Book Review – Debt is Slavery by Michael Mihalik

Debt is SlaveryWhen I first started teaching Personal Finance I wanted my students to read a BUNCH of books. I submitted the list to the regional advisor of the charter school and I was told it was too long and I needed to pare it down. I also was told to pick short books. Debt is Slavery by Michael Mahalik made the short list on both counts.

The full title of this book is “Debt is Slavery and 9 other things I wish my Dad had taught me about money”. The author lost his father when he was 13 years old. Because he didn’t have his dad around he had to learn a lot the hard way and this book is about some of the things he found out.

The main reason this book made my short list for my students is that one of my goals is to teach all of my students what debt is and hopefully help them develop a healthy aversion to it. He also takes time to talk about advertising and how imporStant it is to not blindly follow it. He also advocates eliminating clutter from our lives. Great advice in a small 112 page book.

I think my favorite part of this book is the section where he talks about how to choose a career. I love having high schoolers exposed to the idea that you don’t want to just chase the dollar. If you get the job that pays the big bucks but totally stresses you out, what kind of life is that? Finding a career that is something you love means you don’t have a “job” – you have a life!

I knew this book was a winner when I was trying to get the book back and a student said that they couldn’t bring it back yet because their dad wasn’t finished with it yet!

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