Freakonomics Radio

518. Are Personal Finance Gurus Giving You Bad Advice?

145 snips
Oct 13, 2022
Join James Choi, a Yale finance professor specializing in behavioral finance, and Morgan Housel, author of "The Psychology of Money," as they dissect the advice given by personal finance gurus. They challenge the divide between media-driven tips and academic insights, questioning who really knows best. The duo dives into mortgage debates, the emotional side of financial decisions, and the real-world complexities faced by individuals. Their conversation stitches together personal experiences and the psychology behind money, making finance relatable and engaging.
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INSIGHT

Sources of Financial Advice

  • Most people get financial advice from popular authors, podcasts, and family.
  • Few seek advice from certified financial planners or economists.
INSIGHT

Why Economists Avoid Personal Finance

  • James Choi suggests household finance is complex, yielding messy, unsatisfying solutions.
  • Established academic infrastructure favors macroeconomics over personal finance.
ANECDOTE

Household Finance as "Women's Work"

  • An elder economist theorized that household finance was historically considered "women's work."
  • This division of labor contributed to its lower status in business schools.
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