Sunday, February 7, 2010

Debt-Free Forever

Canada’s “Til Debt Do Us Part” financial TV guru Gail Vaz-Oxlade has published a solid beginner’s financial advice guide. As indicated in its title, Debt-Free Forever provides the first steps in eliminating debt and starting to save. It gives common-sense advice in plain language on topics including: creating a budget, reducing credit card debt, saving, and purchasing insurance.

The information given by Vaz-Oxlade follows the recommendations that she makes on her show. These include making a monthly budget tangible through depositing money into allocated jars that represent budget divisions (e.g. “Transportation”, “Entertainment”, etc.) and calling up credit card companies to arrange a reduction in overdraft/balance interest. There is also basic information on savings vehicles including GICs and TFSAs.

For Canadians who are beginning to reduce their debt or who are starting to save, Vaz-Oxlade gives solid financial advice. Those who are well on their way towards a financially stable future, yet who wish to increase/change investments, should seek out more technical financial guides and find a nonpartisan financial advisor who can provide a comprehensive list of savings/investment vehicles.

Vaz-Oxlade, Gail (2009). Debt-Free Forever. HarperCollins:Toronto.
307 p.

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I put this book on hold through my library since I wanted to read a financial book that was written in easily understood English. I was able to read through most of it in an afternoon. I'd recommend borrowing this book from the library as an easy introduction/refresher course before settling down to choosing a more detailed financial plan of action.

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