Get MAD at Debt!

Some wag said, “Would you hire someone who’s broke to be your financial coach?”

Well, maybe not. But I will make an exception with Jayson Lo’s book Debtermined: My Debt Story, with a second tagline “take control of your finances and your life.”

One might think that after you’ve read one book about personal finance, you’ve read them all. I mean, how basic can you be? Earn, budget, save, invest, give.

But while many such books teach the nuts-and-bolts of sound finances, it is a rare author like Jayson who devoted a lot of pages – I estimate about half of Debtermined ?– to tackle how you think about money before he teaches how you handle money.

This makes a lot of sense. If I have a wrong view about money, then my money habits will be wrong. For example, why is one a spendthrift while another is a miser? Why do many people find it hard to make a budget, let alone stick to it? Where do we get nasty financial habits in the first place?

Most importantly, what are the solutions?

Debtermined answers these questions and more. The author draws from behavioral finance, which is like an intersection between finance and psychology. It helps to explain why would otherwise rational investors make lousy decisions? But instead of sounding like some dry academe, Jayson walks us through the core concepts in a friendly, engaging way.?Each of the book’s sixteen chapters is very readable at no more than ten pages. No judgments, no guilt trips here. You can tell he really wants you to prosper.

What’s more, Jayson writes from experience. He started his first business at age 18, earned his first million by age 22, then sales went sour and when he had to close them all, he was over ten million pesos in debt.

Now lesser mortals would file bankruptcy and bid “sorry na lang” to his lenders. Some actually commit suicide when faced with financial shame and ruin. But Jayson, out of integrity and principle, committed to pay back all his debts and succeeded after two years. He bounced back to become a highly sought-after speaker, author, and consultant.

Now that’s a financial coach I want on my side. If you don’t have the opportunity to have coffee with him, reading Debtermined is the next best thing. As I’ve mentioned, the first half of the book deals with the paradigm while the second half outlines the system.

In the first half, we learn valuable lessons like:

·????????How we really make buying decisions (hint: it’s not logic)

·????????Why many people say they want to get rich, but sabotage themselves

·????????Why earning more does not necessarily mean more wealth

·????????Why it’s not always a good idea to help people by lending them money

·????????How can you be rich… no, not with money, but in financial wisdom

·????????What’s better than investing in things

·????????How to write your financial statement (like a mission or purpose statement)

Mid-way in the book, Jayson introduces the battle-cry MAD. No, I won’t say what the acronym means; no spoilers here. But it is great memory aid in slaying the debt dragon.

The rest of the book fleshes out the MAD system. Here we are in more familiar ground: emergency funds, active versus passive income, needs versus greeds, and so on. But Jayson has this inimitable story-telling style that makes otherwise dull concepts come alive. For example, check out a laugh-out-loud exchange between him and his daughter Alexa that teaches us nobody overspends “by accident” (page 86-87).

If you want ideas how to earn more, then Chapter 13 is already worth the price of the book. Personally, I am reminded to turn idle time into productive time. Instead of soaking in Netflix, I can work out a side-hustle. Convert time into money.

Last but not least,?Debtermined talks about one oft-neglected aspect of financial freedom: spirituality. Sprinkled among the pages – but never preachy – are Jayson’s insights drawn from his staunch Christian faith. He shows how the Bible not only provides wisdom on money matters, but also how we can live contentedly and sleep well at night, the direct opposite of those who worry about runaway credit card debt.

All told, if you want to migrate from stressed to blessed, pick up Jayson Lo’s Debtermined. ?It’s an investment that loves to pay itself back!

To learn more about the author and his work, go to

https://www.dhirubhai.net/in/jaysonlo/

https://www.jaysonlo.com

Also check out his signature YOUnique books and talks, which match your personality style to your work, relationships, and the other aspects of life that are important to you.

Contact him the next time your organization needs a motivational speaker, workshop facilitator, or consultant.?

To order your copy of Debtermined, go to

https://shop.jaysonlo.com ? Books

The book is also available through Shopee and Lazada

About the Reviewer: Nelson T. Dy is an author, speaker, trainer and coach for career, relationship, and spirituality issues. His day job is being an Assistant Vice-President running two factories for a well-known beverage conglomerate. He is among the Top 100 Filipinos to follow on Linkedin in 2021.

Follow Nelson at https://www.dhirubhai.net/in/nelsontdy/ as he continues to share his insights through posts such as the one you just enjoyed.