This week’s book review is Right on the Money by Pat Robertson.

The first thing many readers would probably want to know about Right on the Money is the amount of spiritual influence found in its pages.  Author Pat Robertson gained fame as a televangelist, founding the Christian Broadcasting Network and hosting The 700 Club.  Right on the Money is not at all preachy.  While Robertson’s beliefs are certainly evident within the book (particularly in the introduction and the chapter on families), the book reads much more like it was written by a true financial expert with strong spiritual beliefs rather than a preacher who also knows something about finances.  Robertson balances his actions (”In my financial planning, giving takes precedence”) with the caveat that you may have different priorities and should tweak his generalized advice to your particular situation.  In one part, he specifically states that an implementation strategy is intentionally omitted, since you’ll need to tailor that to your situation.

The book starts with a concise summary of how the financial crisis occurred. So few people realize the chain of events that led to our current economic state that many would be well serve to read the book just for this point. I liked this book right from the start.  To paraphrase an early excerpt: “Ignorance is no excuse….nor has it served finances well.”  I couldn’t agree more.

Robertson advocates using the

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There are many similarities between eliminating debt and trying to lose weight.  Looking at those similarities can help you to achieve both once you have achieved one.  Here are just a few:

Progress takes time

Lotteries and surgeries aside, there are few ways to speed up either process.  Those who try shortcuts, get rich quick schemes and crash diets, usually end up worse off as a result.  The trouble is that the real solutions, the golden rules (below) take time and people want results now.  Carefully tracking your measure of progress, in pounds or in dollars, will allow you to see the small changes that add up over time.

They Affect the Majority

The average American household with at least one credit card has nearly $10,700 in credit card debt, according to CardWeb.com, and the average interest rate runs in the mid- to high teens at any given time.  A full 63% of Americans are overweight, according to

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As reported by The Digerati Life and elsewhere, Experian is terminating their relationship with Fair Isaac that allows consumers to access their Experian FICO score.  Starting tomorrow, Experian will continue to sell your FICO score to the banks and lenders that decide on your credit approvals, but will no longer give you a way to access the information.

So today is your last change to get your Experian FICO score.  You can access that individual score using the FICO Standard product from myFICO.com and choosing your Experian score.

Chrysler recently announced the Let’s Refuel America program which locks in gas prices at $2.99 per gallon. Here’s a clip from the press release followed by an analysis of whether the deal is worth it.

From the press release: “In response to direct customer feedback citing the prospect of rising gas prices as a top concern, Chrysler LLC today announces its own economic stimulus package: an exclusive gas price protection policy that eliminates the risk of further spikes in fuel prices. With the U.S. purchase of eligible Chrysler, Jeep and Dodge vehicles, customers can enroll in the “Let’s Refuel America” program and receive a gas card that immediately lowers their gas price to $2.99 a gallon, and keeps it there for three years. The offer is available at 3,511 U.S. Chrysler, Jeep and Dodge dealerships through June 2, 2008, and is available on vehicles ranging from popular new compacts, crossovers and minivans to full-size diesel-powered pickup trucks.”

The analysis:

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For a long time now, I’ve been free from all non-mortgage debt. As I quickly pay off my mortgage, I can already imagine the day when it too will be gone. While some people claim to be debt free in my current situation, nearly everyone would agree that I’ll be debt free once I finally pay off my mortgage. Looking at the meaning of debt, I am forced to ask whether anyone can ever be debt free.

The most basic monetary definition of debt is: Money owed to another party. Using that definition, I will forever be in the debt of the government as well as many service providers.

He are a few things I always expect to have to pay for:

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Creditors may forgive, but the IRS won’t forget. That’s the takeaway for many types of canceled debt. The forgiven debt is often seen as income subject to taxes.

For example, if you are unable to pay your credit card bill and negotiate with the card issuer to a reduced amount, the amount of reduction is what is subject to taxes. So if they are willing to accept $4000 even though you owe $5000, you’ll owe taxes on the $1000 that they forgave. Negotiating a lower interest rate for future payments

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