Book review of Get Out of Debt! Improving Your Quality of Life by David and Marcia Rye.
This is the third book in the Get Out of Debt! series. This book covers areas such as buying a car, buying a house, insurance, retirement, and making extra money.
I really wish I would have read this before I started my path to adulthood. I still remember buying my first house. I knew nothing about buying a house. When they showed me the total loan amount I thought there was a mistake. Surely I wasn’t going to pay that much in interest.
Insurance is just as bad. I get my first job and HR hands me a stack of papers to sign. I had no idea why I would need life insurance or even how much. I just had to guess and turn everything in. Luckily, now I know better.
The chapter on buying a house is good, but I still don’t agree on a house being an investment. I usually hear someone say this because they are trying to justify buying a very expensive house.
I agree that houses go up in value. The issue is; you only make money when you sale the house. So if you sale the place you are living, then you have to live somewhere. This means you have to either buy another house or rent. The price you pay will be the new inflated prices. The market is relative. If you buy a house for 100,000 and sale it for 300,000 you made a huge profit, but you will still have to pay 300,000 for the same house. The prices rise all together. Your house is not the only house that goes up in price.
This book is filled with much useful information. All in all this was a great book.
Reviews for the other books in this series