Popular Personal Financial Advice versus the Professors
NBER,
2022
Recommendation
If you’re looking to put your finances in order, the plethora of available advice can be puzzling and contradictory. Tips in popular finance books are sometimes based on fallacies; economists’ recommendations, meanwhile, don’t take human psychology into account. To bring some order to the chaos, finance professor James J. Choi studied 50 best-selling personal finance books and compared their advice to that of academic economic models. Readers will need expertise to follow Choi’s analysis, but his conclusions can aid anyone in making rational choices about personal finances.
Summary
About the Author
James J. Choi is a professor of finance at the Yale School of Management.
Comment on this summary or Start Discussion