Pound Foolish

Exposing the Dark Side of the Personal Finance Industry

By: Helaine Olen

Narrated by: Lyn Landon

Length: 9 hrs and 1 min

Publisher's summary

If you've 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, you've probably heard some version of these quotes:

"What's 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 you're capable of picking winning stocks and holding on to them." (Jim Cramer, Mad Money)

They're common refrains among personal finance gurus. There's 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, we've taken matters into our own hands, embracing the can-do attitude that if we're smart enough, we can overcome even daunting financial obstacles. But that's not true.

In this meticulously reported and shocking audiobook, 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, practices - from 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. Weaving together original reporting, interviews with experts, and studies from disciplines ranging from behavioral economics to retirement planning, Pound Foolish is a compassionate and compelling audibook that will change the way we think and talk about our money.

©2012 Helaine Olen (P)2013 Gildan Media LLC

Critic reviews

"It's rare to come across a realistic and readable book about personal finance. Most are laden with rosy promises, followed by acronyms and turgid advice. Helaine Olen, a freelance journalist, offers an exception with Pound Foolish.... It's a take-no-prisoners examination of the ways she says we have been scared, misled or bamboozled by those purporting to help us achieve financial security." ( The New York Times)

Worst financial book ever

As someone who reads an extensive amount of material in regards to finance and money, and as the owner of a CPA firm, I was dismayed at how poorly this book was written.

I have absorbed a lot of material from people she unfairly criticizes in this book, which is very one-sided and highly opinionated. Most of the “evidence” provided is anecdotal sob stories. Also, her only solutions mentioned are to “have honest conversations” about our money and for the government to step in. Sorry for not having a spoiler alert.

This book is basically socialist propaganda disguised as a conversation about finances. I’m wondering if this was written under Alexandria Ocasio-Cortez’s pen name.

It was ok. Lacked in diversity of thought.

while the information was good and the examples where well described. This book spent most of the time explaining how stupid people were for trying financial ideas that might work for them.

Very, Very Disappointing

I so wanted to like this. But, to call it disappointing would be an understatement. Really, Helaine? Is everybody trying to scam the consuming public? Really? Is it possible to add value to lives and still make a buck? Your book reminds me of the quote by Oscar Wilde: “A cynic is a man who knows the price of everything, and the value of nothing.”

Not worth my time!

What could have made this a 4 or 5-star listening experience for you?

If the content did more than just criticize people who write in the finance world. "Dave Ramsey filed bankruptcy...why would you ever take advice from him" Oh, I don't know...because he is now a MILLIONAIRE? Because he has changed his behaviors, and helps others. Whatever.

What do you think your next listen will be?

something that I vet better.

Would you be willing to try another one of Lyn Landon’s performances?

No.

What character would you cut from Pound Foolish?

the author.

Half way through the book couldn't finish it

Just a bunch of stories of people getting scammed by the people in the finance industry, no conclusion or any advice whatsoever

What a huge waste of time

How is this helpful?

Investing is wrong, people are getting screwed, believe in no one -except the government which should save you, but doesn’t. Huh? This is the most hopeless book you could ever read on finance. Or helping your social economic situation

Of course a few years later she writes about how we all invest in index funds. (Which happens to be the right advice). Skip this book and go straight to the index card.