Awesome PDF - getting out of debt slavery

[thomas70]

I just read it, it's absolutely awesome!
If everyone could read this, there would soon be no debtors!

Enjoy!

[PRICEPLUS]

Re: Awesome PDF - getting out of debt slavery

Interesting read!

[greedy4chips]

Re: Awesome PDF - getting out of debt slavery

1st post and not a bit of spam in that PDF file.

Good information in there.

[autoxer]

Re: Awesome PDF - getting out of debt slavery

stock market: It is like a huge Ponzi (pyramid) scheme

The author is anti - stock market & even claims to not keep money in the bank: :

I contribute almost nothing to the banking system—neither paying interest, nor giving them money to lend out at exorbitant rates to other people.

Then says:

The same with real estate. When money can be made without any effort on my part, I become VERY suspicious.

But if you're lucky:

Plus, if you're lucky, your house might have gone up in value. So you can sell your house, pay off your mortgage, and still have $50,000 (or much more) left over to put toward the next house.

And thinks taxes are a total waste: 20:

So what difference is there between interest, which is a total waste, and taxes which are a total waste?

The authors views are a bit extreme, no wonder they remained anonymous.

[sweeps]

Re: Awesome PDF - getting out of debt slavery

I was very surprised there was no "To find out how to do this, visit my web site." or "Just buy my book for $59.95."

One thing I found a bit puzzling is it goes on and on about getting rid of debt, but then when you get rid of debt, it seems to tell you to keep on spending. Don't save or invest, just spend all your surplus.

[bjl584]

Re: Awesome PDF - getting out of debt slavery

Some if the author's views seem a bit extreme, but if you weed through that, there is some decent advice in the paper. I don't really agree that this person would seem to save and invest almost no money, at least if they do it must be buried in the back yard. It is possible to use the "system" that they refer to your benefit. Everyone is not an evil tyrant out to destroy you. The "system" is currently earning me quite a decent sum of money, and I am not enslaved or broken down. I'm doing fine.

[boefixepa]

Re: Awesome PDF - getting out of debt slavery

It has some great points, but seems stuck on the 'get of debt' side of things, but no advice on what to do once you are there??

[Elgin526]

Re: Awesome PDF - getting out of debt slavery

While the author makes several good points, he loses me with the "evil" of interest and earnings from stocks. Just what are you to do with your money if puting it in a bank or investing in stocks is "evil" and "getting something for nothing"? Stuff it in your matress?

Thanks but I'll take earning 8% long term on my money in a "ponzi" scheme over a lumpy matress any day (where I'd lose an average of 3% a year due to inflation!).

[disneysteve]

Re: Awesome PDF - getting out of debt slavery

I agree with Elgin. He makes some good points about living within your means, but really goes off the deep end with statements like "Interest is legal theft." No it isn't. Interest is a service fee you pay in order to borrow money. Banks don't lend money for free anymore than grocery stores give away free food. Banks are businesses and you are paying them for the service they provide you by lending you money.

I don't know where he lives that someone grossing $2500/month is paying $1200/month in taxes. That certainly isn't the US tax rate.

He has a very warped description of how the stock market works. I won't even begin to explain how far from reality he is there.

There are so many errors in his information. Anyone who isn't educated about the world of finance would get a very twisted view of the way things work by reading this essay.

[thomas70]

Re: Awesome PDF - getting out of debt slavery

The author doesn't say that you pay $1200 in taxes on $2500 -- go back and read it again.

The author is talking about the waste caused by giving too much of your income to the banks in the form of interest. That really is a good point.

And interest is NOT just a service fee. No one needs hundreds and thousands of dollars every month for providing a service that costs them nothing. The author is right that charging interest on loans (more than 1 or 2%) used to be against the law.

Of course you can make a bit of money in the stock market, but it's way over-inflated right now.

[Ima saver]

Re: Awesome PDF - getting out of debt slavery

I read all 14 pages and I agree with getting out of debt. I too am puzzled about what you are supposed to do with your savings when you do get out of debt. I keep quite a bit of cash in the banks and I am happy with the 5.25% interest that I am receiving. I also have stocks and mutual funds. Where does he want us to keep our money?

[thomas70]

Re: Awesome PDF - getting out of debt slavery

Well, you can always invest it as you please, but it would be foolish to do so if you were spending a lot on interest every month, right?

The pamphlet IS entitled "How to avoid debt slavery" -- what you do when you're out of slavery is up to you, right

At least the pamphlet has a good focus...

[disneysteve]

Re: Awesome PDF - getting out of debt slavery

The author doesn't say that you pay $1200 in taxes on $2500 -- go back and read it again.

You're correct. My mistake. He says that "bankers get to legally steal almost 1/2 of that right off the bat." So for some reason he is suggesting that someone earning $2500/month would be paying $1200/month in interest charges. I'm not sure how he arrived at that amount. If you are paying nearly half of your income in interest charges, you are in serious trouble.

And interest is NOT just a service fee. No one needs hundreds and thousands of dollars every month for providing a service that costs them nothing.

How do you figure that servicing your account doesn't cost the bank anything? They have to pay rent, utilities, taxes, employee wages and benefits, maintain computer systems, print and mail statements, etc. Don't they have the right to charge for their services? .

[poundwise]

Re: Awesome PDF - getting out of debt slavery


I'm not going to put anyone's efforts down, however, my opinion of this article/PDF is not very positive. While some good points are made, especially in regards to how we get into debt, I believe that the article is overly repetitous and that some of the information is misleading as well as misguided.

[bjl584]

Re: Awesome PDF - getting out of debt slavery

There are a few good points to be had, but other than that, I wouldn't listen too closely to what the author is suggesting. "Interest is legal theft", for instance. Interest is a fee like any other. You may feel that it is too high, but no one is making you take out a loan. You did that on your own. If you don't like it, either shop around or do without. I would really like to know who this person is. I have a feeling that it is someone that got burned pretty bad financially from making one bad decision after another. Now they feel the need to take out their faults on the stockmarket, banks, creditors, and the entire "system." Okay advice about frugality, but the rest is biased and quite flawed.