Book Review: Debt is Slavery February 23, 2008
Posted by BDO in Debt is Slavery, Reviews.Tags: book, Debt, financial, freedom, review, slavery
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Debt is Slavery by Michael Mihalik
The lessons learned from this book are basic, but sound. This is another great book to start our financial education. First it starts with the explanation of why debt is slavery to so many people in this world. Then it goes right into ways we can change the way we think about money. From understanding that marketers are trying everyday to separate us from our money and make us a slave to things in our driveway, to understanding that we must recognize the difference between an income producing asset and income wasting asset.
Also, saving is heavily emphasized in this book which is a great idea. We do not save enough. The best way to get into the habit of saving is to set up and automatic payment to a savings account. That way without forcing ourselves to remember to save, the computer already transfers money into the savings account of our choice. This book goes as far as challenging us to save up to 50% of our income in some type of savings account, which would not be a bad thing.
Go ahead and try this book out at your local library or purchase it here.
Have you read this book? What did you think of it?
Also, Millionaire Mommy Next Door has a great review of Debt is Slavery by Michael Mihalik.
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