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Zero Debt: Break the Debt Cycle and Reclaim Your Life Kindle Edition
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Naturally, the book begins with our author in his childhood. I think it true that as children, we are taught very little about money. He argues a distinct lack of support in the education system in teaching finances or planning for the future, and I totally agree! There is no education about completing your tax form, for example, and one) it isn’t always straightforward; two) there can be serious consequences for doing this incorrectly. I genuinely think this is one of the fundamental areas in which “life skills” are not taught in school. I’m glad the author highlighted this.
Moving away from childhood, the author gets his first salary and spends it all. Having money is exciting, no? I’ll hold my hands up and admit I did this too. It was fun. Mum and Dad still got paid rent, but this is not something that can be done viably every month, as the author does. Instead, he continues to live beyond his means, perhaps succumbing to social pressures including marriage and ends up with several loans and stacks of debt.
I am fortunate that I was taught how to manage money, as my parents, in their own circumstances, scrimped through much as the author did. I think they could have had help, but they didn’t want it. They wanted to go their way whatever the cost. As they have travelled the long road, they would not hesitate to tell me if they thought I was being irresponsible. They wouldn’t let me fall into that trap.
Sometimes though, things happen beyond our control. I moved away from home and left my first job (after a few years experience) about six months into living alone, to earn more than a junior’s limited wage packet. Things were tight. Less than a year later, the Company my Company were subcontracted to provide admin for decided to sell our part of the business, so the admin was no longer required. Suddenly, the threat of redundancy was on my head and being responsible financially for my home, I was worried sick. My parents had the facility to help me if I needed it (though thankfully I didn’t), but not everyone has this available to them.
Neeraj correctly points out that it is for these unexpected circumstances we should prepare ourselves. It would take me a long time to get to the stage of being debt free and having two years wages in cash savings, but I put by at least a little bit every month. That’s both a start and one of the most important things, I feel. Other than having set up a pension, I have thus far made very few plans for the future. I am only in my twenties after all, and I don’t have the means to do this yet. Neeraj discusses investment choices he made when it came to forward planning, which is fine, but I am nowhere near a position to even consider yet.
A lot of the points made in the book are identifiable with, such as the reliance on credit, even if you are yet to experience them. It is written in a very conversational tone and as I said above, it is “advice” that should be taken with a pinch of salt. We all have our own differing circumstances, but there is plenty here to consider.
It must be difficult to recount some of the most stressful times in your life. Thank you to the author for doing so, in order that we may learn from his mistakes and not have to learn the hard way too. His aim of the book is not to profit from it, but to educate people. That is reflected in his book being copyright free.
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I can admire that and get behind that idea. But I think it could have been could have been communicated better. The writing style the author prefers often omits small words such as "the" or "a" or "of," has some odd comma and semicolon placement, and uses the passive voice extensively. It becomes very distracting. In addition, some topics are covered in depth more than once. Redundancy can be effective for short bullet points, but not for pages of material.
The tips offered are not unique, really. They are common enough to have been tried and tested. So the author is sharing useful information, at least.