Customer Reviews

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

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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.

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
* Control Your Money or YOUR MONEY WILL CONTROL YOU

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.

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!

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.

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.
http://www.frugalforlife.com

My husband and I read this book in a few days and it really sparked a keen interest in watching our debt waistline. Although we are not in an overwhelming amount of debt, it caused us to want to whittle down the debt we have and work with purpose. Debt is slavery was short, concise and still was able to make us think about our finances in a more healthy way.

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.

I have done more research on this topic from both the consumer's and the creditors perspective. This is the ONLY book you need to get on track and take control of your finances. An added bonus is the tools to teach your children how to be responsible with their finances and grow to be financially responsible adults.

In this time of economic uncertainy, you cannot afford to be with out this book!

Mr. Mihalik's book is a very concise, concentrated treatise on why debt is no good. A slim volume that gets to the point. Essential reading to get you in the right mindset, that indeed, debt is slavery!

This book is full of easy to understand info to help the reader see the pitfalls of being in debt. The author gives step-by-step guides for getting out of debt. A great book for those who find themselves in need of a little financial guidance.