June 26, 2005

Debt-Proof Living by Mary Hunt

title plus picture of smiling authorSomeone on the 43 Folders mailing list mentioned this book with an executive summary that turned out to be the main thing that stuck with me from reading the book.

Here it is: First, kill off all your unsecured debt. Done? Good. Now out of every paycheck, put 10% off the top in savings, give away another 10%, and then live on the remaining 80%. By way of managing that 80%, set up a "contingency fund" to bail you out in the event of a major catastrophe (lose your job, that kind of thing), and then through monthly contributions, build a "freedom account' which buffers all your recurring, but non-monthly expenses so that the money's there when you need it (for insurance premiums, tax bills, christmas presents, whatever).

None of this is rocket science, but it is spelled out here in one place where you can see it long enough to get it into your brain (if your brain, like mine, isn't very good at holding on to such concepts). There's a bunch more stuff delving in to more of the nitty gritty details of living a debt-proof life. The book is no Your Money or Your Life (Dominguez & Robin's deservedly classic financial management book), but it was a good refresher for me.

Posted by jeffy at June 26, 2005 09:24 PM

Hey, does anyone know where I can find a list of gas stations with low prices in my area?

Posted by: Debra Riley at October 17, 2005 06:51 PM

Google is your friend. http://www.gasbuddy.com/ seems to have you covered.

But instead of driving around looking for cheap gas, move closer to work, sell your car, buy a bike, and ride the bus!

Posted by: jeffy at October 17, 2005 07:13 PM