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Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money Paperback – February 28, 2007

4.6 out of 5 stars 44 customer reviews

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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.

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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 (44 customer reviews)
  • Amazon Best Sellers Rank: #249,851 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Paperback
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.
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Format: Paperback
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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Format: Paperback Verified Purchase
This is not my first book on managing finances. I have read Dave Ramsey's books and also several others so I am familiar with the message. What attracted me to this book is the title which suggests that the author may introduce us to some new ideas. After reading the book, I didn't learn anything that I haven't already heard.

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).
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Format: Paperback
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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