Financial Recovery

May 15, 2011

McCall, founder of the Financial Recovery Institute, defines financial recovery as "a process that helps you develop a healthy relationship with money that is both healing and life changing." She describes her own traumatic issues related to large debt and waiting until near financial ruin and desperation to attempt recovery. She clearly explains ways for individuals to relinquish debt by reevaluating their behavior with money and preparing a strategy for rebuilding finances. Covered topics include examining one's relationship with money (involving hiding financial woes from family and friends, shame, obsession, and denial); exploring how people get in the same money troubles repeatedly (the money/life-drain); understanding the differences between individuals' needs and wants; looking at the nitty-gritty of financial recovery; creating a spending plan; understanding the interaction between savings and debt; and ultimately developing "sterling money behaviors." The author uses case studies to illustrate her points and includes questions for readers to ponder about their own financial situations. VERDICT McCall offers sound, practical advice for anyone interested in learning to maintain financial solvency and, especially, those needing to get out of debt and reclaim their financial lives.--Lucy T. Heckman, St. John's Univ. Lib., Jamaica, NY

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