Book Summarydfree, by DeForest B. Soaries Jr.

1-Page Summary1-Page Book Summary of dfree

The challenge of being encumbered with personal debt and the struggle of being financially constrained.

Soaries believes that people from different social backgrounds within the United States are heavily encumbered by the responsibilities of consumer debt. He draws a powerful analogy to underscore the pervasive and grave issue of consumer debt, comparing it to the oppressive historical system of bondage. Numerous individuals are trapped in a contemporary form of bondage, driven by the ease of obtaining credit and societal pressures that push them to incur expenses beyond their financial means, resulting in a perpetual cycle of debt, postponed bill settlements, and a constant scarcity of funds.

The pervasive issue of consumer debt and its crippling effects

Soaries highlights alarming statistics that illustrate the widespread issue of indebtedness among individuals in American society. He references statistics that demonstrate a marked increase in household debt from 1980 to 2008, emphasizing the surge in the typical credit card debt carried by families and the increase in the prevalence of homes with monthly revolving credit card debts. The pervasive problem of personal debt, exacerbated by the financial turmoil of 2008, is evident as numerous people struggle to handle their financial obligations and carry substantial credit card balances. Soaries contends that this scenario is unparalleled and indicative of a more profound cultural and moral dilemma.

Many people in the United States find themselves trapped in a continuous loop of owing money for their purchases, which can be likened to a modern form of enslavement.

Soaries is of the strong conviction that carrying consumer debt is akin to being enslaved. He understands deeply the significant implications of this comparison, particularly in light of the terrible history associated with slavery. However, he determines that no other phrase completely captures the draining and life-depleting consequences of overwhelming monetary commitments. Soaries argues that while our ancestors suffered through enforced labor and physical captivity, we willingly imprison ourselves economically through our spending habits and reliance on debt. Our financial liberty is constrained as we incur high borrowing expenses and continuously endeavor to maintain a lifestyle that exceeds our financial capacity, which frequently results in penalties for overdue payments. Our happiness is diminished by this self-imposed captivity, which limits our freedom, stifles our potential, and takes away our joy.

Factors...

dfree Summary Developing a plan and fostering a mindset committed to achieving financial independence.

Soaries emphasizes the need for a holistic approach to break free from economic enslavement, highlighting that the solution goes beyond mere knowledge and information, requiring a plan that changes our perspective, behavior, and the fundamental motivations that guide our financial choices. He emphasizes the importance of aligning our financial goals with our deeply held moral beliefs to create a strong foundation for change, pursuing a supportive community for accountability, and formulating a comprehensive plan with specific objectives and timelines.

Embracing a mindset focused on accountability and self-empowerment.

Soaries emphasizes the necessity of a profound transformation in our perspective and spiritual approach to handling finances. He emphasizes the significance of personal accountability, urging us to take ownership of our choices and to reject the widespread tendency to see ourselves as victims that is woven deeply into our societal framework. Our sense of value is rooted not in our economic standing or possessions, but in our spiritual bond with the divine. Embracing this new perspective empowers us to steer our financial destiny and consciously choose options...

dfree Summary Implementing successful strategies to attain freedom from monetary commitments.

Soaries underscores the significance of making intentional choices and altering routines when dealing with financial responsibilities. He inspires his audience to identify and cut unnecessary spending, prioritize the repayment of high-interest debts, and use the momentum from early small victories to accelerate their path to financial freedom.

Adopting a lifestyle of sacrifice and altering one's expenditure patterns

To achieve our financial goals, Soaries emphasizes the importance of altering our spending habits and making essential reductions. This involves pinpointing opportunities to reduce spending on non-critical items, including meals at restaurants, recreational activities, and spontaneous buying decisions. He encourages embracing a way of living focused on economical spending, differentiating between true necessities and simple wants, and exploring creative ways to save money. He emphasizes the importance of delaying instant gratification, pointing out that short-term sacrifices lay the groundwork for attaining financial freedom in the future.

Identifying ways to decrease expenses and sell off assets to accelerate debt clearance.

Soaries advises individuals...

dfree Summary Building long-term financial security and prosperity

Soaries advises readers to actively shape their financial destiny rather than simply reacting to present circumstances. This involves creating a systematic strategy for assigning and dispersing one's estate to heirs after the individual's death.

Maximizing income through wise investments

Soaries underscores the significance of keeping a focus on long-term financial stability. He underscores the opportunity to grow wealth progressively, pointing out that the tactics used by lenders to gain from interest can also be applied to improve an individual's economic standing through wise investment decisions.

Grasping the concept that explains how investments grow over time, often referred to as the "Rule of 72"

Soaries emphasizes the powerful impact of how interest, when earned, can generate further interest, leading to a rapid increase in the original investment over time. DeForest B. Soaries Jr. illuminates the technique for estimating the period required for an investment to double in value, which involves dividing 72 by the annual return percentage, a principle referred to as the "Rule of 72." Soaries inspires readers to harness the potential of consistent investment...

dfree Summary Helping individuals achieve financial freedom.

Soaries argues that achieving financial freedom serves not only as an individual achievement but also as an opportunity to elevate our neighborhoods and impact the wider social environment. He believes that our financial behaviors reflect our core ethical values and that adopting the dfreeTM mindset will naturally extend beyond individual gains, fostering a readiness to distribute and contribute resources to the community.

Cultivating a mindset of giving and responsible management

Soaries motivates his audience to adopt a mindset of benevolence and responsible management of resources, understanding that achieving financial independence serves not just personal gain but also as a way to positively impact the divine realm. This involves shifting one's mindset from a focus on amassing wealth to prioritizing altruism and providing support to our community.

Acknowledging the importance of making contributions through tithes and offerings.

Soaries shares his personal journey with tithing, highlighting the prevalent misconceptions and the benefits that arise from a genuine commitment to supporting the holy mission. While acknowledging the scriptural basis of tithing –...