June 27, 2006

News & Opinion: Personal Finance Advice: It's All The Same

By: 800-CEO-READ @ 5:48 PM – Filed under: Management & Workplace Culture

You don't see us do much with personal finance books here on the blog. The advice is always the same.

The Wall Street Journal attempted to talk about the category on their Weekend Edition. This is the most important part of the article:
[J.D. Roth's Getting Rich Slowly], rated highly by Technorati, a search engine for blogs, includes advice about choosing books like this: "Many books -- especially the good ones -- give similar advice: pay yourself first, establish an emergency fund, don't spend more than you earn, diversify, etc. Sound personal finance is basic stuff."

It is an opinion seconded by academics even more grounded in the field. "Any book that suggests it has a new way to riches should probably be a little suspect," says Prof. Kenneth Froewiss, a finance professor at New York University Stern School of Business. A good book about personal finance, he says, always elaborates on three simple themes: Save early, know your risk tolerance and diversify.

I think I proved my point.