Buying this book won't solve your debt issues

Reviewed: “Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money,” by Michael Mihalik, October Mist Publishing, 2007, $14.95, 128 pages.

Michael Mihalik was inspired to write this little book because of his own struggles with debt after college.
Mihalik, an aerospace engineer when not penning books, proudly mentions several times throughout “Debt is Slavery” that he has overcome his early credit card debt and is so financially savvy now he was able to take six whole weeks off in order to write his book. Six whole weeks.
This is where I think to myself that I or pretty much anyone who can put pen to paper might be able to come up with 128 pages on any topic if given a month and a half.
When it comes down to it, I don’t think Mihalik’s experience overcoming his debt is anything remarkable. He overextended himself with credit cards while in college and it took a while for him to bail himself out. Well done, Mr. Mihalik, but I also learned that “easy credit” lesson the hard way. So did a few others I know.
While sound, Mihalik’s pointers to overcome your debt are far too general, to the tune of: Don’t buy things you don’t need. Um, OK.
“I came up with 10 basic ideas and rules about money that allowed me to gain control of my finances and pay off my debt,” Mihalik states. “They literally transformed my life.”
Mihalik was 13 when his father died, and the premise of the book is that Mihalik had to come up with his own rules for money because his dad never had the chance to teach him.
“That’s not the easiest way to learn. I wish someone had just taught me the rules, but fate had other plans for me,” he writes. “If you’re drowning in debt, if it seems like you’ll never get ahead financially, or if you’re forced to work at a job you dislike to pay the bills, this book has something for you.”
Something, yes. Something in the way of very general advice.
(Specific financial advice, let it be noted, should come from a financial services professional).
The author says that when he got out of college, armed with his engineering degree and several pre-approved credit cards, he soon found himself in roughly $20,000 of debt and living beyond his means. At the time, Mihalik said he searched for a self-help book but could find none that were short and to the point. There, his idea for this book was born.
“After I eliminated my debt and gained control of my finances, I wanted to help other people do the same, so I decided to write the book I wish had been available to me,” he writes.
It took Mihalik one “hellish year” to get out of debt, he says.
The core lessons of the book are sound: Debt is bad. Try not to get into it. Possessions won’t bring you happiness, so stop buying them. Find work you enjoy, and you’ll be happier. Don’t just save, invest in “income-producing assets.” Spend less than you earn.
Are these suggestions bad advice? Not at all. Did I need to read this book to learn them? Not at all.
The one piece of advice that piqued my interest was the chapter — I mean the three whole pages — on how to save 50 percent of your salary.
“If you save 50 percent of your salary, for every month you work, you will save enough to take a month off — without changing your lifestyle,” Mihalik writes.
Hmmm. Saving half my salary. I don’t think that’s even possible.
But Mihalik anticipates this reaction, and advises trying for a 33 or 25 percent total savings — over and above the maximum 401k plan contributions you can make at work, that is.
To save this quarter of your salary, you have to make a budget, he says.
I agree — making a budget is a great idea for anyone who has any debt at all. It helps you see where your money goes.
Additionally, Mihalik advises, you should budget for savings, trips and special purchases. Yes, all good ideas, but still super-simplified and general.
My advice is to save the money you would spend on this book and add it to your savings.

'Miserable' doesn't describe this book

Reviewed: “The Three Signs of a Miserable Job: A Fable for Managers (and their employees),” by Patrick Lencioni, Jossey-Bass, an imprint of Wiley, 2007, $24.95

When I received a review copy of “The Three Signs of a Miserable Job” at my office, I was intrigued enough by the title to take it home with me and let it set up shop on my nightstand. That night, as I flipped through and saw that it was written as a fable rather than in a stodgy, “business-y” kind of way, I started reading.
I was quite surprised, a couple of bleary-eyed hours later, to find that I had torn through half of the 272-page book in one night. Yes, that’s right, I tore through a business book.
Because author and business consultant Patrick Lencioni wrote the book as a fable (a story about a regular guy and his career), it’s easy for anyone to read and understand (you don’t need to be an executive or have an MBA). Anyone who’s been a manager or who has been managed, or mismanaged as the case may be, will enjoy the tale of the fictional character Brian Bailey’s career.
Owner of a management consulting business and author of New York Times bestseller “The Five Dysfunctions of a Team,” Lencioni relates the tale of the likable self-made Bailey, who goes from CEO of a fitness company to manager of a pizza shop in a matter of months. He finds that his theory of management, that managers can make a difference in how employees feel about their work, applies at both corporate and the small business levels.
A miserable job, according to Lencioni, differs from a bad job, which is in the “eye of the beholder,” because it’s “one that makes a person cynical and frustrated and demoralized when they go home at night. It drains them of their energy, their enthusiasm and their self-esteem. Miserable jobs can be found in every industry and at every level.”
In fact, studies have shown job dissatisfaction rates as high as 77 percent. Perhaps that’s part of the reason why Lencioni’s book quickly made the New York Times, Wall Street Journal, and BusinessWeek bestseller lists after being released in August 2007.
“Even employees who are well paid, do interesting work and have great autonomy cannot feel fulfilled in a job if their managers are not providing them with what they need on a daily or weekly basis,” he said.
Lencioni’s “three signs” of a miserable job — irrelevance, immeasurement and anonymity — aren’t in themselves compelling, but illustrated with examples over the course of one man’s career, they come alive. Anonymity, he says, is the feeling an employee has when they discover their manager doesn’t relate to them as a human being and has no interest in knowing them on other levels. Irrelevance, according to Lencioni, is avoided by taking the time to help people understand that their jobs matter to someone. Immeasurement, Lencioni said, is when employees don’t know how to gauge their progress in their daily tasks.
“Basically, a job is bound to be miserable if it doesn’t involve measurement,” Lencioni writes. “I’m not talking about feedback from a person, like an attaboy or attagirl. That’s something else. I’m talking about objective evidence that tells you you’re doing something right. Even supposedly exciting jobs get old when you’re doing something right.”
This book is interesting and thought-provoking — it makes you think about your own work situation, be it good or bad. It makes you think about how the way you’re managed affects the way you feel fulfilled — or unfulfilled — by what you do.
If you are a manager, the book might make you think about what you can do to motivate your employees, and to ultimately help your business.
“Most people really do want to be good managers,” Lencioni states. “By helping people find fulfillment in their work, and helping them succeed in whatever they’re doing, a manager can have a profound impact on the emotional, financial, physical and spiritual health of workers and their families.”
If anything, the book encourages you to take a look at your relationships at work. It brings to mind past relationships with bosses or employees that didn’t quite work, and offers a stab at why that was. This quick read is relevant to anyone who works, be that a cashier in a retail store or a corporate bigshot.