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"Pound Foolish" A Community Choice Winner in 2013 Small Business Book Awards

64 Votes

Nominated for a Small Business Book Award in:
Personal Finance

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"Pound Foolish: Exposing the Dark Side of the Personal Finance Industry" is written by Helaine Olen, and published by Portfolio Hardcover.

In this book by journalist and former financial columnist Olen, you will find information revealing the underside of the personal finance industry.

The author aims to expose what it calls "the myths, contradictions, and outright lies" this industry has perpetuated. The book is about 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."

Pound Foolish also aims to disprove myths about spending and saving, including:

Small pleasures can bankrupt you: She says that reducing small pleasures will not offset the biggest expenses: housing, education, health care, and retirement.

Disciplined investing will make you rich: She claims that gurus also love to show how steady investing can turn modest savings into a huge nest egg at retirement. But the reality of the market makes for a different outcome.

Women need extra help managing money: Women need the same amount of help as men. She says "women and men are both terrible at handling finances."



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