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Podcast 12: Stupid Financial Advice and 5 Myths of Personal Finance

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The twelfth episode of the Consumerism Commentary Podcast features an interview with Ramit Sethi, author of I Will Teach You to Be Rich, the book, and I Will Teach You to Be Rich, the blog. Ramit, Tom Dziubek, and I discuss some of the stupid financial advice we have found online as well as the five myths of personal finance.

[podcast flashvars="titles: 'Consumerism Commentary Podcast 12: 2009-07-12'"]http://www.consumerismcommentary.com/audio/podcast-012-ramit-sethi-stupid-financial-advice.mp3[/podcast]

To listen, use the player above (Adobe Flash required), download the podcast here, subscribe to the podcast RSS feed, or use the iTunes link. Note: open links in a new window (Ctrl-click or Command-click) to avoid interrupting the podcast.

[00:00] Introduction from Flexo
[00:50] Interview with Ramit Sethi about stupid financial advice
[01:50] — The Reddit community
[03:27] — Frugality
[05:09] — Big wins
[08:03] — Knee-jerk behavioral change
[09:41] — The “buy and hold” strategy
[13:10] — Financial magazines leading up to the recession
[16:48] — Finding decent financial advice
[19:01] Ramit’s five myths of personal finance
[20:01] — Myth #1: Personal finance advice is only about spending less than you earn
[21:33] — Myth #2: Personal finance is about more will power
[22:55] — Myth #3: You can’t save any more money
[25:18] — Myth #4: Everyone is like you
[27:43] — Myth #5: Frugality will make you rich
[30:26] End

Updated February 10, 2011 and originally published July 12, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 2 comments… read them below or add one }

avatar TheProAdvisor

This was a great interview! I would strongly encourage all listeners to focus on the comments under the “Big wins” and “Knee-jerk” sections. As a Financial Professional I see these issues continually. Education, proper advice, and a sustainable approach to personal finances will always outlast and outperform “get rich quick” and “the next hot thing” investing strategies. Keep up the good work!

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avatar Ralph

Good info regarding differentiating the type of financial advice given. Being cognizant of trends in personal finance myths including a pyramid scheme may aid in protecting one’s investment dollars in the long run.

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