June 27, 2006

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

By: Dylan Schleicher @ 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.

About Dylan Schleicher

Dylan Schleicher has been a part of the 800-CEO-READ claque since 2003. Even though he's stayed on at the company, he has not stayed put. After beginning in shipping & receiving, he joined customer service and accounting before moving into his current, highly elliptical orbit of duties overseeing the ChangeThis and In the Books websites, the company's annual review of books and in-house design. He lives with his wife and two children in the Washington Heights neighborhood on Milwaukee's West Side.