A tell all book about the dark side of the personal finance industry
 

I just happened upon this incredibly researched and well written book. Although it is slightly dated (2012) it was an eye opener for me and I have been around the block a few times during which I was kicked to the curb upon occasion. Although I survived and even thrived a lot of good luck was involved.

The title of the book is "Pound Foolish", its author Helaine Olen.

One caveat: It is written from a woman's perspective; the author leans to the left and is strongly opinionated. So, take what you like and leave the rest.

"Desperation, fear and insecurity can be a salesperson’s best friend. Ms. Olen learns how lucrative it is to sell financial services to the elderly, many of them terrified of outliving their savings. A 2009 AARP survey found that nearly one in 10 people over 55, or about 5.9 million Americans, had attended a free financial seminar in the last three years.

At the World MoneyShow, an annual event in Orlando, 80 percent of attendees were over 55. The author writes that “a panicked baby boomer is their best customer.”"

From: ‘Pound Foolish’ Eyes Problems of Personal Finance Advice - The New York Times

Hey, man……

Thanks for the book review. I just now ordered it. Good reviews. Even though the book has been around for a while, it sounds like the premise is more current than ever.


BUT can you explain why being written from a woman’s perspective is, according to you, a caveat.

AND there is nothing wrong with a little leaning. The extremes ( notice the plural) are what’s doing us in.

SO? Women can’t have strong opinions, but men can?

wow…….

Boomer

I found much valuable factual information in her book and chose to ignore her peripheral obviously incorrect unsupportable biases thrown in here and there. The bulk of her book is highly informative. I read the book for what it revealed about questionable, sometimes contemptible, practices within the industry, and there are many.

After going to a number of these financial seminars will say the majority would trust not quite as far as I can throw them.

Have picked up some info but no way do I trust them especially after they tell me their backrounds.

I reserved it from a library I can access. It is only available as an audiobook. The plus is if it is boring it will help me sleep.:laugh:

:1rotfl: "You tell'em Lady!!" :boxing2:

Funny enough I started reading it for the second time yesterday. It seems more relevant now that I've moved to The Villages.

Boomer, I respect your opinions and am dying to hear what you think of the book after you read it.

Again, I found it quite insightful and learned much about how the various components of this multifaceted industry operate and how "financial advisors" of every stripe profit, many handsomely. Ultimately the clientele pay for those large beautiful insurance company headquarters buildings and posh Wall Street operations, just as they do for casinos.

Having been a real estate investor since I was in my teens I found her background study of Robert Kiyosaki, the "Rich Dad Poor Dad" author, revealing. No, I won't spoil it for you. She wrote Robert Allen, the author of "Nothing Down", had been a missionary before becoming a real estate investor which is a little misleading. He is a Mormon and had done spent two years in Tahiti as a missionary, but it had not been his profession. She did not write anything about Mark O. Haroldsen, another real estate investment book author, whom I have met ("How to Wake up the Financial Genius Inside You"). Based on my personal experience the techniques espoused by Allen and Haroldsen can work out fine and dandy!

Stu, according to the jargon of the industry as disclosed in the book you are a "plate-licker". If I had the time and inclination I would be one, too. Back in the 1970s some developers were converting beachfront motels in the Sarasota area into timeshares. I went from one to the next collecting Eisenhower (40% silver) dollars for showing up and taking their tours. At each place when "the closer" showed up I told him I was only there for the silver dollars. Without exception I collected them at each facility.

Interesting.

Years ago when to a few timeshare ones but found they were way to pushy so we stopped going.

Last financial one we went to turned into how great annuities were and how they were so much better than any stock mutual fund could possibly be. Lost me very quickly but was an excellent dinner at a restaurant we had been meaning to try.

Too bad they can't be honest. There are probably times when annuities could be a good pick for certain people.

Aaah - but times are not what they used to be ... even if one considers 2012 "recent". We are DEEP in uncharted territory. MASSIVE government and personal debt, rise of nations (BRICS, EU, Eurasian Economic Union, ASEAN) and the breakdown of society (WEF, UN, Bilderberg, woke this and that, crime unpunished, elected leaders can't define a "woman", etc). In my opinion, if you plan to live even 5 more years, you better plan for a way to survive when money fails. That's right. The US dollar is being destroyed. It's destruction will be complete in very short order. The massive US debt was only possible when other nations relied on the US dollar. Reliance on the US dollar by other nations is being whittled away almost daily now. Like approaching a cliff, the drop in buying power will be sudden and catastrophic. Once you see it happen, it will be too late to do anything about it. Better to see it now. What will you do when any money you have will not buy what you need? When you can't buy food ... water ... electricity ... What will society look like when money stops working? What will the criminals today do when they have trouble eating? The path we are on is unsustainable. Anything unsustainable will come to an end. No financial advisor or investment group can help you or anyone with this dilemma. No leaders can fix the problems any longer. There aren't enough rich people to tax. We are well past the point of no return. If one thinks things will just go on as they always have, they are mistaken.

Agree

Thank you, Nostradamus. Or maybe America will wake up and get rid of the tax and spend idiots.

They think they can make more money this way sad.