Ken Ilgunas
Walden on Wheels
ISBN: 978-0-544-02883-8
Do you remember that classic song from a certain children’s show, where they sing “one of these things is not like the other?” Walden on Wheels by Ken Ilgunas is that book that’s not like the others that I’ve reviewed in the past – it’s the story of his journey out of student loan debt. I don’t tend to read many autobiographies, and nearly all autobiographies fall outside the scope of my book review series. However, I decided to include this one because it discussed the problem of student loan debt – one of the main causes holding back younger people from entrepreneurship. It’s difficult enough to bootstrap a business without the anchor of debt from education.
The pressure of student debt weighed heavily on the author, and he wanted to be rid of it as quickly as possible. He saw how his contemporaries were struggling to survive – not just from debt, but from the lack of opportunities in the aftermath of the 2008 financial crisis. What would you do in this situation? Ilgunas chose the difficult, dirty, and underappreciated path, with delayed gratification.
While the story was amazing, the author had the data to back up all of his unconventional decisions. He chose a number of jobs that, while they paid less and were located in “less desirable” parts of the country, room and board were included. Every dollar he earned after taxes was his to spend paying down debt. Even after freeing himself from student loan debt, he never wanted to return to that place again, going as far as living in a van during his time in graduate school to keep costs as low as possible. He had a remarkable commitment to frugality after college that not even my penny-pinching self could match. I don’t think that I could brave it in the outdoors the way that the author did time and again during his journey – I’m a bit too fond of creature comforts.
Seeing many of my contemporaries complain about student debt and choose to live in some of the most expensive places possible makes me think that Walden on Wheels should be included with student loan exit counseling at the end of undergrad – or, perhaps a required summer read before freshman year begins. One can overcome debt through sacrifice, and it shouldn’t be up to the rest of us to bail you out of your poor financial decisions.
Overall, 8/10, would recommend as a learning tool for those in college or considering furthering their education using student debt. Be careful what you sign, because you could be signing up for unpleasantness in the years to come.