Thursday, September 20, 2007

Review: Debt is Slavery and 9 other things I wish My Dad had Taught Me about Money; by Michael Mihalik

posted by Janine Bolon

Michael and I have never met in person, but we were on a Canadian talk radio show earlier this year and had many similar views on how to get out of debt and live a life of abundance. Michael and I hit it off because his background is Aerospace Engineering (He truly is a rocket scientist!)and I was a pharmaceutical biochemist.(Major geek factor here!) After the radio show, Michael and I continued to correspond and we started traded books and philosophies.

Michael's focus is definitely for anyone who is in debt and wants some no-nonsense simple systems to bail out of it. My two favorite chapters of this book were Chapter 4: Be aware of the ongoing campaign to separate you from your money and Chapter 10: How to plan your finances. I immediately felt a connection with Michael because he and I both lost a parent before we were 25. His Dad died when he was 13 and my mom died when I was 21. When I first read Michael's dedication of his book my throat seized up with emotion. He had dedicated his book to his Dad just like I had dedicated my first book to my mom. Of course, I was off and reading after that!

Michael's systems for gaining control of your finances are simple and easily accomplished in a spiral ring notebook or you can use a computer spreadsheet. The Appendix section is a boon where Michael discusses and defines all those crazy financial terms that you may have never heard around your family's dinner table. Such crazy words like: Amortization, Collateral, Equity, and Interest. Different mortgages are also demonstrated with lots of tables so you can see how each one works. I wish someone had taken me by the hand after college and explained all these principles to me. I would have become financially stable a lot quicker! Good job on the book, Michael. Give his
website a view and tell him, Janine sent you.


donalou said...

I just finished reading this book and I found it very helpful in changing the way I view spending. It made me wish I had read this book when I was starting my working career. I am 55 years old and still living paycheck to paycheck in a job I really don't have a passion for. The author did give me hope that age does not need to stop you from changing and doing the right thing for yourself to become debt free. I will pass my copy around to each of my 6 children so they can learn these valuable lessons. Thanks Jan for the recommendation.

The Money Muse said...


I'm thrilled that this book has given you some help and hope! Congratulations on finding out the principles now. It is never too late to learn the debt-free living lifestyle and you've come to the right place to get some help. I also recommend another blog called Money Monk, The Simple Dollar and a free ezine called The Dollar Stretcher. All of these sites have excellent tips and wonderful folks to help you on your path to financial stability.