Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money

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Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money [Paperback]

Michael Mihalik
4.6 out of 5 stars  See all reviews (42 customer reviews)

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Book Description

February 28, 2007

Third printing, October 2010


Michael's focus is definitely for anyone who is in debt and wants some no-nonsense simple systems to bail out of it.
-- Janine Bolon, founder of SmartCents Inc and author of 'Money...It's Not Just for Rich People' and 'Ditching Debt'

This book doesn't waste time making its points, and there are many very good points. Michael Mihalik is a good teacher, and Debt is Slavery is the kind of how-to manual that should be handed out like tracts at an airport.

Debt is Slavery is a great personal finance book, one of the best I've read.

The book is lean and mean - it doesn't mince many words at all. If direct and clear advice is what you're looking for, you can't do much better than Debt is Slavery.

Debt is Slavery is packed full of content and it prompted me to action. This book made so much sense to me and I think it helped me realize my true priorities. Your book is making a huge positive difference in my life. Thank you.

Book Description

In his book, Debt is Slavery, Michael Mihalik describes the 10 steps he personally used to gain control of his finances and pay off a large amount of debt.

The key to Mihalik's method is changing the way people think about money. Mihalik contends that people who do not change their perceptions about money will never succeed in improving how they handle their finances because all action is born from thought.

Mihalik's first technique is described in the title - equating debt with slavery. While this idea may seem extreme to some, people who are burdened with debt will definitely understand how borrowing money puts them in financial servitude to the lender. Successfully equating debt with slavery stops people from accumulating more debt, which is the first step towards recovery (similar to stopping the leak in a sinking boat prior to bailing out the water).

Mihalik goes on to describe other powerful ideas such as equating money with time (to eliminate unnecessary spending), evaluating the hidden cost of possessions, and avoiding the insidious influence of ubiquitous marketing. As the reader progresses through the book, their perceptions about money will transform until by Chapter 9, they will truly believe they can 'Save 50 Percent of Your Salary'. The book ends with an in-depth description of a simple way to plan your finances.

The author states in the introduction that because people are busy and do not want to be distracted by 'fluff', he has boiled the book down to the absolute basics. The result is a hard-hitting book that is 128 pages cover-to-cover. There is a gem on every page and even the busiest person can find time to read this powerful book.

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Editorial Reviews

From the Publisher

In the past, Americans were taught to avoid debt. Now, we are persuaded to embrace it. The process starts early--high school students receive credit card solicitations although their only income may be from babysitting or mowing the neighbor's lawn. We take on debt without realizing that doing so subjects us to financial servitude--a form of slavery--in which our bills determine when and how much we work, often at jobs we don't even like.

The result? U.S. consumer debt recently hit an all-time high of $2.35 trillion and millions of Americans are struggling to make ends meet.

Debt is Slavery offers hope. The book takes a unique approach to personal finance by focusing on changing the way people think about money. The author uses his personal triumph over paralyzing debt to illustrate 10 lessons that will transform the reader's relationship with money so they too can pay off their debt, reclaim their freedom, and lead more fulfilling and prosperous lives.

About the Author

Michael Mihalik accumulated a huge amount of debt by using credit cards to finance a lifestyle he couldn't afford. He struggled with debt for years before discovering that before he could change how he handled his finances, he had to change the way he thought about money.

He created 10 ideas and techniques that literally transformed his life. Today, he is debt-free and financially secure. His book, Debt is Slavery, teaches others how to use the same ideas and methods to gain control of their finances, pay off their debt, and experience more fulfilling lives free from the shackles of debt.

Product Details

  • Paperback: 128 pages
  • Publisher: October Mist Publishing; 1st edition (February 28, 2007)
  • Language: English
  • ISBN-10: 0978545702
  • ISBN-13: 978-0978545703
  • Product Dimensions: 1 x 5.5 x 8.5 inches
  • Shipping Weight: 5.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (42 customer reviews)
  • Amazon Best Sellers Rank: #107,875 in Books (See Top 100 in Books)

Customer Reviews

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Most Helpful Customer Reviews
23 of 23 people found the following review helpful
4.0 out of 5 stars Debt is Slavery,... Free Yourself Starting NOW November 18, 2008
Great titles are usually short, to the point, and interesting enough to cause even casual book browsers to stop and think. Occasionally, the rare title does the aforementioned while highlighting uncomfortable, yet powerful, truths. "Debt is Slavery" by Michael Mihalik is one of those titles. Better still, its one of those books that is tightly focused on the kinds of truths that can make a profound difference in the lives of real people - many of whom are struggling to navigate their way through our consumer society.

Let's face facts, from the explosion of credit cards starting in the 70's, to the growth of easy consumer credit over the past two decades, to the advent of N.I.N.J.A. (No Income, No Job, No Assets) home loans in the current era, the American Dream has turned into a financial nightmare for the vast majority of Americans.

Turning this around is no easy task. But, it starts with people, one at a time, educating themselves and then acting on the knowledge they obtain. Mihalik does the educating quite well by pointing out in succinct fashion many timeless truths:

* Money IS Time
* Possessions ARE a Prison
* There IS an Ongoing Campaign to Separate You from Your Money
* Money BUYS Freedom, and

Most importantly, the short direct tone of the book makes it easy to read and then ACT UPON. So, read "Debt is Slavery" and ACT on the information. You will gain control of your life and free yourself from the shackles of debt. Pass the book by, or fail to heed its advice, and the next time you pull out your credit card to buy something, or are tempted to borrow money, the queasy truth remains: Debt, indeed, is Slavery.
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21 of 21 people found the following review helpful
Slavery is defined as "being bound in servitude as an instrument of labor" - something that applies to directly to debt as well! Written by aerospace engineer and debt survivor Michael Mihalik, Debt is Slavery and 9 Other things I Wish My Dad Had Taught Me About Money is a straightforward guide to taking control of one's finances and escaping the slavery that is debt. Written in plain terms for lay readers, Debt is Slavery offers practical advice and cautious warnings - such as when debt can be good (if it is used to buy something that will produce value and/or income in the future - for example, borrowing to pay for college education or start a business), when it is bad (if it is used to live a lifestyle one cannot afford), how to choose a job ("don't sell your soul for a salary"), and how to recognize the influence of the Great Marketing Machine, or GMM. The step-by-step instructions for paying off one's credit cards are especially valuable. Enthusiastically recommended reading for all Americans, and especially for young adults or college freshmen who are just about ready to move out of home and live on their own.
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10 of 11 people found the following review helpful
5.0 out of 5 stars Great book about personal finance August 19, 2007
I think this book is one of the best books about money I have ever read. It's short, easy to read, and contains loads of useful information on how to gain control of your finances and get out of debt. Highly recommended!
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6 of 6 people found the following review helpful
5.0 out of 5 stars Keeping it Simple December 15, 2008
I read this short (112 page) book in a single night. Mike Mihalik impressed me with the amount of solid information packed into each chapter.

After an introduction (which includes reasons why you should listen to his advice), ten chapters lay out a plan that will help you change the way you THINK about money, and then, a way to ACT on your new thinking.

The action plan is inexpensive and easy to implement, and you can begin it immediately upon finishing the book.

But don't be fooled by the simplicity of this advice. It makes sense, and keeping it simple means you'll be more likely to DO IT.

If you're stressed over money and your personal finances, give this book a try.

It holds the keys to your freedom from debt, and to a brighter financial future.
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6 of 6 people found the following review helpful
4.0 out of 5 stars It Gets to the Point September 23, 2007
By Dawn C.
Since this book is slightly over 100 pages, Michael didn't waste words and got to the point right away on issues from debt to credit cards and "good debt" to mortgages and the like. Of course they aren't in depth, but how many ways can you say, -Be Smart about your Money

I like the way Michael has put together the common sense information with bits of personal experience from his own life as well as bringing up some good questions you would want to ask yourself.

Pro: Short, good for a student or as a refresher, to the point, personal experience / real world issues
Con: Simplified too much for the more advanced personal finance reader

Dawn C.
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6 of 6 people found the following review helpful
5.0 out of 5 stars Hard-hitting, as it should be October 20, 2007
Mike uses strong words in this short book because they need to be strong. I've never been in credit card debt but parts of the book spoke to me as well, and they got me thinking differently about money.

The book simplifies where it can, though I do agree that it might be too simple in places. However, in the later chapters Mike goes back to the basics and shows that you can develop a solid budgeting system without any software.

It's a short read that gets right to the point. You won't waste your time reading this book, and I guarantee you'll get something new out of it.
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Most Recent Customer Reviews
5.0 out of 5 stars This book will set you free in every sense of ...
This book will set you free in every sense of that word. I had this bumper-sticker on my car through the 90s and half of the Nulls.
Published 5 days ago by Nigel Watson
5.0 out of 5 stars Very well written- Love it!
This book is one of my favorites! I've read a lot of personal finance help books but this one makes the point short and sweet with simple ideas. Read more
Published 3 months ago by Bobbimrn
5.0 out of 5 stars Required Reading
Love this book - Bought 4 - one for me and one for each of my children - required reading before they move out!
Published 4 months ago by donnaj
5.0 out of 5 stars Guide To FinAnciAl Freedom?
Debt is slavery And 9 other things I wish my dAd tAUght me About money by michAel mihAlik shAres the vArious ideAs that the Author learned Along his journey on breaking free to... Read more
Published 7 months ago by Stella Carrier
5.0 out of 5 stars and had great universal points to help you understand what's really...
It's an easy-read, and had great universal points to help you understand what's really going on with the GMM (Great Marketing Machine) and that it's not worth playing into it. Read more
Published 10 months ago by Rose Hinojosa
5.0 out of 5 stars Buy one for every college kid you know! Short, direct and about real...
I've purchased about 6 copies of this book for my kids and their college age friends, and I'll probably buy more. Read more
Published 15 months ago by Trisha
5.0 out of 5 stars Good Read
Short, small, and handy book. Tells me that I should never be in debt. And I should save 50% of my income, so that I can retire early.
Published 17 months ago by Sanjeev Shrestha
5.0 out of 5 stars We liked it
We bought a handful of books about money in our effort to understand what we were doing wrong, financially, and although these books had a lot of the same things to say, the... Read more
Published 21 months ago by Jelly Bean
5.0 out of 5 stars Really enjoyed the book
I really enjoyed Debt is Slavery. Author gives some great advice in a quick read book, and describes how to set up a budget which is sooo necessary!
Published 21 months ago by Nancy Burns
4.0 out of 5 stars Something everyone needs to know
I read this book back when I was just getting out of college. It taught me an essential lesson that I've carried with me ever since. I cannot thank the author enough. Read more
Published 22 months ago by Travis S. Bach
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