HELAINE OLEN is a freelance journalist whose work has appeared in The New York Times, The Washington Post, Slate, Salon, Forbes, BusinessWeek, and elsewhere. She wrote and edited the popular Money Makeover series in the Los Angeles Times. She lives in New York City with her family. Follow her on Twitter at @helaineolen.
If youve ever bought a personal finance book, watched a TV show about stock picking, listened to a radio show about getting out of debt, or attended a seminar to help you plan for your retirement, youve probably heard some version of these quotes:
Whats keeping you from being rich? In most cases, it is simply a lack of belief. SUZE ORMAN, The Courage to Be Rich
Are you latte-ing away your financial future? DAVID BACH, Smart Women Finish Rich
I know youre capable of picking winning stocks and holding on to them. JIM CRAMER, Mad Money
Theyre common refrains among personal finance gurus. Theres just one problem: those and many similar statements are false.
For the past few decades, Americans have spent billions of dollars on personal finance products. As salaries have stagnated and companies have cut back on benefits, weve taken matters into our own hands, embracing the can-do attitude that if were smart enough, we can overcome even daunting financial obstacles. But thats not true.
In this meticulously reported and shocking book, journalist and former financial columnist Helaine Olen goes behind the curtain of the personal finance industry to expose the myths, contradictions, and outright lies it has perpetuated. She shows how an industry that started as a response to the Great Depression morphed into a behemoth that thrives by selling us products and services that offer little if any help.
Olen calls out some of the biggest names in the business, revealing how even the most respected gurus have engaged in dubious, even deceitful, practicesfrom accepting payments from banks and corporations in exchange for promoting certain products to blaming the victims of economic catastrophe for their own financial misfortune. Pound Foolish also disproves many myths about spending and saving, incl...