Pound Foolish: Exposing the Dark Side of the Personal Finance Industry is a 2012 book by Helaine Olen. In it Olen critiques the industry and the rise of "financial gurus".
Source:[1]
A review of Pound Foolish by The Economist, although critical of the book's lack of an international perspective, found it an "excellent book, a contemptuous exposé of the American personal-finance industry."[2]
The New York Times called it "a realistic and readable book", noted the "inclusion of many women's voices", and the book's criticism of "financial gurus".[3]
Pound Foolish has also been reviewed by CBSN,[4] Kirkus Reviews,[5] the Journal of Financial Planning,[6] Publishers Weekly,[7] USA Today,[8] The Denver Post,[9] Booklist,[10] and Choice.[10]
This book has many positive aspects, but in the end, it comes up short of helpful.
A nice takedown, particularly in its acknowledgement that the deck is always stacked against "participants in a vast experiment" of the deregulated marketplace—namely, the little guys.
.. unlike many scholarly books reviewed in this journal that have primarily a "just the facts" approach, Pound Foolish is controversial, as well as insightful, and takes aim at a wide array of targets ranging from Suze Orman, David Bach, and Dave Ramsey, to financial education programs, to the Jump$tart Coalition surveys of youth financial literacy. Not surprisingly, its content, both what is included and what is not, provides ample fodder for critical analysis and commentary. .. Consider reading this book for the interesting insights that it provides but be prepared to disagree with some of its content and/or underlying assumptions. I cannot help wondering how different Pound Foolish might have turned out it Olen had talked to some of the country's top financial counselors, planners, and educators.
Though her intention is to provide an exposé, not financial advice, her own observations are commonplace. One can enjoy her glimpses of the world of financial celebrity while remaining skeptical about the scope of her proposed remedy.
Olen's book is dark, as billed. Simply put, the former financial journalist for the Los Angeles Times has written a deeply reported and compelling account that is disturbing.
It's a take-no-prisoners examination of the ways she (Olen) says we have been scared, misled or bamboozled by those purporting to help us achieve financial security.
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