Debt is Slavery
About a year ago I borrowed Debt is Slavery, by Michael Mihalik, from the library. It’s a very short book (about 100 pages long) that discusses consumer debt.
Since it’s aimed at beginners, it doesn’t contain much in-depth knowledge. While it may be useful for people without any financial knowledge, it doesn’t have much original material.
As you might expect, the book explains how debt can be good: to buy income-producing property or to pay for an education. And it also covers when debt can be bad: to let you live outside your means.
The book contains warnings about the “Great Marketing Machine”, so you can understand where shopping impulses come from and fight them. It also presents a simple plan to paying off those credit cards.
There was one part of the introduction that I did like. Mihalik mentions that when you seek advice you should ask yourself two questions:
- Has the person practiced what they preach?
- Do they have your best interests at heart?
Nothing earth-shattering, but you’d be surprised how many people don’t do this.
In summary, Debt is Slavery is quick read for people with very little financial acumen. The only original thing in the book is the attention grabbing title. I would venture a guess that without the title, the book wouldn’t have ever been published.
The best advice I’ve found on this topic is Saturday Night Live’s sketch entitled, “Don’t buy stuff you cannot afford.” Enjoy!
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