Inflation
What Will the Fortunados Need to Replace Their Income Upon Retirement?
Inflation and Retirement
The Final Retirement Variables
The Rate of Return during the Wealth Accumulation Phase
The Rate of Return during the Wealth Accumulation Phase
The Time between Your Debt Freedom Date and Retirement
The Rate of Return When Youre Living Off the Wealth Youve Accumulated
The Knowledge Youve Gained about Investing
A New Perspective
The More Money Myth
The Income Shovel
Success is a Journey
Financial Mind Games
Lets Catch Our Breath
Within the Next Three to Seven Days
Within One Week of Completing Your CashFLOW Analysis
After Youve Completed All of the Action Steps
Spending and Borrowing
The Spending Wall
EconoMe
Where Do You Go from Here?
Leaving a Legacy
Calculating Your Monthly Net Income
Calculating Your Monthly Living Expenses
Calculating Your Total Monthly Debt Payments
Calculating Your CashFLOW Analysis
Invest Now Not Later
What Is Debt?
Accumulating Wealth and Retiring Rich
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