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Communities
Debt-Proof Living by Mary Hunt
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It’s no secret that Mary Hunt is one of my favorite personal finance authors and Debt-Proof Living is one of my favorite books. For my first personal finance book review, I’d like to take on the book that changed my life.
About the Author
Mary Hunt is the author of several books, including Debt-Proof Living, Live Your Life for Half the Price, and Debt-Proof Your Kids (reviews on the last two books coming at a later date). You can find her at her website, her blog, and in her monthly column for Women’s Day magazine.
Debt-Proof Living
Mary divides Debt-Proof Living into two sections: Debt-Proof Living in Theory and Debt-Proof Living in Action.
In the first section, Mary gets down to the nitty-gritty right away. She states that getting out of debt is a lot of hard work. Then she lays out her principles for debt-proof living. They include basic concepts, such as spend less than you earn, it’s not what you make, but what you do with it, and remember that God is the source of your money.
She then lays out some very good reasons to get out of debt. They include protecting your marriage and teaching your children about money. The remainder of the first section details Mary’s story, which is not much different than most people who find themselves in debt, the difference between good debt and bad debt, and her three step process for getting and staying out of debt: the contingency fund, the freedom account, and the rapid debt repayment plan.
The second section includes practical tips for managing your budget and getting out of debt. Tips include saving on groceries, managing your credit report, saving on college expenses, and retirement.
My Opinion
I love this book. I’ve had my copy for several years, and I still refer to it from time to time. I think that Mary’s plan is especially great for people who have variable incomes or unstable jobs. Since Mary stresses building a good sized contingency fund first, when you’re focusing on the rapid debt repayment in the third step, you don’t have to worry about going back into debt in the event of a job loss.
I also find Mary’s story very inspirational. This book was not written by someone who’s always had a lot of money. Mary was once deep in debt herself, and she learned the hard way how difficult it can be to get out. She writes from experience.
Perhaps my favorite aspect of this book is that Mary reminds us that we are not the source of our income. God is. And she gives a very compelling reason for not using credit: to experience God’s provision. She says,
By letting go of debt and depending on God too keep his promises to supply all our needs, we open our lives to his power. If you are always running ahead taking care of everything with a credit card, you may never know how God intended to care for you. (DPL p. 18)
Who should buy (or borrow) this book?
Debt-Proof Living is a great book for someone who is in the beginning stages of getting out of debt. This book’s strength is in Mary’s philosophy as to how and why to get out of debt. If you want a quick read that’s easy to understand, this would be a good book for you.
Book links are affiliate links.
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