Personal finance is something that won't get me a job, but I know a ton about it. In fact I know enough that I could write one of those books to save more, invest better, and spend smarter. Everyday you see one of these stories or books whether it be online or on a cover of a magazine at Martins. The point is that they all same the same stuff and I still can't believe people read these stories! All it takes is 20 minutes of reading once to know how all this stuff works. One person just needs to write a basic personal finance story, see my irritations below with today's advertising.
Let me break down what I don't like about these stories:
Save More: Everyone pitches the latte factor. It is so old, aren't there any new ideas out there? I mean what about buying a Entertainment Book? That is mentioned in less than 10% of the stories, but believe me $25 on one of these coupon stuffed books can save tons. As a single person I save over $100 a year and I don't eat fast food often. A normal family with a kid or two, just buy one of these. It pays for itself.
Invest Better: Yes, we all know a ROTH IRA is great. But, where does the average person put the money into it? I know the answer, but I am sure many Americans don't since they're buying these stories. Maybe, just talk about two or three starter mutual funds for everyone: i.e. one that mimics the S & P 500 or a target fund toward a certain retirement date. The point here is give people actionable goals, not lofty theories.
Spend Smarter: This is my favorite. Most talk about clipping coupons. All promote some website that talks about printing coupons before you visit the store. I tried this once a couple years ago. It takes two hours to get organized and yes you save a good amount of money. But, people don't have time. Either they have kids, want to relax, or have to work. Want a simple solution that I still have not seen promoted too often? Buy store brand. Just doing that saves at least 10% week without effort!
Part 2 is next: "What's the deal with these online brokerages?"
Chet- let me be the first to say I will absolutely buy your first Personal Finance book! You make some valid points, especially about people simply needing to spend a little time to learn enough about the topic to be informed. I am especially intrigued by your idea of using a coupon saver book...I don't think many young professionals (let alone those of us in school!) even consider this as an option. But why not? In today's economy everyone is trying to save pennies and this seems to be a quick and easy way to accomplish that.
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