Over the last few months, I’ve read many great books that I want to review for you. Debt is Slavery book received many great reviews so I decided to read it. It’s a short read – only 122 pages. I read it in less than a day but don’t let it’s brevity trick you. It’s full with valuable information.
The title pretty much says it all – Debt is Slavery which I whole-heartedly agree with, but I think it gives solid financial advice that anyone even if you are not in debt can follow.
Chapter 2 – Time may not be money but money definitely is time - astounded me because I wrote about the exact idea in my personal journal on January 27, 2006, before this book was written. I can’t take credit for the idea because I wrote about it in my personal journal and never published my ideas (from the success of this book, I guess I should have), but this idea created a whole evolution in thought that advanced me forward in my career and business. In a separate post, I’ll explain my AhHa! moment that advanced from this concept.
The basic concept is that you view ever purchase from the stand point of how many hours will I need to work in order to purchase this item. For example, if you make $15 per hour and a CD cost $15, then you will lose one hour of your life to work for this item. On every purchase, ask yourself “Am I willing to work X hours for this item?”
When you start to view purchases this way, you will start to see that most items aren’t worth the hours of work you put into them. Also, I realized a long time ago that spending money on increasing your skills and experience through education and reading is a much more valuable use for your money. I always put a greater value on my karate training then things like buying a new car. Ben Franklin put it “If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.”
In the end, this is a great book for anyone to read.