Sharon in SC Posted October 15, 2008 Share Posted October 15, 2008 I've not read this book nor can I find it at our local libraries or online for less than $45. Can anyone who has read it give us a general synopsis of the type of advice Larry offers in this read to contend with the economic woes we face today? :001_smile: Quote Link to comment Share on other sites More sharing options...
Camy-7 boybarians 1 lady Posted October 16, 2008 Share Posted October 16, 2008 I recently heard an interview on Focus on the Family w/ Larry Burkett and Dobson discussing this very book (the interview was from 1991 or 92). It was amazingly prophetic! You may want to check out Focus on the Family's archives to hear that discussion. From what I heard, the basic premesis is to stay within your means and get debt free ASAP. Blessings. Quote Link to comment Share on other sites More sharing options...
Sharon in SC Posted October 16, 2008 Author Share Posted October 16, 2008 From what I heard, the basic premesis is to stay within your means and get debt free ASAP. Blessings. Thanks for the response. Any mention of $ in 401Ks or the like - how to treat that? Quote Link to comment Share on other sites More sharing options...
Camy-7 boybarians 1 lady Posted October 16, 2008 Share Posted October 16, 2008 I must admit that I was listening to this program rather haphazardly, but I did not hear any mention of 401K's. Blessings. Quote Link to comment Share on other sites More sharing options...
PariSarah Posted October 16, 2008 Share Posted October 16, 2008 get and stay out of debt, own your own home, 6mos living expenses in the bank, investing in the stock market--would have the resources to take advantage of whatever happened in the event of an economic disaster. He didn't advocate anything different than he did for sound economies. Stay out of debt. Save. Tithe. These work no matter what kind of economy you're living in. So, I don't remember exactly, but I'm pretty sure he said to invest in your 401Ks, preferably in the stock market, especially when it's down. Take advantage of automatic investment plans if possible, so that you're buying more when it's down, less when it's up. Quote Link to comment Share on other sites More sharing options...
Denise in IN Posted October 16, 2008 Share Posted October 16, 2008 I haven't read the book (although I'd like to), but here it is at half.com for cheap: Original edition - 1991 Revised edition - 1994 Now if you do read it, you must come back and give us a report! ;) Quote Link to comment Share on other sites More sharing options...
Robin in Tx Posted October 16, 2008 Share Posted October 16, 2008 get and stay out of debt, own your own home, 6mos living expenses in the bank, investing in the stock market--would have the resources to take advantage of whatever happened in the event of an economic disaster. He didn't advocate anything different than he did for sound economies. Stay out of debt. Save. Tithe. These work no matter what kind of economy you're living in. So, I don't remember exactly, but I'm pretty sure he said to invest in your 401Ks, preferably in the stock market, especially when it's down. Take advantage of automatic investment plans if possible, so that you're buying more when it's down, less when it's up. That's my recollection about the book, too. It's been a long, long time since I read it. Other than that I think the book is dated. Doesn't it predict a financial catastrophe before the turn of the century? I might be remembering wrong... Quote Link to comment Share on other sites More sharing options...
Soph the vet Posted October 16, 2008 Share Posted October 16, 2008 I just read this this past summer! It could have been written today. I read the 1991 edition, it was in the church library. PariSarah outlined it pretty well. Some of the recommendations he made were based on different interest rates than we have today but overall it was just as she pointed out. It led to a discussion with dh about using our 401K to pay off the house at one point but we did not end up doing that. However we are using more to pay off the house instead of the 529 plan for awhile. Quote Link to comment Share on other sites More sharing options...
Sharon in SC Posted October 16, 2008 Author Share Posted October 16, 2008 I haven't read the book (although I'd like to), but here it is at half.com for cheap: Original edition - 1991 Revised edition - 1994 Now if you do read it, you must come back and give us a report! ;) Thanks, Denise, for this! My standard book search at http://www.bestbookdeal.com let me down this time! (Though, even when I Googled the title I came up empty handed). I appreciate your help. As for reading it, Parisarah did just a beautiful job of sharing the info I was looking for I may not bother! :tongue_smilie: Quote Link to comment Share on other sites More sharing options...
Sharon in SC Posted October 16, 2008 Author Share Posted October 16, 2008 get and stay out of debt, own your own home, 6mos living expenses in the bank, investing in the stock market--would have the resources to take advantage of whatever happened in the event of an economic disaster. He didn't advocate anything different than he did for sound economies. Stay out of debt. Save. Tithe. These work no matter what kind of economy you're living in. So, I don't remember exactly, but I'm pretty sure he said to invest in your 401Ks, preferably in the stock market, especially when it's down. Take advantage of automatic investment plans if possible, so that you're buying more when it's down, less when it's up. Thanks! This was exactly what I was looking for!! Quote Link to comment Share on other sites More sharing options...
Carol in Cal. Posted October 16, 2008 Share Posted October 16, 2008 but I remember that one of the concerns that he had was that he thought that the government would take retirement accounts. I can't remember if it was just pensions or also 401Ks, but I do think that he suggested having some investments outside of retirement accounts as well. And in answer to the question about it being 'dated', yes, I think it is a really dated book, but one of the main issues that he talked about was government debt, and that had actually decreased for a while but now is far worse than ever before. I don't totally believe the book, but it is interesting to consider some of the ideas. Quote Link to comment Share on other sites More sharing options...
PariSarah Posted October 17, 2008 Share Posted October 17, 2008 What the government giveth, the government can taketh away! I think that was one of the things I thought he was over-the-top on. I just can't imagine the gov't saying, "Okay, we're taking over everybody's IRAs now." But it's certainly foreseeable that the gov't could decide, for example, to tax Roth IRA distributions, or to take away the tax deduction for retirement contributions. Quote Link to comment Share on other sites More sharing options...
RebeccaC Posted October 17, 2008 Share Posted October 17, 2008 I could be wrong but I thought Dave Ramsey was a Burkettite. That he picked up Larry's mantale after Larry died from cancer. I could be off base on that but seems like..... Quote Link to comment Share on other sites More sharing options...
Carol in Cal. Posted October 17, 2008 Share Posted October 17, 2008 I could be wrong but I thought Dave Ramsey was a Burkettite. That he picked up Larry's mantale after Larry died from cancer. I could be off base on that but seems like..... ...and charging a lot for the same advice. Quote Link to comment Share on other sites More sharing options...
Jenn in Mo Posted October 17, 2008 Share Posted October 17, 2008 Someone please correct me if I'm wrong, but I understood that they had been friends and held very similar beliefs. DR gives lots of credit to LB in all of his material. As for charging a lot, I just don't see where that would be. His books cost money to buy, but so did LB's. His FPU costs $90, but it contains a LOT of stuff, including a leather envelope system. I think the money for this investment is more for the sake of the group of students participating,though there is $90 worth of stuff included, imo. Charging $90 practically guarantees participation. When you sign on to something like this, it is difficult to commit to being at every class. It is easy to slack off and not do the assignments. The classes are small-ish and work with encouraging each other. That isn't easy to do when half of the students don't show up or don't know what the assignment is when they do show. It benefits the co-students and the student himself - if he is more committed he'll get more out of it. But, for those not wanting to do it in a group, the FPU book is available used and in church libraries. If you take the class code from the front of his book and enter it on the site, they still give you access to all of the material you could need. The site even asks if this is where you received the book. It doesn't discourage it at all. I think that's pretty generous. Quote Link to comment Share on other sites More sharing options...
Jean too Posted October 18, 2008 Share Posted October 18, 2008 My local library has a copy. Can your library get it for you through interlibrary loan? Quote Link to comment Share on other sites More sharing options...
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