The Debt-Free Millionaire E-Book

Anthony Manganiello

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 407

Veröffentlichungsjahr: 2009

Beschreibung

PRAISE FOR THE MILLIONAIRE DEBT-FREE "The Debt-Free Millionaire is a clarion call for a generation that was brought up on spending tomorrow's money today. As someone who spent time in the financial services industry, I can unequivocally state that Anthony's pragmatic and refreshingly contrarian approach to the real secrets of cash-flow management--and leveraging the credit system--are a breath of fresh air in a smog-choked world of misinformation and confusing financial advice. I can think of a million reasons to read it." --MICHAEL DIFRISCO President, BrandXcellence "Read this book. Do what it says. Start living the dream. If you're ready to take charge of your financial future, this is the place to start." --KEITH J. CUNNINGHAM Keys to the Vault & Business School for Entrepreneurs "The Debt-Free Millionaire offers unique insights, little known strategies and easy-to-understand practical tools to first manage then eliminate debt. It is a must read for both consumers and financial professionals to better explain the often complex world of debt management. More like getting sensible advice from a good friend than a technical financial advisor." --ROY BALFOUR President of Ro???Mart Inc. "Tony has produced a clear and straightforward guide to debt, and how to eliminate it, that is as timely as it is needed. Anyone who follows the program in this book will be glad they did." --JEFFREY K. MEEK Former Vice President-Recovery Operations, WaMu Card Services "Great for readers of all ages and in all financial stages. This isn't one of those get-rich-quick schemes. This book provides a foundation for a paradigm shift in your thinking process and allows for you to see how to achieve the seemingly unachievable. I was hooked from the beginning!" --JENNA KEEHNEN Executive Director, www.USOBA.org

Leseprobe

Table of Contents

Praise

Title Page

Copyright Page

Dedication

Foreword

Acknowledgements

Introduction

What You’re Going to Learn

What Is Wealth?

How Money Works

The Debt Dollar Drain™

Am I Serious? Do I Think That You Can Really Become a Debt-FREE Millionaire?

STEP 1 - UNDERSTANDING DEBT AND CREDIT

CHAPTER 1 - What Is Debt?

Good Debt/Bad Debt?

What Debt Really Is

Fuzzy Math

CHAPTER 2 - What Is Credit?

The Definition of Credit You Need to Know

Your Credit Score

Your Credit Report

Your Financial Circumstances and Behaviors

Hold On—Don’t Go Requesting Your Credit Report Just Yet

STEP 2 - IDENTIFYING WHERE YOU ARE SO YOU CAN DETERMINE HOW TO GET TO WHERE ...

CHAPTER 3 - The Cash-FLOW Analysis and Why You Need One

The Cash-FLOW Analysis: The Starting Point

Why You Need a Cash-FLOW Analysis

What’s the Difference between the Cash-FLOW Analysis and That Free 20-Minute ...

The Industry within an Industry

What Does All This Mean?

Now That You Know What the CFA Is and Why You Need One . . .

CHAPTER 4 - Doing Your Own Cash-FLOW Analysis

The CFA Categories

The Personal Financial Information You’ll Need to Complete Your CFA

Completing the CFA

Final Thoughts Before We Continue

CHAPTER 5 - Inside the Numbers: Different Categories of CFI

Having a Healthy CFI

Having an Adequate CFI

Having a Poor CFI

The Debt & Credit Solutions Stairway

It’s Time to Start Climbing

STEP 3 - USING THE RESULTS FROM STEP 2 TO CHART YOUR COURSE TOWARD BECOMING A ...

CHAPTER 6 - A Little Deeper Inside the Numbers: Potential Credit Impact of ...

Strategically Applying Your CFI

The Snowball Effect

Can You Really Pay Off Debt That Fast?

But What If I’m Barely Breaking Even Each Month?

Overall Summary of Potential Credit Impact

CHAPTER 7 - A Little Deeper Inside the Numbers: When Your CFI Requires Mortgage Restructuring

Let the Descent Begin

The Need to Restructure Your Debt

The Potential Impact of Mortgage Restructuring on Your Credit

Summary

CHAPTER 8 - A Little Deeper Inside the Numbers: When Your CFI Requires Debt Management

The Fortunado Financial Descent

Credit Counseling/Debt Management Programs

Financial Realities Begin to Hit the Fortunados Again

How You Can Estimate If a Credit Counseling/Debt Management Service Payment Can ...

The Potential Impact of Credit Counseling or Debt Management Services on Your Credit

Summary

CHAPTER 9 - A Little Deeper Inside the Numbers: When Your CFI Requires Debt Settlement

Economic Realities in the Workplace

What Is Debt Settlement?

Why I Think Debt Settlement Is Necessary

Debt Settlement and Collections

Whys and Why Nots for Debt Settlement

How You Can Estimate Whether a Debt Settlement Service Payment Can Improve Your CFI

The Potential Impact of Debt Settlement Services on Your Credit

The Credit Rebound

Summary

CHAPTER 10 - A Little Deeper Inside the Numbers: When Your CFI Requires Bankruptcy

Bankruptcy

How Did You Get Here, Anyway?

Potential Credit Impact of Bankruptcy Filing on Your Credit

Summary of the Effects

Marketplace Realities for Lenders

A Few Things to Consider before Filing for Bankruptcy

“Too Good to Be True” Debt-Relief Options

STEP 4 - INDENTIFYING AND DEFINING YOUR RETIREMENT NEEDS, AND CREATING A TIME ...

CHAPTER 11 - Accumulating Wealth and Retiring Rich

The Story Starts with You

Adjusting Your Income for Inflation

What Will the Fortunados Need to Replace Their Income Upon Retirement?

Inflation and Retirement

The Final Retirement Variables

CHAPTER 12 - It Takes Money to Make Money: Accumulating and Living Off Your Wealth

The Rate of Return during the Wealth Accumulation Phase

The Rate of Return during the Wealth Accumulation Phase

Factor 1: The Time between Your Debt Freedom Date and Retirement

The Rate of Return When You’re Living Off the Wealth You’ve Accumulated

Factor 2: The Knowledge You’ve Gained about Investing

STEP 5 - LETTING IT ALL SINK IN

CHAPTER 13 - Change Is a Comin’

A New Perspective

The More Money Myth

The Income Shovel

Success is a Journey

Financial Mind Games

Let’s Catch Our Breath

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

Within the Next Three to Seven Days!

Within One Week of Completing Your Cash-FLOW Analysis

After You’ve Completed All of the Action Steps

CHAPTER 15 - What about Our Economy?

Spending and Borrowing

The Spending Wall

Econo-Me

CONCLUSION

APPENDIX A - The Cash-FLOW Analysis Work Sheet

APPENDIX B - Estimating Your Debt Elimination Time Frame

APPENDIX C - Sample Amortization Tables

APPENDIX D - Income Adjusted for Inflation

APPENDIX E - Future Wealth (Nest Egg) Estimator

APPENDIX F - Debt Payment Wealth Impact

APPENDIX G - Should I Save First?

APPENDIX H - Putting Your Debt-FREE Millionaire Plan on Cruise Control

Glossary

Notes

About the Author

Index

Additional Praise for

The Debt-FREE Millionaire

“Anthony Manganiello tells it like it is! His book will guide you through practical insights that touch home with just about everyone. Follow his direction on taking charge of your financial life and you will become debt free and secure in your golden years.”

—Tony PickettConsumers Alliance Processing Corporation,a Debt Management Organization

“At a time when both the United States and the world itself are facing the worst depression the planet has seen in over 75 years, Mr. Manganiello has created a very timely and powerful self-help tool for cash flow burdened America. His work is more than a mere lifesaver for those who are drowning in debt. It is truly chicken soup for the financially troubled soul.”

—Lee NewlinSuperior Debt Services, Inc.

“This book can secure your financial future. It does not matter at what age you make the decision to become a Debt-FREE Millionaire, these strategies work. The message is that the time to change your life is now because the basic principles apply in good times and in bad times.”

—Donald LeibskerAttorney at Law

“As a pastor I am always looking for practical tools to help my congregation get disentangled from the deceptive web of debt and become faithful stewards of their finances. Tony not only gives us a reliable compass to navigate this confusing financial world we live in with the “Cash-Flow Analysis,” but also gives us what should be the standard field manual for anyone considering using a debt-management company. A must read!”

—Mel WildSenior Pastor, Cornerstone Church

Copyright © 2009 by Anthony Manganiello. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging-in-Publication Data:

Manganiello, Anthony.

The debt-free millionaire : winning strategies to creating great credit and retiring rich/Anthony Manganiello.

p. cm.

Includes bibliographical references and index.

eISBN : 978-0-470-52888-4

1. Debt. 2. Finance, Personal. I. Title.

HG3701.M26 2009

332.024’01—dc22

2009013317

To:

My mother, Peggy, who never stopped believingin me (even when I did). I love you, Ma.You’re the best!

John and Lois Cummuta, my father-in-law andmother-in-law. In response to the list of blessingsyou’ve given that is much too long to list andcontinues to grow, all I can say is, “Thank you.”Pop, there is no better mentor on the planet.

My wife, Stacyann, whose support, love, anddedication inspire me more than words canexpress. You are my Wonder Woman!

My five boys, Dominic, John, Michael, Nico, andLuciano. You are my greatest joy and blessing onearth. Your daddy will never be able to love youenough, but I’ll never stop trying.

My Lord and my Savior, Jesus Christ.

My greatest love of all.

Foreword

For nearly two decades I’ve had the privilege of helping people all around the world get out of debt and build financial security, and in a time where every other commercial on TV and radio seems to be from someone promising to solve your debt problems, I could number on one hand the people I would trust to help you actually do that. Tony Manganiello would be at the top of that list.

I’ve known and worked with Tony for more than a dozen years and I’ve watched him grow from someone who understood personal finance and investing to someone who is now one of America’s true authorities on personal credit and debt intervention services. But more than that, Tony understands how people get into the debt trap, how various solutions could help them get out, and (most important) how to determine which solution would work best.

He can look into a person’s financial situation like Neo looked into the Matrix, and see the numbers moving around. From that chaos, he can filter the relevant facts and point that person to the optimum solution for his or her reality. This clarity has given thousands of his clients assurance about their current condition and hope for their future.

His understanding of credit law and the capabilities of various debt mitigation services has protected many of those families from choosing the wrong solution for their individual situations, and it has brightened his blip on the debt services industry radar to the point where he is now a respected board member of the United States Organization for Bankruptcy Alternatives, an expert witness at government legislative committee hearings, and a sought-after speaker at national credit and debt-solution conferences.

However, the main reason I would trust Tony is his character. His ethics, morals, and judgment have rung true for all the time I’ve known him. He’s not just concerned about the numbers in a person’s or a household’s financial life. He’s principally concerned with their quality of life, and how fixing the numbers could improve that quality.

The most important tool Tony has developed in his years of helping families and individuals is his Cash-FLOW Analysis™, a proprietary financial assessment tool. The CFA, as he calls it, is a financial GPS in my mind. If someone were to ask me, “How can I find out exactly where I am, financially, and see exactly how to get to where I want to go?” I would point that person to the CFA. Like a GPS, the CFA sorts facts from feelings and draws out a course-line through any near-term obstacles to your desired destination. When your instincts might be to take one course but the facts require a different direction, the CFA will show you the right way.

Another purpose Tony’s CFA serves is that of a truth serum, and in some cases a lie detector. It’s a truth serum in that it takes a person’s or a household’s real income and expense numbers and tells them the truth about where they are financially. I’m often amazed at how people can significantly misread their current financial reality, even though they’re the closest to it. The CFA is a lie detector in that it quickly zaps the fairy tales people in deep financial waters often tell themselves to avoid dealing with reality.

But his deep understanding of personal finance math does not adequately define Anthony Manganiello. He’s a husband and father who adores his wife and five young sons. And because he has a family with all its needs, he can relate to the financial challenges you may be facing: challenges that have pushed him near the precipice, but challenges that he worked his way through, gaining experience and wisdom along the way.

However, personal finances are not just about overcoming the past and salvaging the present. They’re principally about creating the future. Like all family men and women, Tony wants the brightest possible future for his loved ones . . . and for yours. So for that reason The Debt-FREE Millionaire doesn’t leave you with the CFA’s verdict on your current situation. The real thrust of this book is Tony’s desire for you to achieve true, debt-free financial independence—the kind where you can live off the proceeds from your investments. So he finishes his work here by helping you define your retirement aspirations and create a path and time line to get you there.

In this book you’ll quickly see that this man knows what he’s talking about, and that he sincerely wants his knowledge to help you transition from financial impossibility to possibility, then to probability and to reality. You really can become debt free, and most Americans can become debt-free millionaires. In this book Tony Manganiello will show you how.

JOHN CUMMUTAAuthor, The Transforming Debt into Wealth®System

Acknowledgments

There have been so many who have helped guide me through life’s ups and downs. Of all of them, I would be incredibly remiss if I didn’t take the time to thank John Cummuta, my father-in-law. Without him, hundreds of thousands of people would have never learned what true debt elimination is all about, including me. He started the revolution; I only hope to continue the battle.

Additionally, I absolutely must take the time to thank my wonderful wife, Stacyann. In writing this book, I’ve had to hide away many nights, leaving her to juggle our five munchkins. Without her never-ending support this book would still be only an idea. I doubt I’ll ever truly deserve you.

I also want to thank Chip MacGregor, my agent; Debra Englander, my editor; Kelly O’Connor, my developmental editor; and all the great folks at John Wiley & Sons who made it possible for this idea to become a reality.

Special thanks to all the folks I’ve had the pleasure of working with over the years, especially Tammy, Lisa H., Machelle, Mel, Maureen, Lisa F., Rob, Bob, Karen, Lisa W., Mickey D., Amy, Lynn, Missy, Annette, Verna, Tonyha, and all the rest (you know who you are). You are all true soldiers!

Finally, I must give praise, honor and glory to Jesus, my King. Thanks to him, this lump of clay may be able to help a few people—and, if I’m lucky, bless a few as well.

ANTHONY MANGANIELLO

INTRODUCTION

Setting the Stage

What the mind of man can conceive and believe, it can achieve.

—Napoleon Hill

When you think of a millionaire, what image springs to mind? What type of person does your imagination conjure up to fit the “millionaire” bill? Is it the image of a successful businessman or businesswoman you know? Maybe it’s a clearer picture of Bill Gates, Warren Buffett, or some sports superstar or other celebrity? As your mind explores these various options, chances are you probably can’t think of someone you actually know who is a millionaire. And if you can, it’s likely the millionaire you can think of is a mere acquaintance at best. After all, how many people actually know a millionaire?

Whatever your millionaire image may be, I have news for you: I’m fairly certain that you’re on a first-name basis with one. In fact, I can almost guarantee that there’s a millionaire in your life right now—one that you’re not only on a first-name basis with but also dining with, vacationing with, and even sleeping with. The millionaire I’m talking about is . . . you.