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Slate Money
Money Talks: Is Pop Finance Rubbish?
Jan 30, 2024
Yale finance professor James Choi discusses his research on personal finance books and compares their advice with economic theory, exploring flaws in personal finance orthodoxy. They delve into topics such as the timing of savings, the hedonic treadmill, scolding in personal finance advice, the blind spot of social security income in finance books, and the rationality of saving while in debt.
40:21
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Quick takeaways
- Having a financial plan, including a spreadsheet outlining savings and investment goals, is vital for effective personal finance management.
- Personal finance books offer valuable advice on investing and savings, but there are discrepancies between their recommendations and economic orthodoxy, highlighting the impact of human nature on financial decisions.
Deep dives
The importance of financial planning
One key takeaway from the podcast episode is the importance of creating a financial plan. The guest expert, James Choi, emphasizes that having a plan is crucial for managing personal finances effectively. He suggests creating a simple spreadsheet that outlines savings and investment goals for each year until retirement. By having a plan in place, individuals can determine if they are on track to meet their financial objectives and make necessary adjustments if needed.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode