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55 reviews for:
The Dumb Things Smart People Do with Their Money: Thirteen Ways to Right Your Financial Wrongs
Jill Schlesinger
3.65 AVERAGE
55 reviews for:
The Dumb Things Smart People Do with Their Money: Thirteen Ways to Right Your Financial Wrongs
Jill Schlesinger
3.65 AVERAGE
informative
medium-paced
The author of The Psychology of Money recommended this book, so I thought I would try it. Much of this book's information resonates with the other two finance books I’ve already read, which shows me some common knowledge trends everyone should take as excellent advice.
As the book’s title implies, this book provides real-life stories about horrible financial choices smart people have made. As a newbie in the world of financing, it made me feel better to know others with way more knowledge than me make mistakes. That said, many of the stories weren’t completely relatable because they were about people in far higher tax brackets than I am currently living, but I still understood the lessons learned.
I want to go over some critical lessons from this book that are part of crucial conversations we all need to have.
*Be honest with family and children about finances: Whether you’re buying new stuff or paying for college, everyone needs to be on the same page about what the family can afford to do. Likewise, getting financially educated about how to spend your money wisely and what to invest in (including college) is essential and can save you enormous amounts of debt later.
*Start having conversations about the cost of caring for your aging parents: No one likes to talk about death, but these conversations have to happen preferably ahead of time when your parents are still lucid enough to express their wishes. Not only your parents, but you have to think of your siblings as you decide who will provide the bulk of the care or fund it. There are many topics related to caring for aging parents, and the sooner you start having that awkward conversation, the better it will be in the long run.
*Similarly, get your own life in order regarding your final life wishes and will: These are big financial pieces of our lives that we often avoid because we don’t want to think about death. Don’t leave a mess for your loved ones to figure out. It doesn’t take long to draft a will with a lawyer and get everything in writing to show your loved ones and ensure everyone knows the plan.
As the book’s title implies, this book provides real-life stories about horrible financial choices smart people have made. As a newbie in the world of financing, it made me feel better to know others with way more knowledge than me make mistakes. That said, many of the stories weren’t completely relatable because they were about people in far higher tax brackets than I am currently living, but I still understood the lessons learned.
I want to go over some critical lessons from this book that are part of crucial conversations we all need to have.
*Be honest with family and children about finances: Whether you’re buying new stuff or paying for college, everyone needs to be on the same page about what the family can afford to do. Likewise, getting financially educated about how to spend your money wisely and what to invest in (including college) is essential and can save you enormous amounts of debt later.
*Start having conversations about the cost of caring for your aging parents: No one likes to talk about death, but these conversations have to happen preferably ahead of time when your parents are still lucid enough to express their wishes. Not only your parents, but you have to think of your siblings as you decide who will provide the bulk of the care or fund it. There are many topics related to caring for aging parents, and the sooner you start having that awkward conversation, the better it will be in the long run.
*Similarly, get your own life in order regarding your final life wishes and will: These are big financial pieces of our lives that we often avoid because we don’t want to think about death. Don’t leave a mess for your loved ones to figure out. It doesn’t take long to draft a will with a lawyer and get everything in writing to show your loved ones and ensure everyone knows the plan.
I thought this was pretty good. I liked how she had so many real stories from real people. I'm not sure I totally agreed with her assessment of rent vs own, but she did make many good points in favor of her argument. She was also rather enlightening regarding negative views of money. It definitely gave me some reflecting to do.
A good read, but kind of broadly irrelevant if you aren't a gen y/an older millennial or a baby boomer.
informative
reflective
medium-paced
I don't hold all of her advice as a 100% rule. However, this book gives good insights and helps you to realize areas where financial mistakes can be easy to miss. Overall, I enjoyed it.
informative
medium-paced
informative
medium-paced
This was a much better book than I expected. Extremely practical and matter of fact. It's well-organized into chapters, so that if you don't have kids, you can skip those bits. Or college debt, or aging parents, or whatever.
It actually goaded me into taking action on some much-needed planning.
It actually goaded me into taking action on some much-needed planning.
Love this different approach to a personal finance-- instead of going topic by topic, through a string of 13 cautionary tales, you learn many of the ins and outs of personal finance--and in this book that primarily covers investments, insurance, financial planning, and real estate. This is a great and funny book for those who have their basics covered-- emergency fund, retirement contributions, and no debt-- and are ready to learn more about the dos and do nots of the next steps.
informative
medium-paced
Had some good advice written in decently clear language