- 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
- Average Customer Review: 4.6 out of 5 stars See all reviews (46 customer reviews)
- Amazon Best Sellers Rank: #929,332 in Books (See Top 100 in Books)
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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
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.
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Top customer reviews
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). So just because other people are buying iPads, BMW's, or other luxuries, that doesn't necessarily mean that they are doing better than you and that you should buy the same things; They might just be victims of the "GMM."
One part of the book that I don't agree with is that the author suggests that you close your credit cards (after you have paid them off of course) to avoid the temptation of spending. The idea may be the most sensible but when you factor in the damage that it will do to your credit score, I can't believe he would suggest such an idea. You should pay off your credit cards and then just shred them or hide them. Closing them is a very dumb move as it lowers your credit to debt ratio.
Other than that, I thought it was a great introduction to the subject but nothing more than an introduction. Because books cost money and you are not supposed to waste your money, I have to give it three stars for the content. I will give anybody who writes a book about personal finance five stars for effort because debt really is slavery and everybody needs to be educated on how to get their finances in order so that they can experience freedom.
In the end, personal finance is not a science nor is it only understood by really smart people or the wealthy; it is simply common sense and discipline. If you don't change those habits that are getting you into debt, then you will always run into debt and you will never get ahead. If we all had the discipline to live within our means, we wouldn't even need to read books like this.