Product Description

Second printing, January 2009

Reviews

Michael's focus is definitely for anyone who is in debt and wants some no-nonsense simple systems to bail out of it.
-- Janine Bolon, founder of SmartCents Inc and author of 'Money...It's Not Just for Rich People' and 'Ditching Debt'

This book doesn't waste time making its points, and there are many very good points. Michael Mihalik is a good teacher, and Debt is Slavery is the kind of how-to manual that should be handed out like tracts at an airport.
-- MightyBargainHunter.com

Debt is Slavery is a great personal finance book, one of the best I've read.
-- GetRichSlowly.org

The book is lean and mean - it doesn't mince many words at all. If direct and clear advice is what you're looking for, you can't do much better than Debt is Slavery.
-- TheSimpleDollar.com

Debt is Slavery is packed full of content and it prompted me to action. This book made so much sense to me and I think it helped me realize my true priorities. Your book is making a huge positive difference in my life. Thank you.
-- BloggingAwayDebt.com

Book Description

In his book, Debt is Slavery, Michael Mihalik describes the 10 steps he personally used to gain control of his finances and pay off a large amount of debt.

The key to Mihalik's method is changing the way people think about money. Mihalik contends that people who do not change their perceptions about money will never succeed in improving how they handle their finances because all action is born from thought.

Mihalik's first technique is described in the title - equating debt with slavery. While this idea may seem extreme to some, people who are burdened with debt will definitely understand how borrowing money puts them in financial servitude to the lender. Successfully equating debt with slavery stops people from accumulating more debt, which is the first step towards recovery (similar to stopping the leak in a sinking boat prior to bailing out the water).

Mihalik goes on to describe other powerful ideas such as equating money with time (to eliminate unnecessary spending), evaluating the hidden cost of possessions, and avoiding the insidious influence of ubiquitous marketing. As the reader progresses through the book, their perceptions about money will transform until by Chapter 9, they will truly believe they can 'Save 50 Percent of Your Salary'. The book ends with an in-depth description of a simple way to plan your finances.

The author states in the introduction that because people are busy and do not want to be distracted by 'fluff', he has boiled the book down to the absolute basics. The result is a hard-hitting book that is 128 pages cover-to-cover. There is a gem on every page and even the busiest person can find time to read this powerful book.

Product Details

• Amazon Sales Rank: #157153 in Books
• Published on: 2007-02-28
• Released on: 2007-02-28
• Original language: English
• Number of items: 1
• Binding: Paperback
• 128 pages

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.

Customer Reviews

Enthusiastically recommended reading for all Americans
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.

Debt is Slavery,... Free Yourself Starting NOW
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.

Great book about personal finance
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!