Slaying the Debt Dragon: Book Review
A few months ago I had the privilege of attending the Writer’s Boot Camp in Denver, Colorado. Right before we finished the conference, our bootcamp "drill sergeants" gave us a copy of a book written by a previous bootcamp cadet: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After, by Cherie Lowe.
Receiving free books might be my top love language, so I was fired up to get a free book. But, our family is not currently in debt, so when I got home I didn’t rush to read the book. That all changed a few weeks ago when I realized our family needed to "up our game" in the finance arena. While we are not in debt (outside of house debt), I needed to get some reminders about how to better steward our finances and how we can be better stewards of all the resources God has entrusted to our family. I am so thankful I read this book.
If I’m honest, I don’t like to talk about money and I sure don’t like to write about it. Therefore, you won’t see many posts about money on my blog. MY BAD. The need to address finances is huge. After all, this is a marriage/relationship blog.... Financial issues play a huge part in every marriage, and the inability to discuss and work through financial struggles and tensions is often one of the biggest drivers of divorce.
Money is a personal and emotional issue for each of us. Lowe writes, “Relationships and money are knit so tightly together that it is impossible to separate the two without creating a ridiculous mess. The ways we spend money can be deeply emotional.”
Most couples don’t know how to talk about money.
Many individuals struggle with consumerism, comparison and stuff.
When we want to steward our finances in a God-honoring way or pay off debt, we fight against culture. Lowe writes, “With such easy access to payment plans, financing, loans, and credit cards, it’s easy to understand why so many people are confused or even critical of those who commit to paying off debt."
The author tells their family’s story of how they paid off a debt of $127,482.30. They called their debt the dragon and Cherie is known as the Queen of Free. That led her to the unique title and theme of her book.
Here are a few of my highlights:
Lowe offers honest, practical questions and assignments for the reader as well as a discussion guide in the back of the book. She makes the book much more than just some pages to read. The questions call for honest responses and practical suggestions/exercises to get out, or stay out, of debt.
She challenges the reader to DO SOMETHING! Don’t just say you want to change. Make the changes you need to make for real life change. Most of the suggestions are small decisions we can all make every day, not drastic changes in our lifestyle.
Lines like this: "Saying no is challenging, but it is the most successful way to pay off debt." (Tweet that!)
For the married reader:
She rightly challenges the reader to view all debt and assets as the couple’s, not an individual's. In other words, when one spouse brings $50,000 of debt into the marriage, it’s their debt as a couple, not just the individual's. In the same way, the assets you bring into marriage become both of yours, not just the individual's. This is what happens when two become one flesh (Genesis 2:24-25).
When Kristen and I got married in 2001, she inherited from me some consumer debt and car debt. I am so thankful she never looked at that debt and said it was my burden. We took it on together and got out of both debts as a family.
In the same way, it would be ridiculous for me to look at my income from my job as MY income and not hers. When you are one flesh, you share burdens and joys, debts and assets.
Communicate, communicate, communicate. About money and about everything else in life and marriage.
She includes an entire chapter on eating out and groceries. So practical and helpful. Her husband went over two years without eating out at a restaurant! #convicting
She also includes chapters on holidays, birthdays, and back to school stewardship and financial wisdom.
Her chapter on leading their children encouraged and challenged me. We have some work to do with our children.
She did include a few short sections I could have done without (i.e. make your own detergent), but these were few and far between. Even when I didn’t like some of the suggestions, I knew they all were small decisions they made that allowed them to slay their debt.
Real stories of life change from other families who were in significant levels of debt. She also includes a few sidebars from her blog that offer good, practical suggestions for families in debt.
Last, her story is just downright inspiring. As a couple, they had over $127,000 in debt. They overcame the near impossible in a way that our world/culture never offers. Through sacrifice, teamwork and obedience to God’s Word, they slayed the debt dragon. I give Slaying the Debt Dragon the highest recommendation. Whether you have no debt, a small amount of debt or six figures worth of debt, you will learn from this book and will be challenged in how you steward your financial and material resources.
In Part 2 I will share the testimonies of four couples (friends of mine) who 'slayed' over $440,000 in debt!