When the new book Life & Debt by Leslie Tayne landed on my desk, I was a little hesitant to review it. You see, the tagline of the book goes against my whole philosophy toward debt.
“Learn to love your debt” shouts the cover of Life & Debt: A fresh Approach to Achieving Financial Wellness. What!? Debt is bad. Debt is the enemy. That is what I’ve been living and breathing since we first began our journey to pay down our debts. Now this book comes along and tells me to love debt?
So I learned a little bit more about author Leslie Tayne. She worked hard to pay off her $80,000 in student loan debt an became an accomplished consumer and business debt-related attorney who has counseled thousands of people through the process of resolving debt and helping people avoid bankruptcy. I decided to give the book a chance, and I’m glad I did.
Life & Debt is designed to guide you through the process of managing your debt, confronting the fear of budgeting, and learning how to manage your credit so that you can achieve financial wellness. Tayne shares her own story, as well as the stories of many of the clients she has helped dig out of debt.
The book covers how to fit debt into your budget, pay down your debt, and how to budget. Tayne addresses the importance of your credit score and how to check your credit reports. She also discusses options for resolving debt such as debt repayment, debt consolidation and bankruptcy. She also teaches you how to save for the “what ifs” in life and how to begin to work toward long-range financial goals.
While I still haven’t decided if I can agree with her idea that no one can be totally debt-free, I did begin to understand her message of learning to love and embrace your debt. Tayne teaches that you should accept debt as a part of your life, plan for it, and learn to manage it.
Life & Debt is a terrific book for people who are tired of living paycheck-to-paycheck because of their debt. The book is full of stories and examples of people who are working to get rid of debt. There are also sample budgets, a sample credit report, and a very helpful frequently asked questions section at the end of the book. The book also comes with free access to her budgeting software to help you get on the right track with managing your money.
And while this is a book for folks beginning on their journey to financial freedom, those who are further along in the process will find good information as well. The information on managing your credit reports and credit scores is especially helpful, as is her advice for long-term financial planning and saving for emergencies.
Reading the book helped me to understand that Tayne’s message isn’t that debt is good; It is that learning to accept responsibility for your debt and managing it properly is critical to your financial success.
If you are looking for an easy-to-understand guide to breaking the paycheck-to-paycheck lifestyle, Life & Debt is a good place to start.
While Gateway Bridge Press and Meryl L. Ross Media Relations did provide me with a review copy of this book, the opinions expressed here are 100 percent my own and were not edited by the publisher, author(s), or their affiliates. This post also contains affiliate links which help support this blog at no additional cost to you. Please read my full disclosure policy for more information.