J.D. Roth at GetRichSlowly reviews Michael Mihalik’s 2007 book, Debt is Slavery (and 9 Other Things I Wish My Dad Had Taught Me About Money), by providing ten lessons he learned from the read.
You would have come across these ideas before, but this roundup is good because it’s simple and each lesson is important to staying out of debt and generating wealth.
Save 50% of your salary. This is the most ambitious advice in the book, but I like it. Mihalik writes, “Have you ever asked yourself how people who immigrate to the United States can come here, get a low-paying job, and open their own business five years later? How can they do that, making around minimum wage, when you can’t, making more than minimum wage? They save. They save 50 percent or more of their salary. They don’t go into debt, they work hard and make other sacrifices, so they can buy their own business and control their financial destinies.”
Book Review: Debt is Slavery – [GetRichSlowly]