Book Review: Debt is Slavery

Debt is Slavery shares the lessons learned by the author, Michael Mihalik, through his life experiences. The book was intended to be short per the author so it can get straight "to-the-point." The book is approximately 123 pages from cover to cover and it is packed with knowledge and perspective.

In the book Mr. Mihalik shares his perspectives and lessons. We list a few of the authors points below:

• We have the power to control our money and our lives. We hold the key to unlock the chains that bind us. Yet we either choose not to or we don't know how.
  
• People go into debt because they want a lifestyle beyond what they can afford.
  
• You Don't Own it if You Owe Money On it.
• Every time I wanted to spend money, I'd think of that money as time. When you spend money, you're spending the time it will take to earn that money. (Powerful!)
• The Hidden cost of Possessions - you spend money to maintain, fix, store, clean, and move the stuff. (Sounds like an article we remember.)
  
• It's better to put an item "back into circulation" by selling or giving it to someone who will use it. (Love this one!)
  
• Income-consuming assets trap you. Income-producing assets set you free. (So true.)
  
• To gain freedom from financial concerns, you need to create "passive income", which is earning money without having to trade your time for money. (Great point!)
  

The book also covers points on minimizing your monthly bills, saving your salary, eliminating debt, and creating a financial plan.

A Solid Planning must read. Read this book and begin breaking the bonds of debt!

Mihalik, M. Debt is Slavery. Seattle: OctoberMist Publishing, (2007)

This is the fourth book review of our planned fifty two book reviews.