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

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

Anthony Manganiello

ISBN: 978-1-118-24165-3

Dec 2011

304 pages

Select type: E-Book

$16.99

Description

AARP Digital Editions offer you practical tips, proven solutions, and expert guidance.

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.

Foreword ix

Acknowledgments xiii

Introduction: Setting the Stage 1

Step 1: Understanding Debt and Credit

Chapter 1 What Is Debt? 19

Chapter 2 What Is Credit? 33

Step 2: Identifying Where You Are so You Can Determine How to Get to Where You Want to Go

Chapter 3 The Cash-FLOW Analysis and Why You Need One 53

Chapter 4 Doing Your Own Cash-FLOW Analysis 71

Chapter 5 Inside the Numbers: Different Categories of CFI 85

Step 3: Using the Results from Step 2 to Chart Your Course toward Becoming a Debt-FREE Millionaire

Chapter 6 A Little Deeper Inside the Numbers: Potential Credit Impact of Adequate to Healthy CFI 95

Chapter 7 A Little Deeper Inside the Numbers: When Your CFI Requires Mortgage Restructuring 109

Chapter 8 A Little Deeper Inside the Numbers: When Your CFI Requires Debt Management 123

Chapter 9 A Little Deeper Inside the Numbers: When Your CFI Requires Debt Settlement 137

Chapter 10 A Little Deeper Inside the Numbers: When Your CFI Requires Bankruptcy 153

Step 4: Identifying and Defining Your Retirement Needs, and Creating a Time Line toward Achieving Them

Chapter 11 Accumulating Wealth and Retiring Rich 169

Chapter 12 It Takes Money to Make Money: Accumulating and Living Off Your Wealth 181

Step 5: Letting It All Sink In

Chapter 13 Change Is a Comin' 201

Chapter 14 So Now What? The Debt-FREE Millionaire Action Plan 217

Chapter 15 What about Our Economy? 229

Conclusion: The Real Identity Theft 235

Appendix A The Cash-FLOW Analysis Work Sheet 241

Appendix B Estimating Your Debt Elimination Time Frame 249

Appendix C Sample Amortization Tables 253

Appendix D Income Adjusted for Inflation 263

Appendix E Future Wealth (Nest Egg) Estimator 265

Appendix F Debt Payment Wealth Impact 267

Appendix G Should I Save First? 269

Appendix H Putting Your Debt-FREE Millionaire Plan on Cruise Control 271

Glossary 273

Notes 275

About the Author 277

A Free Gift from Me to You 279

Index 281