Book Review: Debt is Slavery
Debt is Slavery, by Michael Mihalik
This book is short and to the point. I liked the direct writing style, but it appears suspiciously thin for a $14.95 volume. Amazon is not currently discounting it right now.
His general thesis is that you have to change your thinking about money and debt is a form of slavery. I think I can get behind that statement. Debt is hard work to pay off and the only way not to enslave yourself to debt is to not have any or manage it wisely.
This is a great starter book to help someone starting out in their financial journey. The definition boxes are great. He has good examples of how much money you’re really spending, but not every illustration is as successful as the others. The cash refinance example isn’t as clear as it might have been. The anecdotal remarks are from his sole experience, and a useful cautionary tale.
His best statement is, ‘Possessions are a prison.’
I agree. It’s true. If you don’t believe me, just watch the George Carlin and the ‘Stuff’ routine. (It’s not safe for work, so don’t click it at your office.)
I am troubled a little by his credit card advice and its impacts on a credit score, but more than anything, I see this as a good gift for high school graduates on their way to college. It’s not an after college book because they need to see beforehand how the debt they incur during 4 years of school will effect them later on.
I don’t particularly find it a compelling story just because he lost his father early. I think if you read a lot of PF blogs, you’ll find stories just as intriguing and inspirational, but his willingness to offer up some of the insane mistakes he’s made (like the SCUBA lessons and gear) make it a very sincerely written book.
John (Mich) wrote:
I love George Carlin. He is so funny! Thanks for the link. I haven’t seen his old stuff in a long time. Take care.
Posted on 23-Feb-07 at 6:26 am | Permalink
Mapgirl’s Fiscal Challenge / PF Book Reviews wrote:
[…] Debt Is Slavery, by Michael Mihalik, a wake up call that reminds us that “Possessions are a prison.” […]
Posted on 27-Sep-07 at 9:04 pm | Permalink