Debt Man Walking (A 10-Step Investment And Gearing Guide For Generation X):

Wrightbooks publishing (2008)

Written by Bruce Brammall

Review 3 Stars – Good Read

How the blurb describes the book:

The key to wealth is a four letter word.

Debt, growth assets, and time are the perfect ingredients for Generation X to create real wealth.

If you were born in the ‘60s or ‘70s, remember Billy Ray Cyrus, BMX Bandits, Sony Walkmans, the fall of the Berlin Wall, “Who shot JR?”, the dot eating Pac-Man. Are you wondering how any of that could improve your financial position – then this book is wa-a-a-y overdue.

Debt Man Walking will have you marching to a different financial beat, because Gen X’s money needs are distinctive. Inside this book you’ll discover:

·         How to maximise your opportunities using investment debt

·         That there are actually three types of debt: dumb, okay and great

·         That your “relative” youth plus diversification = wealth

·         How you can double your super nest egg in 15 minutes

·         Why life as a Gen Xer is an excellent adventure... dude

“Do yourself a favour ...  get a copy of Debt Man Walking; brilliant; great vibes and memories. A definite hit!”  Ian “Molly” Meldrum, Countdown host and Australian music guru.

“A masterstroke, Debt Man. An awesome effort and must read book if you are thinking of gearing to invest.” James Tomkins, triple Olympic gold medallist and Oarsome Foursome member.

“Bruce has a real knack for simplifying finances. With Debt Man Walking he’s laid down a compelling case for Gen Xers to step up to the plate now and take control, complete with an explanation of how to do it, and a rare sense of humour.” Alan Kohler, ABC finance presenter and publisher of Eureka Report.

“Bruce takes the boring lexicon of personal finance and makes it interesting to a generation reared on the wonders of Michael Jackson’s Thriller, Dire Straits’ Lover over Gold, and Hitwave 81 (various artists). Hopefully his personal music taste has moved on since then!” Tom Elliott, managing director of funds manager MM&E, Capital and Finance commentator.

Bruce Brammall is a successful investor, bestselling author, financial adviser, business journalist, columnist ... and, by pure luck, a Gen Xer. Now, as Debt Man, he has donned his gearing cape, exited the phone box, and is ready to save his Slacker generation with a clearly articulated 10-step plan to help them supercharge their finances.

Mr Home Budget’s Review: Maybe I’m the wrong person to review this book.

1.       I don’t consider myself a Gen Xer (strike one) which the book is aimed at.

2.       I hate debt (strike two) which the book encourages.

And finally after reading this book, my opinion on debt is the same (strike three). Bruce, the author has not sold me on using debt to increase my wealth. The book seems to promote high-risk strategies using debt as leverage to raise your position. This is on the basis of shares and house prices always go up over the long term.  

This book clearly tells you right away, that it’s not going to give you tips on how to save money. It’s not about how to set up your home budget. It’s about using debt to create money. It asks an interesting question, "Should you start investing before you pay down your debt?”

Don’t misunderstand me; there were parts in the book that I did enjoy. One of the better aspects of the book is that the author gives you a risk assessment test. This is designed to see just how big a risk you are happy to take. And if you do want to follow his advice about getting in debt, how far you should push it. However, he then gives you advice that you should up your risk level! This does not sit well with me.

One of the better lines in the book which we both agree on is: “Delayed gratification is the first universal law of money. And it’s obvious. If you spend $1000 now, you don’t have it for the future. If you don’t spend that $1000 now, you will be able to turn it into $2000 to spend in the future.”

I do take my hat off to the author. In this book there is a chapter called Home Investment Central. He talks about the differences between buying and renting; plus why property prices go up and down. Also he has a great chapter on superannuation. But these are rare areas where we agree, there are hundreds of pages where we are total opposites.

One of the more peculiar things is, at one stage during the book he quotes Warren Buffett, the world’s second richest man; he tells his readers to do more research on Warren. This strikes me as weird, as Warren is well known for hating debt with a passion. Yet here we have Mr Debt Man Walking, telling us Warren is one of the most successful people on the planet!

If you are looking for a book which can tell you how to borrow $5 for every $1 you have, this is it. However, if you want to grow wealth without risking everything, stay away.

Pros: A very good chapter on buying your own house.

Also a good chapter on superannuation.

Cons: There are times in this book when I thought, “What the hell are you talking about?” I really didn’t understand.

Can be quite rude to people outside his Generation Xers. It’s almost as if because he has targeted them to read this book, it’s open season for everyone outside this generation.