by Tricia
I was contacted a little while ago by Michael Mihalik. He was wondering if I would like to review his book, Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money. Any book about debt is right up my alley.
But I really didn’t have much time to devote to reading a book and I let Michael know that. He said I could take my time and told me that his book is fairly short and free of fluff. So I agreed to receive his book and review it.
I started reading it one day last week during my work breaks and I finished it up after work. Michael was right. It was short and free of fluff. But it did not lack with content!
This book was written by the viewpoint of someone who was in a lot of debt and managed to get himself out of it. He’s not an expert in finance and doesn’t claim to be. Rather, he is sharing what he has learned (sort of like what I’m doing with this blog). Most of what he learned about is how he thinks about money.
The main theme of the book is that debt is slavery. As long as you have debt, the author argues that you are “bound in servitude.”
Do you ever wake up in the morning and groan “I don’t want to go to work today?”
As you lie in bed toying with the idea of staying home, your thoughts turn to all the bills you have to pay: the mortgage, car payment, credit card bills, tuition, insurance premiums, electricity, phone, cable, groceries…”
I work a job now where I have sick time. But there was a time where I didn’t have sick time. Unless I was very, very ill, I drug myself to work because I needed that paycheck. I didn’t have the luxury of taking a day off or we’d dig the hole we were in deeper and deeper. I remember one gal I worked with who had a severe allergic reaction to something and was not completely recovered. She came to work, swollen face and all, because she couldn’t afford to lose the hours.
Michael goes on to discuss how possessions have hidden costs. We all know that it costs money to buy things. But do you think about the other costs?
Owning stuff not only costs money, it costs time and peace of mind. In addition to money, you spend time and energy storing stuff, cleaning it, maintaining it, fixing it, worrying about it, and moving it.
Let’s say you decide to have a 2,000 square foot home rather than an 800 square foot home. Going bigger won’t just mean a higher purchase price. Think about the increased wall space to paint, the flooring to clean and maintain, the furniture needed to fill it. It all ads up. After reading this book, the article about the 84 square foot house story made perfect sense. Just think of the low maintenance costs for that house!
Another section of the book discusses the GMM (Giant Marketing Machine) and how you are tempted all the time to spend, spend, spend! I had a chuckle when the author brought up how it used to be fashionable to wear leg warmers! Even I had a pair way back when. The GMM works to get you to buy things because we are “cool” and have status if we own them. When you are thinking of buying something that is “in” think about those leg warmers (mine were bright blue *shudder*).
There’s way more information packed into this book, like controlling your expenses and getting a handle on your finances. Like I mentioned earlier, this book is packed full of content in a relatively small amount of space. It’s also filled with personal tidbits from the author which I really enjoyed as well.
Overall, I think this book is great. Debt is Slavery prompted me to action. It’s a big reason why I decided to sell most of my possessions. As you can tell with this review, I could relate to what was said in the book with things from my own life. This book just made so much sense to me and I think it helped me realize the true priorities in my life.
One last thought from the book that made a lasting impression on me:
For now, it’s important to remember that when you spend money, you are spending a part of your life that you can never get back.
Next time when you pick up an item to purchase it, think about the number of hours of work you have to do to purchase that item. That’s time spent that you can never get back. Is that item now worth it?
I think my art collection–“treasures” made by my seven children over the past 17 years–is the only possession I would care about if, for example, I lost everything in a fire. Great post!
My most important possession would have to be my Mac collection. I’m a big fan of Apple, and if my house was on fire, that would be the second thing I saved after my puppy. Unfortunately though, because we want to purchase our first home, I decided to sell most of my vintage mac collection in order to get some money for the DP. I’ll still have my intel iMac, my tangerine g3 lappy, my iPod, and Apple TV (all I need is the iPhone!). I guess I really don’t need extra computers lying around anyways. Too much to dust. 🙂
A pair of earrings from my grandmother who passed away 7 years ago. She didn’t have much and I know she treasured them so it makes them that much more special. It’s one of the few things I have from her…
Animals are maybe not quite “possessions,” but having my dog is completely worth the expenses associated with her.
I would have to say the jewerly box that my husband gave to me 10 years ago when we were dating. It is the small type that sits on your dresser and when you open it – it plays music. I had always wanted one of those and he knew that. It is special becasue he wanted to give it to me for Valentines Day and put my engagement ring inside of it. But the box didn’t come in on time so he had to go to plan B. (he still had the ring but not the jewerly box) He had told me “my present” didn’t come in so I was going to have to wait until the next weekend to give me my present. I was expecting him to ask me that weekend so I thought at that point I would have to wait until the next weekend to get engaged. Well I was surprised when he still proposed Valentines weekend and pulled the ring out of his pocket, so much so instead of saying yes I hit him ;o). Even apart from the memory of when he gave me the jewerly box, it holds very dear things to me. A picture of my dad holding me when I was a little girl, a card from a christian book store with a picture of Jesus on it, a hand written note from my mom (both of my parents have passed away), my daughters first tooth she lost (she is adopted and we got her when she was 3.. I missed so many first’s with her.. losing her first tooth was a huge thing)and several other precious and priceless treasures as well. I had not thought about how much it meant to me until this post… a sincere thanks!
My favorite possessions are the scrapbooks that I have made of my various travels and also of times spent with friends and family. I have learnt that I get a lot more out of spending my money DOING things than owning things. I’d rather spend $20 on a concert than on clothes. The scrapbooks serve as a reminder of all the fun things I’ve done and the interesting places I’ve been to. Plus, I’m not very crafty and scrapbooking is the one craft that I’ve been able to accomplish. So they’re the only things in my apartment I can claim to have somewhat “made.”
A note my daughter wrote to the tooth fairy when she was a little girl. The “fairy” forgot to take her tooth and leave something behind. So she left a note complete with drawings asking her please not to forget this time and to leave anything she wanted in return for her tooth!
This note is folded and aged but I cherish it.
Although I could not dash in and grab it if my home were on fire, my most important possession is my piano. I’ve always wanted to take lessons, but couldn’t afford them, much less a piano, and with work- had no time. But one must perservere for what is important, and after 5 years (at the age of 44!), I have my piano, money for lessons, and the time to play. My piano represents to me what dicipline can do with a much desired goal in mind.
Cheesy Answer – my family
Brownie Points Answer – my wedding ring (to remind me of being married to my beautiful wife)
Real Answer – all the pictures of my family (located on the computer, you gotta love the digital age)
My most important possession is my wedding ring that my wife and I picked out. In the past 4 years, I’ve gone no more than a couple of hours without it on me. More important than that though is my wife and my newborn daughter.
One of the most important possessions of mine are my paper journals and family pictures. As I get older the memories tend to fade and being able to look back on things is so important to me. Also, to have that “record” to pass on to my son is wonderful.
my scrapbooks of our family are my most treasured possessions, including the pictures i haven’t yet scrapbooked lol
Sounds like Michael’s book is dead-on, I am also a firm believer that the borrowing is a slave the lender and to debt in general.
As for my favorite worldly possession I’d have to say my wedding band. I never take it off, and only removed it when I had no choice (i.e. surgery). It’s a reminder of the commitment I made before God and to my wife.
Great review btw!
Material Possession: family photos old and new. I’ve scanned some of them and keep the cd in a fire safe along with old family photos and my granny’s letter collection.
Thanks for asking!
I’m the sentimental type, too. My most important possession is our photo collection of our family and friends. It would be the first possession I would save in a fire — after the family members, of course!
My wedding ring…my husband’s mom died when he was 13 and he was able to give the ring to me. If we had to get rid of everything I wouldn’t get rid of this ring.
This book sounds great!
I am a geek, what can I say. My most important possession is my computer. I work with computers all day and play on them all night.
One of my special possessions is a pen and ink drawing of a bridge that my father helped build. This is the only possession of his that I have. I never got to know him since he lived in another country and died a number of years ago.
I don’t think of animals as possessions, but the law does, so my most important possession is my cats.
Thanks for the contest!
My most important possession is a memory stick that has all of my novels, stories, poetry, articles, etc. stored on it.
It’s a catchy title, but I disagree debt is slavery. I think it’s important to distinguish between leveraging your possessions in order to create wealth (like taking out a line of credit to buy a back-hoe with which you’ll be able to earn $8,000 per month, for instance) and paying 22% interest for 25 years on a dress or restaurant meal you couldn’t afford. Debt can be a useful tool if you’re using it correctly.
I had to think about it for a while, and I am not sure if there is anything in my house that I would be too sad if I had to live without. (Other than my fiance and our two cats of course.) I guess my most prized possession is a mechanical pencil, because that is what I use to draw and write. Lucky for me it is cheap and easily replaceable. Not to mention transportable.
Besides all of my photos which I cherish, I have a cedar hope chest that my grandfather made for my grandmother before they were dating. (he even spelled her name wrong in it!) He was MIA in the Korean war, so it is very special to my family.
I’m not that emotionally attached to any of my possessions so I guess I’d grab whatever my wife tells me to grab.
Most important “living” possession: my dog
Most important “non-living” possession: my shiny MacBook. The importance of this possession can only be superceded by another shiny MacBook or a wedding ring.
My most important possession is my phone. Not even the actual phone, but rather my phone number. It’s how I communicate with my best friend in Florida, and my parents who live in Spain, and my grandparents who live in Lithuania. And being a wedding photographer, that’s also how brides contact me. So my phone number plays a major importance in my personal and professional life.
Like some others, it would have to be my dogs. Not matter what kind of day I am having they are always able to lick my face and make me feel just a little better.
While packing to move last month, I forced myself to consider every single item and to severely pare down the amount of stuff I own, because I know I’ll be moving all of this stuff at least two or three more times in my lifetime, if not more. And while I kept two boxes of “mementos,” it was all of the photographs that I really felt I had to keep. Maybe now I’ll actually get back to work on my scrapbook!
My most important possession is my collection of pictures over the years. I think that’s the only thing (besides my husband and children, of course) that I feel we couldn’t replace in the event of a fire.
The photos and videos of my children when they were little, and of traveling and photo trips with Basil.
My collection of photo albums. I love to spend time going through them and strolling down memory lane. 🙂
My most important and valuable possession is my brain. I use it to think about the world, it’s problems and solutions. I protect my brain by using it every day and expanding it’s capacity. I use it to read, to learn, to think and to love. It comes with me everywhere. It is unique and one-of-a-kind. There has never been anything like it before and will never be one like it again. I protect it with my life.
My most valued possession is my deceased grandfathers hat he used to wear to church every Sunday.
As many others wrote, my most important non-living posessions would be photos, particularly photos of my parents when they were young. There are not many of then and they are irreplaceable, so I would mourn them the most.
I am one of 9 children. I never received a gift from my dad since my mom purchased all of the gifts in the family. My dad gave me a mug one year for my birthday. I must say that the plastic Fred Flintstone mug is one of my prized possessions!
I read this book and heartily agree with the blogger’s review.
My dad is the strong silent type, when I call home – he says hello and then hands the phone to my mother. For some reason, when I graduated from college and moved to my new job in a different part of the state – he wrote me encouraging letters about working hard and what it meant to be on your own. I treasured those words of advise – sometimes they were glue that held me together at that very stressful and lonely time in my life. I still have those personal letters 20+ years later.
Life and memories!
my credit card so i can buy stuff, scrape the windshield in the winter time with the card, and jimmy open my door with the card.
My silver flute that my parents bought me in high school and my piano are my most prized posessions. Playing music makes me happy.
The most important possession that I have is my memories and experiences; I know that this isn’t a common answer but all of the things that I have done have shaped me and impacted me. For example spending 2 weeks in Paris seeing what another western culture lives like puts perspective on our lives.
Experiencing the breathtaking view of Mount Hood from an airplane as it’s bathed in the light of the setting sun. All of these memories and experiences are prized possessions and although its hard to actually loose this or have someone steal it the place/experience may cease to exist and is only left in your memories and experiences.
In September 2005, as we prepared to evacuate for hurricane Rita, I made my husband buy large totes to take my scrapbooks with us. They are my most prized possessions as they tell my family’s history and I hope are passed on to future generations.
I try to chronicle not only what fun activities we do, but also what our day to day life is like and to describe the unique personalities of our children so that one day their children and grandchildren will understand them better.
I would say I most value the jewelry that my grandmother left me. I inherrited it last year. It is worth the rent we pay on the safe deposit box to keep it safe. I know it meant a lot to her and it means a lot to me that she trusts me enough to leave it to me. It is a little sad that her very beautiful things are locked up in the dark. Her jewelry is all real and I dont feel ready to wear it as my own yet.
My scrapbooks and pictures are my most valued posessions…so many memories of loved ones and life that are irreplaceable!
One of my most reasured posessions is the bif orange bookshelf/desk unit that my grwat-grandfather made. Sure, its kind of ugly, but I don’t care where I live or how much money I have, its always going to be in a prominent place in my home. He made the whole thing by hand, and painted it orange because he knew my grandparents would hate it (he made it for my aunt, his granddaughter). That little bit of rebellion was one of the most charming things about the man.
My CDs containing pictures of my daughter are my most prized possession.
Of course my non-material would be my wife, kids, and the dogs. As far as most of my “stuff”, it can be replaced. So the answer would be a box of my mother’s journals. She passed away when I was a teenager, so those are my link to how she thought and felt.
My most cherished material possession is my art collection. It truly makes me happy.
I’m going to go with my computer, too. It has my e-mails from friends, pictures, and games to entertain me–not to mention most of my financial information!
I have 2 golden retrievers… as a previous comment pointed out, they are not truly possessions, though the law treats them as such.
As an adult without children, these dogs constitute my “pack” and there are days when their unconditional love make all the “slings and arrows” of everyday life worthwhile.
I can only imagine that children are the same way (only by a factor of one-thousand!)
I have four prized possessions that come to mind:
1-My dogs: Unconditional love is worth every penny of the vet bills that pile up as they age.
2-My mother’s jewelry box: I remember it as a child growing up, and when she tried to sell it during a garage sale, I snagged it as a reminder of her.
3-My great grandfather’s table: I have no photos of my ancestors, but this table is my tie to my past.
4-A straw hat given to me by my family’s housekeeper in the Phillippines. She made $10 a MONTH, but was generous enough to give me her hat just because I said I liked it. It would have been extremely insulting for me to turn it down, and it has taught me how insignificant all my other expensive crap really is in the grand scheme of life.