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Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money Paperback – February 28, 2007
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From the Publisher
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.
Top Customer Reviews
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.
The book itself is short with big print. You can finish it within an hour or less. In some ways I would say that the brevity is a good thing because it keeps your attention till the end. With a much larger book, you might not finish it if you get bored with it or if you just don't like reading bigger books. The author does say that he chose to keep the book short for this reason so I can't hold it against him.
Basically, the message of the book is that debt is bad, possessions are bad, money is time, marketing tries to separate you from your money, how to create a basic budget, and a few other topics. Again, nothing new here.
I actually enjoyed the first eight chapters but I wasn't a big fan of the author's budget in chapter 10. I like Dave Ramsey's plan from his book "The Total Money Makeover" better. Actually, budgeting is a very personal thing; you should create a budget that works for you not something that works for someone else.
It was also nice to read a book that emphasized the idea that spending makes you a slave to your money and that possessions are a prison. Sometimes when I see people who buy cars, fancy clothes, electronics, and other things, I automatically assume that they must have lots of money to afford those things. This book helped emphasize the point that many of those people may be "all flash and no cash" or as the author puts it..."big hat, no cattle" (from page 48).Read more ›
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.
Most Recent Customer Reviews
cannot say enough wonderful things about this book. The point that Michael makes in this book and our accumulation of debt is mind boggling. This book is a page turner. Read morePublished 5 months ago by Sonia Wysingle
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 12 months ago by Nigel Watson
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 morePublished 15 months ago by Bobbimrn
Love this book - Bought 4 - one for me and one for each of my children - required reading before they move out!Published 16 months ago by donnaj
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 morePublished 19 months ago by Stella Carrier
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 morePublished 23 months ago by Rose Hinojosa
I've purchased about 6 copies of this book for my kids and their college age friends, and I'll probably buy more. Read morePublished on April 25, 2014 by Trisha
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 on March 6, 2014 by Sanjeev Shrestha