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In August 2006, United States consumer debt reached an all-time high of $2.35 trillion1. Real estate foreclosures are soaring nationwide2, millions of jobs are being shipped overseas, and pensions are being cut at iconic American companies such as Delta Airlines3. The American family is under a level of financial stress that hasn’t been seen for generations.
In the past, Americans were taught to avoid debt, but lately we have been persuaded to embrace it. The process starts early—high school students receive pre-approved credit cards although their only income may be from babysitting or mowing their neighbor’s lawn. People don’t realize that embracing debt subjects them to financial servitude—a form of slavery—in which their bills determine when and how much they work, often at jobs they don’t even like.
Can anything be done to help Americans regain control of their finances?
Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money, by Michael Mihalik, offers hope to anyone who either is in financial trouble or wants to improve their financial situation. The author describes the money philosophy he created that allowed him to personally triumph over a paralyzing amount of debt and teaches us how to apply that philosophy to reclaim control of our finances and our lives.
Debt is Slavery takes a unique approach to the subject of personal finance by focusing on changing the way people think about money. The author uses his personal experiences to illustrate 10 lessons that will transform the reader’s relationship with money, so they too can pay off their debt and experience more fulfilling and prosperous lives—free from the shackles of debt.
About the Author
Michael Mihalik grew up in Seattle, Washington and earned a Bachelor of Science in Mechanical Engineering from the University of Washington. During college, Michael ran up huge debts by using credit cards to finance a lifestyle he couldn’t afford. Even after he graduated and began work as an aerospace engineer, his debts exploded out of control.
At first, Michael was overwhelmed and felt like a slave to his finances, but he soon became determined to pay off his debt. He discovered that before he could change the way he handled money, he had to change the way he thought about money. He created a money philosophy that freed him from the slavery of debt and led him to a life of financial prosperity and control.
Michael has since refined his philosophy about money. He has created a set of ideas and rules for financial security that can be applied at any income level. Now that he has successfully implemented these ideas and methods in his own life, he wishes to share them with others who may be struggling with the burdens of debt, so they too can regain control of their finances and lead more prosperous and fulfilling lives.
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