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.

2 comments:

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...

Donalou:

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.